Who Else Wants to be a Rich Newbie Forex Trader Now

| Posted: 18-07-2008 | Comments: 0 | Views: 21 | Rating: (97)

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Does the thought of being involved in a market of ONE POINT SEVEN TRILLION US DOLLARS attract you? That's over 1000 times bigger than all the money traded on Wall Street every day.

Can you feel just a small glimmer of excitement coming? That sure beats the pants off any other internet marketing activities you may have been trying to get involved in!

If you're dreaming of a perfect ticket to escape the boredom and routine of the 'Day Job' (You remember what a job is - Just Over Broke) then this could well be the break you have been craving for. Trading on your computer on the FOREX ( Foreign Exchange) - doing what you already do only in a bigger way when you go on holiday and you change your money for the new country. But this is BIG TIME.

Daimler Chrysler actually made more money trading on the FOREX markets than they did making Mercedes cars! And you can now do this from the comfort of your own laptop with no expensive software to buy.

Just a few hours work every day - or every other day - and not just from your home, you could be carving out a regular second ( or even main) income stream for you and your family, and you can do this anywhere in the world (as long as you have internet access).

But - Whatever you do, don't just jump in with both feet and end up broke before you properly start. There is work to be done to start with but if your ambition is to be earning between $500 and $1,000 a day as a starter, then you have to approach this project with a modicum of care.

Here's a Safety First List for Newbie Traders...

- Day trading, although capable of providing you with very quick 'Wins', it can also produce for you far too many 'Losers'. Unless you know what you are doing (and about 80% of Day Traders DON'T), then you should look for trades that are spread over one or more days.

- Establish the amount you are willing to lose, and accept it gracefully when you do lose!

- Most winning traders place each trade as an 'Order'. That is, they don't just randomly click a trade straight into their broker desks, they think about all the parameters of each trade first. Entry price, Stop Loss, Exit price, so they know what their losses could be, and they know what they want to get out of each trade. Set these trade parameters up off-line, and then, when you are happy that they are correct - submit them to your Broker as an Order.

- Don't EVER get greedy - you'll lose Big Time!

- Never place a trade in a volatile market (rapid rises and sudden falls). You must always identify the market trend.

- Remember, you can make money in a rising and a falling market, and prices tend to fall faster than they rise, so choose your trades carefully with that in mind.

- Never place a trade that will put more than 1% of your capital at risk. So, if you have a trading account of say $10,000 only place $100 maximum at risk on every trade. You want to do a number of things:

1. You want to be able to sleep at night

2. You want to maintain a good fighting account. You can do nothing if you've lost all your money.

3. You should let your winnings 'Ride' so you can increase what the value of 1% that your fund now is. It will then grow quicker.

4. You must have a defined target in your head for the month, and interpret that into a daily target. If you don't know that, how do you know what to aim at?

5. Only trade for say 30 minutes to an hour a day.

6. When you have reached your weekly target, say $2,500 - STOP TRADING until next week!

That is only a minute part of what it takes to trade in Forex, and there is a lot more to learn, but if you manage your trades and manage your money in this way, you can be sure to look forward to a profitable income for many years to come from FOREX

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Article Tags: Forex Funds, Make Money On Forex, Newbie Forex Trader

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About the Author:

Geoff Morris is an Internet Marketing Entrepreneur. His latest venture has been to set up a private Forex Trading Group in London. For a fre.e report on an introduction to Forex Trading, including details of his Forex activities in London please click here. http://forexmastergroup.com

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Who Else Wants to be a Rich Newbie Forex Trader Now

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