Forex Fortunes Guide Plr Ebook

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Table Of Contents

Foreword

Chapter 1: Forex basics

Chapter 2: Markets The Forex Taps Into

Chapter 3: Exchange Rate Regime And Exchange Rate Flexibility

Chapter 4: Fixed Exchange Rate Measured Against Floating Exchange Rate

Chapter 5: Who Are The Participants In The Market

Chapter 6: How Economic, Political And Market Psychology Dictates Forex Temperament

Wrapping Up

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Chapter 8:

Over Complicating Forex Trading Can Easily Induce Emotional Trading

Synopsis

These Forex trading tips are for those currently experiencing losing streaks, it is not unnatural for a trader to lose money once in awhile, but when you realize that you are making fewer profits and losing more, you may have some deep underlying issues you need to fix before you can get back on track. After reading this book, traders will learn how make the trading process as simple as possible, providing them with the insight on how to make more profits in the markets.

Mastering Your Mind

The primary reason as to why a lot of Forex traders are losing money is that they are unable to consciously master their emotions and it does not take long before they are deeply caught up in emotional trading mostly because the latter is easier and is more exciting than controlled trading. In essence, Forex markets offer traders a pair of options, the first one being to recklessly gamble your hard earned money away in the adrenaline packed rollercoaster trades or the ability to master your emotions through discipline, slowly making consistent money over a period of time.

A disciplined trader has the proper trading attitude which allows them to grow their investment without necessarily having to resort to risky games such as emotional trading.

Implementing the Tools for Proper Money Management

It is important that you first understand how to manage your money on the Forex trade and then later on you can proceed to implement the latter in you trading mannerisms. A lot of traders become very emotional when trading because they either trade too frequently or risk too much of their money.

Risking huge sums of money in any given trade subconsciously makes the trader to inherently place more meaning or value on every trade; since they have plenty to lose which naturally causes them to worry more thereby becoming more emotional about the Forex trade.

This kind of emotional trading works to fuel itself because emotional trading results in more emotional trading. If it so happens that a trader loses a significant sum of money, they put themselves in a vulnerable position of carrying on with the cycle because they tend to feel a great deal of anger and frustration over the lost money. This only fuels their desire to risk more money so as to try to make up for the money they had lost earlier.

Traders often mismanage their Forex trading accounts by trading a little too frequently and as a result they tend to lose way too much in a relatively short period of time. Over trading could be an emotional outlet for the trader and for them it is a form of gambling, to prevent yourself from overtrading it is important that you have a comprehensive trade risk management plan which should specifics on the means through which you can preempt overtrading.

Mastering Your Trading Strategies

It is important that any successful trader masters their Forex trading strategies, considering the fact that a lot of traders are unsure of what it is they are searching for in the market, so as to avoid inducing emotional trading.

Chapter 9:

How Price Action Trading Will Cure Emotional Trading Problems

Synopsis

Kingdoms have fallen and battles have been lost the moment men let their emotions get the better of them. Since the world’s greatest warriors and kings have fallen prey to their own emotions, how can mere traders avoid the same death trap?

The answer is simple: it’s all about having the right mindset. Consequently, price action trading is a good foundation to use for developing the right mindset. This system consists of several fundamental principles.

Focus On Managing Your Emotions Instead Of Ignoring Them

Emotions are not your enemy. This is extremely important to understand. Ignoring them will not help you at all. If anything, they will simply make you more prone to bad trading decisions. What’s more critical is being the master of your emotions with the right mindset rather than the other way around.

Avoid Overanalyzing Forex Trading

Some traders are so opposed to the involvement of emotions in their trading strategies that they go to the extremes and over analyze their next steps. Again, doing this will only backfire on you. When you overanalyze and even over-complicate your trading strategies and market trends, you will simply end up confusing yourself.

Remember that every complicated equation can be broken down to various simpler equations. In fact, it’s one of the golden rules when writing algebraic equations: the simpler, the better! It’s the same with Forex trading. If a system proves too complicated for you, then forget about it! If it works for another trader, good for them! But don’t let that sway you into knocking your head against the wall. There are many other systems you can try – and some of them will surely prove much more suitable to your personality and preferences.

Stay Objective

If you succeed in emotional management, then you will be able to use your emotions to help you stay objective. With emotional management, you’ll know which emotions to believe in more. If you are presented with a very high-risk investment that you do not understand but your friend recommends, what should you do? Greed will tempt you to bet on it, but your instinct for danger will warn you against doing something foolhardy.

With successful emotional management, you will be able to take the more objective middle ground instead and that’s to carefully research your options before making any decision.

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