Forex Trading Tips – How You Can Profit at Least 200 Pips Each Week Trading Forex

Profiting 200 pips from the forex market might seem rather out-of-reach for most ( including yourself perhaps ) if you have not been there done that. This logic is very simple to understand here – Considering a trader who can consistently nail an average of 200 pips from the forex market each week, this kind of profit target would not be overwhelming to him/her anymore. On the other hand, if you are the kind of trader who struggle to make 50 – 80 pips each week, this target of 200 pips might seem like an impossible target for you (at least for now). However, nothing is hard or impossible as long as you break down everything and try to understand the process in a simple manner – Likewise for this strategy on profiting 200 pips each week.

Let me share the details below:

In forex trading, being “consistent ” is really the key to succeed continuously month after month and for a long time to come. Nothing beats this fact I am sure. So instead of thinking how to make 200 pips each week, you just have to break it down into 40 pips a day instead. Not only is 40 pips a very achievable target, but it is also a ” realistic ” target as well. Why do I say so?

Because for almost all the currency pairs available for trading, their average daily pips range would be between 100 – 150 pips at least. Hence, when you are aiming for just 40 pips out of this range, it is definitely very do-able once you understand some proven facts I am sharing here. For this example, let me use the EUR/USD for my explanation of this strategy. This is one of the most commonly traded pair and the liquidity is definitely good.

Here are some tips for you to secure the 40 pips target with confidence:

1) Always Trade On The Bigger Time-frames Such As 1 hourly or 4 hourly

By looking at the bigger time-frames, you are actually looking at the ” bigger ” price projection in the market. Therefore, not only are you looking at more reliable signals & patterns formation from the chart, but also not that tiring after all as compared to staring at the 1 minute or 5 minutes charts instead.

2) You Should Trade With A Good ” Risk/Reward ” Ratio Of At Least 1.5x

Forex trading is merely a game of probability after all. As long as you lose less than what you win each time and simply rinse and repeat over many trades, you are going to be in the “positive” profits zone every month. So by applying a risk/reward ratio of 1.5x, you would plan your take profit at 45 pips (applicable for a pair such as EUR/USD) each time and stop loss at 30 pips. When you stick strictly to this ratio, each time you would win 45 pips but when you lose, it is only 30 pips.

Lose less and win more – That’s what I called it!

3) Learn Forex Trading Strategies For Both Sideway & Trending Market

In the forex market, it is either the market is going sideway (ranging) OR trending. And the beauty is that you can definitely nail those pips (profits) you need from both market condition once you have some strategies for each different market.

To truly put all odds on your side, it is no good to apply just one strategy to all market conditions as in this way, you would not be getting good results in the long run or maybe only “breakeven ” perhaps. So what you should do is to include good strategies meant for both the sideway & trending market in your trading basket. And the best strategies you should use would be based on Price Action itself.

Why so?

This is because Price Action is not lagging and the ” hints ” you derive from the actual market Price Action is more reliable most of the time. On the other hand, when you rely too heavily on the so called ” textbook technical indicators”, you would suffer more confusions and uncertainty as they are generally plain lagging and not as reliable as compared to Price Action.

Having stick to these 3 proven tips, your effort to make 200 pips each week would not be such a challenge anymore. You would suffer some losses definitely, but if you trade just 2 times a day ( using TP 45 pips & SL 30 pips ) and your strategies are just 50% accurate – 200 Pips by the end of the week is very do-able indeed! So if you are keen on tuning both your mindset and trading skills to make 200 pips each week, do try out and get familiar with these 3 rules using a DEMO account first.

Once you can ” consistently ” get many repeated 200 pips each week, you can then proceed onto a Live trading account if you want. 200 pips each week would roughly equate to about 800 pips every month. Now do you know how much these kind of pips would help to grow your account size by only risking 2 -3 % each time? I would say, it is enough to make most traders around the world “filled with envy ” once they know about your success with forex!



Source by Aaron Tan Wei Ming

FOREX Brokers – Tips for Choosing the Best Forex Broker

There are many Forex brokers to choose from when trading currencies online – and choosing the right one is essential, if you’re going to maximize your FX trading profits.

This article is all about choosing the best broker to help you trade online – and help you achieve currency-trading success.

Firstly, you need to understand the following:

A Forex broker is there to help you place orders and give you a good service when doing so.

Many novice traders however choose a broker assisted account – and then expect their broker to help them make money!

You shouldn’t use a broker-assisted account.

To succeed in FX trading you need to understand that you alone are responsible for your trading success, and no one else.

Now you have your FOREX trading system / trading plan, it’s time to choose a broker. Here are some tips to help you:

Spreads Offered

Spreads can be very competitive and you need them to be. Transaction costs mount up – especially if you are trading frequently.

The tighter the spread, the more profits you will make.

Today, many brokers offer spreads as tight as 3 – 5 pips – and this is what you should look for.

Deposit Online

Look for a broker who will take online payments to your Forex account – and make sure the payment method is secure.

This is a great facility for funding your account quickly – and getting your trading profits back into your bank account!

Guaranteed Stop Loss Protection

The leverage is one of the main reasons that people are attracted to currency trading, as it increases the profit potential dramatically.

Of course, leverage is a double-edged sword – and where there are high rewards, there is high risk.

Many traders are nervous of trading with the potential to lose more than their initial deposit. With this in mind many Forex brokers now offer guaranteed stops and negative balance protection.

This is a sensible service to utilize when you first venture into trading, as it gives peace of mind for a small fee.

Leverage Offered

The leverage brokers will give you varies dramatically from broker to broker.

You should look at a broker who will grant you at least 200:1, as it will maximize your potential profits.

In fact, many brokers will give you leverage of up to 400:1.

Other Charges

Your only transaction cost should be the currency spread – you should not pay other commissions.

Always make sure that the currency spread is the only fee you’re charged, and that you don’t pay any extra brokerage commissions.

Investment Amounts

Today, currency trading is not just the preserve of wealthy individuals and banks – anyone can get involved, as deposits are affordable to all investors.

You can open a trading account online with as little as $100.00 – this means that novice traders who want to start out with a small amount can do so.

Trading Platform

If you are trading online, you will go through a Forex trading platform – and you should look at this closely when looking to trade with a broker.

You want ease of use and reliability – but also check that the broker provides assistance and support.

FOREX Trading Education

While you should always make your own investment decisions, it’s nice to get free trading tools such as:

· FREE trading guides

· Forex training seminars

· Trading news

· Trading recommendations

· Forex trading systems

· Trading books

These can be useful when you first start to learn Forex trading, and you are developing your own Forex trading strategy.

Choose Your Broker Wisely

When choosing a Forex broker you have a lot of choice, and the above tips will help you choose a broker that will be a valuable partner in your quest for profits from online Forex trading.



Source by Stephen Todd

Trade Forex – 5 Tips for Currency Trading Success

Here I am going to give you 10 simple tips which are needed to enjoy long term trading success and if you understand them and follow them, you can join the elite 5% of traders who make big gains trading Forex.

I have put the number of tips in no particular order of importance – you need to follow them.

1. Don’t Use FX Robots

When 95% of all traders lose don’t expect a cheap robot to make you wealthy with no effort, these systems cost so little because they don’t make money.

2. Work Smart Not Hard

I always read it takes years to learn to trade and you continually need to learn – this is rubbish. Forex trading is simple to learn because simple systems work best and you can learn all the basics of success in a few weeks. You don’t get paid for working harder in FX trading, you get paid for being right so no need to do extra work for no reason.

3. Understand Volatility and Drawdown

I see numerous traders who think they can day trade and scalp with 10 to 20 pip stops but they soon lose their money. This because they have no understanding of volatility and it impact and if you want to win, you need to understand all about it.

4. Use Low Leverage

Brokers will give you 200:1 leverage but use this amount and you will lose. For a novice trader 10:1 is the maximum you should use and don’t worry you can make triple digit gains on it and still have tight risk control.

5. Discipline Discipline Discipline

In Forex trading, the best traders in the world make money around 50% of the time but the makes huge gains by having the discipline to keep losses small and run profits.

Most novice traders think they are going to win the majority of the time so they run losses and this leads to a wipe out. They refuse to admit their wrong bit if you want to win at Forex trading, forget about being right all the time and focus, cutting losses and running profits.

Final Words

I hope you enjoyed the above tips and if you understand them, you will see why you can big gains trading Forex.



Source by Kelly Price

5 Forex Trading Tips You Should Know in 2019

This article will give you some fresh Forex trading tips. You are going to get 5 tips that may help you achieve success as a trader in 2019. If you are a new trader, this field can be a bit overwhelming for you. After all, not knowing the rules can’t help you succeed. The good news is that our tips are aimed at beginners. So, if you are just getting started, do check out the tis given below.

1. Go With a Wise Broker

First off, make sure you work with the right broker. An easy way is to read reviews and consider the recommendations given by others. Also, make sure you go with a professional who suits your personality and is trustworthy. Keep in mind that there are many fake pros out there. Ideally, you may want to choose a licensed broker.

2. Put together Your Own Strategy

No matter how many Forex trading tips you have, if you don’t have a solid strategy, you can’t reach anywhere. In fact, not creating a strategy is one of the most common mistakes that most beginners make.

What you need to do is decide on your goals. Having a clear goal to achieve will help you throughout your journey.

3. Learn Step-by-Step

Just like other fields, trading requires that you start step-by-step until you get the know-how of this business. What you need to do is put in small amounts and see how it goes. Investing a huge sum, in the beginning, is a bad idea.

4. Control Your Emotions

Make sure you don’t get carried away by your emotions. At times, it can be really hard, especially after you have suffered a loss. However, if you keep your emotions under control, you can make the right choices.

Getting emotional will increase your risk of making wrong decisions. So, we suggest that you learn to manage your emotions.

5. Don’t let Stress Take Over You

Just like emotions, stress can create difficulties for you. In other words, if you are under a lot of stress, you may end up making irrational decisions, which may cost a great deal of money. So, we suggest that you identify what causes you stress. Once the sources are identified, make sure you try to eliminate them.

When you are under stress, take a deep breath and pay attention to something else. With the passage of time, you will learn the art of controlling your stress. Listen to your mind and find out what can work the best for you.

Long story short, you may not want to let this trading scare the hell out of you. You don’t want to give up no matter what. You may want to keep in mind that success in the field of Forex trading depends upon how prepared and determined you are. So, you have to learn to be disciplined if you want to gain success. Hopefully, these tips will help you get ready and get the best results.



Source by Pracha J

3 Tips On Becoming A Forex Millionaire in 14 Months Starting With Only $100!

You must be dreaming of becoming a Forex millionaire. Many new traders dream of becoming a Forex millionaire within one to two years but give up after a few months when they lose their hard earned money. The problem is most of them don’t have a trading plan. Well, if you sincerely follow the following trading plan, you can also become a Forex millionaire.

Becoming A Forex Millionaire Tip#1

First educate yourself about Forex trading. Most of the info is freely available online. Choose a Forex trading system that you think suits your personality and style. This Forex trading system should have a 60 days money back guarantee. This way, you can try that system and if it doesn’t work, you can get a refund. The right choice of your trading system is very important. You don’t need to rush. Read about the different Forex systems that are being sold in the market. Make a list of at least 3 best Forex systems. Make sure the Forex systems are easy to trade and don’t take more than 3-4 hours daily to trade.

Becoming A Forex Millionaire Tip#2

Test the best Forex system in your opinion on your demo account for one month. If you find the system difficult to trade, go for a refund. Choose the second Forex system in your list. After testing or two systems, you will find the system that works for you on the demo account and makes 100% return per month. Once, you have mastered the system on your demo account, it is time to trade live.

Becoming A Forex Millionaire Tip#3

Now, we are not going to trade live on a standard account right away. What we will do is deposit $100 into a micro account and trade micro lots with that system. Your aim should be to achieve a return of 100% or more every month. When you trade on a micro lot, 1 pip is equal to 10 cents. So, losing 10 pips means losing $1. However, if you lose 10 pips on a standard lot, you lost $100 plus you need at least $1000-$2000 to trade with a standard lot.

What we will do is try to double that $100 in one month. This means making a return of at least 100% in one month. Losing 100 pips on a micro account means only losing $10. So, you are safe when you trade on a micro account. Test a system on the micro account and if it doesn’t make 100% return per month, get a refund and try the second best system in your list.

Once, you find the system that makes 100% return on your micro account, it will make your $100 into $200 by the end of second month and that $200 into $400 by the end of the third month.

Now you need to switch to a mini account as you want your trading risk to become more realistic. 1 pip on a mini account is equal to $1. With that same trading system now turn that $400 into $800 by the end of the fourth month and that $800 into $1,600 by the end of the fifth month.

Don’t rush. These five months are going to teach you a lot on how the Forex markets change and how your trading system performs when the market conditions change and you will also know whether your broker is good or not, what leverage to use and how to manage the risk. Now, you got $1,600 in your account, you can switch to your standard account and start making 100% return per month or more. Do the maths, you will be a millionaire within the next 6 months.



Source by Ahmad A Hassam