I’m new to forex investing. I had been trying but unable to find any job that I like since last december. Recently I get to read about forex investing and its seems its a easy way for me to make lots of money quick. Since its good money, I decided not seek any work anymore. I try to read up the basics in babypips school but I found it terribly difficult and boring to understand.
Can you guys send me a trading plan that can make lots of money quick?
PM me with the plan before Saturday morning 0000hrs. Late submission will be ignored
It can’t be a joke, because it’s not funny, then again you do get jokes that aren’t… difficult to tell really, Joke or Not a Joke - who knows the dilemmas of a day trader?
Thank the lord that i stumbled on this thread in time!
Talk about being in the right place at the right time boyloverzone as the information that you require is as follows ; i don’t know how you would have missed this but there has been an email sent to every retail trader, every Bank and every financial institution in the world stating that on Friday 23rd April at precisely 3 pm GMT everybody will buy (long) the GBP/USD for 100 pips profit then close the trade. You’ll no doubt understand that as we all shape the direction of the market if we all trade in the same direction at exactly the same time there is nothing stopping us all benefiting. I have remortgaged my house, sold my car and stolen thousands from my brother in order that i can really take advantage of this once in a lifetime/almost too good to be true opportunity. My account is £25,000 and with a 5 pip stoploss i will be trading £5000 a pip and expect to see rather delightful half a million in my account by around 3.05 pm this afternoon.
I’m beside myself with worry that i may not have submitted this in time, please acknowledge that you have this information so as to put my mind at rest.
Scalping is a technique involving the quick opening and closing of the positions. Most scalpers will maintain their positions for about 1-10 minutes but sometimes as little as two to three seconds.The purpose of scalping is making small profits while exposing a trading account to a very limited risk, which is due to a quick open and close trading style.
Lots of traders believe that scalping is less riskier, because scalpers maintain their positions for a short period of time and market exposure of a scalper is much shorter than the other traders however, the risk of large losses resulting from strong market moves is smaller.Scalpers aim to profit from a lot of small movements, the downside risk must be equally kept to a very tight range. A strict exit strategy must be implemented because one large loss could eliminate the many small gains that you have worked to obtain.
The scalpers who look for instant gratification are likely to accumulate big losses while using this strategy.A typical scalper will open and close tens, to more than a hundred positions during a trading day. It is obvious that discipline and strong concentration skills are crucial for the successful forex scalper.Scalping is time-consuming, extremely challenging strategy and is only for full-time traders.
Forex scalping is not about by chance entering the market and buying or selling while expecting luck to be on your side. Many have tried and most of them have failed, the only 5% of forex scalpers are making money. Successful scalper aims to combine unique features of the forex market by exploiting economic and market events, price trends, and basic dynamics of the currency market.
Four things that you should know before scalping forex.
Money Management
If you want to become a skillful in scalping take Money Management Seriously. The main idea of the whole trading process is not to lose money first and then think about making money (it is impossible to never lose money, but you have to limit the amount lost). Everybody is different and nobody can teach you the kind of money management that you should be using. Find out a money management style that fits with your personality.
Discipline, Fear and Greed
Scalping is an emotionally intense activity. Learn how to control your fear and greed. When it comes scalping, you must know how to handle your emotions or else you are going to lose all your money. Learning how to overcome these issues and maintaining a consistent and disciplined approach to trading is a must to achieve any kind of profit in the forex market. If you can’t control your emotions when scalping, you shouldn’t be scalping.
Scalping Strategies
There are four different Strategies when it comes to scalping.
Range Scalping: Ranging markets sideways strategies.
Breakout Scalping: News breakouts and technical breakouts strategies.
Trend Scalping: Up or down trend strategies.
Price action: You need to learn the inherent price action patterns that are in the market. Prices have patterns that are repeated over and over, which can be used to forecast future movements
Best Brokers for Scalping
No slippage, no misquotes, timely execution and Low Spreads are important as basic concepts, they are still secondary subjects in comparison to issues related to the broker, his attitude and his scalping policy. If the scalper has control over his strategy, stop loss, take profit and his time frame for trading, but he still has no say in matters such as server stability, spreads, and the attitude of the broker to scalping.
[B]
Warning
It is obvious that costs are greater for forex scalping then the swing traders and position traders. Many firms (market makers) earn substantial revenue from intraday traders through commissions; monthly fees and software upgrade fees.
The cost of executing trades has a much greater significance for forex scalping than for swing trading and position traders because forex scalpers make more trades. Therefore, the quality of fills is very important for forex scalping.
The forex scalpers who are continually paying the bid and ask spread helps a lot to boost market makers’ profits.
Conclusion is: you must create an arbitrage or some type of algorithm which would give you 90% + probability of making money.[/B]
You want to make money quickly?
You have come to the wrong place.
If you are willing to put in the effort and the time, slowly and surely, you might make some.
With proper money management of cause.
