Category: Forex Education

I was searching the web looking for forex trading information suitable for my website and how to profit from 2008’s highly volatile and hurky jerky flaky stock market. That’s when I stumbled upon a forex website offering forex trading guidance that really grabbed my attention.

It’s about a well know Forex Trader who has created a whole program that he updates his member’s with daily. He gives them his live trades in the Forex Markets.

Apparently he has made his millions and now has moved onto helping others who are looking for ways to make money exploiting the always fluctuating currencies.

I guess originally he charged thousands of dollars for most of his services - after hearing this I didn’t know if it was worth telling people about it since most wouldn’t want to spend that much.

…But I did a little further research, and found something that as an experienced forex trader truly interested me. There is a DAILY newsletter that Jason Alan Publishes himself and you can sample it yourself for less than $4.00!

I found the website that gives all the details about how you can join. I just got my subscription locked in yesterday and I can’t believe how professional everything is setup. What really blew my mind is that a customer support team member called me to schedule a free one-on-one call with Jason so he can better understand my goals.

Anyway…

As you can tell I am beyond excited…it is great to find a service with such great material, daily updates and professional support in the forex trading area.

Forex spot trading is the trading of currency pairs for immediate delivery.

When you trade currencies (forex or foreign exchange) you are always dealing in two currencies. That is you may be selling US Dollars and buying British Pounds. Or perhaps you are buying Japanese Yen and selling Euros. The important thing to remember is that it always takes a pair of currencies to make a deal. And most deals are for immediate delivery so you are therefore forex spot trading whether you realize it or not.

For example, let’s say that you are an American vacationing in London and of course you need British Pounds to pay for your purchases there rather than US dollars. So you will be selling US dollars to buy British Pounds.

These days you would probably head for an ATM machine, insert your debit or credit card that is attached to your American bank account, and let’s say withdraw 200 British pounds. Like a modern day miracle 200 Pounds are dispensed by the ATM machine. Your account in the United States is immediately charged the US dollar equivalent of British Pounds. If the exchange rate is 2.0600 your American account is charged 200 x 2.060 = $412.00.

Congratulations. You have just engaged in forex spot trading.

Learning to trade forex is not all that difficult. But like a lot of things to become good at it to the point where you can consistently make money from forex trading takes a bit of work.

There is a tremendous amount of information about forex trading that is available to you online. Learning to trade forex is easy as far as locating good information about how to best go about it.

However, the hardest part of learning to trade forex is not the technical side or how to use the online software programs. The most difficult part is learning to be a highly disciplined forex trader. Most new traders trade far too often. They forget that being in cash is also a forex position.

So the most important part of learning to trade forex is to give yourself a good self examination. Are you trading for profit or for the action?

Of course, everyone will say that they are trading for profit. But if they are always in the market, not waiting until a forex market sets up a favorable outcome for the trade, then their actions will tell you another story. A trader who is always in the market is trading forex more for the excitement of constant action, not for long term profits.

No wonder so many folks lose money trading forex and a few make outrageous amounts of forex profits. Not many people have the patience and proper mindset to achieve profits.

Forex predictions made by others should always be backed up with your own research. While there are forex analysis who have a good track record for predictions you can not expect the experts, or anyone else, to always be right.

However, forex predictions by qualified analysts do have a better chance of being right than most projections into the future. Why? Because forex currency moves are usually over long periods of time. A bear market for the US Dollar, which we are currently in, may last for five years or longer.

Therefore once an analyst correctly gets on the right side of a market he can forecast that the trend will continue for quite some time and probably be right.

However, you can have violent corrections within the major trend so short term forex predictions are much more difficult to make. A good software program is usually required if you want to trade forex profitably on a short term basis.