HOW TO INVEST IN FOREX PROFITABLY

Jan.01, 2008 in Investment Opinions, U.S Hot Stocks

From a technical analysis viewpoint start with candlesticks. Get the best literature you can afford on candlestick charting and just study that to the point when you can be intuitive when looking at them. At this stage you can then bring in other indicators. Also you will discover this way whether forex/any trading for that matter is for you before you lose your money in case it is not for you as either you will become quite passionate about reading into market psychology prevalent in charts or it will bore you to death.
Like any job you need to enjoy the process to be really successfull. And what a process it is, so many people think it is a get rich quick and that is why only about 3% prevail - it will take a few years to be consistent enough to say you can earn a living from trading. Along with your candlesticks learn learn learn proper money management techniques (never risk more than say 2% of your capital, always use stops etc.). And know your own weaknesses, don’t ignore them.
There are contrarian traders out there but don’t buck the trend. Ever! Use a longer term chart to establish the trend, then zone in onto a shorter term chart for good entry and exit. Quite often you will need to be patient to satisfy this requirement alone.
NEVER use / buy a trading system / predicting software that isn’t your own - you need your own developed intuition and approach.

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