Since I came in contact with Forex Trading back in 2002, I have learnt quite a lot. If you are new to forex trading, the information you will receive online will be overwhelming sometimes. My first contact with Forex Trading was through "HYIP" -High Yield Investment Programs. I invested with these people, but lost my money. So your first lesson, is beware of Forex scams. The marketing information can be so thorough, you can hardly figure out if it is a scam. Sometimes, you see even infomercials. Please be careful when to react to these products regarding Forex trading.
Education is the key to become a profitable forex trader. I studied and implemented many strategies. Majority of these left me with a $0 demo account from $50,000. This was pretty shocking to me. I lost many demo accounts. Its not pretty even though its a demo account. I still trade a demo account today to test new forex trading strategies.
My first advice is beware of FOREX TRADING Scams- there are many out there.
My second advice is trade a demo accounts until you become profitable. If you are still loosing trading a demo account and you start with a real live account, the same failures will reflect on your real account. You might become frustrated and prematurly abandoned an otherwise lucrative opportunity. Whatever happens, don't give up. This has been my forex trading experience.
Continue to educate yourself on the forex trading. There is alot to learn but don't be afraid and don't give up. The main thing to master in forex trading after your basic education on trading the forex, is your emotions. It played a huge part in my failures and then now my quiet success. Again if you are new to forex trading, take your time and get yourself educated. It will payoff big time in the long run.
There are many high priced courses out there on forex trading. After purchasing quite a few pricy forex trading courses for my forex trading education, I started experimenting with my own forex trading system. In a nutshell, to be successful in forex trading, you will have to design your own trading system by testing many strategies and coming out with forex trading rules that you can master and implement. If you keep your forex trading system simple, you will become successful. If you make it complicated, you will find difficulties.
Forex trading is very lucrative, so get educated, demo trade your own strategies, become successful with your demo account. Start small with a live account, continue testing your strategies and you will eventually come up with a forex trading system that suits your personality.
I will be sharing with you in the near future my simple forex trading strategy. Test it, use it and you will become successful. My system works.
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Hello Ya'll,
"Which Forex pair and time frame is best to trade" is the frequently asked question and I want do give you the EXPLICIT ANSWER in this comment.
Are you expecting that I am going to say something like EUR/CHF on 10-minute time frame or GBP/USD on weekly...? No, it is not so simple, but SIMPLE ENOUGH we can figure it out!
The "DIFFICULTY" is that markets change over time. If GBP/USD was a well trending currency pair a few years ago, today it is another one.
I actually want to let you know about a SPECIAL TOOL that I use to find the BEST TRENDING PAIRS among all the Forex pairs.
LINK: ForexTrendy
The instrument examines 34 Forex pairs on all time frames from minute to monthly. This way you choose the best trending pair and time frame at the current time.
CHECK IT OUT: ForexTrendy
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