Home Forex Business - The Number 1 Key to Success

85% to 95% people who start forex trading end up losing money. Just Google the stats.

What is the biggest key or skill required to run a successful home forex business?

Trading skills fall into two groups.

Firstly, possessing the technical knowledge of the trading platform, the markets, how to read charts and how to adopt the correct trading strategy. Secondly, possessing the correct attitude, the right mind set.

When I started trading, I was amazed to see how the currency markets were ganging up against me! I noted how I managed to enter a trade for the right reasons and the market reversed immediately moving in the opposite direction to where I thought it ought to go, And within a short space of time, I lost money! It seemed to me that the market behaved like a wild stallion, full of untamed power ready to throw off me the rider at every hurdle.

When I was learning trade, I can recall the number of times I was almost "begging" the market to fall in line with my trade, to get me back into profit, to help me achieve the one big trade that would wipe out all previous losses.

It took me a while, but I had my "eureka" moment one day when I realised the secret key to the padlock that was keeping my mind in chains.

The secret key to forex trading, more important than any technical analysis skills, more powerful than possessing knowledge of the influences of governments, economies and companies is so simple it is overlooked by vast majority of traders. And the key is "no emotions".

Your emotions are in charge if you get frustrated by your losses, if you get very excited by your wins, if you are chasing trades to make profit; if you are beginning to think that forex is a waste of time or a scam.

It is your emotional attachment that will stop you from banking your profit when you have reached your desired goal (greed is an emotion); that will stop you from pulling out of a losing trade in the belief that things will turn around (fear of loss is an emotion); that will get you to enter a trade because you feel the market will move in the direction you would like (feelings are an emotion).

One of the best on removing "Trading the zone" by Mark Douglas which looks at emotions in trading. Highly recommended.

At this point, I would strongly encourage anyone to access Mr Spocks Forex Trading School. Although a Vulcan mind management 101 forex course would be worth its weight in gold.

Forex trading, has no room for emotions, forex trading is only successful when trades are planned and executed ruthlessly and without any emotion.

Never forget though, the forex market is a wild stallion, that will not be tied down and able to plunge any trader of its back. At most all a trader can do is to try to predict how the market will perform. Just when a trader thinks that trade has a 100% chance of success, something will happen and a guaranteed win will become a loss.

There is only one certainty in forex trading and that is there is no certainty in forex trading. That does not of course mean that forex trading is a case of luck

Everyone must create their own trading strategy. However, I would strongly encourage anyone starting in Forex Trading to find a way of ensuring that work on developing the right mind set for trading.

So whether your strategy is based on technical analysis or trading the fundamentals or it is essential that the trader has the right attitude. That is the single most important key to running a successful home forex business.

Kaz Kowalski has been providing specialist project management support on a number of high profile projects across a variety of industries including Banking, Information Technology, Telecommunications and other industries for over for over 20 years. He has always had an interest in personnal growth and financial security. Setting up a home forex business became his preferred way of achieving financial independance.

Home Forex Business - The Number 1 Key to Success

85% to 95% people who start forex trading end up losing money. Just Google the stats.

What is the biggest key or skill required to run a successful home forex business?

Trading skills fall into two groups.

Firstly, possessing the technical knowledge of the trading platform, the markets, how to read charts and how to adopt the correct trading strategy. Secondly, possessing the correct attitude, the right mind set.

When I started trading, I was amazed to see how the currency markets were ganging up against me! I noted how I managed to enter a trade for the right reasons and the market reversed immediately moving in the opposite direction to where I thought it ought to go, And within a short space of time, I lost money! It seemed to me that the market behaved like a wild stallion, full of untamed power ready to throw off me the rider at every hurdle.

When I was learning trade, I can recall the number of times I was almost "begging" the market to fall in line with my trade, to get me back into profit, to help me achieve the one big trade that would wipe out all previous losses.

It took me a while, but I had my "eureka" moment one day when I realised the secret key to the padlock that was keeping my mind in chains.

The secret key to forex trading, more important than any technical analysis skills, more powerful than possessing knowledge of the influences of governments, economies and companies is so simple it is overlooked by vast majority of traders. And the key is "no emotions".

Your emotions are in charge if you get frustrated by your losses, if you get very excited by your wins, if you are chasing trades to make profit; if you are beginning to think that forex is a waste of time or a scam.

It is your emotional attachment that will stop you from banking your profit when you have reached your desired goal (greed is an emotion); that will stop you from pulling out of a losing trade in the belief that things will turn around (fear of loss is an emotion); that will get you to enter a trade because you feel the market will move in the direction you would like (feelings are an emotion).

One of the best on removing "Trading the zone" by Mark Douglas which looks at emotions in trading. Highly recommended.

At this point, I would strongly encourage anyone to access Mr Spocks Forex Trading School. Although a Vulcan mind management 101 forex course would be worth its weight in gold.

Forex trading, has no room for emotions, forex trading is only successful when trades are planned and executed ruthlessly and without any emotion.

Never forget though, the forex market is a wild stallion, that will not be tied down and able to plunge any trader of its back. At most all a trader can do is to try to predict how the market will perform. Just when a trader thinks that trade has a 100% chance of success, something will happen and a guaranteed win will become a loss.

There is only one certainty in forex trading and that is there is no certainty in forex trading. That does not of course mean that forex trading is a case of luck

Everyone must create their own trading strategy. However, I would strongly encourage anyone starting in Forex Trading to find a way of ensuring that work on developing the right mind set for trading.

So whether your strategy is based on technical analysis or trading the fundamentals or it is essential that the trader has the right attitude. That is the single most important key to running a successful home forex business.

Kaz Kowalski has been providing specialist project management support on a number of high profile projects across a variety of industries including Banking, Information Technology, Telecommunications and other industries for over for over 20 years. He has always had an interest in personnal growth and financial security. Setting up a home forex business became his preferred way of achieving financial independance.

Forex Robots - Good or Bad for a Home Forex Business?

When people first start trading, many look for the best way to make a good profit as quickly as possible from their home forex business. There is nothing wrong with that, in fact it is the primary reason for going into business. One of the tools that is often marketed at traders are Forex Robots, also known as Expert Analysts or simply EAs.

First of all what are Forex Robots?

Well, for those with an active imagination, please dispel any image of a robot calmly telling you when to enter a trade or flaying its arms in the air as it shouts out "warning, warning exit a trade." The large financial institutions have spent millions on developing software solutions to aid their professional traders. Luckily for us, we can buy them for a few hundred dollars directly off the internet. And no, I do not mean the same ones that cost millions for the banks!

Why use forex robots?

Well it seems that for the new trader, a lot of the marketing suggests that Forex Robots (or EAs) are just what they need. They list some of the benefits to a trader:

    They do not need to spend time trying to understand the technical side of trading
    They do not need to spend hours looking at charts in order to identify trades
    They do not need to have any knowledge of forex trading
    And by eliminating the "human" component risks are reduced as the robots do not experience any of the emotions that we do.

There are many EAs being marketed. How is the trader to decide on which one to choose? In order to entice the new trader, internet marketers often provide testimonies of how their accounts have grown over a given period e.g. one, three or six months. Also claims are made on how a given EA has been able to be successful over a period of "back testing." Back testing is the process by which actual historical data is used to prove the validity of the software.

Another reason that forex robots appear to be so attractive is that they are promoted as allowing a trader to develop his forex skills and his own trading strategy whilst making money at the same time.

I do not doubt that there are people who have made money from using these tools.

So by the sounds of it, these Expert Advisers must be the "golden goose" of forex trading.

I personally, however, have a few words of caution for anyone thinking of using an EA.

Firstly, I have reservations about any piece of software that claims to be able to consistently place trades winning in the long-term. The markets are simply changing too much. All too often I have heard about people who have used Forex Robots and have had substantial loses.

Most of the Forex Robots limit themselves to a limited number of currency pairs. I personally have a core of six currency pairs that I use, although the skills that I have learnt I also use successfully on other currency pairs as well as indices. Just to make it interesting, one of the strategies can be used on commodities as well!

This leads onto another key point. In my trading, I have a core strategy which covers maybe 75% of my trades. However, I also have a strategy for trading in the medium and long-term. This ensures that I am generating income in a number of different ways. Forex robots do not have this flexibility.

One of the constants in the financial markets is change. One of the drawbacks of the majority of software is that it is unable to operate to the same level of success in differing conditions. A human can adapt.

There are other points I could make. However, my personal viewpoint would be not to spend money on EAs. Instead invest in a good education, develop the correct mind-set and attitude to succeed, acquire the understanding of how the markets work, of technical analysis and apply them to the trading strategy. The best expert advisor as far as I am concerned is man himself.

With the basics mastered you will be able to adapt your strategies in line with market conditions and make significant profits where no robot can. By investing in ones future I am convinced that a trader will find themselves in a very strong position to be highly successful.

Kaz Kowalski has been providing specialist project management support on a number of high profile projects in blue chip companies across a variety of industries including Banking, Information Technology and Telecommunications. This experience has proven valuable in evaluating various marketed income streams. He strongly believes that running a Home Forex Business is the most satisfying and profitable means of achieving financial freedom. His passion for forex trading drives him to let as many people as possible be aware of the enormous achievable potential of running a home forex business.

A Home Forex Business Really Is a Business

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One of the keys in running a Home Forex Business is to remember that this really is a business. This may seem an obvious thing to say, but it is safe to say that many who enter forex trading simply forget one of the key commandments, "Thou shalt remember why you are trading".

This commandment is very simple; you are in forex trading only to run a business that will make money. Unless of course you are looking at forex trading as a hobby, something to do to earn some additional money, or just pay for the car, holiday house etc. Let me be blunt, if that is all you want, they you are missing out on using a tool that will enable to achieve certain financial success. Please note - the certainty will only come in with commitment, perseverance and good strategy.

It is true that forex trading can be fun; there is the thrill of the trade, the joy of wining and the pain of losing. It can be seen as a hobby, something to pass time instead of watching hours of television. For some it is simply seen as a bet, a gamble similar to placing a bet on a sporting event. I did hear a professional horse betting person say how amazed he was with the returns offered on the trading strategies that I adopt. When he saw how forex trading worked, he said would never return to professional gambling.

The objective of any business is first and foremost to make money and to minimise loses. A business needs a goal and a plan to achieve that goal. When I started, I set myself a goal of making 1% growth a day. So from a practical point of view how is this possible?

As an example, assuming a trader starts with a bank (the amount held in a brokers account) of 1,000 units (I use units as any currency can be used) and he is willing to risk 5% of my bank (50 units). For my trades I set a stop-loss at 30 points (pips). The amount I will therefore trade is 50/30 which gives 1.67 units per pip. If the target is to grow my bank by 1% a day (so in this example 10 units) then in order to get the 10 units my trade ( or trades) I would need to have a profit of 10/1.67 which is only 6 pips a day.

That is not much, some may argue and I would agree. But remember, the growing slowly for most people is by far the best strategy. And never ever underestimate the effect of compound growth when trading. A repeatable, low risk forex trading strategy will bring much better returns for many people

Now 1% may not sound much, so how much is it?

Let's assume 20 trading days a month over a year would give 240 trading days. So one may assume that would mean at the end of the first year, a 1000 unit fund would grow to 2,400 (10 * 240) units - a growth of 240% a year. Compared to a bank, well actually one cannot compare at all. However, the strategy I adopt is to use the law of compounding. The effect is startling. By compounding and maintaining the same risk element mentioned earlier (5%) then at the end of one year, the 1000 units has now become almost 9,000 units!!!

That is why I always trade a percentage of my bank and never ever trade more than 5% of my bank. I say this from experience, doing so will hurt your pocket especially in the early days.

Adopting this strategy is one of the most important keys to ensuring that profits are achieved as well as losses are minimised.

This single lesson was one of the most important strategies that I learnt from traders who made over 29,000 (yes twenty-nine thousand) pips/points in 19 months. Actually, in reality they made more, the figure of 29,000 is based on the trades they took and encouraged members to do likewise during three daily two-hour sessions who watched as they placed live trades. It was their approach to trading that totally transformed my trading.

Running a successful home forex business is achievable to anyone who remembers this rule to remember why you are trading.

Kaz Kowalski has been providing specialist project management support on a number of high profile projects in blue chip companies across a variety of industries including Banking, Information Technology, Telecommunications. This experience has proven valuable in evaluating various marketed income streams. He strongly believes in running a profitable Home Forex Business.

The 10 Commandments of Running a Successful Home Forex Business

"Forex is trading is so easy! You too can make 9,000 in one week within a month of starting to trade, you do not need any experience to be a highly successful trader."

Have you ever seen those all similar sorts of claims? I have and I wished so much for them to be true! In my quest for this "hidden treasure" I have spent thousands searching for the illusive keys that would how me how to achieve success in running a home forex business.

Yes, you can make 9,000 (in any currency) in one week, and you can do that if you have a large bank or are extremely lucky

And it is true, you do not need any prior experience to start trading, but you do need experience in order to trade successfully.

In this article would like to share a summary of some of the key lessons that I have learnt. They are written for the prospective traders so that they may learn from my mistakes and enjoy the benefits that forex trading can bring. I call these the Ten Commandments of Successful Forex Trading.

1. Thou shalt start small and grow!

When looking at all the marketing literature that is available, it is no surprise that so many people decide to enter forex trading. Sadly within a short length of time many leave with their tail between their legs. The vast majority of people who have failed have forgotten the first commandment of Successful Forex Trading. ALL traders lose, the question is how much they lose and also how much they learnt from their losses.

2. Thou shalt remember why you are trading

This commandment may seem to be too obvious to even mention, but people do forget. You are forex trading for one reason and one reason alone. To make money! Of course, the driving force, the goal, the dream behind wanting to make money is important. The dream or goal will never be met unless the trader remembers maximise his gains and minimise his losses

3. Thou shalt only trade with money that you can afford to lose

Forex trading is a leverage product allowing you to win and to lose quickly! Adopt a strategy that will ensure that the funds you make available will not affect your life if you lose it. This is not meant to be pessimistic. When starting trade with what you can afford to lose. As your bank grows, return your funds that you initially deposited back to your own bank, then you will only be trading with trading gains.

4. Thou shalt trade within a defined plan

Some wise person once said "Nobody plans to fail, but many people fail to plan". This is true of running a Home Forex Business. Anyone who enters into a business would not be able to obtain funding from a bank without a business plan. And yet many people feel happy to jump into forex trading with a minimum of planning or trading strategy.

5. Thou shalt not chase gains after having loses

I picture a dog chasing its tail whenever I think of this commandment. There is something about accepting a losing trade gracefully as long as one has performed the diligence to ascertain the correctness of the trade. The successful trader realises that trades will come to him as long as he has the correct plan and is executing it.

One of the signs that a trader does not fully understand the forex market is when he sells a winning position in order to support a losing one. This is not good practise!

6. Thou shalt not lie to oneself about ones loses

Nowadays many are "conditioned" into wanting to find someone to blame for everything that goes wrong. You will make mistakes, that is 100% guaranteed. You must learn to face the music and accept that what happened to the trade.

7. Thou shalt look for reasons NOT to trade

This one may sound strange as it is contrary to what many people are taught. However, if a trader learns to look for those indicators that will prevent a loss, the remaining trades (and they do appear time and time again) will ensure he remains highly profitable.

8. Thou shalt maximise ones profits

This commandment manifests itself in a forex home business by increasing your winnings and minimising your gains. The trading strategy that you adopt should ensure that you can successfully replicate your winning trades and minimise (note not eliminate, because even the best traders lose trades). This will include the correct use of Stop losses.

9. Thou shalt learn before, after and during a trade

In high level terms, the delivery of a project is based on three high level stages. First define the objectives and how you plan to achieve them. Secondly manage the execution of the plan as closely as possible in order to achieve the objective. And thirdly on completion, conduct a lessons learnt exercise, review what went well, what went badly and examine the benefits.

10. Thou shalt respect that market

Any trader who believes that he has conquered the market, fully understands a market is living an illusion. Yes, it is possible to have an understanding just as sailors of old had an understanding of the seas and weather sufficiently to help them get to their goal. Unfortunately not all do.

Kaz Kowalski has been providing specialist project management support on a number of high profile projects across a variety of industries including Banking, Information Technology, Telecommunications. He has been successful in running a profitable Home Forex Business.

Forex Trading Strategies For A Successful Forex Business

The business of forex trading is a little complicated. The forex trader has to take many factors into consideration, as these factors have a direct impact on the foreign exchange rate. These fundamental factors include the political ups and downs, economic policies of the State or country and soon. Certain news and events also have a bearing on the forex rates. Thus, a forex trader has to adopt the right forex trading strategies, so that they are able to trade in the right manner and also make profits.As part of the forex business, a forex trader needs to be well informed and educated about relevant data and forex strategies well in advance. There is no room for guesswork, as we can never be sure about how economic markets will react to a particular event or incident. Also, forex traders need to be in touch with people who have years of forex experience and know the nuances of this business. Technical analysis and statistical data are also other weapons or forex trading strategies, which will guide you in the right manner.The forex business has a turnover of a whopping three trillion dollars day in and day out. All of us are aware that this market operates round the clock. This market is a world's liquid market. Traders who intend diversification of their investment portfolio's, should go in for forex trade. As compared to other businesses, this is the only market which operates through day and night. There are many financial and commercial institutions, Banks and individual investors making an entry into forex business. Those of you, who seriously want to participate in this business, should first and foremost understand the trading strategies. This can be achieved by enrolling in a reputed forex online course or get trained under an experienced and professional person.It is important to follow consistency when adopting the forex trading strategies, so that it works to your advantage. Factors like the GDP of a country, the trade balance, the budgets announced by the Government and the unemployment/employment ratio need to be considered. This valuable information is available on the internet and you need to research and find out more about other factors which may have an effect on the overall forex trade. Trading strategies come in handy to determine the extent and direction towards which the forex market leans. The forex trader may choose to purchase or sell depending on these curves. When it is low, some of them may want to sell or buy. Large Forex traders may want to sell the forex, when the exchange rate is higher and purchase when the currency rate has fallen.Depending on the forex strategies, the trader may want to take a decision as regards purchase and sale of forex. Go through well researched and qualitative articles written by the author on for forex trading, as they can help and guide you in taking the right decisions.

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The Right Way to Start an at Home Forex Business

The growing popularity of Forex trading has caused many people to become interested in Forex trading as a home business opportunity. Here are a few things that you will need to get your Forex business started off on the right path.

Home Forex Business Plan -- We are all familiar with the saying, "if you fail to plan, then you plan to fail". To be successful in any business venture you will need to have a business plan. You'd be very surprised at how many people will start a business, without really knowing how that business is supposed to make money. So your very first step is going to be to write a business plan. It doesn't have to be super long to start with because you can always revise and add to it at a later date. The important thing is that you put something down on paper about where you would like your Forex business to go and how you plan to get there.

Business Working Capital -- You'll need working capital that is in line with the goals for your Forex business. Quite naturally if you plan to make $20,000 in your first year of business then opening a Forex account with $100 will not make much sense. According to the Small Business Administration the number one reason that beginning businesses fail is lack of sufficient working capital.

A Good Place to Work -- You will need to set up a Forex trading office that is as free from distractions as possible. You'll also need to give yourself sufficient room to work as well as room to get and stay organized. Make certain that you choose a space where it is possible for you to focus on the tasks at hand.

A Profitable Forex Trading System -- You will need a profitable Forex trading system in order for your at-home Forex business to be successful. Even if you have all of the other factors for a successful business in place you cannot make money without a good trading method.

A Good Forex Broker -- You will need a broker that you can trust who can also deliver you the most reliable execution as well as the lowest possible transaction costs.

Reliable Software and Equipment -- It is important to have a Forex trading platform that you can depend on. This is why it is important to try out several of them before you decide which one you will use for your business. You will also want to make certain that you have reliable computer equipment as well as a solid Internet connection for placing online trades.

Starting an at home Forex business is doable and can be very profitable. Simply make certain that you have planned ahead and set yourself up to be successful.

Discover the best Forex Trading System Software tips, tricks, and techniques at Forex Examiner. Start to trade profitably with our free Forex trading report. Grab your copy at http://goo.gl/YFlkuh now.