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Forex Day Trading from your Spare Room?

Forex Day Trading from your Spare Room?

Start Day Trading TODAY from your spare room!

Have you ever thought about Forex day trading as a way to earn your living? Sure, there are many traders operating in the foreign exchange that work for the big trading companies in cities such as New York and London, but did you know that the majority of traders actually work for themselves out of a home office, which is usually nothing more than a spare room in their house?

Let’s put it this way, there has never been a better time than right now to get into this kind of business, especially with the advancing software and technology that helps people trade the markets.

If you like the idea of a flexible lifestyle, where you don’t have a boss to answer to, and you are in control of your own financial destiny, then becoming a Forex day trader could be the perfect solution.

It doesn’t even matter if you have no prior experience or knowledge about the Forex market, as there are many training and educational programs out there to help you on your journey, so you can begin learning right away.

Starting an online training course

There are many different Forex day trading training courses out there, and choosing the right one is essential to your success.

It’s for this reason that you shouldn’t just choose the first one that you come across. Instead, take the time to get familiar with the courses available and weigh up the pros and cons of each one.

Also, consider checking out some reviews of the different training courses from people who have actually taken them. First hand accounts from real users is invaluable, and will give you a real insight into what each course contains.

You can find reviews by searching on search engines such as Google and Bing, as well as checking out the many day trading forums on the internet.

A good Forex training course will provide you with a solid basic education into how the Forex markets work, as well as going deeper into things such as how to properly analyse the markets, tips for controlling risk, and the most common strategies employed by Forex day traders.

Open a demo account

The best way to get a feel for the Forex markets is to open a demo account so you can start trading without risking any of your own money. The last thing you want to do is lose a large chunk of money right off the bat, and end up becoming so disillusioned that you quite before you really have the chance to get started.

Usually, many of the sites that offer training courses will also provide you with the chance to open up a demo account. Once you have your demo account up and running, resist the urge to start trading like crazy.

Instead, take the slow and steady approach to Forex day trading, and start making small trades based on your own market analysis. Some of the websites that offer both Forex day trading training, as well as demo accounts, include FX Bootcamp and The Forex Club.

Forex Day Trading from your Spare Room?

Get a Forex day trading broker

If you are to stand any chance of successfully day trading in the Forex markets, then it is essential that you get yourself a day trading broker.

The benefits of getting a broker are numerous, and just about every successful Forex trader would not be without one.

Normally, a broker will supply you with all the necessary software to help you with your trades, as well as keeping an accurate record of all the trades you have completed.

A Forex broker doesn’t come for free however, and you will usually have to pay them a commission on all of your successful trades, or there may also be an account maintenance fee.

This is a small price to pay though, as once you get a broker, you will be getting Forex experts on your side who can advise you on all of the technical aspects of running a successful Forex day trading business, which ultimately leaves you free to work on studying the markets and and to follow your strategy.

Get informed

Because the Forex markets are currently changing, there is a constant need for you to stay up-to-date with all of the latest happenings. If you fail to do this, then you will quickly lose your edge, which leads to losing money. Not good!

There are many ways to stay on top of what is happening in the Forex day trading world. For example, you could subscribe to the various news feeds that are updated on a daily basis, as well as signing up to the numerous Forex day trading newsletters.

Also, it is beneficial to find some informative blogs and forums, so that you can read the views of other day traders. Although you might not agree with everything you read, it is always a good idea to keep an open mind, because at the end of the day, Forex day trading is a journey that never ends, and you will be constantly learning new things and tweaking your own strategy.

Conclusion

If you like the idea of trading for a living, with nothing more than a computer and internet connection, all from the comfort of the spare room in your house, then Forex day trading is an excellent choice.

One of the big advantages of Forex is that you don’t have to invest thousands of pounds or dollars to get started, as you can often get started with a relatively low amount. This is in stark contrast to the stock market, where traders are required to have a minimum of $25,000 to get started, and the majority of traders usually have a lot more.

If you don’t currently have much money to your name, but want to get trading in Forex, then it is a good idea to put away a small amount each month for the purpose of trading in the markets. By the time you have finished trading with a demo account, you should a nice sum of money to get started with.

It doesn’t matter where you are in the world, as the action in Forex day trading is happening 24 hours a day. So get educated, find a broker, and start making some money!

What Should You Trade When Day Trading?

What Should You Trade When Day Trading?

One of the most common questions among people new to day trading is “which sectors should I trade?”

At the end of the day, there is no easy answer to this question. Some day trading sectors are seasonal, while others experience tremendous growth for a short amount of time, only to then completely fall off the map.

The real key to day trading success is to become an expert in one sector. This gives you a real edge in your trading activities, because there are not many people who take the time to become an expert.

Also, it can be handy to keep an eye on seasonal sectors, as well as markets that are on the verge of experiencing tremendous growth.

How to become an expert

The first factor to consider when deciding which day trading sector to become an expert in, is which markets do you naturally have a good understanding of?

This is a very important aspect to choosing what to day trade in, as your are more likely to experience success if you can relate to that market and feel excited just thinking about it.

Some of the day trading sectors to consider

There are many different day trading sectors out there, with each one requiring specialized knowledge and understanding. In fact, because of this variety, there are many day traders who have achieved success in one sector, but would flop miserably if they turned their attention to another.

Some of the sectors include: banking, foreign travel, gold futures, silver futures, currencies, fuel costs, energy costs, crude futures, electricity futures, and energy stocks.

There are many more available, so it is definitely worth spending the time to become familiar with the different sectors and how they all work.

Taking it to the next level

Once you have decided which day trading market you are going to specialize in, then it’s time to take things to the next level so your knowledge base will be ahead of the majority of other traders.

This means reading, watching and studying all of the information you get find that relates to your sector. Doing this won’t really feel like work if you are really interested and passionate about the sector. In fact, it should feel like fun!

Being a constant information gatherer will really sharpen your senses on that topic, and you’ll start to see opportunities in the market that others don’t see. This is where the big profits start to come into play, because the real money is made doing the opposite of what the majority of other traders are doing.

Seasonal sectors

There are certain day trading markets that are seasonal, and can be very profitable to trade in if you know what you are doing.

For example, gold and commodity currencies typically experience their largest swings during the autumn and winter months. This means that there will be more volume of trades, but most importantly, the market becomes much more volatile.

An intelligent day trader could use smart day trading strategies to take advantage of seasonal trends in day trading markets to make some healthy profits.

How to Minimize Day Trading Risk

How to Minimize Day Trading Risk

The Cautious Day Trader – How to Minimize Day Trading Risk

Day trading is just as exciting as gambling, and in many cases even more so. You can get a great rush from seeing a stock price rise and fall, and seeing your trading account filled with profits.

Unlike gambling though, trading has ways to minimize the risks that you take. Sure, there will always be risks in trading, and without risk it would lose much of it’s allure. But for the cautious trader, there must also be an element of safety in order for them to feel completely comfortable with their strategy.

How to minimize the risk of day trading:

Have separate capital

Many day traders go completely broke because there is no separation between their retirement money, mortgage money, living expenses money, and day trading money.

That’s why it’s essential to set aside a certain amount of capital that will be used for your trading activities. Once this amount is set, under no circumstances can you dip into your other sources of funds.

Having a set amount of money that is strictly for trading can actually make you more relaxed. Each trade doesn’t become a life or death matter, where you start to picture yourself without a house or car should the market suddenly decide to swing in the opposite direction.

Use stop losses

Because trading markets have a habit of suddenly turning, it is important to always use stop losses in your trading activities. A stop loss is where a stock price drops a certain percentage below the price you bought it at, then you will automatically sell that stock.

This protects you from making huge losses in any one trade, so you don’t end up losing your shirt and bankrupting your account.

Stop losses should be used as part of any successful strategy, in order to minimize risk and trade smarter.

Become knowledgeable

A trader who knows everything about his market is always going have the advantage over the traders who just know bits and pieces.

Becoming an expert is the best way to reduce your risk. As they say, “knowledge is power” and having the right knowledge in relation to the stocks you are buying and selling will result in more successful trades and less losses.

Refer to as many industry reports and publications as you can lay your hands on, and always be on the lookout for breaking stories.

Don’t hang around

The last thing you want to do is hang around when the market is telling you to get lost!

Some days it just seems like you can do nothing right, and everything you touch goes badly wrong. When this happens, refrain from trying to make your losses up, and instead walk away for the day and go focus on something else.

Many people stick around when they are losing, which is the reason they go broke. Instead, minimize your day trading risk and go play a round of golf.

Day Trading – What They Don’t Want You to Know

Day Trading – What They Don’t Want You to Know

In a recent article, we talked about the main differences between the elite day traders (those that make the majority of the money) and the broke day traders (those that don’t make any money).

We came to the conclusion that there are basically certain “secrets” that the successful day traders put into action on a daily basis in order to be so successful in the world of day trading.

Secrets such as…focusing on just one type of day trading, being patient and waiting for the right trades, and going against what the majority of other traders are thinking and doing.

If you just started doing those 3 things alone, then you would quickly start to see your day trading income sky rocket. However, there are more day trading secrets that high income day traders put into action. Here are a few more of them…

Not scared of being wrong

Another habit of highly profitable day traders is that they are not scared of being wrong. At the end of the day we are all human, and nobody makes the right choices all of the time. Losses are inevitable and all part of the learning curve.

A common problem affecting many struggling day traders is that they feel they have to be right all the time.

This creates a lot of pressure on their shoulders, and every trade becomes a life or death situation. The end result of this is that they can no longer see straight. They are so tense and anxious that they automatically make bad decisions.

Millionaire traders have no such hang-ups. They make decisions without stressing out, and if the trade is a bad one they simply chalk it up to experience and get out before there are any huge losses. No big deal.

Unique trading style

If you read any of the regular day trading publications and newsletters, then you will have no doubt come across so called “experts” constantly spouting rubbish about how day trading is black and white. They will say things like “don’t trade once a big news story breaks” or “scalping doesn’t work in the Forex market.”

The fact of the matter is that things are never so black and white in the world of day trading.

Elite day traders understand this, which is why they don’t listen to these so called “experts,” and instead, work on testing things out for themselves and then developing their own unique trading style based on RESULTS.

Understand this: You don’t have to approach day trading exactly the same as somebody else does, and you don’t have to do something just because an expert says it great.

The real success in day trading always comes to those people who are willing to take elements of different strategies until they find a winning formula.

Conclusion

We hope you have enjoyed reading these two articles about what it REALLY takes to become an elite day trader. If you truly take these secrets and adopt them into your way of thinking, then it’s inevitable you will experience huge profits in your day trading activities.

The Laws of Successful Day Trading

The Laws of Successful Day Trading

Our 8 foundations to successful Day Trading

When it comes to the world of day trading, the sad fact of the matter is that the vast majority of people end up not making any significant profits at all.

What’s the reason for this? Well, you might be thinking that it’s just bad luck, and the traders who do make profits on a consistent basis are lucky? Or maybe you think that winning traders have insider information that most people can’t get access to?

While there is definitely an element of luck and getting inside information in day trading, the truth of the matter is that there are much more important factors at play. We are going to call them the 8 laws of successful day trading, and if you want to get profitable, then you should pay very careful attention to the following words.

Focus on the basics

It might not seem very glamorous, and even sounds a little like hard work, but if you are ever going to follow in the footsteps of successful day traders then you must learn the basics.

Not only should you learn them, but you must make it a habit to keep referring to the basics on a regular basis, because after all, successful day trading is all about the basics. You won’t find many elite traders using complicated systems.

Control your emotions

The 2nd law of successful day trading is all about your emotions. You make a winning trade and you’re as high as a kite, then the next day things go wrong and you fall into a depression. It’s this yo-yo effect that keep most traders broke, because they are always acting on high emotion.

Day trading requires clarity of thought, so you can make accurate assessments about the market, and ultimately make winning trades. Being on a constant emotional rollercoaster is not a good place to be.

Find your market

The key to getting extremely good at anything in life is to know it well. If you want to get good at basketball, then you spend hours throwing a ball into a hoop, and the same thing applies to day trading.

That’s why it’s a good idea to find one market that interests you, and then focus solely on that market at the exclusion of everything else. Do this for long enough, and you will become an expert in that market, which can only be a good thing.

If you are constantly bouncing around from market to market, then you will never become good enough to make consistent profits in day trading. Your knowledge base will be spread very thin, which makes it hard to identify winning trades.

Treating it as a business

Hobbies are great, and you should definitely have a few. However, day trading is not hobby, unless you don’t mind losing money. Even if you are only trading in the markets on a part-time basis, you should still treat everything that you do as a business.

This means writing a business plan, determining your short and long term goals, getting an accountant, having a daily schedule, and setting up a home office where you can’t be disturbed.

The Laws of Successful Day Trading

Knowing when to walk away

The 5th law of successful day trading is knowing when to walk away. The temptation to chase losses is always there and everybody falls under the spell once in a while, the main problem is when this type of behaviour becomes a regular pattern.

Many beginners usually have a big problem with this, as they get in a constant cycle of trying to make up money they have just lost. Of course, this is never a good idea because it’s hard to think straight when you are chasing after something.

Instead, it’s a massive advantage to be able to know when you should be walking away. Tomorrow is a new day, and things will probably be a lot different. Get out while your losses are still small.

Dealing with risk

Not everybody likes risk. In fact, there are many people who spend their entire lives avoiding any type of risk altogether. If you are one of theses people, then day trading is probably not the business for you, because at the end of the day this game is full of risk all the time.

With this in mind, it makes sense that should get used to becoming more comfortable with taking risks on a daily basis. This doesn’t mean you should take silly risks in the markets, as this will jeopardise your whole day trading strategy, but a small amount of risk with every trade is usually required.

Making quick decisions

Because most trades are completed over the course of the day, and the day trading markets can be volatile at the best of times, it is imperative that you get used to making quick decisions in a matter of minutes…and even seconds.

This game is not like normal investing, where you have months to carefully analyse your stocks and then decide on the best course of action. Many day traders would love that kind of luxury, but unfortunately it just isn’t there.

Making quick decisions means you won’t get things right all the time, but that’s all part of day trading, and the trick is to get things right the majority of the time…not every time.

Educating yourself

The 8th and final law of day trading is to be always educating yourself. Education comes in many forms, whether it be from a book, a newspaper, a news program, online news feeds, a forum, a blog, or a newsletter, you should always be on the lookout for more knowledge.

Just make sure that you don’t end up spending the majority of your time learning and barely ever taking any action.

Sure, it’s great to be educated about what you’re doing, but you also need to get out there and actually start trading in the markets. The day trading world is full of people who know everything but never actually do anything with that information.

Getting the Right Day Trading Education

Getting the Right Day Trading Education

“Education is priceless” – your Day Trading education with worth thousands!

Why is it that so many people attempt to make money in day trading without ever attempting to educate themselves first?

You wouldn’t try to become a lawyer without going to law school, or a doctor without ever attending a single medical class, but each year thousands of people start trading in the markets without any taking kind of course or program.

Day trading is hard enough even when you do have the required skills and knowledge to draw upon, so to attempt to become profitable without any education is just plain madness.

In fact, many elite day traders commit to lifelong learning, and they realise that no matter how much success they get, there is always more to learn.

This is why getting the right day trading education is essential to anybody thinking about trading in the markets, and there should always be time set aside each week to dedicate to learning more.

One of the main problems that people face is that there are so many day training courses and programs out there, and it can be difficult to know who you can trust and which one to choose.

With this in mind, it’s always a good idea to know what you are looking for in a course, so you can narrow down your options and stand a better chance of choosing the right one.

Here are a few tips to take into consideration before deciding on the right day trading education for you:

Format of the course

If you take a quick browse of the day trading courses available, then you will quickly realise that they come in lots of different formats.

For example, there are courses that have lessons which are delivered in video format, while with others everything is done with PDF work books.

Also, there are other options available, such as webinar training classes where you actually get to speak to an instructor on a one to one basis, as well as courses that have things such as private forums where you can discuss tactics and strategies with other members.

Deciding which is the best learning format for you will have a great effect on how much you get out of the course. Everybody is different and we all have alternative ways of learning new skills. For example, some people are primarily visual learners and benefit from watching videos, while other people learn more effectively from listening to an audio.

Working out what learning style best fits you is one of the beneficial things that you can do, and getting a course in the right format will make your day trading education faster and easier.

Online or Offline?

Another thing to take into consideration when choosing the right day trading education, is whether or not you want to take a course in the online or offline world?

You may of thought that it was only possible to get training on the internet, but in fact, there are actually numerous training options away from your computer.

Getting the Right Day Trading Education

Just about every major city holds regular day trading seminars and weekly classes, and they can be an excellent way to learn the ropes as you get to meet like minded people face to face, and talk to instructors on a one to one basis.

At the end of the day, there are many people who prefer this type of learning, as it feels like a more structured environment. If you got good grades at school and enjoy this type of classroom learning, then looking for day trading education offline could be the best choice for you.

Cost

There is no set price for any type of learning, and the same thing holds true in regards to day trading education.

The cost of training is dependant on many different factors, such as the format in which the course is delivered, the experience and knowledge of the instructors, the length of the program, as well as if there is any hands on experience included in the course.

Typically, you will find that online courses tend to be on the cheaper side of the market, but the prices do vary. On the other hand, an offline day trading seminar is usually more expensive, due to the larger overhead costs involved and the intensity of the course.

Obviously, cost is going to play a big role in deciding which day trading course you end up choosing. If you are currently short on funds at the moment, then a high ticket training program is out of the question, but does that mean you should go the cheaper route?

Ultimately, this is only a question that you can answer. If you find yourself low on funds but feel a high priced seminar is the way to go, then it would be a good idea to put away a certain amount of money each month until you can afford the course.

Also, it is worth noting that many online day trading courses come with a guarantee, which means you can usually try out a course for a set period of time and then decide if it is right for you. This means you have less risk on your part, and you can feel confident trying out a course, knowing that you can get a full refund if it turns out to not meet your expectations.

What to expect from day trading courses

One of the main things that you will be learning in your day trading education, is how to gain a better understand of the financial markets, and then use that data to identify trends which can make you a profit. A good way to do this is by using day trading charts, which your instructor will cover in full detail.

With certain courses, you may even be able to get a closer look at how the markets work, by pairing up with an experienced day trader who will give you first hand access to his whole day trading process. You can look over their shoulder, and see how he approaches things, and gain invaluable knowledge that will help you for when you start trading on your own.