Are Great Traders Made?

By Hass67

If you dont have winning forex trading plan, you will be crushed by the forex markets in no time. When you start forex trading, first you need to choose a good strategy. Then you need a method to implement that strategy. This is in nutshell what we call a trading plan.

There was a great experiment conducted in trading history. This experiment is a perfect example of how a winning trading plan can help you become a great trader. Interested, then read on about the Turtle Trading Experiment.

Richard Dennis and Bill Eckhardt were two great traders and partners who were arguing one day on whether great traders are born or made. This was the year 1983. Both were commodities speculators.

Bill was saying that great traders could only be born and not made. Richard had the opinion that great traders could be made through good training. To settle the argument, both agreed to select and then train a few traders to see the trading results after training.

The Great Turtle Trading Experiment in history was born that day. An ad was placed in the Barrons, Wall Street Journal and the New York Times. 1000 people applied for the experiment.

After short listing only 80 were called for interviews. In the end only 13 traders were selected for the training. The students were called Turtles.

The students were given a complete trading plan that contained exact rules how to trade. Richard used to say that he could teach his rules to anyone. But as long as someone was not consistent in applying those rules and sticking with them during rough stormy water, they were useless.

So, the actual success in trading whether forex, stocks, commodities or futures lies in having a good trading plan; You need to have a trading plan that is exact. In other words is mechanical and ruled based does not depend on your emotions. Learn to control your emotions in trading.

After that comes, the discipline to apply that plan in reality. Without discipline and consistency; you can never become a great trader! - 23208

About the Author:

Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in Investing, Stocks and Forex Trading. Download Turtle Trading Rules.

Got the Foreclosure notice??? Now what?

By Doc Schmyz

Foreclosures are a nasty "monsters", apart from the worry and stress of possibly losing all you own, is the fact that you lose all control over the sale process. Not to mention your self image takes a heck of a beating.

The painful honest truth is that the finance company is only looking after it's own interests. There is no emotions involved here and they will take offers that do not even fully cover the debt.(You can forget about seeing any of your equity.)

Do not let it happen if you can help it. Take on another job, get your wife to take in laundry. Rake up the cash the best you can. Everyone has ways we can cut back or living expenses and increase our income a little. Don't let yourself fall victim to your pride...yes this means you delivering pizza is indeed an option.

Think outside the box, maybe attempt to sell the property yourself. If the property market is difficult, advertise to exchange/swap your house for something cheaper. Look at how the property could earn you money. Maybe it has an apartment attached that could be rented out. Maybe it has a room at the back of the garage to rent out. Perhaps it might have an extra garage to rent out. If it is a big house maybe you could take in lodgers or students and charge them for room and board. All these little things will help to pay off your mortgage. Your still in charge of how the situation will end up.

Can you restructure the loan?? Can you restructure the loan so that your repayments are lower than you are currently paying. You could pay over 40 years instead of 25 years. Maybe you could have half the loan over 40 years and half on interest only repayments with the ability to reduce the principal with lump sum repayments when you have the extra funds available. Or maybe look at simply getting another loan and paying off the original mortgage.

If a foreclosure is getting closer and you have been unsuccessful in averting it. You can accept the inevitable or you can fight the " monster" and take drastic action. However, if it means saving the equity in your house it may be worth it. - 23208

About the Author:

Doc Schmyz has worked with investors all over the US. His website shares Real estate investing information for all over the US. Find Real estate investing information by state

How to Choose a Profitable Automated Forex System

By James Jones

An automated forex system is perfect for traders who are considering embarking into the world of forex trading, without having to keep up with the market movements and trading issues day-and-night. That's where automated forex systems can assist a great deal. A variety of software programs have been designed to make trading life easier, we will see how this is possible.

With automated Forex systems, you can analyze your Forex trading in real time and make changes to your real account - all through one application. This saves a lot of time for busy traders. Many newer systems will connect to Forex signals that are generated by the trading systems. The signals go to your real account so you can know your open positions and manage your Forex trading from one place. These easy day trade signals make management much easier from day to day when you are unable to take time to monitor all your trading systems or to open and close positions as needed. It's like having an expert advisor system right in your computer!

But beware, the currency market is an example where a beginner trader needs to be cautious. There are lots of bad people wanting to sell you fraudulent automated forex systems on the internet and in magazines. Wherever there is money involved, there will be criminals trying to steal it. But there are a number of good companies out there, you just need to do your research properly.

A trader needs to be able to outline his trade strategies, then will automatically generate trades with those specifications, and a good system need to cater for this requirement. Forex is a highly liquid market, which operates day and night, 5 days a week, so with a good system on your side, you can fit your forex business in at your convenience and pleasure. Though an automated forex system trades your account automatically, only a good system will alert the investor about each trade it makes, which is essential in today's risk averse environment.

With an automated forex system, there's no need to do hands-on forex trading, and stay glued infront of a computer screen all day. The software does it for you. And the good news is it keeps on working while you sleep! It takes trades day or night so you can rest easy while the software keeps your Forex trades up-to-date and profitable.

Time management is one of the keys to forex success. A solid automated forex system gives you an opportunity to save and make more money because you won't miss important trading opportunities as you would when you have to monitor your trading systems all on your own. As a professional trader, you might have multiple strategies, monitoring all major currencies, and still keep up with them all successfully when you go live. The software can trade multiple currencies and systems for you, which enables you to diversify your financial risks and smooth your equity curve over time.

It is also recommended to create practice trading accounts first. It is, of coursde, preferable to make mistakes with a dummy account than to go broke whilst you are still learning. If you are unable to create a practice account with your automated system, find a separate software program or an online application with which you can learn, prior to implementation of the automated forex system. - 23208

About the Author:

James Jones is a currency trader who operates a informative website specialising in giving help and guidance to forex traders on forex systems and is an expert on building and testing automated forex systems.

Getting Your Feet Wet in Forex

By James Berdhof

So you want to learn about the Forex market, and trading internationally but you are risking your personal wealth if you jump in before knowing all about how trading takes place. Online, you will find many games and simulations while learning the methods involved in forex market trading. The forex markets include countries from around the world, where all countries involved are using different currencies, and when faced against each other are worth more or less than the original valued currencies that are being traded. The forex markets are used to build wealth in, for governments, banks, and brokers, and for many countries.

To get started in learning about forex trading, you will need to locate the forex trading software, education-learning system you want to use. As you find the games, as they are called, you will enter information about yourself, about what you are interested in learning and then you will download software to your computer. In following the 'game', you will learn how to make and lose money in the forex market. This type of game is going to make you more aware of what happens daily, how the markets open and close, and how different the various countries currencies really are.

You will open an online 'account' using the gaming system. You will then be able to read the news, find and compare markets, and you will be able to make 'fake' trades so you can watch your money build or be eaten away in losses. As you learn the system, using it a few times a week, you are going to be more prepared, more educated and you will be ready to use the forex trades to make money. Of course, you may still need the aid of broker or a company to make your transactions happen but you will better understand the process, what will happen, and what calls you may want to make when you read about the news, the markets, and the currencies in other countries.

The forex market is also referred to as the FX market. If you are interested in joining the millions who are making money in the forex markets, you want to ensure you are dealing with a reputable banker or company involved in forex trading. With the spur of interest in the forex markets, there are many types of companies that are popping out on the Internet appearing to be genuine forex trading companies but in reality, they are not. Forex trading can be completed through a broker, a company that deals in the funds, and from within your own country. For example, the US has many regulations and laws regarding forex trading and what companies are permitted to work with the public dealing with international trading and markets. - 23208

About the Author:

Learn the basics of how to trade forex. James Berdhof is experienced in the Forexmarket and has valuable insights to share with you. Visit his site here.

What is Forex Trading?

By G. Malone

Forex trading is the foreign exchange market where currencies are traded. This is a marketplace where one Nations currency is being traded for currencies around the world. So engaging in Forex trading means that you are dealing in an international market in which a great number of currency fluctuations take place due to many factors. Revenues generated in this market is in the trillions of dollars every day and millions of people from many backgrounds participate in it world over.

For many people this is one of the primary ways of earning money, while other treat it as an additional source of income. There are people who have earned huge sums of money very quickly and at the same time there are people have lost their fortunes in this market. However, just like any other business activity, in Forex trading too you need to take care of several things, such as through understanding of the market, sufficient money to participate in the market, constant eye on the market pulse, expert knowledge through experts along with others.

Technically, Forex trading is one of the largest, most liquid and most popular ways of earning legitimate money online that operates round the clock. As per one estimate Forex trading generates exchanges as much as 3 trillion dollar each day and still growing. Therefore, it means a lot of money involves in it so if you are able to take right decisions at the right time you could have probably earn a huge sum of money. And, the beauty is anybody can participate in this market almost from anywhere irrespective of his or her nationality or geographical location.

Not just individuals, but transactions in Forex market take place between big private investors, small individual investors, multinational corporations, private and public banks, financial institutions, currency speculators, large government and central banks. Another most remarkable feature of Forex trading is that up to a great extent it differs from a stock market as it is divided into various levels of access. At lowest level you will find small investors, while at the highest level you will find inter-bank market which has large investment banking firms and institutions that deal in billions of dollars each day. But that shouldnt discourage small investors who have a few hundred to few thousands of dollars to deal with. In fact, in terms of number of participants, they have a clear majority.

A majority of the information that is available on the internet doesnt necessarily guide you in the right direction, so you need to be very careful about putting your hard earned money in to the Forex trading market. Just like any other business venture, you need to equip yourself with the right knowledge, have a complete understanding, and need to have patience and persistence. Be careful about falling into the trap for those service providers or companies that promise to make you huge profits instantly. Instead of accepting short term gains, always look for ways that can help you invest for the long haul. In choosing a company or service provider, always look for their past track record and customer feedback. Unless you have complete knowledge about the Forex market, its trading components, and its fluctuations, no one can help you earn profits in this market. Find your own trading style coupled with the expert knowledge and tips and start investing slowly and gradually. Develop your own trading strategies and stick with them. Listen to the experts but when it comes to making a decision, ask yourself, because you are investing your money. When you develop your own strategies based upon your own feelings and guidance from experts and technical analysts, you should become an expert investor. The lack of guidance and you will be aimlessly throwing your money away instead of earning money from Forex trading. - 23208

About the Author:

For more information regarding Forex Trading, visit www.allforexshop.com. Click here for article submission.