subject: Forex Trading Secrets to Help the Average Forex Trader Actually Make Some Money [print this page] Forex Trading Secrets to Help the Average Forex Trader Actually Make Some Money
You always see these professional forex traders on TV, websites, or writing their own books, and you might think, "Wouldn't it be great to have all of the insider secrets like they have? If I only knew the forex trading secrets they know, then I could make the money they make."
There is no denying that rubbing elbows with and getting the scoop from people in the know would be great, but don't be duped into thinking that you cannot make money in the forex without this special knowledge.
So many beginning traders look at the foreign exchange as some mysterious market that could never be profitable. In fact, some people believe that the foreign exchange is nothing but a scam. This just isn't the case!
Anyone can make money in the forex, even everyday people like me and you. All you have to do is follow some basic principles or "secrets". Let's look at one of the main forex trading secrets that every profitable forex trader uses to make money.
Look at the big picture before trading. What do I mean by this?
Well, there are basically two trading styles - fundamental trading and technical trading. Fundamental trading focuses on why the market is doing what it is doing.
Are interest rates going up or down? Is a particular country's economy doing better or worse than others? Is a country's trade balance going too far in one direction? Fundamental traders use this information to predict where the country's currency will go next - after all, a country's currency is a direct reflection of a country's economy.
Another type of trading is technical trading. Technical traders don't really care about the fundamental reasons moving the markets. They merely look for patterns in the price itself and use those patterns to predict the currency's next move. Technical traders generally trade on a much smaller timeframe (minutes, hours, or days) than fundamental traders (weeks, months, or years).
You will be a consistently profitable trader when you meld these two types of trading together to see the big picture. You need to generally know the pulse of the world economy and its major countries. After all, every time you enter a forex trade, you are betting that one country's currency will do better than another country's. The only way to be confident in your trade is to know at least the basics of the world economy.
Once you understand economic basics, then you can use technical trading to identify the best time to enter the trade.
Don't rely only on fundamental trading. You might be correct in your assumption as to where the currency is going next, but you won't have any idea when it will move. And don't rely only on technical trading or you may be trading against the overall trend of the currency. Either way - you lose.
Don't risk it. Meld the two trading types together, see the big picture, and make tons of money in the foreign exchange. By following these simple forex trading secrets you will have more "winning" trades than losers. Success doesn't need to be complicated.
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