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Millionaires aren’t quitters

Mon, Apr 21, 2008

Millionaire Inside

I’ve probably said this already; but I’m saying it again to remind myself because I’m feeling some frustration. Not having money, not knowing how to make money, it’s easy to just give up. Less stress. When you don’t have to try, when you don’t have to think about money and how much of it you lack and how clueless you are how to get your hands on enough of it to make it possible for you to remove worrying about money from your list of things to worry yourself into obesity over, the days are actually easier to get through. Of course you can achieve this by simply choosing not to worry about money any more regardless of the fact that you don’t have any and you have bills to pay; or you can achieve it by making enough money to afford freedom from stress over not having any money. All of that said, the point of this post is that millionaires aren’t quitters. They don’t just give up because something is harder than they might like it to be.

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Asides

  • FXCM Trading Station II is probably one of the best forex trading platforms out there for novice traders. It’s fairly easy to use. In fact it’s such a nice system even Deutsche Bank uses it with their DBFX trading station. But in the case of FXCM don’t expect the trading station to behave exactly the same in live mode as in demo mode. There is definitely a difference even though you can’t see the difference structually. Even FXCM admitted the live mode and demo mode aren’t exactly the same. They look the same but your trading experience while in demo mode will be a lot more profitable than while in live mode. That should make you wonder. They say it’s the slippage and volatility but in demo mode you’re almost always profiting. In live mode almost always losing….

  • The truth is you probably won’t get rich trading forex. Successful forex traders understand the foreign exchange market and currency trading on a level that is not understood by the average retail forex trader. If you don’t actually understand the fundamentals or even the technicals for that matter you’re going to find it’s a lot more difficult to make a profit from your fx trading account; but even though it will be difficult it’s not impossible. You probably won’t join the forex millionaires club,  but you can still make decent money.

  • Oanda boasts about their tight spreads and they definitely have reason to boast where the EURUSD is concerned. They probably have the tightest EURUSD spread out there. Hard to imagine there could be a broker with a tighter EURUSD spread.

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Here is a video that aims to demonstrate how you can make money trading currencies using Fibonacci Retracements and Fibonacci Profit Targets.

This video demonstrates a method for making money in the foreign exchange market using pivot points. Pivot points are turning points.

In the forex market the term would apply to the the points throughout the previous trading day at which traders and investors leaned towards a bull market or a bear market in general sentiment.

Ken Calhoun with forexonfire.com talks about how you can learn the technical signals to use and how to spot pivots, break outs, break downs using currency pairs when reading your charts, and how to setup your charts for currency trading.

He talks about currency pair volatility, learning how to spot patterns, pivot points, learning when to exit and not initiate another trade.

Here is an educational video of sorts put out by the guys gftforex.com. The video aims to teach you how to spot forex options scams centered around advisory services and newsletters ect. It is very detailed and straightforward.

The video suggests that your scam siren should definitely start going off if anyone comes trying to sell you on forex options trading by promising they have a system that is:

Easy
Low Risk
Based on secret trading methods used by the pros which the pros don’t want you to know
Available to you even if you don’t have lots of money thanks to leverage.

A look at forex trading. This video attempts to take the mystery out of foreign exchange by breaking it down into it’s “principal parts and players”.

The video explains how foreign currency is brought to other countries and how this creates the practice of currency trading. The video addresses the role central banks of countries, commercial banks, financial companies and brokerage houses, and private individuals play in the foreign exchange markets.

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