Daily Archives: May 6, 2016

As a Forex trader, you are the one that will ultimately be pulling the trigger. That sounds like a given, but when it comes down to it, the decision to place a trade is yours. That being said, the responsibility also becomes yours. You become responsible for the losing trades, and of course, for the winning trades. Once you choose to execute that trade, there are no gurus, no TV new channels, no signal services, no husbands or wives, and no trading systems that can take responsibility. That now lies in your hands. This shift of responsibility makes you a more calculating trader, and in doing so will make you […]

As a Forex trader, you have all important trading system and the more important money management system. There is one more system that you have to have in place to be truly successful, and that would be your belief system. Trading Forex is one of those ventures that can bring you a better than average income. For some people it can be millions of dollars, for some even more. You are getting into Forex trading usually to be one of the successful traders and make millions, not to just get by. Granted there are several traders who only want to pay the bills, but most are looking to participate in […]

Often, the time it takes to become a hugely successful trader seems like it’s too much. Learning to trade and applying what you learn to generating a respectable monthly return will only take you 5 years, maybe less. The first few years are very slow and can be quite frustrating. This will pass as you become more proficient and more consistent. Too many new traders-to-be want to become hugely successful as Forex traders, but they do a lot of the wrong things. Too much time is wasted on futile endeavors, too much money is lost in live accounts that are being traded prematurely. These are normal to do in the […]

Trading the Forex markets takes a very strict set of disciplines in order to be successful. These disciplines can be learned over time, as they need to be if you plan on trading over the long haul. These lessons that Forex offers can be implemented in your day to day life and make you a better person overall. Here is a list of some of the things I learned in Forex. 1. Patience is a virtue. Trading the markets is a patient person’s game. Patience is so important when dealing with people, learning new things, and virtually anything that life throws your way. You will have that stick-to-it-ive-ness that gets […]

Now you have begun the journey on your trading career. You have high hopes and loft expectations. What is realistic as far as expectations? What is possible to achieve? The possibility to achieve the stars is very real. You can make more money than you ever thought was possible. The gains can be incredible. A good trader can make more in a day than most can make in a month. Some traders make more every day than the average person will hope to make in a year! The potential is huge. So, now that you know it can be done, how long will take until you can reach these upper […]

I did not write this article, but I like it so much that I have to post it on the My First Pips blog. These 5 phases are true and if you have been trading for a while you will identify with these phases. If you are new to trading, these phases will give you an idea of what’s ahead. Step One: Unconscious Incompetence. This is the first step you take when starting to look into trading. You know that it’s a good way of making money because you’ve heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive […]

One of the advantages we have trading Forex on the internet is the access to so many different trading systems and so many different indicators. There are over 1000 indicators to choose from and there are more systems than there are traders! We have access to many of these systems both freely and commercially. What a great advantage we have as traders! Or is it an advantage? What if we lived in a world where, if we wanted to trade the Forex market, we were given only 1 system? This system was worked on only 1 timeframe and included 2 indicators and a couple of moving averages. We learned about […]

There is a wide range of timeframes to choose from when you are going trade the Forex markets. What determines the timeframe you choose often has to do with what kind of time you can devote to trading on a daily basis, or what your appetite for market “action” is. If you have several hours a day to devote to trading, you may choose to trade the 15 minute or the 1 hour charts. If you have only a few minutes a day, the daily charts might be better suited to you. Perhaps you are a buy individual but can tear away to check your charts once in a while, […]

You’ve decided that you want to trade Forex. Why? This may sound like a weird question, but the answer to this can literally make or break you. It’s the “why” that can make you successful. Of course you are trading to make money, but depending on what that money is for can make all the difference. If you want to become a successful, superstar trader, it’s time to decide what the final goal of your trading is. Here are some examples of why other successful traders are trading. 1. To fund a retirement account 2. To earn enough to go on a vacation of a lifetime 3. To make enough […]

There are different ways to trade the market, specifically, there are different lengths of time to hold onto a trade. You could call these different trading styles. Some traders like to be in and out in a few minutes capturing 3 – 10 pips, while others like to hang onto a trade for days, weeks even. There is a good fit for every trader, but that fit is different from trader to trader. Here are the 4 different kinds of traders with a brief explanation. Scalper: A scalper is looking to make a lot of small trades during their trading session. These small trades are aiming for 3 – 15 […]