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So you want to make money in the Forex market. Well to do so you need to come up with some strategies. As you now know you are not buying the actual physical currency - you are laying money on the movement of this currency. This is known in the trade as spread betting i.e. you are placing a bet that a currency price will move in the direction you want it to move in. Currency movements are measured in "pips". So you believe that sterling is going to increase in value against the dollar. You bet your money on this outcome and lock in a price at which you have made the bet. The price of sterling rises 20 "pips" over the value of the dollar (from the time of your trade) - if you had bet $10 per "pip" then you would have a profit of $200. There are two main reasons why most people fail in forex trading. Firstly they don't set themselves a budget for each trade and the second is that they lack discipline. Before you make a trade, you should know exactly how much money you are prepared to lose and how much you wish to gain. Then if the trade goes against you and you are losing, you don't close out until you reach your losing marker. Most forex trading novices have no idea of how much they are prepared to lose - they don't enter the FX market to lose money. So when the trade goes wrong, they panic and bail out. Thus they miss the chance that the odds will turn and they could have made money with that trade. By the same token, they have no idea how much they want to make from each trade so when they are on a "winning streak" they get greedy. The Pips are rising and rising and they can see their original $1 turning into $20 or $40 or $100 or whatever. They leave the deal going - they don't want to cash out now as they could make even more money. Well I have news for you - what goes up must come down! So at some point, the trade will turn and you will lose. When will this happen - well that is the million dollar question and nobody can tell you that point with 100% certainty. If they could, they wouldn't be here telling you! The savy foreign trading strategist will quietly place his bet knowing exactly at what point he is going to quit regardless of which way the deal goes. He sets his own risk parameters and ignores what everyone else is doing. Yes he can miss out on a the huge price movements but over time he is banking mostly profits and so will earn more money than our novice investor. So the moral of the story is................................. don't get greedy. If you have made some profit then take some of these profits and bank them. One technique is to transfer an amount equivalent to your original stake (i.e. the amount that you started your trading career with) to your own bank account. In this way, any future trades are made using money you have already "earned". If you make a couple of bad trades, and this is a certainty it is only a


question of when, the emotional affect will not be as bad as it would be if you had lost all your money. Another technique is to bank 50% of your profits every week - that way you are making money. Some people will tell you that you should reinvest all of your profits as you will make more money. This is true if the market goes in your favour. But if the market moves against you, you stand to lose more money.

Start earning profits today by investing in the forex market. To find out more about Forex Trading visit our blog FX Gate [http://www.fx-gate.com].

Article Source: http://EzineArticles.com/?expert=Sheryl_L_Polomka

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