Copy Trading - How To Win In Forex
Trading forex is a highly profitable way to speculate. It is also a highly risky way to trade the markets. Winning in forex trading is not always as easy as some websites would lead you to believe. Find out one way to cut through the hype and truly win in forex.
So You Want To Trade Forex
Trading forex is a very interesting, lucrative and liquid way to speculate and invest in the global market. It is also a form of speculating that is very hard to master. The currency markets are affected every day by subtle shifts in politics, the economic outlook and changing central bank policies. What the forex brokers don't tell you is how these events cause ripples throughout the currency world that can often have unseen, or unexpected, results.
Trading forex is hard. It is just as easy to lose your entire account as make a few bucks. Some people are very good at though and are able to make a tidy living. For most though trading forex is a futile and often frustrating attempt at riches.
For me it was not that I was losing my ass, it was more like two steps forward, two steps backward. For every success there was an equally offsetting failure. I maintained a break-even account for years, all the while spending money on books, seminars and coaches.
Trading Forex Psychology
It takes a very special kind of person to be a successful forex trader. By successful I don't mean someone who can pick a great trade from time to time or one who spends all day in front of the screens keeping up with every tick of the tape.I mean it takes a very special kind of person to be successful trading forex over the long haul.
Someone who is disciplined enough to make rules and follow them. A trader who knows that losses will come and won't let them affect their decisions. A person who can pick those good trades and follow through on them to profits. I thought I was that kind of person but the markets proved me wrong time and time again. I love forex, I love trading but I was forced to recognize that I had to change something or else I would tread water for ever.
Forex Copy Trading
This was when I found forex copy trading. Copy trading is a growing form of social media meets forex. These new platforms allow less experienced and less successful traders to follow the trades of other more successful traders. Now don't think that just because I found this great new way of trading that it solved my problems because it didn't, at first.
Copy trading is just as risky, if not more so, than trading for yourself if you are not careful. There are several different forms that copy trading can take and it is possible to find a scam or two on the internet as well. Websites like Etoro and MyFXBook are good places to start looking if you think copy trading could be for you.
I think that this is one of the best ways for new and less experienced traders to gain the experience and confidence they need to start trading on their own. Not only do the platforms allow you to follow the trades of others they also (most of them) function as a social media outlet for traders.
Is Copy Trading For Me
Once you join you will be able to interact with other traders through forums, private messages and chat rooms. There will be discussions on trading, strategy, analysis and many other things relevant forex, not just copy trading. One way to discover if copy trading is right for you is to join us at Forex Copy Trading Survival Guide.
We have put our heads together and come up with a guide to the newly evolved forex copy trading industry and all the information you need to not only decide if it is right for but how to chose the best platform and traders.
Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. The high degree of leverage available can magnify profits and as well as loses. You can lose more than your initial deposit. Before trading, please carefully consider the risks and inherent costs and seek independent advice as required.