Your Questions About Successful Trading Forex

Jenny asks…

What are your suggestions on becoming a successful trader?

I need some tips on how to become a better trader. I’ve been trading stocks for a while and I’m starting to learn about trading forex. But I heard it’s a slaughterhouse in the sense that people lose a lot of money going in. How should I prepare myself for losses? What books do you recommend? Thank you!

John answers:

Hi there

to become a successful trader……first and the most important thing that one should need is patience, the person should be able to spend time learning, observing and analyzing the market trends and should be in a position to judge the markets in an appropriate way. The person should practice trades, read few books, understand the market movements.. Learn from every failure and then there a person becomes a successful trader.

I can suggest you few good books …you can check out these books at

Day Trade Online Trading
by Christopher A.

A Beginner’s Guide to Short-Term Trading…
By Toni Turner

High Probability trading
by Marcel Link

Study Guide for Come Into My Trading…
By Alexander Elder

The Complete Guide to Currency Trading..
By Jamaine Burrell

The Five Rules for Successful StockMarket …
By Pat Dorsey

Helen asks…

Forex live trading rooms?

Has anybody had any experience with forex live trading rooms? Iv seen people talking about this where it’s like a club I guess with a membership and you watch a ‘professional’ trade live and see what they’re doing on the screen. They claim to be fairly successful and some offer a week or so free to let you see how it works. Any thoughts on this would be appreciative. Thanks

John answers:

It does help watching and copying a successful trader or a person. Is your learning quotient (ability) too high, if its not then you might have to watch him again and again, because he will be too fast and you might miss a lot of small connecting dots.

Sharon asks…

Successful Forex Trader Question..?

i am very good forex trader and i want a Job
i have Proof that i am very good forex trader, no nasty demo trades but live account statements.
i started with $30 and reached $500 in couple of months. i have live statements
but i want a job such as forex adviser
1 may ask if u have converted $30 to $500 why u not continue and trade for your self.
the answer is $500 is not enough, with $500 in forex i can make $100 per month but i cant live with $100 per month salary. so i am looking for a suitable job some one please tell me where to find these kind if job opportunities. thanks you SO much in advice

John answers:

If you can turn $30 into $500 in couple months, you can also turn $500 into $8000 in another few months. With that, you can easily make a living just by trading forex for yourself instead of working for someone.

Okay, if you insist of getting a job, try your luck by sending your resume to all the forex brokers in your location.

Good luck.

David asks…

Successful Forex trader Question..?

i am very good forex trader and i want a Job
i have Proof that i am very good forex trader, no nasty demo trades but live account statements.
i started with $30 and reached $500 in couple of months. i have live statements
but i want a job such as forex adviser
1 may ask if u have converted $30 to $500 why u not continue and trade for your self.
the answer is $500 is not enough, with $500 in forex i can make $100 per month but i cant live with $100 per month salary. so i am looking for a suitable job some one please tell me where to find these kind if job opportunities. thanks you so much in advice

John answers:

If you can turn $30 into $500 in couple months, you can also turn $500 into $8000 in another few months. With that, you can easily make a living just by trading forex for yourself instead of working for someone.

Okay, if you insist of getting a job, try your luck by sending your resume to all the forex brokers in your location.

Good luck.

Thomas asks…

how do retail forex dealers make money if you turn out to be a successful trader?

I’m curious because if they take the opposite side of your trades, and you always win, then they lose money with you, right?

John answers:

In order for a dealer to make the spread on a trade, the dealer has to match up a buyer and seller at the exact same time for the same amount. This doesn’t occur very often.

Therefore there are two other ways the dealer will operate.

1. Take the other side of the order. If a trader consistently loses money, it will be advantageous to take the other side of the trade,.

2. Wait seconds or minutes to offset the trade at a better price. For example, you buy EUR/USD at the price 1.4350 and the dealer waits seconds or minutes to hedge the position at a lower price. This works because many traders are range traders so they are naturally fading the market momentum.

This works for range traders where the market is moving against you and the dealer can get in at a better price. But what happens if you are a trend trader. It takes at least a couple of seconds for the dealer to react to begin with. So if you go with the trend, chances are good in an active trading period that you could recover the spread in a very short period (maybe a second or two). If you do, then the dealer has lost out on the spread. This is why you will receive a requote from a dealer if you’re trading with the momentum of the market and the position becomes profitable. This is the problem with trading through a dealing desk broker.

No Dealing Desk (NDD or STP) brokers do not have this problem since the trade is offset immediately at whatever price the bank is offering, and a portion of the spread or a commission is paid to the broker as their fee.

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