The Emotional Day Trader Versus the Robot

Ive spent 4 years now day trading the forex market. Day trading in the Forex market can be both stimulating and stressful. With trading of currencies occurring in such short time spans in this type of trading strategy, you have to keep on the ball at all times - otherwise, you'll end up losing more than you make. Other trading strategies are available (i.e. scalping, swing trading, long-term trading), but day trading can offer you real excitement and some big profits if done properly.

Reign in your emotions

Whether you're investing in the stocks, real estate, or the Forex market, you should maintain a level head at all times. If you bring emotion into the equation, it can negatively influence your investment earning potential. That's especially true in Forex day trading, as the numbers constantly change as positions are opened and closed within minutes, and even seconds at times. If you don't stay focused, you'll trade on a bad deal or miss out on a great opportunity. For example, if you place a trade to sell a currency at a certain rate and one hour later the bid price (rate at which you can sell the currency at) substantially increases, you might be overcome with emotion that could negatively effect your future trading. On the other hand, if you buy a particular currency and two hours later the ask price (rate at which you can buy a currency at) goes even lower, you'll also be pretty upset. In both scenarios, it's best not to harp on "what you should have done," but how you can make profits in future deals. Otherwise, you'll be stuck in a negative frame of mind that can cloud your decision making process in the future.

Besides punishing yourself for past mistakes, market greed is another potential killer to successful day trading. Suppose you happen to be on a winning streak and you believe that the market will continue to go in your favor. The trading signals say otherwise (i.e. overall economic indicators weakening), but you're so caught up in your winning ways that you forget to pay attention to the numbers. You place your trades even though the current indicators are not in your favor and you start to lose some of your gains. What you should next time is to walk away from the trading and close out the day with a profit.

Robot Trading

The future of trading is to look to the robots that can automate your trading. Take emotions out of the equation and you can make money without being glued to a PC constantly. Expert advisers such as pointbreak are producing consistent results over time with great money management.

Paul Heap is the trader and webmaster behind several websites, including Forex Automated Tools, and Forex SMS Alerts.

Reuters - China launched a huge stimulus plan on Sunday worth nearly $600 billion, kicking off what could be a round of big spending or interest rate cuts by leading economies to stave off a recession in many countries.

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My Online Curreny Trading Experiences

I'm going to share a little about my online currency trading experiences that I have learned a lot from. I actually started to get into this business a few years ago and let me say that I wasn't very good. I had a lot of bad trades and I wasn't even sure I could get this to work. I sticked with it and worked hard, since I really wanted this to work and one day, everything just started to click. I just started to understand fully what I was doing and I could easily spot a good trade.

I think the best piece of advice I could give you is to diversify as soon as you figure out how to make a profitable trade. The problem for a lot of people in this business is that they stick with one pair and typically trade for the short term. I think both are good moves though. When you stick with one pair, you can really learn it and when you trade short term, your money is in and out very fast. The problem is that it builds no security. If that pair because unprofitable, than you become unprofitable. Online currency trading needs to be a balance of trades, so you can profit with less risk.

Take the time to appreciate your demo. It's not a tool to test out how you can make millions with a strategy. It isn't for that. It's meant to practice the routines and behaviors of a smart forex trader. That is the only way it should be used.

Street Smart Forex is a new unique way at looking at the online currency market. There is a huge opportunity to profit, but you need to look at the world a little differently to achieve that. A street smart attitude is the key to winning over this market.

Learn more at the Street Smart Forex Review.

Reuters - U.S. President-elect Barack Obama stepped into his new role on Wednesday facing calls for urgent action to stem the global financial crisis as he was hit with gloomy news about U.S. jobs and the service sector.

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