Can 5 pips a trade = Financial Freedom

If you start with a bank of £150 and capture 5 pips a trade 3 times a day = 15 pips a day at £1 a pip and increase to £2 a pip as your bank grows then to £3 a pip, you get the picture build slow and steady, trade safely. In less than 6 weeks you would be trading at £10 per pip, that’s 15 pips a day @ £10 = £150 per day Tax Free. 15 pips a day is all that you need for financial security why because 15 pits a day can equate to, well you can trade a pip from a £1 to £150 per pip, so you do the maths.
So all we need now is a trading strategy that will give us 5 pips + the spread within a trade. Thats what the charting software I use along with pivot points, support and resistance levels does. There is one unique indicator that is not found on any other charting software that identifies a potential trading candle within a 15 min chart using this with pivot points, support and resistance 5 pips is achievable on most trades. With carefull money management and tight stops I think I can do this, so lets find out.
I will be paper trading for the 1st few weeks, then if all is well I will start trading a £1 per pip.

Sunday, 11 November 2007

5 Tips For A Great Forex Trading System

One rule of thumb that every aspiring entrepreneur shouldremember is that to make huge profits, you should know how to doit by yourself—and not rely on other’s efforts. Beingindependent from other people will help you determine whatthings are best for your business. Such rule applies on all types of investments, includingforeign currency trading, or mostly known as Forex trading. Itcannot be denied that Forex is the largest existing marketaround the world, which is estimated to have an excess of 2trillion U.S. dollars worth of foreign currencies are tradedeach day. It is larger than the magnitude of the New York StockExchange, which is approximately 50 billion U.S. dollars. Thus,Forex market exceeds all combined equity markets around theworld. With such huge wealth circulating around the Forex market, oneof your financial goals is to grab a major slice of that $2trillion average daily turnover in the market. How you will beable to get a substantial portion of that average turnover ifyou do not know how you will handle your Forex business?Although you cannot live in the market alone (you need businesspartners and/or financial advisers to help you along), only youcan determine what the best Forex business there is for you. To get huge profits out of your Forex trading career, you needto build your own profitable system—a trading system that willbring your not just hundreds but thousands of dollars worth ofForex revenues. Such trading system is available on the market,but as previously mentioned, you need to be independent—and youneed to have your own Forex trading system that will help youachieve your financial goals. For new traders, it is difficult for them to device their owntrading system since they do not have too much knowledge aboutthe Forex market. However, even a neophyte trader can device atrading system that will fit on his personal preference andneeds—in just five easy steps! Before we discuss the five easy steps towards a profitableForex trading system, you need to learn first the three maincharacteristics of a successful Forex trading system. These areas follows: 1. A successful Forex trading system is simple. There is noneed for a complicated trading system with too many rules. It isa proven truth that simple systems work better than complicatedones, and they have higher chances of success despite of the“brutal” characteristic of Forex trading. 2. A successful Forex trading system cuts losses and runsprofits. Keep in mind that you need a trading system that getsthe huge possible profits and eliminates losses quickly, if notinstantly. 3. A successful Forex trading system follows long-term trends.You will never cover your losses if you are just generatingsmall profits. Keep in mind that the Forex market is worth $2trillion U.S. dollars, thus there is no point in trading inexchange for just small profits if you have the opportunity tomake trades for larger revenues. Focus on long-term trends andyou will be able to see better results. Now, here are the five easy steps in building a profitableForex trading system: 1. As previously mentioned, your trading system must be assimple as possible. Integrate few yet essential rules and anextensive investment management system. 2. Always look for long-term trends (preferably on a weeklybasis), then shift to daily charts and to time entry. This willhelp you analyze market trends efficiently. 3. The ideal way of trading foreign currencies is throughbreakout method. 4. Always watch for any break that you will note on your chart,which is commonly confirmed by stochastic crossed with bearishdivergence. This will be your great timing tool whether you willenter a certain deal or not. 5.You must integrate effective time management within yoursystem. Time is gold and is one of your precious resources.Design a trading system that is time efficient—where you canmaximize the potential of your time resources to generate hugeprofits. Get away with complicated systems; it will just ruin yourentire Forex trading career. Build a simpler one and see foryourself how profitable it is.Free Forex Software For You To Use: Download Free Forex Software
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)