Vladimir Ribakov. How To Make Money In Forex?

What is the best home based business? This is a question that I am sure gets asked on forums and social networking sites throughout the web 1000s of times on a daily basis. What is the best home based business?

As a forex trader sitting in front of your computer there are many decisions you make perhaps without really thinking them through. I like to think of it as ‘Wizard of Oz’ type thinking. The trader acts one way on his/her side of the screen, the charts they see, and on the other side the market, The Wizard, reacts another way.

SOLUTION: Immediately reduce your account balance; take 20-30% of your cash home. Trade position sizes that are no more than 300% as valuable as your account balance. In other words, if your account size is $10,000, don’t trade anything that has a total contract value larger than around $30,000. If that means trading mini’s instead of big-board you had better do it.

forex signals are very valuable. If you decide to trade the forex, signals can really help you. Subscription for trading signals can be from $100 to $600 depending of the subscription duration, and the broker or signals provider. Signals tell you the exact entry and exit points. You know which pair to trade, when to trade, and the estimated profit.

Like wise, if you execute a trade and the trend just go crazy and hit 100 pips profit. Do not be temped to close the trade and get the profit (assume your profit take is 200 pips). For fear of losing before the trade hit the profit target, you may just close the trade. Do not be over joy and close the trade. Stick to the trading rules and let the trade hit the profit level by itself. You may end up missing the profit that you should if you let emotion affect you. Be discipline always.

Do #3: Locate a forex mentor to aid guide you by means of the process of learning tips on how to properly run your enterprise. A mentor knows from experience what it takes to trade forex on the internet profitably. Let them instruct you so that you could steer clear of as considerably loss of time and cash as possible.

My son is leaving for Europe in May. I will not trade the week before he leaves or the week after. I plan to join him in the fall for Oktoberfest for one week and will not trade the three days before I leave or when I get back. I know I suffer from jet-lag so the week after I am back I am not at my best. I have blocked out these times on my trade calendar so I will not be tempted to trade anyway.

The tips contain advice from experienced, successful forex traders. You are not guaranteed that you will be successful in trading, but using these tips will help. Apply the helpful hints covered in this article, and you’ll be well on your way to forex success.

Vlad Ribakov