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Forex for is short for foreign exchange. The foreign exchange is the exchange of foreign currency. You trade a pair like USD/EUR. US dollar verses the Euro. The forex is the place this all take place. Banks trade currency starting at 2:15 pm on Sunday New York time till 4:00 pm New York time on Friday, in tune of 1.9 trillion dollars a day.
You as a forex trader can make some real worthy money off this trading with very little start up money.
A mini account can be setup with as little as $300.00 dollar to start trading. You can trade one lot. A lot in a mini account is $10000.00 dollar. What this mean is by trading one lot you are in control of 10000.00 worth of currency (i.e. us dollar). The nice thing is you don't need to have $10000.00 at all. Your broker will let you trade a mini contract for a small down payment. Its call margin and it will be about 5% to 10%,
or about $50 or $100 dollar per contract.
How you make money in the forex is went a pair (trading one currency for another) move up or down a pip you will generally make one dollar for each pip the currency move up or down depending on if you are lone or short. A pip is 1/100 of a penny, when you multiple that by ten thousand dollar then a pip are equal to one dollar of profit.
How do you all that I mention above is you need to educate yourself in the art of Forex trading? There are many ways to learn, one is you can jump right in and start trading the forex. Put from my experience that will cost you all your investment money and you probable will not stop there. You need to know what to do.
First thing to do is to have a trading strategy, you need to know what to look for and how to trade that trade to make money.
One of the enormous secrets of trading any market is your mind. Your mindset is the most necessary thing in trading. If you know what to do will you do it that's the enormous question? More money is lost in any trade the forex, stock or commodity. Your mind tell you just one more pip or if you can get just $29.00 and it get to $28.95 and your mind say to wait it will to your $29.00 but its at $22.50 and you still hanging on for $29.00. What I am trying to say is you have to plan for all the thing that you don't know.
Use you knowledge that you know is right. If you're in a trade that you are loosing on get out put a stop lost in. Take the lost and forget about it and go to the next trade.
I personally have not done to worthy in trading because of my mindset. I lost money and thought the market would come back but not until I had lost all the money I had in the account plus more had to be added. After you loose and get behind you start thinking you have to stay in to makeup the lost and then you end up loosing even more. It will comeback but not until you have lost and had to get out altogether.
A worthy rule of the game is to put in a stop lost at no more then 2% of you account. That mean if you have $10000.00 in your account $200.00 is all you want to lost on any one trade.
John Pentland
P.S. If you're interested in learning more about Forex Trading go to http://www.myamazingforex.com
You can get more information and two free report that will explain Forex Trading.
P.P.S. If you need more information on the way you think go to http://www.mymanifestinggoals.com
As I said before trading is more of a mind game then it know-how. The how is 30 to 40% the knowing went is 60 to 70%.
You as a forex trader can make some real worthy money off this trading with very little start up money.
A mini account can be setup with as little as $300.00 dollar to start trading. You can trade one lot. A lot in a mini account is $10000.00 dollar. What this mean is by trading one lot you are in control of 10000.00 worth of currency (i.e. us dollar). The nice thing is you don't need to have $10000.00 at all. Your broker will let you trade a mini contract for a small down payment. Its call margin and it will be about 5% to 10%,
or about $50 or $100 dollar per contract.
How you make money in the forex is went a pair (trading one currency for another) move up or down a pip you will generally make one dollar for each pip the currency move up or down depending on if you are lone or short. A pip is 1/100 of a penny, when you multiple that by ten thousand dollar then a pip are equal to one dollar of profit.
How do you all that I mention above is you need to educate yourself in the art of Forex trading? There are many ways to learn, one is you can jump right in and start trading the forex. Put from my experience that will cost you all your investment money and you probable will not stop there. You need to know what to do.
First thing to do is to have a trading strategy, you need to know what to look for and how to trade that trade to make money.
One of the enormous secrets of trading any market is your mind. Your mindset is the most necessary thing in trading. If you know what to do will you do it that's the enormous question? More money is lost in any trade the forex, stock or commodity. Your mind tell you just one more pip or if you can get just $29.00 and it get to $28.95 and your mind say to wait it will to your $29.00 but its at $22.50 and you still hanging on for $29.00. What I am trying to say is you have to plan for all the thing that you don't know.
Use you knowledge that you know is right. If you're in a trade that you are loosing on get out put a stop lost in. Take the lost and forget about it and go to the next trade.
I personally have not done to worthy in trading because of my mindset. I lost money and thought the market would come back but not until I had lost all the money I had in the account plus more had to be added. After you loose and get behind you start thinking you have to stay in to makeup the lost and then you end up loosing even more. It will comeback but not until you have lost and had to get out altogether.
A worthy rule of the game is to put in a stop lost at no more then 2% of you account. That mean if you have $10000.00 in your account $200.00 is all you want to lost on any one trade.
John Pentland
P.S. If you're interested in learning more about Forex Trading go to http://www.myamazingforex.com
You can get more information and two free report that will explain Forex Trading.
P.P.S. If you need more information on the way you think go to http://www.mymanifestinggoals.com
As I said before trading is more of a mind game then it know-how. The how is 30 to 40% the knowing went is 60 to 70%.
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