It has been observed that about Ninety five percent of forex traders make losses and are eventually frustrated out of the market. This figure will surprise new comer into the world of on-line forex trading. Our concern in this discuss is that why are few traders, the big guys that we called the 'Gurus' are really making it big cornering big and huge pips. Our findings show that these Gurus understand some secrets which they follow strictly and keep to themselves. These secrets help them to make profitable returns from their forex investment. The secrets we are talking about account for the reasons the Guru will be making big pips and the ninety five percent who are ignorant of these secrets will continue to wallow in string of losses.
Having said all this you may want to ask what are these secrets that enhance the profit making ability of the Gurus. The four secrets are explained bellow:
Secret # 1 Profitable traders discover that for traders to potentially make real money in the forex market there is need for them to have a wining- edge methodology or strategy that will help them to continuously corner large amount of pips and also assist them to determine the right time to enter and take exit from the market. This secret is the father of all other secrets because no trader will succeed in the forex market without having a winning-edge strategy.
Secret #2 The money- making and profitable traders discover that it is a common and general belief that forex market is commission free as popularly advertised, but they are always mindful of entering the market. Why? Because they know that any time they enter and leave the market they are subjected to bid and ask spread which is always a cost to them. Ignorantly, the not- so -wise trader will enter into market anyhow and if the trend turn against them they end up loosing big money.
Secret #3 Successful traders also discover that the best way to trade for the longer term in forex market is to trade off the weekly charts. What this suggests to us is that the traders always update their charts at the end of every week and also try to determine the following week entry and exit points, trailing stop as well as profit take away point.
Secret #4 The traders also realize the hidden fact that no market in the long run can be as profitable as trading the long- term trends. Although swing traders can at times make money by scalping the market but in the long run traders with long- term focus tend to make more profit when compared with swing traders. What this implies is that for traders to make more profit from market they should try to think long term, even when they are using 15 minute chart they should endeavor to look at longer period before they take buy or sell action.
In a nut shell, the open secrets above clearly revealed to us that there is no abracadabra in forex market. The ability of a trader to make it big in the forex market is a function of good strategy which is followed strictly and diligently. Forex traders need to follow this strategy continuously even if market turned against them occasionally.
If what you read interest you and you would like to read more on forex trading and online/ internet investment quickly rush to this link.
About the Author
Giwa is an internert Marketer and netpreneur. He is the owner of www.pip4wealth.blogspot.com
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