Successful currency trading clearly depends on you out-guessing other players. How can you do you do it?

How do you make your chances better than 50/50 ? Please note that trading on the stock market is different, because most of the time share prices move upwards. You do not have to out-guess any one and you can make good profits by just buying and holding, like Warren Buffet (...and me).

Public Comments

1. Most professional Forex traders do not win 50% of the time. That is why it is High risk investment vehicle.
2. I don't advocate currency trading, but having read George Soros' Alchemy of Finance, I thought it was a good book and it gets you thinking like a currency trader... not that you should be one. Good luck.
3. First, let's address the phenomenon of Warren Buffett. His meteoric rise in the market isn't the norm for any lay investor, and, in fact, quite outside the purvue of even sophisticated investors. Quite frankly, the success that Buffett's enjoyed has been more a result of his ability to acquire and control companies than his ability to "call the market". It's a bit of a fallacy to say he's a predictive genius, when the stocks he's purchased are of companies that he built up subsequent to their acquisition. It's far more appropriate to call him a leveraging guru, since his fortunes have been built mainly on using OPM. Second, attributing this magical precognition to Warren Buffett highlights one of the endemic problems for all traders: the belief that picking the markets is the number one tool a trader needs to succeed. This simply is not true. Whether you're trading, stocks, commodities or currencies, the name of the game isn't how much you win, but how much you don't lose. A trader can pick the market time and time again, but reality will bear out the fact that A: he will be wrong at some point; and B: all it takes is one time to get wiped out. What's more important than picking the markets is managing your risk while in the markets. Trading the currencies requires the same risk management strategies that stocks and commodities requires, so that your dependence on "picking the markets" becomes less and less an important factor in your trading decisions. It's most important to know and to control how much you could possibly lose on a trade. If you enter the market preparing for the worst turns, you'll be around long enough to take advantage of the best turns in the market. Focus on minimizing losses rather than on trying to "pick the market" or "compete" against other traders. Successful trading of any kind is more about how you hedge your positions than how you time your positions. To receive a free book that discusses this very idea, email Liverpool Trading Company at info@liverpoolgroup.com, or give us a call at 1.800.580.8718.
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