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

Some Great Tips For Successful Forex Trading

Do you want a very good career that has a potential to make youearn a lot of money? Do you want to enter a particular financialmarket but don’t know which one to choose? If you answered yes to either of these questions, then theForex market is right for you. If you want to make a lot ofmoney, the Forex market can provide for you. You have to realize that the Forex market is the largest andthe most liquid financial institution in the world. With tradesthat go on for 24 hours a day, you will have an opportunity tomake money any time of day you wish to. It is also a fact thatthe Forex market generates currency exchanges that amounts up totrillions of dollars each day. With these kinds of feature, who wouldn’t want to trade in thisvery large financial market? Forex trading is not as complicated as it may sound. With theright knowledge and skills, you can instantly trade Forex for aminimum of 500 dollars in a mini-Forex account. The Forextrading system is very simple. Basically, Forex is the exchange of currencies of the world.You should realize that all the currency of the world isinvolved in the Forex market. It may be confusing to choosewhich one to trade but all you need is to know the majorcurrencies that are frequently traded. Here are the majorcurrencies that you can choose from to trade: • US Dollar (USD) • Japanese Yen (JPY) • British Pound (GBP) • Swiss Franc (CHF) • European Union Euro (EUR) • Australian Dollar (AUD) • New Zealand Dollar (NZD) • Canadian Dollar (CAD) These are the major currencies that you should considertrading. With these trades, you can be sure that you canmaximize your money making potential. The basic thing that you need to know when trading in the Forexmarket is that you should buy low and sell high. And, since youwill be trading with different countries currency, the economyand the government stability of a particular country canliterally affect the value of the particular currency. The next thing you need to know is that Forex trades are doneby trading currency pairs. Currency pairs are the simultaneousbuying one currency and selling the currency of another. So,basically, Forex is in fact trading. Aside from knowing how to trade currencies of the world or atleast the major currencies, you also have to know about thedifferent strategies used when trading in the Forex market. Youhave to realize the fact that knowing how to trade in the Forexmarket isn’t enough to get you that money. You also need to knowthe different strategies that are used in the Forex market. An example of a Forex trading strategy that is used in thismarket is the leverage strategy. This will enable you to trade100 times the amount of money you deposited in your Forexaccount. This means that you can earn a potential of 100 timesmore. With this kind of strategy, you can really maximize yourincome opportunity. You should also consider the stop loss order strategy. Thisstrategy minimizes the risk of losing money. The stop loss orderworks when you choose to stop trading at a specific price. Ifthe currency reaches that point, you will automatically stoptrading. There are other strategies that you can use in the Forex marketthat you should be aware of. If you want to be successful in theForex market, you also have to realize and accept the fact thatyou will lose money in the first few months when you trade inForex. This is why it is also important to remember that youshould invest what you can afford to lose in the Forex market.If you can’t afford to lose the money you plan on investing inthe Forex market, then it is recommended that you should nevertrade in this very large and very risky market. Now that you know how to trade in the Forex market, all youneed to do now is decide whether you really want to trade inthis trillion dollar industry. If you do decide that you want totrade, then all you have to do is open an account with Forexbrokerage companies and start using their Forex trading softwareto trade.Free Forex Software For You To Use: Download Free Forex Software
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