7 Deadly Sins of Forex Trading — E-Book

Today I’ve added another e-book on the psychology of trading to my site. It’s The 7 Deadly Sins of Forex (and How to Avoid Them) by Marc Low. The e-book is rather short, only 24 real pages, but it’s an advantages as it says only that what should be said about its subject. The author described the 7 popular emotional problems that may become the deadly sins of every Forex trader. They include:

1. Impatience.
2. Lack of Clear Vision (Flip-Flopping).
3. Sleep Deprivation.
4. Over-Trading.
5. Reliance on Outside Sources.
6. Superficial Research.
7. Over-Leveraging.

But each of the mentioned problems is not only described, it’s provided with a detailed solution. I recommend this book to every trader (especially newbie). It has an advertisement in the end, but it’s not a problem. You can download it now:

How To Swim The Forex Ocean And Not Get Eaten By Sharks

I never realized the FOREX market was as easy as following some color coded signals, clicking the mouse, and counting the profits. All these years I could have been making enormous amounts of money – so easily a child could have done it. I should stop being an idiot and just attend the free FOREX seminar (conveniently located at a local hotel), and learn what I’ve been missing. Sure, I finished second in a worldwide futures trading contest in 2005 with a 148% return, but it took nearly 15 years to get to that point, and even today futures trading is a constant emotional and mental struggle. I should have been trading FOREX all along, since everyone on television and in direct mail tells me it is so easy.


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Forex For Beginners

The simple sense of Forex (Forex currency exchange, Foreign Exchange) is simultaneous purchase and sale of the currency or the exchange of one country’s currency for the one of another country. The world currencies do not have a fixed exchange rate and are always fluctuating being traded in the currency pairs like Euro/Dollar, Dollar/Yen whsan others. 85% of daily trades are taken by major currencies trading. Investments usually deal with 4 major pairs: Euro against US dollar, US dollar against Japanese yen, British pound against US dollar, and US dollar against Swiss franc or EUR/USD, USD/JPY, GBP/USD, and USD/CHF used to sign these pairs accordingly. These major pairs are considered as Forex market’s “blue chips”. You will not receive any dividends on the currencies. Well known “buy low – sell high” gives the profit for currency trades.


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Day Trading The Currency Market

The foreign exchange market is the generic term for the worldwide institutionsthat exist to exchange or trade currencies. Foreign exchange is often referred to as “forex” or “FX.” The foreign exchange market is an over-the-counter (OTC) market, which means that there is no central exchange and clearinghouse where orders are matched. FX dealers and market makers around the world are linked to each other around the clock via telephone, computer, and fax, creating one cohesive market.

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Trading With Strategy

Trading successfully is by no means a simple matter. It requires time, market knowledge and market understanding and a large amount of self restraint. Anyone who says you can consistently make money in foreign exchange market is being untruthful. Foreign Exchange by natur, is a volatile market. We are therefore talking about a very fast market which is naturally inconsistent. Following that precept, it is logical to say that in order to make a successful trade, a trader has to take into account technical and fundamental data and make and informed decision base on his perception of market sentiment and market expectation.

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Controlling Risk and Capturing Profits

Money management is the process of analyzing trades for risk and potential profits, determining how much risk, if any, is acceptable and managing a trade position (if taken) to control risk and maximize profitability. Many forex traders pay lip service to money management while spending the bulk of their time and energy trying to find the perfect (read: imaginary) forex trading system or entry method. But traders ignore money management at their own peril.

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Forex Money Management

Money management is a critical point that shows difference between winners and losers. It was proved that if 100 traders start trading using a system with 60% winning odds, only 5 traders will be in profit at the end of the year. In spite of the 60% winning odds 95% of traders will lose because of their poor money management. Money management is the most significant part of any trading system. Most of traders don’t understand how important it is. It’s important to understand the concept of money management and understand the difference between it and trading decisions. Money management represents the amount of money you are going to put on one trade and the risk your going to accept for this trade.


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Some Practical Thoughts About Money Management

We get a lot of questions about various complex money management (MM)formulas and our preferences. We don’t comment on this subject very often because money management is such a personal issue that it would be impossible to give any universal advice that would be specific enough to have value. Everyone seems to have different goals and tolerances for risk, not to mention varying amounts of capital for trading.


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Bird Watching in Lion Country - Retail Forex Trading Explained

If you haven't heard of Bird Watching in Lion Country - Retail Forex Trading Explained, or you know about the book but are still considering whether to buy it, I can tell you that it is still my top seller, and with good reason. If you want to learn how to trade forex then this is the book.

Bird Watching was written by a trader who actually trades for a living. He has been there, done that. This is not second-hand experience. And it shows in the book. You can pay three times this amount for one third of the content.

Dirk du Toit has written a comprehensive e-book on all aspects of forex trading that can be used by novice and experienced traders alike.

It’s also practical. It shows you, step by step opportunities to trade, and what to avoid. Do you understand the difference between ‘market wizards’ and ‘marketing wizards’ – the people that make the money and the people that take the money? If not, you are probably in trouble. This book will tell you why you need to know the difference, and how to benefit from this knowledge.

"Bird Watching in Lion Country" has been sold in almost sixty countries - it is a book with global appeal.

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To make money in the forex markets you need to know and understand many things, but most of all you need to understand perspective. You need to understand how the big boys, the people who move this market, think and operate, and then do what they do. This book teaches you how.

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Forex Trading eBooks

Beginners in the Forex market need all the help they can get. You can’t possibly make it big in the Forex market if you don’t know much about Forex trading. There are lots of online tools that you can make use in order to learn more about this fast-changing market. You can find software programs, trading systems, trend indicators, signal generators, trading courses, and even Forex trading eBooks. Perhaps you’ve already tried all the other online tools expect eBook; the reason may be because you’re not very much interested in reading. You’re probably unaware that you can learn a lot of things from reading. Did you know that there are effective Forex eBooks online which you can get for free? When reading eBooks, you should also understand the things that you’re reading and that is called comprehension.

The problem with most traders is that they tend to read blindly; they lack comprehension. The Forex market has lots of unforgiving paths where you can lose huge investments. If you don’t want to end up with the 90% unsuccessful Forex traders in the world, you need to read good trading eBooks now.

Trading eBooks are usually written by experienced and knowledgeable Forex traders who are willing to share their secrets to beginners. New traders tend to have lots of questions like how much should they invest, where they should start investing, when they should get out of the trade, etc. Some online Forex trading tools charge fees but why should you even pay fees when you can get free trading eBooks?

Investing in the Forex market involves a lot of risks. If you want to be prepared for this kind of situation, you will need a trading eBook. Through these eBooks, you can handle various kinds of situations suitably. By getting the right eBook, you will be given an opportunity to understand everything you need to know about the Forex market.

What are the things that you can learn from these trading eBooks? Well, there are so many things to learn like Forex quotes, currency pairs, pips, execution, bids, dealing desk, and many other things.

Once you’ve read and understood the trading eBook, you will know that the trading sessions start after an order is placed. Basic orders can include market order, limit entry, stop entry, etc. These orders are used in various applications and you need to learn when to use them. eBooks can provide you with simple introductions about these orders so that you won’t have any difficulty in trading.

Aside from the Forex trading info mentioned earlier, you will also learn about trading types. These are the strategies being used by traders such as short and long positions. You will also learn about carry trading, scalping, swing and trend trading, and many others. These types of trading can be used depending on the conditions in the Forex market.

So you see, you can learn lots of things from reading trading eBooks. Take your time in reading a good eBook. Search the internet for helpful eBooks written by expert reputable Forex traders. You can even check reviews and ratings of various trading eBooks so that you can pick the best one. Reading may take some time especially if you try to understand the contents of the eBook but its really worthy. Get your free Forex trading eBooks now.