Sayamoza Move Forex Market

Advice and Thoughts for Neophyte,

Intermediate, and Advanced.

What you need to know before you even think about trading the forex?

Only a few years ago, most people had never even heard of trading the foreign currency exchange (also known as the forex). Even now, many have never heard of it. But so much information is available on the internet that if you’ve heard or seen the term, all you have to do is simply type it in a search engine and a mass of information is available for free — though that information can be bad or good, misleading or correct. In writing this blog, my goal is to provide accurate and useful information about how to trade the forex.

During the early stages of the forex, traders who wanted to participate were required to post quite a bit of money with a brokerage, bank, or trading firm. Today, however, if you want to trade the forex, you can trade mini accounts, also known as dollar accounts.

Moreover, you can open these mini accounts with as little as $100 USD to have a taste of what it’s like to trade live — which allows you to test the emotional side of trading as well before you make a decision to pursue an exciting day trading career. These dollar accounts (currencies will be referred to as USD from this point forward) allow you to earn or lose approximately $1 USD per point (called a pip) per contract (called a lot). If you’re successful and you develop some confidence in your trading ability, you may even open a standard account with brokers and participate with the big guys, such as banks and other institutional groups, at an average of $10 USD per point per contract.

You can trade for a living.

Really. You can.

The question people ask me most often is, not surprisingly, “Can I be successful at this?” Mostly, they ask me the question after a devastating loss. It’s a natural time to ask the question, but it’s a horrible time to answer it yourself.

Why? Because you can be successful, and every time you start to feel depressed about losing, you stop believing in yourself. If you stop believing in yourself, you stop working as hard, and if you stop working as hard, you start to make more mistakes, and a vicious cycle begins. Losses bring depression which brings more losses, and then before you know it you’ve lost your entire first account.

You don’t have to trade that way. There is a better way to trade.

I trade currency for a living, and so can you. Maybe it will take you more than a year to become successful. Maybe more. But you can do it. You don’t have to be better than most people at math. You don’t have to score high on an IQ test. You don’t have to be the smartest person you know.

You just have to be disciplined.

The Hard Way

I learned how to trade the hard way. By losing. Over and over. Think of a stupid mistake that traders make: I made that one. Think of another one: I made that one too. Only by keeping excellent records, staying determined, and learning from my mistakes was I able to being to trade profitably on a consistent basis. But along the way I learned that if you would rather flush your profits down the toilet, you should do the following things:

1. Trade as much as possible. Trade all the time.
2. Never close a losing trade.
3. Always close a winning trade as quickly as possible.
4. Never test a trading system. Trade it live ASAP - (As Soon As Possible).
5. Fund your first live account with all of your savings.
6. Fear: losing, winning, trying, failing, and succeeding.
7. Ignore the trend.
8. Don’t ask someone better than you for help.

Anyway, you get the idea. I did all of this stuff, and much more. Boy, I was really stupid. But that is all over now. Once I turned the corner to profitability, I never looked back.

The Basics

Before we get into specifics, I want to make sure you have a basic knowledge of currency trading. You might want to skip introduction section if you know what a pip is, how margin works, and that kind of stuff.

I hope this information has helped you to become familiar with foreign currency trading and the forex markets. If you want to partake in this kind of trading, try to set aside some money and open up an account with an online broker. Start slowly, then as you get the hang of it, work your way up to larger trades and higher volume. However, do not gamble your nest egg on currency trading because inexperienced traders can lose everything they have rather quickly in spite of the relative safety of the forex market.

Good luck and happy learning and trading in forex market,