How To Trade Currency For A Living
January 5, 2009 by Kelvin
Filed under Forex Trading Advice
Hi, I m Kelvin, a full time currency trader.
I have been enjoying my everyday because I live a life of freedom.
I am a currency trader which means that I can make money from any part of the world as long as I have a laptop and access to the internet. Therefore I will like to share with all of you fellow forex traders out there some of the techniques behind my profitable trades and hope that you can one day find some of the methods I am using applicable to your own forex trading.
However if you are new to forex trading, I will be posting articles related to forex strategies and other forex tips articles so that you can benefit from it too.
The aim of this blog is to provide useful forex trading advice to forex traders of all levels.
Trading forex for a living is absolutely possible but it requires some initial hard work in learning the trade. You must bear in mind that currency trading is not a gamble, it is a form of investment with strategic planning. The better your plan, the higher the chance of you making a profit.
There is no such strategy that can guarantee you 100% profit. If you have heard anyone or saw any advertisement that claims to be able to teach you how to trade currency with 100% accuracy, you most likely must have met with a scam. Most successful traders only claimed to be 70% accurate with their trade and what makes you think that someone can make you 100% accurate.
Personally, I have started from a person with absolutely no knowledge in currency trading into a currency trader that is making a living from it today enabling me to quit my day job. I managed to achieve this stage because I have put in effort to read forex books, attend forex trading course and learn after a forex mentor who is a very successful and experienced forex trader.
If I were to summarize my forex strategies, I will say that these 5 forex trading tools are all I need to make a living from currency trading.
1) Candle Pattern
2) Trendline
3) Pivot Point
4) Price
5) MACD
These five forex trading tools combined have been my money making tools till today and I believe it will continue to make me more and more money in the currency trading field.
Last but not least, I will also be posting weekly forex trading signals that may be of help to you.
All the Best to your Currency Trading!
want you to put me through.i am new and in a dilemmaa on how to identify a trading opportunity
Hi Adams
Glad to hear that you are giving yourself a chance to achieve financial freedom through forex trading.
As for your question on how to identify a trading opportunity, It all depends on what type of trading strategy you are adopting. Before you start to trade, you need to make sure that you have decided on a trading style and then create your own trading plan.
For example: I am a day trader who will enter a trade and then exit the trade on the same day and I am interested in trading breakouts. With these in mind, I will create a trading plan to trade breakouts.
When I first started trading, I wanted to trade all types of strategies but I ended up losing more than gain. You have to pick one or two strategies and then practice it to death on a demo account until you are confident that it is winning consistently before you start to trade with real money. For a start, you need to focus on one or maximum 2 trading strategies so that you can master it. When you are more experienced, you can then trade with more strategies.
Remember this: No trade is sometime a good trade! A common mistake of new traders is the mentalities that they must always enter a trade daily and this usually causes traders to enter trade that do not adhere to their trading plan. So the key thing now for you is to pick up a trading course or read some trading books to learn the basic of trading and then start to create a trading plan for yourself.
You can take a look at this post on how to setup your forex trading plan. Do feel free to contact me if you need any help.
you spoke of your trading tools,which are
candleline,pivot and etc. i would like to learn and use these tools.
i am new to forex
If you are interested to learn more, you can explore this blog as what I posted here are what I actually used in my trading everyday. Some of them may be too complicated for you if you are new but you need to slowly learn them.
Do not rush into trading with real money. The minimum learning time requires for this business is about 3 months. Forex trading is not a get rich quick scheme, it is a legitimate business that can allow you to make money from home and anyone who really put in effort to learn and persevere will see success one day.