|
FOREX Trading 101 - Novice to Professional Trader in Just 14 Days |
Written by Sacha Tarkovsky
Saturday, 26 April 2008
|
Is it really possible to become a professional FOREX trader and make money in just 14 days? The answer is yes, and here we are going to show you how to do this in simple steps. One of the most inspiring stories I ever read was when veteran trader Richard Dennis took a group of people with no trading experience and taught them to trade in just 2 weeks. The result was a group of trader nicknamed "the turtles" who went on to become some of the most successful traders of all time. Richard Dennis taught 3 key principles to his students: 1. A simple technical method, they could easily understand and therefore have confidence in to trade. 2. Rigid money management techniques to preserve equity. 3. The mindset to follow the method through losing periods with total discipline. Working smart The emphasis was on working smart not hard, to achieve trading success with no filler. So lets look at how you can do the same taking the above 3 points and look at what you have to learn. 1. Method Just like "the turtles" you should learn a simple trading method and it should be technically based. While there are many ways of making money, you should start with a similar method to the turtles. Learn about technical analysis and how to use support and resistance in relation to breakouts. Trading breakouts is simple to understand, simple to apply and it works as well today as it ever has. You then need to add in some momentum indicators to indicate price strength or weakness. Look up stochastics and use them. There is no better momentum indicator to start with. 2. Preserving equity You need to play great defense and preserve equity. Trading breakouts sets your stops for you (behind the breakout point) if you only trade valid breakouts you will have the odds on your side for big gains and small losses should the trade go wrong. 3. Trading with discipline This comes from having a simple method you understand. If you understand why it works and why it will continue to work, you will have the confidence to trade it through losing periods. Discipline comes from confidence and that's why using a simple technical breakout method is best. Many traders think they should use more complicated methods, but the fact is there is no correlation between how complicated a method is and how successful it is, in fact the opposite is true: Complicated methods tend to break easier than simple ones in the face of brutal ever changing market conditions. If you learn a breakout system and acquire mental discipline you can make money and all the information you need is freely available on the net. You can do it! Most novice traders don't believe they can learn to trade on their own, but it really is the best way to do it as you are the only person who can give yourself success no one else can. Forget the gurus trying to sell you $100 e-book and promising you instant riches - you wont make money that way, Take responsibility for your destiny. So put in some effort and you will be richly rewarded for your work. Article Source: http://www.ArticleBlast.com |
About The Author:
FREE ESSENTIAL TRADER PDF'S AUDIO GUIDES AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
FREE ESSENTIAL TRADER PDF'S AUDIO GUIDES AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html
| Comments On This Article: |
Only registered users can write comments.
Please login or register.
You are welcome to publish this article free of charge on your website, newsletter, or e-zine, provided:
- You don't change the article in any way
- You include the entire article, including the "about the author" box
- All hyperlinks must remain intact, including email addresses, and the link to ArticleBlast.com at the bottom
- In doing so you agree to indemnify the article's author, and ArticleBlast.com and its directors, officers, employees and agents from and against all losses, claims, damages and liabilities which arise out of its use
- It is also recommended that you provide a courtesy copy of your publication to the author of the article
