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	<title>NuGiE Go NgeBloG &#187; Forex</title>
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		<title>About Forex Trading on Marketiva</title>
		<link>http://www.nugie.web.id/2009/04/about-forex-trading-on-marketiva.html</link>
		<comments>http://www.nugie.web.id/2009/04/about-forex-trading-on-marketiva.html#comments</comments>
		<pubDate>Fri, 03 Apr 2009 08:02:06 +0000</pubDate>
		<dc:creator>nugie</dc:creator>
				<category><![CDATA[Forex]]></category>
		<category><![CDATA[Marketiva]]></category>

		<guid isPermaLink="false">http://www.nugie.web.id/?p=190</guid>
		<description><![CDATA[What is Marketiva? Marketiva is a broker international, professional and legal in Switzerland, this company has been granted permission to the international no. IBC CAP.291 REG.NO. IBC CAP.291 REG.NO. 646819. 646819. Marketiva is a website that provides tools to play on Forex Real, the real is all that you do follow the same procedure with [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.marketiva.com/?gid=24173" target="_blank"><br />
<img src="http://www.marketiva.com/images/banners/ENG_marketiva_468x60_1.gif" border="0" alt="" width="468" height="60" /><br />
</a></p>
<p><strong><em></em></strong> <strong><em>What is Marketiva?</em></strong></p>
<p>Marketiva is a broker international, professional and legal in Switzerland, this company has been granted permission to the international no. IBC CAP.291 REG.NO. IBC CAP.291 REG.NO. 646819. 646819. Marketiva is a website that provides tools to play on Forex Real, the real is all that you do follow the same procedure with which the Exchange Forex indeed use the data and data-movement of currencies in real-time changes that keep each second.</p>
<p><strong><em>What Benefits of Using Marketiva?</em></strong></p>
<p>Marketiva With the Forex, you can play wherever you are, as long as there is a computer and internet connection, whether at home, in the office, in transit, or in the cafe. Besides, you do not need to deal with the Broker as well as anyone in the transaction, you are free to use your own money and do their own transactions without the intervention of any party and without having to pay the fee or fees to anyone. You are free to determine the benefits that you want free and stop the transaction is running whenever you want. So that the risk of loss can be reduced may be minimal.<span id="more-190"></span></p>
<p><strong><em>Excellence Marketiva</em></strong></p>
<ol>
<li>Opening Account Free.</li>
<li>Get $ 5 Free.</li>
<li>Only with $ 1 could have trading.</li>
<li>Security is good enough.</li>
<li>Get the software in real time to trading.</li>
</ol>
<p><strong><em>How Much Capital is Needed to Start Trading Forex Online&#8217;s This?</em></strong></p>
<p>Unlike the financial company that, in general, requires a minimum of U.S. $ 2500 for the establishment of the regular account and U.S. $ 250 for a mini account, in Marketiva, you only need money as much as $ 1US to start online forex trading, commission free, free exchange, no overnight interest rate (0% overnight interest), the lower the spread (3 pips), the latest news, alerts and trading signal for free, live chat support 24 hours nonstop, and you even get a capital 5US $ for free when you register the first time. Dengan kata lain, untuk memulai trading forex online di Marketiva adalah gratis! In other words, to start trading in Marketiva forex online is free!</p>
<p><strong><em>How do I Transaksinya?</em></strong></p>
<p>There are 3 methods of transactions that can be used in Marketiva, that is using e-gold, e-bullion or international wire transfer. e-gold or e-bullion is a world wide money (e-currency) account or your transactions on the Internet. using e-gold exchange gold or other noble metal value is converted to the currency value of U.S. $ or other currency. Once the account has e-gold, then you must have an account on the website exchanger Indonesia (money changer) that allows you to do exchange e-gold to the dollar and vice versa to or from your bank account in Indonesia. Untuk. Exchanger for this you can use the services of indochanger.com, or sentraegold.com tukarduid.com.</p>
<p><strong><em>What about security?</em></strong></p>
<p>Marketiva apply rules 1 account per person, if the system detected a 2 Marketiva a different account, but owned by the same person, then Marketiva has the right to cancel one or both of these accounts. If there is any family members, relatives or friends who want to join the using the same computer, they can create a new account, uploading a photo ID &amp; address and to confirm our support staff personnel (the menu on the live chat support software Streamster <sup>TM</sup>). Marketiva is committed to helping the government in the fight against all forms of money laundering practices (laundring money) and all business crime through the internet (cyber crime) other. All new accounts must register address &amp; photo ID and obtain confirmation that the legal documents submitted before it can begin online trading.</p>
<p><strong><em>If Still Want to Try, Can Demo Account Opening What&#8217;s past?</em></strong></p>
<p>Marketiva platform offers 2 kinds of options desk on 1 account, the Live Virtual Trading and Trading. At the time of sign-up, you get U.S. $ 10,000 virtual cash and U.S. $ 5 real money. So with only 1 account, you can learn (try-try) first trading using virtual money on the Virtual Trading desk.</p>
<p><strong><em>When and Where Can Only Make Trading?</em></strong></p>
<p>Because online, then you can log-in to your Marketiva account at any time and any place of trading across the world have access to the internet. Time trading started on Monday to Saturday 04.00AM to 04.00AM (GMT +7) &#8211; you can do trading at that time for 24 hours nonstop.</p>
<p><strong><em>Currency What sold?</em></strong></p>
<p>There are 12 kinds of currency pairs that are, namely: EUR / USD, USD / JPY, GBP / USD, USD / CHF, USD / CAD, AUD / USD, NZD / USD, EUR / JPY, EUR / GBP, EUR / CHF, GBP / JPY, EUR / CAD. There is a possibility in the future this number may increase.</p>
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		</item>
		<item>
		<title>Forex Trading Tips</title>
		<link>http://www.nugie.web.id/2009/04/forex-trading-tips.html</link>
		<comments>http://www.nugie.web.id/2009/04/forex-trading-tips.html#comments</comments>
		<pubDate>Fri, 03 Apr 2009 07:16:51 +0000</pubDate>
		<dc:creator>nugie</dc:creator>
				<category><![CDATA[Forex]]></category>
		<category><![CDATA[Tips & Trick]]></category>

		<guid isPermaLink="false">http://www.nugie.web.id/?p=184</guid>
		<description><![CDATA[Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it? This two-part report clearly and simply details essential tips on how to avoid typical pitfalls and start making more money in your forex trading. Trade pairs, not currencies &#8211; Like any relationship, [...]]]></description>
			<content:encoded><![CDATA[<blockquote><p><em><strong>Why do hundreds of thousands online traders and investors trade the forex market every day, and how do they make money doing it?</strong></em></p></blockquote>
<p><strong>This two</strong>-part report clearly and simply details essential tips on how to avoid typical pitfalls and start making more money in your forex trading.</p>
<p><strong>Trade pairs, not currencies</strong> &#8211; Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.</p>
<p><strong>Knowledge is Power </strong>- When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.</p>
<p>The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.</p>
<p><strong>Unambitious trading</strong> &#8211; Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones.<span id="more-184"></span></p>
<p><strong>Over-cautious trading</strong> &#8211; Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don&#8217;t place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.</p>
<p><strong>Independence</strong> &#8211; If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:</p>
<p>Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);</p>
<p><strong>Seek advice from too many sources </strong>- multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome &#8211; by yourself, for yourself.</p>
<p><strong>Tiny margins</strong> &#8211; Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.</p>
<p><strong>No strategy</strong> &#8211; The aim of making money is not a trading strategy. A strategy is your map for how you plan to make money. Your strategy details the approach you are going to take, which currencies you are going to trade and how you will manage your risk. Without a strategy, you may become one of the 90% of new traders that lose their money.</p>
<p><strong>Trading Off-Peak Hours</strong> &#8211; Professional FX traders, option traders, and hedge funds posses a huge advantage over small retail traders during off-peak hours (between 2200 CET and 1000 CET) as they can hedge their positions and move them around when there is far small trade volume is going through (meaning their risk is smaller). The best advice for trading during off peak hours is simple &#8211; don&#8217;t.</p>
<p><strong>The only way is up/down</strong> &#8211; When the market is on its way up, the market is on its way up. When the market is going down, the market is going down. That&#8217;s it. There are many systems which analyse past trends, but none that can accurately predict the future. But if you acknowledge to yourself that all that is happening at any time is that the market is simply moving, you&#8217;ll be amazed at how hard it is to blame anyone else.</p>
<p><strong>Trade on the news</strong> &#8211; Most of the really big market moves occur around news time. Trading volume is high and the moves are significant; this means there is no better time to trade than when news is released. This is when the big players adjust their positions and prices change resulting in a serious currency flow.</p>
<p><strong>Exiting Trades</strong> &#8211; If you place a trade and it&#8217;s not working out for you, get out. Don&#8217;t compound your mistake by staying in and hoping for a reversal. If you&#8217;re in a winning trade, don&#8217;t talk yourself out of the position because you&#8217;re bored or want to relieve stress; stress is a natural part of trading; get used to it.</p>
<p><strong>Don&#8217;t trade too short term</strong> &#8211; If you are aiming to make less than 20 points profit, don&#8217;t undertake the trade. The spread you are trading on will make the odds against you far too high.</p>
<p><strong>Don&#8217;t be smart </strong>- The most successful traders I know keep their trading simple. They don&#8217;t analyse all day or research historical trends and track web logs and their results are excellent.</p>
<p><strong>Tops and Bottoms </strong>- There are no real &#8220;bargains&#8221; in trading foreign exchange. Trade in the direction the price is going in and you&#8217;re results will be almost guaranteed to improve.</p>
<p><strong>Ignoring the technicals</strong>- Understanding whether the market is over-extended long or short is a key indicator of price action. Spikes occur in the market when it is moving all one way.</p>
<p><strong>Emotional Trading </strong>- Without that all-important strategy, you&#8217;re trades essentially are thoughts only and thoughts are emotions and a very poor foundation for trading. When most of us are upset and emotional, we don&#8217;t tend to make the wisest decisions. Don&#8217;t let your emotions sway you.</p>
<p><strong>Confidence </strong>- Confidence comes from successful trading. If you lose money early in your trading career it&#8217;s very difficult to regain it; the trick is not to go off half-cocked; learn the business before you trade. Remember, knowledge is power.</p>
<p>The second and final part of this report clearly and simply details more essential tips on how to avoid the pitfalls and start making more money in your forex trading.</p>
<p><strong>Take it like a man </strong>- If you decide to ride a loss, you are simply displaying stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Sticking to a bad position ruins lots of traders &#8211; permanently. Try to remember that the market often behaves illogically, so don&#8217;t get commit to any one trade; it&#8217;s just a trade. One good trade will not make you a trading success; it&#8217;s ongoing regular performance over months and years that makes a good trader.</p>
<p><strong>Focus</strong> &#8211; Fantasising about possible profits and then &#8220;spending&#8221; them before you have realised them is no good. Focus on your current position(s) and place reasonable stop losses at the time you do the trade. Then sit back and enjoy the ride &#8211; you have no real control from now on, the market will do what it wants to do.</p>
<p><strong>Don&#8217;t trust demos</strong> &#8211; Demo trading often causes new traders to learn bad habits. These bad habits, which can be very dangerous in the long run, come about because you are playing with virtual money. Once you know how your broker&#8217;s system works, start trading small amounts and only take the risk you can afford to win or lose.</p>
<p><strong>Stick to the strategy</strong> &#8211; When you make money on a well thought-out strategic trade, don&#8217;t go and lose half of it next time on a fancy; stick to your strategy and invest profits on the next trade that matches your long-term goals.</p>
<p><strong>Trade today</strong> &#8211; Most successful day traders are highly focused on what&#8217;s happening in the short-term, not what may happen over the next month. If you&#8217;re trading with 40 to 60-point stops focus on what&#8217;s happening today as the market will probably move too quickly to consider the long-term future. However, the long-term trends are not unimportant; they will not always help you though if you&#8217;re trading intraday.</p>
<p><strong>The clues are in the details </strong>- The bottom line on your account balance doesn&#8217;t tell the whole story. Consider individual trade details; analyse your losses and the telling losing streaks. Generally, traders that make money without suffering significant daily losses have the best chance of sustaining positive performance in the long term.</p>
<p><strong>Simulated Results</strong> &#8211; Be very careful and wary about infamous &#8220;black box&#8221; systems. These so-called trading signal systems do not often explain exactly how the trade signals they generate are produced. Typically, these systems only show their track record of extraordinary results &#8211; historical results. Successfully predicting future trade scenarios is altogether more complex. The high-speed algorithmic capabilities of these systems provide significant retrospective trading systems, not ones which will help you trade effectively in the future.</p>
<p><strong>Get to know one cross at a time</strong> &#8211; Each currency pair is unique, and has a unique way of moving in the marketplace. The forces which cause the pair to move up and down are individual to each cross, so study them and learn from your experience and apply your learning to one cross at a time.</p>
<p><strong>Risk Reward</strong> &#8211; If you put a 20 point stop and a 50 point profit your chances of winning are probably about 1-3 against you. In fact, given the spread you&#8217;re trading on, it&#8217;s more likely to be 1-4. Play the odds the market gives you.</p>
<p><strong>Trading for Wrong Reasons</strong> &#8211; Don&#8217;t trade if you are bored, unsure or reacting on a whim. The reason that you are bored in the first place is probably because there is no trade to make in the first place. If you are unsure, it&#8217;s probably because you can&#8217;t see the trade to make, so don&#8217;t make one.</p>
<p><strong>Zen Trading</strong>- Even when you have taken a position in the markets, you should try and think as you would if you hadn&#8217;t taken one. This level of detachment is essential if you want to retain your clarity of mind and avoid succumbing to emotional impulses and therefore increasing the likelihood of incurring losses. To achieve this, you need to cultivate a calm and relaxed outlook. Trade in brief periods of no more than a few hours at a time and accept that once the trade has been made, it&#8217;s out of your hands.</p>
<p><strong>Determination</strong> &#8211; Once you have decided to place a trade, stick to it and let it run its course. This means that if your stop loss is close to being triggered, let it trigger. If you move your stop midway through a trade&#8217;s life, you are more than likely to suffer worse moves against you. Your determination must be show itself when you acknowledge that you got it wrong, so get out.</p>
<p><strong>Short-term Moving Average Crossovers</strong> &#8211; This is one of the most dangerous trade scenarios for non professional traders. When the short-term moving average crosses the longer-term moving average it only means that the average price in the short run is equal to the average price in the longer run. This is neither a bullish nor bearish indication, so don&#8217;t fall into the trap of believing it is one.</p>
<p><strong>Stochastic</strong> &#8211; Another dangerous scenario. When it first signals an exhausted condition that&#8217;s when the big spike in the &#8220;exhausted&#8221; currency cross tends to occur. My advice is to buy on the first sign of an overbought cross and then sell on the first sign of an oversold one. This approach means that you&#8217;ll be with the trend and have successfully identified a positive move that still has some way to go. So if percentage K and percentage D are both crossing 80, then buy! (This is the same on sell side, where you sell at 20).</p>
<p><strong>One cross is all that counts </strong>- EURUSD seems to be trading higher, so you buy GBPUSD because it appears not to have moved yet. This is dangerous. Focus on one cross at a time &#8211; if EURUSD looks good to you, then just buy EURUSD.</p>
<p><strong>Wrong Broker</strong> &#8211; A lot of FOREX brokers are in business only to make money from yours. Read forums, blogs and chats around the net to get an unbiased opinion before you choose your broker.</p>
<p><strong>Too bullish</strong> &#8211; Trading statistics show that 90% of most traders will fail at some point. Being too bullish about your trading aptitude can be fatal to your long-term success. You can always learn more about trading the markets, even if you are currently successful in your trades. Stay modest, and keep your eyes open for new ideas and bad habits you might be falling in to.</p>
<p><strong>Interpret forex news yourself</strong> &#8211; Learn to read the source documents of forex news and events &#8211; don&#8217;t rely on the interpretations of news media or others.</p>
<p>Fiorenzo Fontana</p>
<p style="text-align: center;"><a href="http://www.marketiva.com/index.ncre?gid=24173" target="_blank"> <img class="aligncenter" style="border: 0pt none; margin: 0px;" src="http://www.marketiva.com/images/banners/ENG_marketiva_468x60_1.gif" border="0" alt="" width="468" height="60" /><br />
</a></p>
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		<item>
		<title>Intro before Forex Trading</title>
		<link>http://www.nugie.web.id/2009/04/intro-before-forex-trading.html</link>
		<comments>http://www.nugie.web.id/2009/04/intro-before-forex-trading.html#comments</comments>
		<pubDate>Thu, 02 Apr 2009 09:25:04 +0000</pubDate>
		<dc:creator>nugie</dc:creator>
				<category><![CDATA[Forex]]></category>
		<category><![CDATA[Trading]]></category>

		<guid isPermaLink="false">http://www.nugie.web.id/?p=176</guid>
		<description><![CDATA[Forex Trading or FX Trading (abbreviation of Foreign Exchange or Foreign Currency-exchange forex) trading is the currency of both countries value different from the time to time. Forex is an investment product that is liquid and is international. Differences in the value of the currency of both countries changed from waku to waktulah the basis [...]]]></description>
			<content:encoded><![CDATA[<p><span style="text-decoration: underline;"><strong>Forex Trading or FX Trading</strong></span> (abbreviation of Foreign Exchange or Foreign Currency-exchange forex) trading is the currency of both countries value different from the time to time.<br />
Forex is an investment product that is liquid and is international. Differences in the value of the currency of both countries changed from waku to waktulah the basis of obtaining benefits. Actual existence of forex trading has long since have found techniques to convert the currency to a country other countries currency. However, there is a new institution after the establishment of arbitration bodies measure contract (futures). Examples are IMM (International Money Market, was founded in 1972) which is a division of the CME (Chicago Mercantile Exchange-specific product handling perishable commodities). Other example is the LIFFE (London International Financial Futures Exchange), TIFFE (Tokyo International Financial Futures Exchange) and so on. <span id="more-176"></span></p>
<p>Rotation of money going on forex market reaches U.S. $ 5 trillion per day (survey-BIS Bank for International Settlement-in Setember 2008). This amount is 40 x greater when compared to rotation in the money stock measure, such as commodities or stock market on each securities exchange in any developed countries! This means the volume of the trade, this market is very liquid (liquid), and trade can not be held by only a few parties that have large capital. Currency movement is entirely dependent on the market. There are lots of players big or small in forex trading, but not one of them is capable of controlling the movement of foreign currency exchange rate.</p>
<p>Currency which is the currency are developed countries such as the United States Dollar (USD), Japanese Yen (JPY), Swiss Franc (CHF), British Pounds Sterling (GBP), Australian Dollar (AUD), and the Euro (EUR). All currency in this are in pairs (called a pair), for example, EUR / GBP, CHF / JPY and so on.</p>
<p>And from which I benefit from this investment? The sederhananya, benefit from the investment value is obtained from the difference between when we purchase and sell back the currency of the country. For example, in April to buy Amir Dollar currency exchange rate with the Rp. 8500, &#8211; per U.S. Dollar as much as $ 1000. But at the time of purchase this currency Amir spent as much as Rp. 8500, &#8211; x 1000 = Rp 8.500.000, &#8211; Then in May, the exchange rate against the Dollar menguat Rupiah to Rp. 9500, &#8211; per Dollarnya the net profit that Amir got back when he sells Dollarnya is: (9500-8500) x 1000 = Rp. 1.000.000, &#8211; Easy and simple is not it? And because the average time needed to sell and buy back the currency are usually not more than one month, the forex trading are classified as investments with short time.</p>
<p>Perhaps such questions will arise from you: &#8220;If so what is the difference with the forex trading in the sale and purchase money changer?&#8221; There are some different between trade forex with money changer. In addition to being paired is a foreign currency with foreign currency other (usually on the money changer with dipadankan Rupiah), forex trading does not involve the physical trade. And the more important because it does not involve the physical trading, forex trading system can be run with the margin or collateral (margin trading).</p>
<p>For example if I want to buy U.S. $ 10,000, with the margin trading system I just spent 1% of funds that is its only U.S. $ 100 as security. But I get the benefit of appreciation (increase in) the U.S. Dollar is equal in value to U.S. $ 10,000 that I bought. Very simple and because it does not involve trading in the form of physical (investors do not hold the currency bought or sold, only evidence of any transaction), then the insurance can be very small given that only 1% of the amount that would be purchased.</p>
<p>There are still many aspects in the world of forex. This brief article is just explaining short of forex trading. You are welcome to continue in the next article from this website.</p>
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		<title>The 5 Steps to Becoming a Trader</title>
		<link>http://www.nugie.web.id/2009/04/the-5-steps-to-becoming-a-trader.html</link>
		<comments>http://www.nugie.web.id/2009/04/the-5-steps-to-becoming-a-trader.html#comments</comments>
		<pubDate>Thu, 02 Apr 2009 08:54:02 +0000</pubDate>
		<dc:creator>nugie</dc:creator>
				<category><![CDATA[Forex]]></category>

		<guid isPermaLink="false">http://www.nugie.web.id/?p=173</guid>
		<description><![CDATA[Step One: Unconscious Incompetence. This is the first step you take when starting to look into trading. you know that its a good way of making money because you&#8217;ve heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it [...]]]></description>
			<content:encoded><![CDATA[<p><strong>Step One: Unconscious Incompetence.</strong></p>
<p>This is the first step you take when starting to look into trading. you know that its a good way of making money because you&#8217;ve heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy &#8211; after all, how hard can it be? Price either moves up or down &#8211; what&#8217;s the big secret to that then &#8211; let&#8217;s get cracking!</p>
<p>Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven&#8217;t got the first clue about what you&#8217;re trying to do. You take lots of trades and lots of risks. When you enter a trade it turns against you so you reverse and it turns again? and again, and again.</p>
<p>You may have initial success, and that&#8217;s even worse &#8211; because it tells your brain that this really is simple and you start to risk more money.</p>
<p>You try to turn around your losses by doubling up every time you trade. Sometimes you&#8217;ll get away with it but more often than not you will come away scathed and bruised You are totally oblivious to your incompetence at trading.</p>
<p>This step can last for a week or two of trading but the market is usually swift and you move onto the next stage.<span id="more-173"></span></p>
<p><strong>Step Two &#8211; Conscious Incompetence</strong></p>
<p>Step two is where you realize that there is more work involved in trading and that you might actually have to work a few things out. You consciously realize that you are an incompetent trader &#8211; you don&#8217;t have the skills or the insight to turn a regular profit.</p>
<p>You now set about buying systems and e-books galore, read websites based everywhere from USA to the Ukraine. and begin your search for the holy grail. During this time you will be a system nomad &#8211; you will flick from method to method day by day and week by week never sticking with one long enough to actually see if it does work. Every time you come upon a new indicator you&#8217;ll be ecstatic that this is the one that will make all the difference.</p>
<p>You will test out automated systems on Metatrader, you&#8217;ll play with moving averages, Fibonacci lines, support &amp; resistance, Pivots, Fractals, Divergence, DMI, ADX, and a hundred other things all in the vein hope that your &#8216;magic system&#8217; starts today. You&#8217;ll be a top and bottom picker, trying to find the exact point of reversal with your indicators and you&#8217;ll find yourself chasing losing trades and even adding to them because you are so sure you are right.</p>
<p>You&#8217;ll go into the live chat room and see other traders making pips and you want to know why it&#8217;s not you &#8211; you&#8217;ll ask a million questions, some of which are so dumb that looking back you feel a bit silly. You&#8217;ll then reach the point where you think all the ones who are calling pips after pips are liars &#8211; they can&#8217;t be making that amount because you&#8217;ve studied and you don&#8217;t make that, you know as much as they do and they must be lying. But they&#8217;re in there day after day and their account just grows whilst yours falls.</p>
<p>You will be like a teenager &#8211; the traders that make money will freely give you advice but you&#8217;re stubborn and think that you know best &#8211; you take no notice and overtrade your account even though everyone says you are mad to &#8211; but you know better. You&#8217;ll consider following the calls that others make but even then it won&#8217;t work so you try paying for signals from someone else &#8211; they don&#8217;t work for you either.</p>
<p>You might even approach a &#8216;guru&#8217; like Rob Booker or someone on a chat board who promises to make you into a trader(usually for a fee of course). Whether the guru is good or not you won&#8217;t win because there is no replacement for screen time and you still think you know best.</p>
<p>This step can last ages and ages &#8211; in fact in reality talking with other traders as well as personal experience confirms that it can easily last well over a year and more nearer 3 years. This is also the step when you are most likely to give up through sheer frustration.</p>
<p>Around 60% of new traders die out in the first 3 months &#8211; they give up and this is good &#8211; think about it &#8211; if trading was easy we would all be millionaires. another 20% keep going for a year and then in desperation take risks guaranteed to blow their account which of course it does.</p>
<p>What may surprise you is that of the remaining 20% all of them will last around 3 years &#8211; and they will think they are safe in the water &#8211; but even at 3 years only a further 5-10% will continue and go on to actually make money consistently.</p>
<p>By the way &#8211; they are real figures, not just some I&#8217;ve picked out of my head &#8211; so when you get to 3 years in the game don&#8217;t think its plain sailing from there.</p>
<p>Iv had many people argue with me about these timescales &#8211; funny enough none of them have been trading for more than 3 years &#8211; if you think you know better then ask on a board for someone who&#8217;s been trading 5 years and ask them how long it takes to become fully 100% proficient. Sure i guess there will be exceptions to the rule &#8211; but i haven&#8217;t met any yet.</p>
<p>Eventually you do begin to come out of this phase. You&#8217;ve probably committed more time and money than you ever thought you would, lost 2 or 3 loaded accounts and all but given up maybe 3 or 4 times but now its in your blood</p>
<p>One day &#8211; in a split second moment you will enter stage 3.</p>
<p><strong>Step 3 &#8211; The Eureka Moment</strong></p>
<p>Towards the end of stage two you begin to realize that it&#8217;s not the system that is making the difference. You realize that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right You start to read books on the psychology of trading and identify with the characters portrayed in those books and finally comes the eureka moment.</p>
<p>The eureka moment causes a new connection to be made in your brain. You suddenly realize that neither you, nor anyone else can accurately predict what the market will do in the next ten seconds, never mind the next 20 minutes.</p>
<p>Because of this revelation you stop taking any notice of what anyone thinks &#8211; what this news item will do, and what that event will do to the markets. You become an individual with your own method of trading</p>
<p>You start to work just one system that you mold to your own way of trading, you&#8217;re starting to get happy and you define your risk threshold.</p>
<p>You start to take every trade that your &#8216;edge&#8217; shows has a good probability of winning with. When the trade turns bad you don&#8217;t get angry or even because you know in your head that as you couldn&#8217;t possibly predict it isn&#8217;t your fault &#8211; as soon as you realize that the trade is bad you close it . The next trade or the one after it or the one after that will have higher odds of success because you know your system works.</p>
<p>You stop looking at trading results from a trade-to-trade perspective and start to look at weekly figures knowing that one bad trade does not a poor system make.</p>
<p>You have realized in an instant that the trading game is about one thing &#8211; consistency of your &#8216;edge&#8217; and your discipline to take all the trades no matter what as you know the probabilities stack in your favor.</p>
<p>You learn about proper money management and leverage &#8211; risk of account etc etc &#8211; and this time it actually soaks in and you think back to those who advised the same thing a year ago with a smile. You weren&#8217;t ready then, but you are now. The eureka moment came the moment that you truly accepted that you cannot predict the market.</p>
<p><strong>Step 4 &#8211; Conscious Competence</strong></p>
<p>You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it loses and when you&#8217;re on a loser you close it swiftly with little pain to your account</p>
<p>You are now at a point where you break even most of the time &#8211; day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips &#8211; generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.</p>
<p>You&#8217;ll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you&#8217;ve given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.</p>
<p>This lasts about 6 months</p>
<p><strong>Step Five &#8211; Unconscious Competence</strong></p>
<p>Now we&#8217;re cooking &#8211; just like driving a car, every day you get in your seat and trade &#8211; you do everything now on an unconscious level. You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesn&#8217;t make you any more excited that getting 1 pip.</p>
<p>You see the newbie&#8217;s in the forum shouting &#8216;go dollar go&#8217; as if they are urging on a horse to win in the grand national and you see yourself &#8211; but many years ago now.</p>
<p>This is trading utopia &#8211; you have mastered your emotions and you are now a trader with a rapidly growing account.</p>
<p>You&#8217;re a star in the trading chat room and people listen to what you say. You recognize yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they&#8217;re teenagers &#8211; some of them will get to where you are &#8211; some will do it fast and others will be slower &#8211; literally dozens and dozens will never get past stage two, but a few will.</p>
<p>Trading is no longer exciting &#8211; in fact it&#8217;s probably boring you to bits &#8211; like everything in life when you get good at it or do it for your job &#8211; it gets boring &#8211; you&#8217;re doing your job and that&#8217;s that.</p>
<p>Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.</p>
<p>All the time you are honing your methods to extract the maximum profit from the market without increasing risk. Your method of trading doesn&#8217;t change &#8211; it just gets better &#8211; you now have what women call &#8216;intuition&#8217;</p>
<p>You can now say with your head held high &#8220;I&#8217;m a currency trader&#8221; but to be honest you don&#8217;t even bother telling anyone &#8211; it&#8217;s a job like any other.</p>
<p>I hope you&#8217;ve enjoyed reading this journey into a traders mind and that hopefully you&#8217;ve identified with some points in here.</p>
<p>Remember that only 5% will actually make it &#8211; but the reason for that isn&#8217;t ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.</p>
<p>The losers are those who wanted to &#8216;get rich quick&#8217; but approached the market and within 6 months put on a pair of blinkers so they couldn&#8217;t see the obvious &#8211; a kind of &#8220;this is the way i see it and that&#8217;s that&#8221; scenario &#8211; refusing to assimilate new information that changes that perception.</p>
<p>I&#8217;m happy to tell you that the reason i started trading was because of the &#8216;get rich quick&#8217; mindset. Just that now i see it as &#8216;get rich slow&#8217;</p>
<p>If you&#8217;re thinking about giving up i have one piece of advice for you.</p>
<p>Ask yourself the question &#8220;how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?</p>
<p>Take care and good trading to you all.</p>
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