After a choppy start, the Russell picked up significant steam on release of the housing starts data at 7:00 PST. Hopefully this means that we'll be moving into a less contracted market range for the week.
First trade was a short reversal at 7:00 at 815.02 for +3.8. Second trade was a long reversal at 7:16 at 811.50 for -1.8.
Net for the morning: +2.0
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Mentoring: The Key to Developing as a Trader
4 days ago
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7 Ways To Earn More Income Online With Forex Trading
(c) Copyright 2007 by Steve Gwillim
Did you know that... hundreds and thousands or forex traders trade in the forex market online every day... and make an absolute killing at it. How do they do it?
Well I am going to give you 7 easy tips that will help you make more money with forex trading.
Tip #1: Knowledge is Power.
When starting out trading forex on the net, it is an absolute must that you understand and become good at the basics first. Once you have a good concept on the basics then you can move forward.
For example, one of the major forex influencer's are global news events. An ECB statement is released on Euro interest rates and this will cause a flurry of activity. Most newcomers will get scared and wait until everything calms down. If you hesitate you are likely to miss out on some great trades. You must act when the market is in volatility not when it is in a stand still.
Tip #2: Independence
When you are new to Forex you will be trading yourself or have someone else do it for you.
Obviously you will make more trading yourself, but you must know these things.
If you have someone else doing it, don't interfere what he is doing... he has a strategy that may take some time, let it ride.
And if you are doing it yourself... don't get too much information... if you try and get too must information from too many sources this will result in only multiple losses.
Take a position, ride with it and then look back and analyze what has happened. Be independent and stand strong.
Tip #3: Don't Get Over-Confident
Take tiny margins. It is one of the biggest advantages in trading forex. It allows you to trade amounts far larger than the total of what you have deposited.
But don't get over confident with this... some rookies get greedy and this destroys many traders. Only increase depending on your experience and success.
Tip #4: Trade When It's News Time
Most really big trade occur around news time. Trading volume is high and the moves are noteworthy.
This means there is no better time to trade than when the news is released. This is when the big guns adjust their positions and prices change resulting in a serious currency flow.
Tip #5: Exiting Trades
If you place a trade and it's not working out for you, get the hell out of there. Don't multiply your mistake by staying in for hopes sake for a reversal. That is very unlikely to happen. And on the other side if you are winning a trade don't pull back because of the stress levels.
You must learn to tolerate the stress, it is natural to trading, you must get used to it. Tip #6 Don't be smart The most successful traders keep their trading basic. The don't analyze all day or research historical trends and track web logs and their results are excellent. They spend their time in the stress zone not in the library.
Tip #7: Build Your Confidence
With Experience If you lose money early in your trading career it's very difficult to regain it; the trick is not to go off half-loaded; learn the business before you trade.
Knowledge is power when coming to trading, remember that.
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Forex is a game of knowledge... you must know about the business. That is why I recommend you check out the soon to be released groundbreaking forex trading system at ForexAIM.com.
Now, it is time to put this information to action... How are you going to gain unless you put this information to action... you will simply not.
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We Took THREE Beta-Testers That Knew Nothing About Forex Gave them The New ForexAIM System ... Result $319,221.00. PROOF HERE:
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