How to Make $300 and More Each Week
How to Make $300 and More Each Week, Forex market has been an important income source for many people trading online and making a living, paying their bills and even with a better way of living. Thus, you can easily understand why more and more people are considering quitting their job to become a full time day trader and live the life they always dreamed of.
While I may discourage you in your project of leaving your boss for your own trading business, but I will do it for good. Well, you must know that about 91% of traders lost their capital at Forex. It could be actually scary but the winners are making a lot of money as well because this is the only financial market where about 4 trillions of dollars are traded every day. In fact, I’m not going to discourage you in your plan. I will even encourage you but I will stress on the importance to plan wisely.
You should never make you the illusions that you will never have losing trades. If someone tried to sell you a 100% working automated trading robot or a method that works at anytime I can tell you that you got screwed. The reality is the winners are those traders who make more winning trade than what they lose. For example, you make ten times $10 and you lose $45 one time for a trading day, you can figure out that you will end up with a total profit worth of $100 with a $45, you’re still in profit.
So, what is the best way to go and to make a consistent profit out of the market? You firstly need to learn forex trading (basic principles, indicators, price action, candlesticks,…) and practice what you’ve learned with a free demo account.
Doing this, you will soon understand that the main enemy of a trader is himself. I mean, greedy and all these feelings you experience when trading and which force down your throat to tell buy when your trading strategy is leading you in a downtrend.
First thing, I will suggest you a proven trading strategy: The Dow Theory. You can Google it a bit to learn more but to make things simpler and to save your time, the principle is just about buying when prices goes up above the last higher high and selling when prices goes down below the last lower low. The last rule in this strategy is to be sure the marketing is trending up when buying and the market is going down when selling and you get the answer when prices keep break higher high levels (uptrend) or when prices keeping breaking lower low levels (downtrend).
You can give it a try manually on a free trading platform like Metatrader.
The next thing to do is to code your bot. You will need to learn more about MQL4 language which is a simple programming language and with the help of the metatrader programming forum you will soon have your own expert advisor ready to test. You can also look for some well written robot source codes to improve your bot.
When ready, you will need to test your trading robot. You have a strategy tester available for free in Metatrader, it’s easy to use and will allow you to test your trading software on history data and be confident your bot will work fine in real trading conditions. You can also outsource the development you don’t know anything about programming. Before going live, test it again live on a demo account and you can start making about $300 each after week without having to quit your boss.
Stephane Tony is a professional forex trader giving free trading robots and free forex trading strategies [http://www.forextakeout.com/].
To really be successful at Forex trading, you need to have it at the back of your mind that Forex will definitely pay you well if you’ll only work hard with patience and consistency. The market may already be saturated with traders, but there is always room at the top if you’re willing to pay the price.
Forex is the largest market on earth, with a trade volume of over $4.5 trillion. That is a huge amount of money, but it’s more or less expected when you consider that most currencies, if not all, are traded in the Forex market. People from different locations around the globe take part in it, and it has been in existence since the days of trade-by-batter, when it wasn’t known as Forex.
However, so much has changed since the inception of Forex. In the past, Forex trading was as simple as using gold and silver as a method of international payment (which were usually affected by global supply and demand). These days, prospective traders with the view of a successful Forex career will have to be more specific and familiar with the modern strategies of the Forex market.
Here are questions you must ask yourself if you want to be a successful Forex trader.
1. HAVE YOU MADE UP YOUR MIND?
Before you even register with a Forex broker to trade Forex, you need to make up your mind to do what it takes to be a successful trader; otherwise you’ll just while away your time and eventually quit. You may think that your drive at the moment will see you through Forex ups and downs, but successful and experienced Forex traders beg to differ – human psychology is a major Forex demon.
It is an established fact that human psychology, if not controlled, can ruin a trader.
If you’re not able to control you psychology, that means you allow your emotions to come into play all the time, controlling how you approach a trade. If trades are going well, emotions are high; you’re happy, and willing to continue trading. If trades are not going well, you feel bad, and unwilling to continue.
On the other hand, if you learn to control your emotions and not allow them to come in the way of trade, then you can leverage your psychology in trading. You know that there are bad times, but you also know that they will pass with time.
If you do not have a strong determination to make it big as a Forex trader, it is only a matter of time before you throw in the towel. Every successful trader out there fought the battle of the Forex market, and so should you.
2. WHAT DO YOU KNOW ABOUT THE Forex MARKET?
Just like education is important in life, it is also important in Forex trading. You most likely do not need a degree to be able to trade Forex, but you have to study the proven tactics of Forex to help you trade better.
For you to get it right as a Forex trader, you must understand the following
1. Terminologies used in Forex trading
2. The different strategies applicable and when they can be applied for maximum benefits.
3. Forex time zone
4. Forex brokers
5. Trading platforms and software
6. Forex news
7. Trading tools
A good knowledge of all these and more will put you in a better position to trade the market profitably, even as a newbie.
It is important to note that studying the Forex market is a continuous process so long as you’re a Forex trader. That is the only way you can keep up with the indisputable changes that take place in the market.
3. WHO WILL BE YOUR Forex BROKER?
While you’re researching on what there is to know about the Forex market, take some time out to do quality research on how and where to find a reliable Forex broker. Having a good broker goes a long way to determine if your trades will be successful or not.
To find the right broker for you, you have to first of all select a number of reliable brokers with good reputation based on your regional regulatory compliance. Beware of brokers that are not regulated by authority bodies; they tend to operate carelessly, and they cannot be questioned by anyone; unlike the regulated ones monitored by the regulatory bodies.
Go ahead to narrow your selection down to find out what broker can meet your specific needs as a Forex trader. Most brokers will allow their prospective clients to test their services with a demo trading platform before deciding whether to register with them or not. You’re allowed to experiment with as many trading platforms as possible to help you choose the best broker to work with.
Also take note of the packages offered by the broker and go for the one that best suits you. Be sure to consider the initial deposit, spreads and commissions, leverage and margin, etc.
Never register with a broker on the account of a positive review or reference. There are different kind of brokers and traders, and it is your responsibility to carry out researches to find one that best suits your style as a Forex trader.
4. IS DEMO TRADING REALLY NECESSARY?
A demo account is a “pretend” Forex trading account. It has almost everything you can find in a real Forex account, except that it is not real. It is a simulated platform where traders, old and new alike, can trade Forex for free.
With a demo account, you can
– Trade with simulated money
– Test a broker’s services
– Get familiar with a particular trading platform
– Gain notable experience about the Forex market
– Develop a Forex strategy suitable to your trading methods
– Learn to control your emotions while you trade
So, you see. Demo trading is really necessary.
5. WHAT TRADING STRATEGY SHOULD I CHOOSE?
As a new Forex trader, you’ll be amazed to find out there’s a huge volume of strategies for Forex trading. There are so many of them that it is confusing and stressful trying to find the right one to trade with. A lot of them are not simple enough for new traders, and should be avoided. It is always better to start with the simplest ones and then add to it as you progress in knowledge and experience of the trade.
Understand that you don’t need to develop a trading strategy yourself, especially if you’re new. Choose from a number of strategies designed by professional traders to benefit newbie Forex traders.
Note that it is at your own risk to trade with any strategy; and a strategy that worked gloriously well for mister A may be a disaster for you if you trade with it. To avoid this, be sure to test any strategy on a demo account to see if it’s a good fit.
There is no need to hurry; the Forex market is always open to traders from all over the world. To this note, it is best to take your time and approach Forex trading with caution at every step of the way. Failure is inevitable, but if you’ve really made up your mind to trade Forex, no failure will be enough to deter you.
If you fail, dust yourself up and try again. Do not stick to a particular strategy if it’s not working well for you. The same applies to brokers and trading platforms; change them if they’re not a good fit for you. Learn something new about Forex trading every day, practice what you’ve learnt, with steadfastness, and success will find you.