Forex tips for short-term trading

Start small. ...

Define your objectives. ...

Keep it simple. ...

Evaluate the past. ...

Manage your money. ...

Know your own statistics. ...

If you're losing money, take a break. ...

Concentrate on one trade at a time.

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8 Major Trading Forex Pitfalls to Avoid Before You Start

Trading is not all that complicated once you learn a simple, rules-based strategy for anticipating market moves. It can be extremely lucrative but it can also be very frustrating when you start trading with a forex prop firm if you start out on the wrong foot. We’ve identified the 8 major pitfalls that you should avoid if you want to have a successful trading career with one of the best proprietary trading firms . 1. Training by companies or people with ‘no real market’ experience. The financial markets are littered with educational companies posing as ‘experienced’ traders and promising huge returns. They prey on your emotions and are more interested in getting money out of you instead of teaching you to trade successfully. So the first thing you should do is request a copy of their career history. If there is no investment bank trading experience then head for the hills. All you’ll be getting is 3rd to 4th hand experience and you could probably find that fo...

Can You Really Make Money Trading Forex?

If you are searching around the Internet, you’ll see mixed statistics on trader’s performance in the forex industry. I’m not sure where they’re collecting this data as there’s no central exchange for the data, but the range of failure rate varies from 50% to 90%. So, it’s a valid question can you really make money trading forex? Trading forex is an art form In my opinion the failure rate is closer to the top end of the range of 90% or above. But that’s not because it’s super hard to trade forex, to me it’s more a reflection of the lack of knowledge and understanding about the forex market and trading in general. Trading forex is an art form. Like any art form, or any profession for that matter, it takes time to develop the knowledge and skills to execute without thinking. The market is completely transparent, it’s extremely dynamic as it responds swiftly to changes in the fundamentals. Which is completely different to trading equities (shares) and any other market for that matter. Yet ...

Identifying the Trading Opportunity

It all starts with the Central Banks One of the key skills you need to acquire as a trader is the ability to identify good trading opportunities. Now this is not simply being able to draw trendlines and understand technical analysis. That is a key component for sure but what I’m talking about is the step before, identifying currency direction and potential trading opportunities. To get an understanding of what I mean I need to explain how the ‘Fundamental’ market works. Long term currency direction (trends) come from the Central banks. They manage their respective economies by micro-managing the monthly economic data releases. Their overall plan has always been to keep inflation between a band of 2-3% per year. They know if they do that the economy will tinker away without any major issues. If inflation starts to get above 3% then they’ll look to take the steam out of the market by raising interest rates. People are encouraged to save and the higher cost of housing etc slows cons...

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