Fast forward to the present, 2years later and all that glory has gone. within months they lost over 15 million naira trading forex. Abbey has now decided to go back to the university and face his studies, the other young man is now a “gateman” just down the street of my office and the third…well! I didn’t ask. but I knew his case may also not be rosy.

The First time I heard about forex. It was about 3years ago, when all the hype about making dollars from it was at its crescendo. Thank God I didn’t have much money then (even to attend a seminar) or I would have dabbled into it without much knowledge. compared to what I have now.

Forex trading is all about having the right knowledge and the right tools. And it needs time investment. dedicated time investment. I also had a friend, I’ll call him Musa*. Musa was actually in one of my Internet marketing seminar years ago. Noooo! No! I wasn’t teaching Forex. I was teaching how to sell products and services on the net, webdesign and Co. Well! The story ended with Musa heading to Kaduna from where he came for the seminar. And then early this year when we met at a Google event, we got talking. Musa said he was presently trading forex had been  since last year and had actually lost 2.2 million Naira, part of which were investors funds. And investor’s not wanting to hear stories decided to call the EFCC into the show, so Musa spent 2 months in EFCC’s Cell. But all those were history Musa said, “I have now recovered. I learnt my lesson and now I am making it in forex trading. And with my own money of course”

Loses make good traders. but how would some on loss so much as to loss Millions. Aint it greed or what? I am currently trading forex but have not made the millions neither have I lost and will never lost up to a million ’cause according to the book of Francis Chapter 4 verse One to the end, “never enter a Forex trading with greed.”

People should  learn that forex tading, is not a get-rich-quick scheme. if you want one go try baba ijebu. It takes time, patience, Capital and enough learning and re-learning. One other thing, in forex traders will lose, some traders will win, some will come and some will go but the forex market will remain…and smart investors (like the banks) will keep making money from it.

I have heard so many Forex horror stories. Have you heard any? please type It below for us to learn something from.

* not real name.

To scalp effectively with minimum time spent, Forex scalpers need to know when the market is trending well and when there is nothing to wait for.

To find out about the strength of the market trend use ADX (Average Directional Index) indicator.
ADX does not show the direction of a current trend, it only shows the strength of the trend. Reading below 20 indicates a weak trend, reading just above 20 – gaining new strength trend and reading above 40 – very strong trend.

It is that simple – scalping is weak when the market is weak, when ADX deeps below 20 – opt for other life activities, do not sit and waste your time in Forex.

Scalping with the help of Bollinger bands:

Bollinger bands can help determine trends and especially upcoming trend reversals.
When price moves outside the Bollinger bands it is suggests a continuation of the current trend, while bottoms and tops made outside the Bollinger bands change to bottoms and tops made later inside the Bollinger bands suggest upcoming trend reversal.

So as from next week, 25th of Januray, expect the signals.

charles

Enter: 1.6680

Stoploss: 1.6602

Take Profit: 1.6760

Happy trading.

Forex trading seems to carry this mystique about it because it’s the lesser known trading brother next to the stock market. There are millions of traders making real money from forex trades each and every day, and making a nice earning at that.

The Sure Thing – This first tip is a bit rudimentary, but you don’t need to know much of anything beyond how to enact a trade to make money from forex trades this way. While many traders work their entire lives to predict where the market will go, it still largely comes down to guesswork. You don’t have to worry about this as you can simply follow existing trends in the market to make some real money. The only thing to keep in mind is that once a trend reverses, you’ve got to have the discipline and fortitude to get out before you hemorrhage all of your profits which you’ve made.

The Signal Generator – I touched on this in the first part, but easily the most money from forex trading comes from accurately predicting where the market is going as difficult as that can be. Signal generator’s one and only goal is to do just that, or predict where the market is going. They analyze market data and profitable trends of the past and look at the market conditions which led to that particular trend’s origin, then once they have that, they apply it to today’s market data and look for profitable opportunities so that you can trade accordingly. They enable you to jump in and out at peak times, easily maximizing your gains and minimizing your losses.

The Automated Trader – Truth be told, the signal generator is for more experienced traders who have had experience reading market data and enacting trades. This is why the automated trading system was developed (in part). These are systems designed to also remain connected to real time market data around the clock, but the difference is that they use this information to react to changes in the market as they occur to keep you on the winning sides of your trades at all times without your having to do a thing. Because these systems trade solely by market data, they have recently begun to be thought of as being more capable of trading than real traders because they react faster, don’t rely on guesswork on any level, and completely abolish emotions from factoring into your trades. Beginners can enjoy reliable profits using the best of these systems and experienced traders can enjoy some extra supplemental income to their existing trading income.

Article Source: http://EzineArticles.com/?expert=Max_Branner

How do you make money from Forex markets? This article will assess the Forex trading made easy guide and give you, the investor, some of the best strategies to make money from Forex. First and foremost, you have to understand the market psychology. Who are the biggest players in the Forex market? Banks, central financial institutions and governments, who use their large stores of currency to influence the market. The rest of the market is made up of individual and part time investors, numbering in the hundreds of thousands, from different regions all over the world.

What we have is a mass market psychology, which reacts based upon rigid boardroom strategies and simple human psychologies. Some might actually call the market predictable of sorts, and it is true – the paper trade has been known to settle into a hyperbole or frequency based upon certain events. You need to understand how the market reacts to economic situations, political problems and upheavals; where the safe zones are in the market and where investors would flock to. Identify the currency pair that you are comfortable with and know what market and external factors are going to affect their behaviour. This is very important in the generation of pips for you as an investor.

Being able to predict market movements means that you can have FX strategies that fit the bill. Also, have some sort of a risk assessment when you do go into a decision. Know what you are getting into, have almost every avenue figured out and prepare to move your money out when the clouds start to turn dark. Take advantage of the full liquidity of the market, being able to change your investment decisions, pull out and change the direction of your strategy.

Understand the quality of the dynamism involved in the currency trade and when you do, you will be able to appreciate how decisions are made and what influences the market most. In the end of the day, it is all about being prepared. Just like any commodities market, literature, study and talking to existing investors are great ways to prepare you for investing in the market. Falling prey to sweeping statements and false promises of online brokerages will not get you anyway.

There is no way that the FX market is the answer to your prayers, nor is it a dream market for these bearish times. Yes, you can make money on the paper trade, and alot of money is to be made. But the simple equation of hard work, diligence and smart strategy are applicable here if you are hoping for any sort of success in the paper trade. This is not making trading easy, as preparing you for what you need to do to make it easier for you. Go in with the mindset that there is no such thing as a free lunch and you will do well. Add to that some good money management and a good head on your shoulders, and you are sure to do well.

Article Source: http://EzineArticles.com/?expert=Christopher_M_Lee