Your Questions About Successful Trading Forex

Linda asks…

what do i need to start trading forex in kenya?

I live in kenya and i would like to know how i can start my forex trading career and what resources, tools or learning materials i need in order to be successful in forex trading. Thanks.

John answers:

The first thing you should do is educate yourself on the tools needed to trade the market. The most common being technical and fundamental analysis.

Technical analysts focus on chart analysis whereas fundamental analysts focus on economic events. And many traders use a combination of both.

There’s an abundance of free resources on the internet to learn more, so I would recommend starting with free tools before opening an account with any broker. Here are some places to get started:

BabyPips:
http://www.babypips.com/school/

DailyFX Videos:
http://forexforums.dailyfx.com/dailyfx-education-videos-forex-trading-strategies/
http://forexforums.dailyfx.com/webinars/strategies/

Informed Trades
http://www.informedtrades.com/f112/

This is a basic list to get you started, and I’m sure there is a lot more if you search.

Mary asks…

trying to become successful at forex trading?

hello people , ive started forex trading and even done a course on it . i use fxcm and my style of trading technial on 5 minute charts with 30 pip stop loss and even if i can consistently make 20 pips a day id be happy. it looks workable but ive been using fxcm for some time now and have heard that they are stop hunters, is this true? which is the best and reliable online broker ? which is the best tech. indicator on 5 minute charts or best combination of tech indicators? final question are any of you fx traders living in dubai , if so id like to look and meet them to exchange ideas. thanks appreciate the help.

John answers:

There are thousands of online trading brokers available. I could not recommend anything which i have not used or verified. As most of them are found to be scam. I am using Finexo last 2 years and never encountered any problem. It is a reliable broker and provides timely updates and tips. I thoroughly use the technical charts as being a day trader. It provides all type of charts without any delay in currency quotes. I am earning avg 12% monthly return which is quite satisfying for me.

The best things i like about Finexo is :

1. Leverage ratio: 1:200 which is quite manageable as high leverage will lead to greater pressure on traders.
2. Rolling charges are quite low compared to other platforms. Also they charge different rates depending on gaining or losing position which is good for traders.
3. Easy deposit and withdrawal facilities.
4. Great fund managers controlling my accounts very well, specially when i am out of trading for some days.
5. 24hr customer services available. Can have live chats directly through Finexo sites.
6. At the last, Very well timed forex alerts and tips in order to derive profit through those news.

Thomas asks…

Has anyone here been successful at on-line Forex trading?

John answers:

I have been doing Forex trading for a year plus and only now am starting to see results. Nothing to write home about though. But I believe that if I keep at it, I will be successful. It takes patience, guts and perserverence. I know you will be successful too if you keep at it long enough. The period depends on individuals. The average is minimum 9 months.

Lisa asks…

Are there any website offering free tutorial or training for forex trading beside investopedia and fxstreet?

Forex signals, MACD indicator, Bollinger bands, Pivot, how to be successful in forex trading, how to earn the most without losing a lot

John answers:

You can visit my blog which I maintain on daily basis. I” tell you how to trade. So you can learn from this blog. Also, post my trades and also mention the analysis behind the trade…Its all free

http://the-forex-trading.blogspot.com

Daniel asks…

I am interested in forex trading.?

Anyone currently doing successful forex trading? Do you use a specific program? What pitfalls do I need to be aware of?

John answers:

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap . Com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

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