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Forex - A Great Place to Build Wealth, Or Lose It



 
 
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Old November 23rd 09, 12:59 PM posted to misc.invest.canada
Margarita Lopez
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Posts: 16
Default Forex - A Great Place to Build Wealth, Or Lose It

It's no secret that the Forex markets are hot these days. Active
traders who have become disillusioned by the stock market as well as
new traders wanting a viable way to build wealth are joining the ranks
of online forex traders daily. The lure of forex is vast due to its
leverage and possible large profits. Yes, huge profits can and are
made by seasoned forex traders. These seasoned traders have done their
homework, paid their dues and done what it takes to become very
profitable. Most who begin forex trading will fail for one simple
reason; they fail to use a system that's effective for trading forex.
Stock traders, even experienced and profitable, are coming to forex
from the stock market in droves with their trading systems. What they
are finding is these systems do not necessarily translate into profits
when trading forex. Forex is truly like no other market on earth and
can humble even the most successful stock trader. These traders need
to remember their roots and what it took to become successful in the
stock market; experience. You need to start over from the basics!
Although your learning curve will be quicker than the complete novice,
you still need to find a viable system that will be profitable in
forex and chances are it will not be the one you used to trade stocks.
New money management techniques apply with forex and will also have to
be mastered.
New traders entering the forex markets generally have the hardest time
realizing a profit due to complete inexperience. They read all the
positive hype concerning forex trading and enter the market with
nothing but high hopes. Most find out quickly that it takes much more
high hopes to be profitable. The complete new trader will have to
learn to control their emotions, money management, risk reward as well
as have a viable trading system. Fortunately, these are all learnable
and many who never traded anything else before are successful in
forex.
I believe the most prevalent reason for failure in forex is the
phenomenon we have all heard of and come to know as the "automated
forex robot" These overhyped software programs enable the trader to
trade automatically without being at their computers. While some
programmers are able to build their own robots, most of us are at the
mercy of commercially available robots (also known as expert
advisors). Most of the commercially available trading robots are
nothing but rubbish in my opinion. The ones that do seem to work
initially eventually fail due to overuse. Many traders get lost in a
vicious cycle of purchasing one robot after another and fail to
realize the most important aspect of trading forex; using and
understanding their own trading system.
Creating a trading system is not hard but it does require the trader
to learn a thing or two about technical analysis and its correct
application on a currency chart. For example using candlesticks is a
very popular trading system but its applications are frequently
misused. I place trades using candlesticks on a daily basis and would
expect my profits to be larger than the average forex trader. Others
give candlesticks a try but don't apply them correctly and fail
miserably. I use this example because candlesticks are often used but
frequently misinterpreted. Whatever the system, understand how it
reflects market psychology. It's important to remember you're trading
against other traders and it pays off to learn when buyers or sellers
have the upper hand.
The forex markets are a great place to build wealth if you're willing
to put in the ground work. Many forex traders go on to build a trading
business from home and trade full time. Many others find they can
build a nice nest egg rather quickly due to the leverage the forex
markets offer. Don't become a forex trading statistic! Do your
homework and test plan on a demo account before trading actual money.
Understand what you are doing and why before ever placing your first
trade.

Best Expert Advisor for Scalping, Breakout,Trend Trading Strategy -
http://www.forexble.tk/
 




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