Already on ArticleSlash?

Forgot your password? Sign Up

Online FOREX Trading – Become a Successful Forex Trader in Two Weeks!

 


Visitors: 238

One of the most inspiring stories I ever read, was how legendary trader Richard Dennis taught 14 people who had never traded before, to trade successfully in just two weeks.

The result?

They traded and went on to make millions and become some of the most famous traders of all time.

So how was it done and can you do the same? Let’s find out.

Richard Dennis taught them three major points:

1. A simple method they could have confidence in.

2. Money management.

3. Applying the method with discipline.

His advice was very specific with no filler.

So, let’s look at what you need to learn.

1. Method

You need a method you have confidence in and it needs to be simple.

There is no correlation between how complicated a method is and how much money it makes.

In fact, the reverse is true.

A complicated method has more components to break and is less robust in the face of brutal market conditions.

Look up “technical analysis” on the net and learn specifically how and why it works and also the theory of “trading breakouts”

You should be using a long term trend following methodology looking for the big trends that produce the big profits and breakout trading is ideal for this.

If you want to win at online forex trading, you need to know about breakouts.

Base your methodology on it – It’s simple and it works.

Now you need to time entries.

Look at some indicators that are based on momentum and look up “stochastics” this is simply the best momentum indicator you can use.

2. Money Management

If you start with a “breakout method” and base your trading method on it, then stop placement is obvious.

If you only trade significant breaks your odds of success will be high.

3. Discipline

Is perhaps the hardest part of trading online forex.

You need to apply your method with rigid discipline otherwise you have no method at all.

Discipline is all about experience and even seasoned traders find it hard to keep executing a method when a string of losses occur.

However, you are part of the way there to having discipline, if you have devised your own method.

You know its logic and should be able to stay with it as you will have confidence in it to work.

All the material you need to get up and running is free and on the internet, but it’s worth reading a few books.

These are my favorites and will they inspire you.

1. Market Wizards and The New Market Wizards ( edit )

By Jack Shwager.

These are interviews with some of the top traders of all time including:

Richard Dennis and the turtles and many more – Packed with insight and very inspiring.

2. Trader Vic

By Victor Sperandeo.

A true trading legend, who shares with us his thoughts on trading, money management and trading psychology, a fantastic all round book.

By all means read a few more, but these three are my favorites from over 500 I have read.

Trading is Simple, yet people try and complicate it.

They think the more effort they put in the more they will get out – This is totally false.

Work smart not hard!

If you want to make money you need to work smart not hard and if you want a perfect example of this look at the turtles!

In just two weeks they all became great traders.

Maybe, you wont make as much money as them, but if you learn and do the above, you will have the basic platform to make big profits in online forex trading.

Finally, you will have done it all on your own and will have given yourself success, how satisfying is that?

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

(763)

Article Source:


 
Rate this Article: 
 
Forex Secret Trading methods: How This Forex Trader Went On a Suicide Mission
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Online Forex Trading Learn How to Become a Successful Online Forex Trader

by: John Callingham (July 30, 2008) 
(Finance/Currency Trading)

Forex Trading - Secrets To Becoming A Successful Forex Trader

by: Oey Piu Hian (December 29, 2012) 
(Finance/Currency Trading)

How to Learn Forex Trading Online and Become a Professional Forex Trader and ..

by: William Alheim Jr (October 08, 2008) 
(Finance/Currency Trading)

Online Forex Trading For the Budding Forex Trader

by: Naveah Walker (June 30, 2008) 
(Finance/Currency Trading)

Forex Trading Tips Part 3 5 More Tips to Help You in Becoming a Successful ..

by: Dylan Jonathan (July 01, 2008) 
(Finance/Currency Trading)

6 Tips to Become a Successful Trader in Forex Trading

by: Amy Peter (September 14, 2011) 
(Finance/Currency Trading)

How to Utilize Forex Trading Courses to Become a Successful Currency Trader

by: William Alheim Jr (September 07, 2008) 
(Finance/Currency Trading)

Forex Trading Why You Should Work on Your Money Management Skills to Be a ..

by: Dylan Jonathan (July 08, 2008) 
(Finance/Currency Trading)

What Are the Secrets of a Successful Forex Trader? Forex Autopilot Review

by: William Barnes (July 25, 2008) 
(Finance/Currency Trading)

Forex Secret Trading methods: How This Forex Trader Went On a Suicide Mission

by: Jay Molina (June 18, 2011) 
(Business/Career Advice)