Forex trading is growing in popularity by leaps and bounds. It is going to soon surpass stocks as the day trader's market. Here are the top 5 reasons to start trading forex:
1) Be Your Own Boss - Well, to say that the recent economy has been a bit shaky is a bit of an understatement. People are getting laid off left and right. It's getting tougher and tougher for the traditional family to make ends meet. Add that to the fact that the cost of gas keeps going higher by the minute, people are starting to look for ways to be their own boss. Forex trading allows people the opportunity to say goodbye forever to their boss and job. There is no one to answer to. If you want to hit the snooze button and wake up late and not bother trading for the day, that's your choice as well. Another great benefit is how much money you'll save on gas by not having to drive to and from work everyday.
2) Travel Anytime You Want - Even if people are lucky enough to be their own boss,most don't get the true liberty of traveling when and where they feel like it. They are usually stuck in wherever their business is. But with forex trading as long as you travel to a destination that has internet (which is most of modern civilization) your business can go with you. No boundaries. You can go see the world and still make the same money that you would at home.
3) Forex is completely recession proof - Unlike almost every businesses that hinders on the strength or weakness of the economy, making money with forex is completely recession proof. It makes absolutely no difference how good or bad the economy is doing. As long as you can trade either way of the respective market, you can be successful.
4) A 24 hour market - This benefits everybody. You will always find trading opportunity at some time in day. It's perfect for folks who still work the 9-5 jobs. Unlike other trading instruments like stocks and futures, the markets closes at 4 pm. So by the time most people get home there is no market to trade. That's not the case with forex.
5) Much easier entries for beginners - When opening a stock brokerage or futures account the minimum to open is ually pretty high. Minimums can be as high $10,000. With forex, you can open an account with most brokers for less than $500.
Welcome to Forex trading Success
In this lens, I will be discussing the benefits of forex trading without using any indicators on your charts.
For some of you who have been trading a while, and have gotten used to trading with MACD, stochastics, RSI, and who knows what else, this may be a little strange and uncomfortable, but it can most definitely have a positive change on your forex trading.
This lens covers what I used so I could start trading without indicators. To truly get a complete grasp on what its like trading solely with price action, I strongly recommend using the Forex Trading Machine by Avi Frister.
Avi Frister may not be a household name but he is the greatest trader I have ever come across and his teaching style is very user friendly.
So if you're willing to think outside the box and not copy what every other unsuccessful trader you know does, this could be your first step into seeing the forex market with brand new eyes.
Contents at a Glance
Here's my favorite link:
Why is Trading Without Indicators So Important?
Well, by far, the single hardest thing for unsuccessful traders to overcome is that they just don't have a full understanding of the market. They are probably trading based on some kind of lagging indicator(s). Their system usually relies on something like "I'll buy or sell once all these indicators are aligned". I'm NOT knocking it. I actually used to trade this way. But after taking so many losses, I figured maybe I'm not looking at this the right way.
After all, can you honestly say that you understand what the market is doing when all you are doing is looking at some kind of indicator that is telling you WHAT HAS ALREADY HAPPENED? Of course not!!!!
NEWSFLASH: The market could care less what the stochastics are telling you. It serves absolutely no purpose, and I can prove it. It's real simple. How many successful traders in the world do you know that just look at a stochastics indicator to let them know what the market is doing? I frankly haven't heard of too many. But if you really study the most famous traders in the world, you'll know that the majority care about three things: PRICE ACTION PRICE ACTION PRICE ACTION!!!!
They all might not use price action the same manner, but you can bet that every trade is derived from what the activity of the market prices are telling the trader. It doesn't matter if its stocks, bonds,e-minis, derivatives, whatever...... It all comes down to how the prices are moving.
And to be honest, there isn't that much separating the million dollar traders from the traders who blow up their account in a matter of a week. It's not like the incredibly successful traders are a whole lot brighter than the struggling traders. Its not as if they graduated Magna Cum Laude from Harvard with a major in forex trading. Truthfully, many of them hardly even finished high school. So intelligence, or lack there of isn't an obstacle.
The rich enjoy trading success simply because they are able to look at a chart and they are able to read and understand what its telling them, much like a book. They understand why a price goes or stops at a certain level. Basically, they can comprehend what it is that they are looking at. Its not just a bunch of colors and sticks on a screen. It means a whole lot more than that. It represents information that can be used to become a full time trader. The closest comparison that I can make is when a person is trying to understand the plays of Shakespeare. The language is English, but its a little hard to follow. But if you can look at it from a different perspective, then the light bulb clicks and once you get it, YOU GOT IT FOREVER. You'll be quoting Hamlet before you know it.
Its not really difficult. Anybody can understand price action. Its just that most people don't want to take the time to really understand how to read the energies of the market. Everybody always wants that holy grail or magical indicator that people can just plug into their trading platform and it'll do all the work for you. Well, it doesn't work like that. It would be a great if it did, but it doesn't. I had to learn that the hard way. But, as is life, you live and you learn.
The tough part is getting somebody to actually teach you how to see the market from this kind of perspective. It's difficult learning it for yourself. If it were, we'd all be millionaires. Most of the time all you need is a little bit of information and some time to digest that information, and BAM! you're off and running.
Thankfully I was able to find the Forex Trading Machine by Avi Frister. When I saw the sales page, I though "ok, it looks good but how do I know if its legit". I've been burned many times before (as I'm sure some of you have) so it's hard to distinguish the valuable information from all the crap that is being sold out there. But I saw that he had an unconditional money back guarantee. No questions asked. I figured "why the heck not? I'll demo it and see if it I like it. If not, oh well I'll just move on to the next thing."
But something interesting happened. I realized everything I need is right IN FRONT OF ME. I just have to eliminate all the crap that's blocking my view. I used to trade with sctochs, FIBOs, Moving averages. It turned out to be the last forex training I'd ever need (It feels really good to say that). I thought I would be wandering around aimlessly from one system to another for as long as I live, or until I was dead broke, which ever came first. But, eventually I just found out that less is more. Not until you see the market's movement in all its glory with no interference, then you can't really say "I am a trader".
To learn how to get started and to trade forex successfully
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