Tag: forex

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Forex trading for beginners

different foreign currencies

Psychology of forex trading

Forex trading for beginners involves an understanding of the psychology of forex trading. When I began learning about forex trading, I wasn’t interested in the psychology, I just wanted to know how to do it. Later I learnt that it is important to understand the psychology because most of us are motivated by greed and fear. Greed motivates us when things are going well. We want more. Fear motivates us when things are not going well. Chasing losses. The forex market is manipulated by big banks. It moves in ways that cannot be understood. For example, when the Reserve Bank of Australia first raised the cash rate, the price jumped high. This also happened the second time. When it happened the third time, the price fell. I don’t know why. So I have learnt that the price will suddenly rise or fall for no apparent reason.

When profits are being made, greed can step in and cause us to think that we have cracked the code and we keep putting on more trades, expecting more profits. Suddenly the price will move against us and we start losing. Then fear kicks in and we keep trading with the expectation that the price will change again, but it doesn’t. This has happened to me a few times. I thought I knew when the price would turn around, but I was wrong. Eventually it did turn around. The psychology of forex trading teaches us when to stop trading and wait for a better situation to develop. I was told that if a professional trader makes 20% in a year increase, then s/he is doing well. A small profit is better than a big loss.

Many different strategies

There are thousands of strategies for trading forex. Thousands of software programs claiming to be the one you need for success. Some of them work sometimes. None of them work all the time. When I began trading forex, I decided to find a method that worked all the time. Someone said you shouldn’t do this. Instead you should just find a method that works sometimes and wait for those times. I experimented with other people’s strategies and my own. Sometimes things went well, and sometimes they didn’t. I bought expensive robots (software). Nothing worked all the time. Through trial and error, I have developed a method that works most of the time. But I know that it won’t work if the price moves beyond a certain point. It works whether the price rises or falls. Find it here.

Indicators, Robots, Expert Advisors (EAs)

There are thousands of these. All software written to enable profits to be made. As previously stated, some of them work some of the time. I invested in an indicator that was supposed to be able to identify a change in trend. By the time it made the indication, the trend changed. A waste of money. The only indicator I use now is volume. This tells me when the big banks are trading. I use a couple of EAs that I had developed myself. Under my current trading method, I set up a virtual trading environment, so the EA will work 24/7/5. Then from time to time, I check things to see if I need to make any adjustments. Also to see how much money I have made. My current trading method won’t work all the time. If the price moves too far, then it won’t work. I have been trading for 9 years and in those years, I haven’t seen the price move beyond my trading limit. But I know that it might.

Conclusion

Forex trading for beginners is exciting. There is a high anticipation of making some big money quickly. The forex market is huge. Beware of glossy advertising from sellers of software “guaranteed to make you money.” I have fallen for some of these and they either don’t work, or don’t work all the time. A slow and steady profit is much better than some quick profits and a big loss.

Only trade with money you can afford to lose.

Like me you might think that you have finally found the winning method. Only to be wiped out by a sudden adverse market move.

Forex trading is risky and most traders lose money.
So try my method if you like, or develop your own, and good luck fellow trader!

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11.58% increase in 2 weeks!

different foreign currencies

The last 2 weeks of use of my trading method has resulted in an 11.58% increase in trading capital. Much better than I would get if I put my money on term deposit in the bank.

If I got this much in a year, I would be happy, but in 2 weeks???? Amazing.

As my trading capital increases and my equity, my trading position size increases too. I like to maintain an equity margin percentage above 500. That way I don’t have to worry about any major market moves while I am sleeping.

Last week the audusd pair finished at 0.63549 and this week it finished at 0.63567. I had anticipated a large downward move, but that didn’t happen. It did go down a bit, and it rose up past 0.64 and then dropped 500 ticks. Past trading experience has taught me that I have to be ready for a big downward move. So my trading method takes this into account. I am expecting the price to rise, but I am ready if it falls.

How much increase in your trading the last 2 weeks?

To do well in forex trading, you need a reliable trading method that will work whether the price rises for falls. The price moves in both directions. This last week it went up and then down and then up and finished down. I trade the 5 min chart and I see it moving in waves in an upward direction and then in a downward direction. I am trying to find a pattern that will help me know when there is a change in the trend.

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8.28% increase in equity in 1 week! Forex trading method

different foreign currencies

This week my forex trading method increased my trading equity by 8.28%!

How much interest do you get from your investments in 1 week? 8.28% per year would be considered an excellent rate of return for some. Yet with my trading method, I was able to get this rate of return this week.

Now it is true that I don’t get this every week, but it shows how profitable trading forex can be.

My trading method is available for sale from this website.

My journey

When I started forex trading, I bought and read books and webinars and subscribed to other trader’s trading rooms. I bought indicators and expert advisors (robots). I found that some of these worked some of the time. But not all the time. People get greedy when they are trying to earn more money. There are plenty of people ready to take advantage of you with false promises of success.

One product I bought was a Trend Indicator that supposedly showed when a trend was changing, so you could put on a trade to take advantage of the new trend. The advertising sounded good, but when I tried it, I discovered that as soon as it indicated a change in trend, the trend changed again.

A book said that indicators and robots were a waste of money and I agree.

I use the volume indicator to see what the big boys are doing. I also use a couple of robots that I had made that help me in my trading method.

My trading method

I set out to discover a way of trading that would work whether the price rose or fell. When I first started trading, someone said that you shouldn’t try to do this. You should just use a method that worked in the right conditions. But I believed that a method could be found. I tried many different things and I lost a lot of money. I learnt to ONLY TRADE WITH MONEY YOU CAN AFFORD TO LOSE. The forex market is manipulated. A lot of the ways that others encourage you to trade will result in you losing money. You will make some gains, but you will make more losses. I read that if you can make 20% growth per year, that is considered good. So 8.28% in a week is FANTASTIC!

So after many efforts and seeking advice and help from Jesus and learning from mistakes and not repeating them. I discovered a method that works. It is not fast and it takes patience. The price can suddenly move against you in a big way and for a long time.

When covid came in early 2020, the aud/usd pair had always bounced upwards after reaching 0.66, but when covid came this pair fell all the way down to 0.55. Then it rose to 0.75 before falling back again. I lost money when this happened because I was relying on what had happened in the past. All the indicators and robots are tested against data from the past with the assumption that what has happened will happen again. But sometimes as with covid, something new happens.

So I needed a method that would work whenever something new came.

My method goes right against the teachings of a lot of traders.

Forex trading is risky

An estimated 90% of traders lose money. So you need to be careful and only trade with money you can afford to lose.

Through stupidity and ignorance I have lost a lot of money. But I have learnt from my mistakes and have learnt what works and what doesn’t. So now I am gradually recovering all the money I have lost and will end up making more money and having a profit overall BECAUSE MY METHOD WORKS!

So if you are interested in making 8.28% in one week, buy my method and try it.

Good luck.

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Make money from currency trading

different foreign currencies

The foreign currency market is the largest market in the world with 5 trillion dollars trading every day.

Many traders are making a lot of money from buying and selling.

Most traders lose money. Only the top 10% are making money and half of those are doing very well.

Trading on this market is risky because the market is manipulated by 12 large banks. Suddenly the price can go in a different direction than what you thought, and it can go a long way. When covid came in 2020, I was trading the aud/usd pair and the price suddenly fell all the way down to 0.55. Later it rebounded and went up to 0.75. Prior to that I had thought that 0.66 was its bottom and I placed trades accordingly. I lost all those trades.

Robots

A lot of people sell robots or eas or expert advisors which are software programs designed to automate trading. Some of them work sometimes. When you read the advertising, you become convinced that this robot or ea will be the winning one for you. But when you put it into practice, you find that it doesn’t do what you were expecting. This is partly due to the fact that the ea or robot was tested on the basis of past data. Past data may recur in the future or may not. No guarantee. So based on the past the software did well. But the present and the future are not the past. Today is tomorrow’s past. I wasted a lot of money buying these.

Trading Signals and Indicators

A lot of people sell these and advertise how good they are. Again they work sometimes. But not all the time. I have wasted money buying these too. One indicator you could try advertises 93% accuracy.

The Best Way Forward

Trial and error. I have tried lots of different methods and each time I experienced failure, I learnt something that doesn’t work so I was better off. I have developed a method of trading that does work, but it is slow and needs a certain amount of trading capital. For me it is a matter of developing a trading method that works whether the price rises or falls. There are thousands of indicators and robots and strategies. You might develop your own unique one. The fact remains that the potential rewards of success are high. But also the potential failure and loss is also high because people are greedy and stupid. My advice is trade with 0.01 and only with money you can afford to lose.