How You Can Make Money Trading Forex While Working A Day Job
Like most people when I started trading forex I had very little time to monitor trades because of my job and other responsibilities.
However this does not mean you can not make plenty of money trading forex.
Intrigued? Please grab nice cup of tea or coffee and read on.
If you have already tried you hand at trading the forex market I am sure you are aware it is not as easy as it looks. Like most newbie’s you more than likely started trading the 5 minute or 15 minute charts, the thought of all that money right there in the market waiting to be taken was too tempting. I know, I have been there!
Let me say one thing before we go any further, if you can not make consistent money on the daily charts then you won’t be able to do it on the lower time frames!
Trading the lower time frames is where 95% of traders loose there money! You should focus your attention on the daily charts, check them every evening and plan your trades for the coming week.
Almost all the most successful traders plan and take their trades based on the daily charts, do you think they watch the 5 minute charts?
Here is what you need to do, pick several of your favourite pairs to trade, limit yourself to 1 good trade a week, this means your trade needs to be planed and have good technical reasons for price to go in your favour. Keep your charts clean and simple, use support and resistance with price action for setups.
Never risk more than 3% of your account on any one trade no matter what the stop size is. With today’s brokers offering micro lots (.10c) it is easy to get your position size correct no matter how small your account is.
If you have two really good setups in one week and you don’t know which one to take just take them both but use half of your normal risk per trade on each.
If you do what I have outlined I guarantee you will see an improvement in you trading results it is not difficult to increase your trading account by 10-15% each month while only taking 1 trade a week.
Trading the daily charts of many pairs can be easily done while having a fill time day job, I do it and you can too, you just have to be willing to put in a little extra hard work on planning your trades when you come home.
I hope this helps you on your way to consistent profits from the forex market.
Watch the video related to trade forex
www.fxclubdemo.com
Help answer the question about trade forex
Can I trade other people's money in the Forex without being licensed?I found a system to make money in the Forex Trading. My question is this: Can I legally trade other people's money who want me to invest their money for them through my trading platform on my computer and charge them a commission without having a broker's license?
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Tags: currency, Currency Trading, forex, Forex Secrets, Forex Tips, Forex Trading, Forex Trading Systems, forextrading, trading
August 9th, 2009 at 1:03 pm
If you're going to trade forex, then it won't matter.
You'll lose whatever capital you try to trade on, no matter what system you chose.
August 9th, 2009 at 1:12 pm
Opened a demo account and am really enjoying trading Forex. I am up $3540 in my demo and will look to open a real account in the coming months. Thanks.
August 9th, 2009 at 2:12 pm
$3600 now!!!!
August 9th, 2009 at 2:43 pm
The IRS requires banks, stockbrokers, casinos, etc. to report who they paid money to, above a certain amount ($10 to $1,200??) (e.g. interest, dividends, gambling winnings, etc.) via a Social Security or ITIN number. Without a verified number they must withhold some amount (20% to 35% ??) of any funds due you and send them to the IRS to cover any possible taxes due.
In your case, you'd get a ITIN (from http://www.irs.gov) to file with these companies and use it to file your US federal income tax form.
Being a foreign national student may exempt you from actually having to pay US federal income tax or it may be a credit taken on your native country's tax system. But you'll still need a verified number before you can apply for an exemption or a foreign tax credit.
August 9th, 2009 at 6:16 pm
invest in something safer
take a look at http://www.wwipg.com
Thanks
August 9th, 2009 at 7:29 pm
There are many services out there that will take your money to trade Forex and give you a percentage return. However most of them are scams that will take your money and run. I know of no reliable company that will invest Forex for you.
August 11th, 2009 at 3:37 am
I think the trader's forum with the most number of members on the internet today is http://elitetrader.com. They have separate threads for stocks, forex, options and everything else related to trading the financial markets. They also have a chatroom that gets busy when the markets are open.
You can also try http://moneytec.com, and http://trade2win.com
Cheers!
http://jsforex.blogspot.com
Managed Accounts in Forex Trading
August 11th, 2009 at 5:39 pm
Hi,
Different countries have different laws.
Generally speaking, if you're just trading for your friends and relatives, you probably don't need to be registered.
However, if you're looking to trade professionally (on behalf with clients), then it's a more complicated matter.
Hope this helps.
August 12th, 2009 at 8:39 am
you can goto
http://www.fxcm.com
http://www.gftforex.com
Start witha a demo account first..
http://the-forex-trading.blogspot.com
August 12th, 2009 at 8:58 am
Go to a bookstore and load up on books on technical analysis. Don't worry if the examples are from stocks or futures. The ideas are the same for forex.
Most forex dealers give you charting tools for technical analysis on the trading platform they provide free when you sign up.
August 12th, 2009 at 5:58 pm
The good thing about forex trading is that you can learn it risk free. Yes, risk free! All you need to do is open a demo account with any forex broker. You can do that in five minutes on the internet and start with forex trading. On the demo account, you will be provided with real time data that you can use to make buy/sell decisions but you will be using fake or virtual money. Since you are not using your real money, you are not going to lose even a single cent.
If you want to play tennis you need to practice. Same with forex trading, with a practice of a few weeks you will be confidant enough to start live trading.
The sites you can refer for forex trading tips, recommendations, news and updates are: