Are you one who is facing financial problems in this tough economy? Do you find that your fixed income does not allow you to fulfill all your needs due to price hike in the commodity market? If yes, then you may take up forex trading business and try to earn at least some extra dollars apart from their fixed monthly income. Make sure you have sufficient knowledge about forex trading market before you decide to start up your forex business so that you may be able to make maximum profit with the help of it.

4 Benefits of forex mobile trading

Here are discussed the 4 benefits of forex mobile trading.

•  Market is open all 24/7 – This is said to be one of the main benefits of forex mobile trading. The market remains open all 24/7 hours. With the help of this facility, you can do forex mobile trading business according to your convenient time and the business transaction can happen at any place. Thus, you can earn money in this business with the help of Internet and boost your income.

• High leverage – Forex trading business gives you the benefit of high leverage. As such, you may do business with more money than what you actually have with you. Thus, if the leverage ratio is 30:1, then you may do business with $30 and keep $1 in your account. Hence, it can be said that forex mobile trading helps you make extra money online.
• Great chance to augment your income – Forex mobile trading gives you great chance to augment your income. You may have bought a currency whose price you think will increase soon. Thus, you will be able to earn profit by selling off that currency. But, if a currency’s price is supposed to decrease, it would be wise enough to sell off that currency before its price actually decreases. Thus, you need to make the right prediction so that you can earn good profit with your forex business.
• Make low investment – You have to make low investment at the initial level while doing forex mobile trading business in comparison with other types of business. This business is of great help for the people who are not satisfied with their fixed income and wants to earn some extra money. As such, they may switch on their computer and earn money anytime they need it.

3 Drawbacks of forex mobile trading
Have a look at the 3 drawbacks of forex mobile trading.

• Choosing an inexperienced broker – There are several dishonest people on the Internet who try their best to cheat honest people. As such, it is important that you take the help of a trusted broker while investing your money. A trusted broker will be registered properly and will have several successful cases that he has already dealt with. The broker should be registered with the CFTC (Commodities Futures Trading Commission – Committee on Trade in Goods Fixed Term) or become members of the NFA (National Futures Association – National Futures Association).
• Requires time and knowledge – Unless you have thorough knowledge about forex mobile trading, there are high chances that you may lose lots of your money. As such, it is important that you train yourself properly before starting forex trading so that the business do not turn out to be a disadvantage for you. Also if you cannot devote sufficient time to sit in front of the computer, you may end up losing more of your money than what you can actually make.
• Leverage – You may take a leverage with which you will be able to enter the market with large capital if the operations prove to be successful. With the use of good strategies, you will be able to get better returns but in case the opposite happens, you may lose a lot of your hard earned money. Thus, leverage is said to be double edged sword.

Thus, by keeping the benefits and drawbacks in mind, a wise person should choose to invest his dollars in forex trading as it gives him a better chance to make good profit.

This is a guest post by Kevin Craig who is a financial writer associated with Oak View Law Group. He has been providing prudent advice on measures to rid debt since 2007 to lead people to a debt free life. Also, he has written many informative articles on bankruptcy, credit counseling, credit repair, debt management, personal injury and so on. You can get in touch with Kevin Craig at kevin.craig672@gmail.com. You can find his contact information here: http://www.ovlg.com/debt-relief/

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I think one of the keys to trading success can be summed up with one of Einstein’s famous quotes. “Make things as simple as possible, but no simpler.” You should be able to explain your trading methodology to a ten-year-old, and have them fully understand it

The list below comprises a number of different observations of myself and others through experience working with traders of all shapes and sizes, and is equally relevant to all.

They are realistic and experienced – Probably the most horrifying and worst myth told to anyone considering trading for a living is that you will compound millions in an extremely short amount of time. – Be realistic! The only true way to make every day profitable comes through experience, and countless hours of learning is crucial to longevity of success. Continuing education is computer screen time and practice, practice and more practice

They know the damage they are capable of – Notice I didn’t say potential or profits here. The best traders I know of understand their limits, and seem to focus more on what can go wrong than what can go right. They are not easily convinced of lucrative outcomes, and have a very high sense of self-awareness. When a professional trader makes a trade he studies how much he might lose.  When an amateur makes a trade he looks at how much he might win. Amateur traders turn into professional traders when they stop looking for the “next great technical indicator or system” and start controlling their risk on each trade.

They trade to make money, not to be right – They understand the strengths and possible pitfalls of what it is they do for a living, and use that knowledge to curb their emotional output.  To be successful traders we need to release ourselves from the need to be right. The market is always right and it’s no use fighting that point. It is crucial not to get locked into a specific opinion about the market because if you do you miss all the signs from the market that may be telling you that you are wrong. The “I’m right, the markets are wrong” philosophy will ruin you.

After all, what’s more important, being right or making money? For me, it’s making money, so don’t be stubborn, be flexible and have the ability to change your mind if the market is telling you you’re wrong.

They have an edge and know how to use it – They understand that without it they wouldn’t last long. You must have an edge that genuinely puts the odds of success in your favour. This can be any forex strategy you want that has been tested by you and that you have complete confidence in.

They have a trading plan, and follow it religiously – Each trade is planned and opportunities are scouted for before any trading takes place. They steer away from the killer of all killers: overtrading.  This trading plan is a complete set of rules that covers every aspect of a trader’s life. It contains various methods, strategies and trading rules that will give him an edge over most traders. Sticking rigidly to this plan will improve his chances of success.

They manage risk – Regardless of how much conviction they have on a trade, they will still do what they can to avoid the potential of any losses and understand the first rule of trading: anything can happen.  A successful forex trader understands that good money management will keep him in the game when most novices are knocked out.  He sticks to his risk and money management rules. In particular a good trader never trades more than 3% of his capital on any one trade.

He always sets a stop loss as per the strategy being used. It will save him significant losses if the trade goes against him. He realises that a stop loss is his only true friend in trading.

They work obsessively – They follow each turn, each piece of info that comes out in regards to their trade, and follow any underlying information relevant to failure or success.  Elite forex traders learn their craft. It takes hard work, persistence and much practice. There are no shortcuts to trading success.

They think about the trade, not the money behind it – Focusing on money can destroy your means to objectively assess the trade itself. Focus on the trade and applying your rules with discipline and the money will follow.

They are constantly learning – Just when you think you know it all about trading, a new curveball gets thrown your way.  Good traders constantly get retrained, learn new things, attend seminars and so on.

They have patience – They understand that the money will come, but everything needs to be in place first. Waiting for the correct setup to occur takes patience so you must sit on your hands until it happens. Forex trading is not a get rich quick scheme. The idea is to stay in the game. If you miss setups for any reason, don’t chase the trade but wait until the next setup occurs. Using my methods there are enough setups each day to get your daily pips target with ease.

Once in the trade, have the patience to let the trade to develop as planned rather than rush the trade and cut it off prematurely. If a setup does not occur, then don’t trade. Not trading is trading; it is making a conscious decision not to trade and that forms part of your trading plan.

Written by Stephen Margison, author of “The Book on Forex Trading” at http://www.sm-forex.com

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Average Daily Range (ADR)
The average daily range of a currency pair will usually be completed between 4 hours before the end of the Tokyo session and the end of the London session. This is important. I trade intraday so I need to know the ADRs of the pairs I’m trading. This is because I always want to know how much further a pair could realistically move given its ADR compared to today’s range. This information is useful for profit targets and stop placement.

In this trade as we approach the close of the London Session today’s range on the cable (GBP/USD) is only 35 pips!  The ADR (Average Daily Range) of cable is about 100 pips. I get this information from my proprietory indicator the FSS Dashboard. This means in order to fulfill its daily range the cable will have to breakout of this 35 pips range either to the upside or to the downside. The FSS strategy rules told me the breakout was  likely to the upside, as explained in the video. I placed a buy stop above the high and made good pips.

Please take a look at the video and I’m sure you’ll find it worthwhile.

A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss – that is what does the damage to the wallet and to the soul. Always place a Stop Loss order.

Know where you will exit if the trade wins AND if it loses. A losing trade is an automatic function of your trading plan so learn from it. You will have a rule in your trading plan about how many consecutive losses you can have before quitting trading for the day. This is an important rule to obey without question.

The following comments about forex trading losses were made by a “Pit” trader named Peter Crowns on one of the Forums.  I think you may find them interesting…

“In reality much of what I will say has been said, by various people, various times; but maybe not in application to something that works so well…. There will, no doubt, be those who will recognize themselves when this is read. (Also, thanks in advance to Dr. Phil for some coming “get it” remarks.)

Wikipedia, which is becoming the virtual source of most information that is close to trustworthy for us in cyberworld states this under the definition of TRADER:

In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. Traders are either professionals working in a financial institution or a corporation, …. or speculators. They buy and sell financial instruments traded in the stock markets, derivatives markets and commodity markets.

Forex is a derivative market.
Nowhere is there a definition of trader where traders are those people who buy and sell without losses. Losses are an integral part of trading, and those who spend most of their thought processes trying to figure out how to trade with the fewest losses, don’t “get it”. I know that some reading this will think I am over-reacting about the question of losses and loss taking, when in reality no one seems to take the concept of losing regularly as customary.

Until you learn how to lose, you cannot win, long term, as a trader. Take your losses for God’s (and yours and your family’s) sake, and then forget them. Get past them, recognize that they will happen a lot and learn to handle the one thing you are in complete control of. How much risk you take and the size of losses you take. Then the only thing you will be profits.

What a problem!!!

When I started trading in futures you had a fairly good idea (but not perfect by any means) of how much risk you were taking on trades until you came to a day when you put on a trade and there was an air pocket where there was no trade for dozens or 50 or 100 ticks when some big news hit the market and funds gobbled up all the offered contracts. If you were a slow pit guy you “died” that day if you had too much size on. We all have it so good today trading forex.

If you can’t see the advantages you all have and the opportunities to cut your risk to virtually nothing (pennies a pip if you wish), and the right to hold on to your winners almost forever if you want…!
What is everybody’s problem? Don’t you know that only losers get so freaked about having losses???? Losses are just losses. Make sure they are smaller than your winners, in aggregate, and you’re home free. I suppress more frustration at this stupidity than you can imagine. Your mental state of trading is KEY.”

I hope you found that as informative as I did. Final thoughts from me; A losing trade can be useful if something is learned from the experience. It is how you deal with a losing trade that will determine the extent of your success. Losses do not diminish you as a person. Professional traders have losing trades and in fact they expect them. If a trade does not work as planned say “that’s interesting,” then find out why and move on.

More on this in my book “The Book on Forex Trading” and on my website www.sm-forex.com.

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The buck stops with you!

It is important to see yourself as self-employed and accept 100% responsibility for everything you are now and you will ever be. We have to take full responsibility for our actions and more so in trading. If we make a trade and it loses, then we don’t blame the markets, the computer, our spouses or our mentors. – And especially don’t blame ME! We hold our hands up and take it on the chin. Only when we take responsibility can we actually act and do something about it. If it is always someone else’s fault, how can we improve?

Traders simply have to be able to be honest with themselves as to what happened in a trade if  they are going to learn anything at all by their losses.

The whole point of learning to trade is to understand what works, what doesn’t, and be able to adjust to changing conditions in order to come out ahead in your trading account. It is nearly impossible to do any of these things if you are not honest with yourself, and what actually happened during a trade. The main point is this; you cannot fall into the “blame the other person” trap I see so many others get involved with.

You must learn to take complete responsibility for your trading actions without any excuses. Successful traders will examine reasons for not following the rules. By not taking responsibility you end up blaming others for your misfortune. You blame the person who gave you that hot tip or the guru who made a recommendation and of course everyone’s favorite place to lay blame the market. “It was the markets fault for not co-operating. It was Bernanke’s fault for speaking.” Accepting 100% responsibility goes along way to preventing those negative emotions of greed, fear, hope and many others from gaining control. Learning to master your emotions is over half the battle. If you can control yourself and follow the rules it will go a long way to making your trading profitable.

I want to say something now that’s a bit hard hitting and perhaps some people won’t like. If you don’t like what I’m about to say then don’t trade. It is simply this… Refuse to make excuses and stop complaining about the things in your life you’re not happy with. You’re responsible for your life and what you do with it. If there’s something about your life that you don’t like, it’s up to you to change it. You’re in charge. Instead of waiting for things to happen, make things happen.

Brian Tracy once said this is the mindset of the truly excellent person. I say it’s also the mindset of the truly excellent trader.

Steve Margison, author of “The Book on Forex Trading” at www.sm-forex.com

Today, many people would regard me as successful. I’m fortunate to have my financial freedom and to be living my dream. I can get out of bed any time I want, I don’t need an alarm clock any longer, and commuting to work is a thing of the past. I choose to live my days as I like. The forex trading “edge” I discovered is explained in my book.

My book, The Book on Forex Trading is not “normal.” There are those who would suggest, with some justification I have to admit that the author isn’t really normal either!

If you’re looking for “normal” then don’t buy my book. But if you’re looking for “life-changing”, well, in my not so humble opinion you may be buying the right one.

My book contains ideas and information which could eventually, with hard work, make you financially independent and on reflection there’s a lot of material in it which, for a variety of reasons I’d have been well advised to keep to myself.

To find out how I turned my forex trading around from bad to good you need to STUDY my book and watch and read all the tutorials on my website.  If I can do it then so can you. Take a look here www.sm-forex.com.

Most of what you need to know to trade Forex like a professional is contained in this book. Any advanced books, or courses will only be variations on this theme. This book then forms the main element of your education in the dangerous, but potentially liberating, world of Forex trading. It cuts out the theory and gets to the heart of practical trading. Continuing education is computer screen time and practice, practice and more practice. Everything that is required to trade Forex successfully is within these pages.

The only missing ingredient is the forex trader`s commitment, motivation, and above all, the desire to be successful. I can assist with everything else, but the last part required to complete the puzzle is up to each individual to find.

How bad do you want it!!  www.sm-forex.com