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It is been observed that about fifty percent of forex currency traders make losses and are eventually frustrated out of the market. This figure will surprise new comer into the world of on-line currency trading. Our concern in this discuss is that why are few currency traders, the big guys that we called the 'Gurus' are really making it big cornering big and huge pips. Our findings show that these Gurus understand some secrets which they follow strictly and keep to themselves. These secrets help them to make profitable returns from their forex investment. The secrets we are talking about account for the reasons the Guru will be making big pips and the ninety five percent who are ignorant of these secrets will continue to wallow in string of losses.
Having said all this you may want to ask what are these secrets that enhance the profit making ability of the Gurus. The currency trading four secrets are explained bellow:
Secret # 1 Profitable currency traders discover that for traders to potentially make real money in the forex market there is need for them to have a wining- edge methodology or strategy that will help them to continuously corner large amount of pips and also assist them to determine the right time to enter and take exit from the forex market. This secret is the father of all other secrets because no currency trader will succeed in the forex market without having a winning-edge strategy.
Secret #2 The money- making and profitable currency traders discover that it is a common and general belief that forex market is commission free as popularly advertised, but they are always mindful of entering the currency market. Why? Because they know that any time they enter and leave the forex market they are subjected to bid and ask spread which is always a cost to them. Ignorantly, the not- so -wise currency trader will enter into market anyhow and if the trend turn against them they end up loosing big money.
Secret #3 Successful currency traders also discover that the best way to trade for the longer term in forex market is to trade off the weekly charts. What this suggests to us is that the currency traders always update their charts at the end of every week and also try to determine the following week entry and exit points, trailing stop as well as profit take away point.
Secret #4 The forextraders also realize the hidden fact that no market in the long run can be as profitable as currency trading the long- term trends. Although swing forex traders can at times make money by scalping the market but in the long run traders with long- term focus tend to make more profit when compared with swing currency traders. What this implies is that for forex traders to make more profit from currency market they should try to think long term, even when they are using 15 minute chart they should endeavor to look at longer period before they take buy or sell action.
In a nut shell, the open secrets above clearly revealed to us that there is no abracadabra in forex market. The ability of a currency trader to make it big in the forex market is a function of good strategy which is followed strictly and diligently. Forex traders need to follow this strategy continuously even if currency market turned against them occasionally.