Saturday 21 June 2008

Become A Successful Forex Trader In Two Weeks!

I think that the most inspirational stories I ever read, is how legendary trader Richard Dennis taught 14 people who had never exchanged before, to trade successfully in 2 2 weeks.

The result?


They exchanged and continued to make millions and become one of the most famous traders of all time.

So how was it done and what you can do the same? We'll find out.

Richard Dennis has taught the three main points:

1. A simple way, they could have confidence in.

2. The money management.

3. The application of the method with discipline.

His opinion was very specific, without filling.

So watch what you learn.

1. Method

You need a method that you trust and it must be simple.

There is no correlation between the complexity is a method and how much money it makes.

In fact, the opposite is true.

A complicated method has several components break and is less robust in the face of brutal market conditions.

Look up "technical analysis" on the net and learn precisely how and why it works and the theory of "negotiation buttons"

You must use a long-term trend following the research methodology of the major trends that produce large and small commercial benefits is ideal for that.

If you want to win Forex Trading online, you need to know about the buttons.

Base on your methodology - It's simple and it works.

Now, you have time entries.

Look at some indicators that are based on the dynamics and seek "stochastic" is simply the best indicator of momentum that you can use.

2. Money Management

If you start with a "case-method" and your basis for negotiations on the method, then stop placement is obvious.

If you do significant trade breaks your chances of success are higher.

3. Discipline

Is perhaps the most difficult part of trading on currency online.

You must apply your method with rigid discipline otherwise you have no method at all.

The discipline is all about experience and even seasoned operators struggling to keep a method of execution when a series of losses occur.

However, you are part of the path of having discipline, if you've designed your own method.

You know its logic and should be able to stay with it as you will trust it to work.

All material you need to make it operational and is free on the Internet, but it is well worth reading a few books.

These are my favourites and they will inspire you.

1. Market Wizards and The New Market Wizards (edit)

By Jack Shwager.

These are interviews with some of the best traders of all time, including:

Richard Dennis and turtles and many others - Packed with insight and very inspiring.

2. Trader Vic

By Victor Sperandeo.

A genuine exchange of legend, who shares with us his thoughts on trade, money management and trading psychology, a fantastic book all around.

By all means read a little more, but these three are favorites of over 500 I have read.

Trade is simple, but people try to complicate things.

They think that the more effort they put in more they will get out - This is totally untrue.

Work smart not hard!

If you want to make money you need to work smart not hard and if you want a perfect example of this look at the turtles!

In just two weeks, they have become all major operators.

Perhaps, you do make more money than them, but if you learn and do the above, you'll have the basic platform to make big profits in online Forex Trading.

Finally, you've made it all by yourself and you have success, how is satisfactory?

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