Forex trading broker is a person assisting you to trade in foreign currencies and accountable to give all relevant market information. It is not obligatory to have a forex broker, but in order to trade efficiently you will need one. Forex trading brokers are normally regulated by government. Only a regulated broker will make sure reliability and flexibility of your trade. These Forex brokers work on the commission or charge basis. Some brokers in the present day ask for the a small percentage from your bid/ask spread, those brokers do not have commission or fees system. An individual may be interested in executing their trade without the help of forex broker, but a normal trader with less market information, putting an effort to trade in online forex market is simple like chasing a grizzly bear with bisque spoon. As the market is competitive, your chance of success will be low with our adequate broker. These forex brokers are not centralized unlike other kinds of trading; in fact you will come across thousands of broker that put their own currency spreads, margins and prices.
If you want to deal with online forex trading market, it is must to have a forex broker. It is 24 hour market and you might not be able to handle it alone. Your forex broker will offer you 24 hour support. It is simple â€" you may carry out trade at 4am in the morning, but that might be the time of good trading and he may support you simultaneously. It is understood that choosing a forex broker is indispensable, but be careful while choosing one. Do not be in a hurry, check out few options around. It is good to have a demo account opened at first to confirm on the working of forex broker and foreign exchange market as well. There are few factors to be considered when choosing forex broker and they are as followed:
• Consider broker only with the required qualification. Do not forget to check all his degrees well in advance. • In you are in United States then avoid not registered broker. • Choose forex broker that offers low spread trade, as broker charge their fee depends upon the spread so better to have broker with lower spread. Good to go with fixed spreads. • Ask the broker if he is willing to provide technical comments, financial calendar, and able to do market research. • Broker must have up-to-date information on the market structure and should be willing to work with on the flexible timing. • Must have complete knowledge about margin and spreads â€" go with some experienced person. • Go with the brokers that offer lower leverages, it is the amount of bucks that he would lend you to trade forex. So with low leverage you will have low risk in this market. • How much margin is he willing to offer you? • Do a careful research of the broker, avoid if he is involved in any blacklist or other delegations. • Check out the client history and evidence. • Have a complete talk on the commission system, better to have a written agreement. • Must have good reputation within the forex industry. • Your forex broker must know the rules and regulation of the government. • Ask all the questions well in advance if you have any to avoid frauds. • Do some of the paper work and research how your broker works in the running market. • Best is to go with the references, check out with your office colleagues or friends and relative if they know some honest forex trading broker. • Do not rely on brokers words; ask for the references where he has by now worked.
Wednesday, November 28, 2007
Forex Trading Systems - Are Computers Better Than Humans?
Can you really make money by following a computerized forex trading system? Well a while ago I bought one and knew the vendor and knew one of his clients made $1.4 million with it REAL MONEY in just a few years. Now that sounds great - but there is a catch with computerized trading systems ...
The catch is executing them - let me explain this in more detail.
I bought the system and it consisted of one parameter and that was it. The logic was easy to understand and you could see why it worked longer term - but do you know what?
I couldn't execute the system in line with the signals and this is a common problem.
My reason was it was at the start of my trading career and I was trading money I couldn't really afford to lose - I put my own input in ruined the system and got my reward - a huge loss.
Serves you right you may say and yes it did - but there are other related problems why traders lose.
Most of the Systems Sold Are Junk
I know now with my experience of trading 99% are junk and will never re produce the gains they make on track records presented - Why?
Well at least on the one I traded had a real time track record - but most sold today, are by marketing companies who simulate in hindsight a track record - well we can all do that knowing the closing prices!
They are normally based upon rules that are not revealed, or rules that have been curve fitted (if you don't know what curve fitting is look up my other articles) and the trader who thinks he will get rich for a few hundred bucks or so gets wiped out - lesson learned.
To trade a system, you really need to look for a real time track record but even with this, you face a problem:
Drawdown
Drawdown is the problem with any system. Those losses on paper, don't hurt like they do when you lose real time.
If you are following a forex trading system always assume the worst drawdown is ahead (and very few good ones drawdown by less than 30%) so, when studying the track record, don't look at average drawdown, look at worst peak to valley drawdown in amount and period of recovery and accept that's going to happen - that way things can only get better.
Following the markets
If you follow a purely mechanical trading system don't watch the news!
Whilst we know its wrong and reflects the herd, when your trading system opposes those sensible news stories, you have a problem of discipline and believe me, those news stories can frighten the hell out of you and make you feel dumb for following even the best systems.
Pay to much attention and you are tempted to interfere with the system and that means the end of your system.
Following mechanical trading systems is hard and you must be disciplined at all times.
You need to ignore the news, accept drawdown cheerfully and understand the system logic and ideally to instil confidence, have a real time track record, to know the system has at least worked and is based upon sound logic.
If you can do the above, then mechanical systems are a great way to make money.
If you cant, then you should devise your own with as much human input as necessary, to make you feel comfortable.
The system I traded on and lost, won for many people and its logic is timeless - but I made no money with it which taught me one of the biggest lessons of my Forex trading career.
The catch is executing them - let me explain this in more detail.
I bought the system and it consisted of one parameter and that was it. The logic was easy to understand and you could see why it worked longer term - but do you know what?
I couldn't execute the system in line with the signals and this is a common problem.
My reason was it was at the start of my trading career and I was trading money I couldn't really afford to lose - I put my own input in ruined the system and got my reward - a huge loss.
Serves you right you may say and yes it did - but there are other related problems why traders lose.
Most of the Systems Sold Are Junk
I know now with my experience of trading 99% are junk and will never re produce the gains they make on track records presented - Why?
Well at least on the one I traded had a real time track record - but most sold today, are by marketing companies who simulate in hindsight a track record - well we can all do that knowing the closing prices!
They are normally based upon rules that are not revealed, or rules that have been curve fitted (if you don't know what curve fitting is look up my other articles) and the trader who thinks he will get rich for a few hundred bucks or so gets wiped out - lesson learned.
To trade a system, you really need to look for a real time track record but even with this, you face a problem:
Drawdown
Drawdown is the problem with any system. Those losses on paper, don't hurt like they do when you lose real time.
If you are following a forex trading system always assume the worst drawdown is ahead (and very few good ones drawdown by less than 30%) so, when studying the track record, don't look at average drawdown, look at worst peak to valley drawdown in amount and period of recovery and accept that's going to happen - that way things can only get better.
Following the markets
If you follow a purely mechanical trading system don't watch the news!
Whilst we know its wrong and reflects the herd, when your trading system opposes those sensible news stories, you have a problem of discipline and believe me, those news stories can frighten the hell out of you and make you feel dumb for following even the best systems.
Pay to much attention and you are tempted to interfere with the system and that means the end of your system.
Following mechanical trading systems is hard and you must be disciplined at all times.
You need to ignore the news, accept drawdown cheerfully and understand the system logic and ideally to instil confidence, have a real time track record, to know the system has at least worked and is based upon sound logic.
If you can do the above, then mechanical systems are a great way to make money.
If you cant, then you should devise your own with as much human input as necessary, to make you feel comfortable.
The system I traded on and lost, won for many people and its logic is timeless - but I made no money with it which taught me one of the biggest lessons of my Forex trading career.
Forex Myths - Believe These 10 Common Myths and You Will Lose
The forex myths below are believed by 95% of forex traders and that's why they lose - if you want to win then avoid these forex myths.
1. You need to predict to win
No you don't. If you try to predict forex movements you're really hoping and guessing and you don't get rewarded for that in forex trading. You need to act on confirmation and trade the reality of a turn not just hope.
2. Markets move to a scientific theory
No they don't. This myth is perpetrated by vendors selling systems based upon Gann Fibonacci and Elliot. Of course if markets did move to a scientific law, we would all know the price in advance and there would be no market! Common sense really.
3. The More Knowledge I have the better
Not true. You need the right knowledge and even that is not going to help unless you can apply your forex trading system with discipline.
In forex trading you don't get rewarded for effort, you get rewarded for being right - in the execution of your trading signal. That can take 10 minutes or 10 hours but effort does not equate to success.
4. Discipline is easy
If you think following a currency trading system is easy you have never traded forex - it's hard, even for experienced pros. In fact, the only way you will ever do it is - if you understand your system how and why it works and have confidence.
This means not just following a system blindly - but understanding why it will lead you to currency trading success, when you hit a string of losses.
5. The more complicated my strategy the better
After all 10 indicators are better than 3 - Not true. It's a proven fact that simple systems work best, as there are fewer elements to break.
6. Buy low sell high is a great way to make money
If you believe that then you will miss the best trends that offer the best odds.
Why?
Because most major trends start and accelerate from new market lows or highs and you need to trade these breakouts.
7. Money management is easy all I do is place a stop
Placing a stop is not money management! You need to see money management in terms of risk to the overall account. Money management is critical to success yet most forex traders do it as an after thought.
8. I need to earn from losses
Well if you have a forex trading system, you are going to lose at some point. If the logic is soundly based you learn nothing - just take it on the chin.
Once you have a trading system you're happy with you, don't need any more education you simply trade it.
9. Experts know best I will follow them
Not in forex trading. We have great newswires but there just stories reflecting the greed and fear of the majority. Will Rogers once said:
"I only believe what I read in the papers"
He was joking of course - but many traders read a story and think its gospel and forget markets always rally when the news is most bearish and fall when it's most bullish.
If the news helped traders a lot more would win and 95% don't they lose.
10. Day trading is a great way to make money
Really? Then why do you never see a forex day trading system with real time track record?
Because it doesn't work.
All short term volatility is random and forex traders get wiped out.
Again it's a good story and so is Harry Potter - but I don't believe I can fly!
Avoid day trading which is perpetrated by vendors appealing to greed and naivety.
ONE FINAL POINT!
If you want to win you need to avoid the above forex myths and get a trading edge. A trading edge is something that helps you win and enter the elite 5% who make big gains and enjoy currency trading success.
If you don't know what yours is don't trade and all the above myths will NOT Give you an edge - PERIOD.
1. You need to predict to win
No you don't. If you try to predict forex movements you're really hoping and guessing and you don't get rewarded for that in forex trading. You need to act on confirmation and trade the reality of a turn not just hope.
2. Markets move to a scientific theory
No they don't. This myth is perpetrated by vendors selling systems based upon Gann Fibonacci and Elliot. Of course if markets did move to a scientific law, we would all know the price in advance and there would be no market! Common sense really.
3. The More Knowledge I have the better
Not true. You need the right knowledge and even that is not going to help unless you can apply your forex trading system with discipline.
In forex trading you don't get rewarded for effort, you get rewarded for being right - in the execution of your trading signal. That can take 10 minutes or 10 hours but effort does not equate to success.
4. Discipline is easy
If you think following a currency trading system is easy you have never traded forex - it's hard, even for experienced pros. In fact, the only way you will ever do it is - if you understand your system how and why it works and have confidence.
This means not just following a system blindly - but understanding why it will lead you to currency trading success, when you hit a string of losses.
5. The more complicated my strategy the better
After all 10 indicators are better than 3 - Not true. It's a proven fact that simple systems work best, as there are fewer elements to break.
6. Buy low sell high is a great way to make money
If you believe that then you will miss the best trends that offer the best odds.
Why?
Because most major trends start and accelerate from new market lows or highs and you need to trade these breakouts.
7. Money management is easy all I do is place a stop
Placing a stop is not money management! You need to see money management in terms of risk to the overall account. Money management is critical to success yet most forex traders do it as an after thought.
8. I need to earn from losses
Well if you have a forex trading system, you are going to lose at some point. If the logic is soundly based you learn nothing - just take it on the chin.
Once you have a trading system you're happy with you, don't need any more education you simply trade it.
9. Experts know best I will follow them
Not in forex trading. We have great newswires but there just stories reflecting the greed and fear of the majority. Will Rogers once said:
"I only believe what I read in the papers"
He was joking of course - but many traders read a story and think its gospel and forget markets always rally when the news is most bearish and fall when it's most bullish.
If the news helped traders a lot more would win and 95% don't they lose.
10. Day trading is a great way to make money
Really? Then why do you never see a forex day trading system with real time track record?
Because it doesn't work.
All short term volatility is random and forex traders get wiped out.
Again it's a good story and so is Harry Potter - but I don't believe I can fly!
Avoid day trading which is perpetrated by vendors appealing to greed and naivety.
ONE FINAL POINT!
If you want to win you need to avoid the above forex myths and get a trading edge. A trading edge is something that helps you win and enter the elite 5% who make big gains and enjoy currency trading success.
If you don't know what yours is don't trade and all the above myths will NOT Give you an edge - PERIOD.
Forex Trading Strategy - A 3 Step Method for Success
Here we will outline a simple way to make money with a forex strategy anyone can learn and apply in a few days and it works. Let's look at this forex trading strategy in more detail.
First things first
The key to currency trading success is a simple robust method combined with discipline.
If you don't understand how and why your method works you will NOT be able to apply it - that's why you have to learn it yourself.
Currency trading success comes from within.
Now how do you trade?
1. Methodology
The first point is you need a simple robust method - simple systems work far better than complicated ones as there are fewer elements to break.
The best system to use is a breakout system, based upon support and resistance and confirmed by momentum.
2. A Forex Trading System
How should your system work?
Firstly, forget all about the idea of buying low or selling high it doesn't work in the real world of forex trading - the best way to trade is to buy breakouts to new highs or lows. Most big trends start from these breakouts and the odds are in your favour.
Trade breaks of valid resistance (the more test the better) and if possible in two different time frames spaced by weeks or months and the more periods the better.
When a break occurs you want to go with it. How do you decide?
You look at forex price momentum.
If you don't know about momentum indicators are, now is the time to start.
Get one or two you like - we favour the RSI and stochastic and you can look them up in our other articles.
If price momentum supports the move you are not guessing or hoping the move will continue - you are trading the confirmation.
Stop is then below the breakout point.
That's nice and simple then and it is - but breakout logic is timeless; most traders want to wait for pullback but on the big moves they don't come and their left missing the move - don't make the same mistake.
If momentum supports the break execute your trading signal on your forex chart and go with it.
Money Management & Discipline
You are only trading valid breaks of support or resistance and these normally lead to big trends so you keep your stop back - Do not trail too soon. When you do, make sure you keep your stop outside of normal daily volatility.
This system is based upon breakout methodology which works and is easy to understand.
You can also see why the bulk of traders don't do it.
You have to buy highs or sell a low which requires discipline - but if you want to make money and you have confidence in your forex trading system, then you will do it.
The fact is if you want to succeed remember this equation:
Robust simple system + Applied with discipline = forex success
You need both to come together in your forex trading strategy, to enjoy currency trading success.
It may be simple but that doesn't mean it doesn't work - it does. Furthermore, it should only take 30 minutes a day or less to apply and execute.
Forex traders constantly want to predict (this means hoping or guessing ) and lose, they also want to buy low or sell high - but this is not possible and also if you do it, your not trading high odds trades. A simple breakout system, you understand and can apply with discipline works best.
Try basing your forex trading strategy around the above and you could win big at forex trading
First things first
The key to currency trading success is a simple robust method combined with discipline.
If you don't understand how and why your method works you will NOT be able to apply it - that's why you have to learn it yourself.
Currency trading success comes from within.
Now how do you trade?
1. Methodology
The first point is you need a simple robust method - simple systems work far better than complicated ones as there are fewer elements to break.
The best system to use is a breakout system, based upon support and resistance and confirmed by momentum.
2. A Forex Trading System
How should your system work?
Firstly, forget all about the idea of buying low or selling high it doesn't work in the real world of forex trading - the best way to trade is to buy breakouts to new highs or lows. Most big trends start from these breakouts and the odds are in your favour.
Trade breaks of valid resistance (the more test the better) and if possible in two different time frames spaced by weeks or months and the more periods the better.
When a break occurs you want to go with it. How do you decide?
You look at forex price momentum.
If you don't know about momentum indicators are, now is the time to start.
Get one or two you like - we favour the RSI and stochastic and you can look them up in our other articles.
If price momentum supports the move you are not guessing or hoping the move will continue - you are trading the confirmation.
Stop is then below the breakout point.
That's nice and simple then and it is - but breakout logic is timeless; most traders want to wait for pullback but on the big moves they don't come and their left missing the move - don't make the same mistake.
If momentum supports the break execute your trading signal on your forex chart and go with it.
Money Management & Discipline
You are only trading valid breaks of support or resistance and these normally lead to big trends so you keep your stop back - Do not trail too soon. When you do, make sure you keep your stop outside of normal daily volatility.
This system is based upon breakout methodology which works and is easy to understand.
You can also see why the bulk of traders don't do it.
You have to buy highs or sell a low which requires discipline - but if you want to make money and you have confidence in your forex trading system, then you will do it.
The fact is if you want to succeed remember this equation:
Robust simple system + Applied with discipline = forex success
You need both to come together in your forex trading strategy, to enjoy currency trading success.
It may be simple but that doesn't mean it doesn't work - it does. Furthermore, it should only take 30 minutes a day or less to apply and execute.
Forex traders constantly want to predict (this means hoping or guessing ) and lose, they also want to buy low or sell high - but this is not possible and also if you do it, your not trading high odds trades. A simple breakout system, you understand and can apply with discipline works best.
Try basing your forex trading strategy around the above and you could win big at forex trading
What! 90 Seconds to Trade FOREX?
Calling all FOREX Traders
I know people have spent $2500 buying Forex Profit Pro..and it's good, but we can't all afford it and now it's off the market.
The cost effective option takes 90 seconds to discover the trend, jump on the trade and get support from real traders. You can see how right here.
MarketClub Makes it Easy
No joke MarketClub's system will pay for itself - I know, I'm a trader. You try their system to time your buy and sell and thank me later.
Which Market to Trade
In case you know nothing about the FOREX market here is a snippet to keep in mind when you are contemplating which market to trade.
"This market is the Largest Financial Market in the World"
It is estimated that 3.5 trillion in dollar value is traded per day worldwide. Approximately 5,000 banks, both central and private participate in the FX market worldwide.
Developing Confidence
So it's not a bad market to be trading. The biggest thiong about trading is developing confidence to put your money on the line - I know because I'm a trader too. What has helped me become more confident is I have completed a nuimber of courses and I know I will spend more money in updating my skills.
I know I need to change just like the market changes and I try to keep in tune with what is going on.
Your System
Your trading system is the most important element in giving you confidence. This is the reason MarketClub is the answer if you want to trade without having to buy expensive tools and creating the "wheel". MarketClub has the system, the charting, the data, the support, technical indicators and tools.
Trading is a good path to cash flow and even wealth. It's not all roses - you can lose your money, but you can put your trades on auto and do something else..just don't leave your trade on and go on holidays. You will keep up with the latest by tuning in to THE 10 Simple Rules Ezine blog.
I know people have spent $2500 buying Forex Profit Pro..and it's good, but we can't all afford it and now it's off the market.
The cost effective option takes 90 seconds to discover the trend, jump on the trade and get support from real traders. You can see how right here.
MarketClub Makes it Easy
No joke MarketClub's system will pay for itself - I know, I'm a trader. You try their system to time your buy and sell and thank me later.
Which Market to Trade
In case you know nothing about the FOREX market here is a snippet to keep in mind when you are contemplating which market to trade.
"This market is the Largest Financial Market in the World"
It is estimated that 3.5 trillion in dollar value is traded per day worldwide. Approximately 5,000 banks, both central and private participate in the FX market worldwide.
Developing Confidence
So it's not a bad market to be trading. The biggest thiong about trading is developing confidence to put your money on the line - I know because I'm a trader too. What has helped me become more confident is I have completed a nuimber of courses and I know I will spend more money in updating my skills.
I know I need to change just like the market changes and I try to keep in tune with what is going on.
Your System
Your trading system is the most important element in giving you confidence. This is the reason MarketClub is the answer if you want to trade without having to buy expensive tools and creating the "wheel". MarketClub has the system, the charting, the data, the support, technical indicators and tools.
Trading is a good path to cash flow and even wealth. It's not all roses - you can lose your money, but you can put your trades on auto and do something else..just don't leave your trade on and go on holidays. You will keep up with the latest by tuning in to THE 10 Simple Rules Ezine blog.
Essential Tools for a Great Website
One of the things I love to do first thing every morning is to check the Internet, to find out how much money I made over the night. Like a fisherman checking on his trap, I am thrilled to see money accumulating in my account while I sleep. The beauty of earning an income from the Internet is that my websites continue make money for me from all parts of the world. I can actually know where the money come from, and how much, and test the pages to continue improving them. Wouldn't you want that too?
Before you get the wrong idea, let me clear the air about how I make money from the web. HappyJoblessGuy is NOT about earning money from some online pyramid schemes. It is not about Multi-Level Marketing (even though I have no issue about people earning through MLM). It is not about online forex trading. I am going to show you an honest way of generating income from the web but it's going to involve a degree of hard work from you. For sure, nothing comes easy, and that includes building a machine that makes money online.
Do not have your website hosted by PBase, Tripod, Blogger, even though it can be done an hour. If you intend to earn serious, long-time income, that is not the way to do it. You want something that is 100% your own. Once you have your own website (not an account with Blogger, PBase, etc.), you will realise the amount of freedom in your hands.
If you were to ask me, what are the tools you need to build a great website, I can count them with the fingers of one hand. You can hire a web programmer to build a whole website for you, bypassing the need to be acquainted with any tool. But to own a really great website, I would urge you to do it yourself. You can't be the captain of your own ship if you can't tell stern from starboard. I have received emails from people asking to give them personal coaching. I am sorry, but I do not have time to do that, even if you're willing to pay me money.
In the next five pages of this chapter, I will go through each essential tool one by one. At the end of this chapter I will recap what we have learned. You will realise, if you haven't yet, that earning a living without holding a job requires you to learn skills that you may not have learned before. On the other hand, you may have built many websites, and are wondering what's new that I want to share. Once again, I urge you to be patient as the topics are developed.
Now, without further ado, let’s look at the 5 Essential Tools:
The first tool you need to build a great website is a HTML Editor.
A HTML Editor is a software application to write web pages. There are several brands in the market, including Microsoft Frontpage, Adobe Dreamweaver and so on. Personally I would encourage you not to use Microsoft Frontpage, as it tends to add proprietary codes to your pages, making it difficult to be edited with a different HTML Editor. The one I use is called Homesite, also from Adobe. I learned to write webpages with Homesite. With a HTML Editor, you write the content of your pages by keying in the HTML Codes, and then checking it with the Preview function. If you do not have a HTML Editor presently installed in your computer, I strongly suggest you get one immediately and start fiddling with it. Get used to all the functions. Learn what to click to make the text bold, italics, underlined, etc., how to hyperlink, how to insert picture, and so on. A good HTML Editor does a lot of work for you, so that you can concentrate on putting together a great website. It doesn't matter which one you use, as long as you get familiar with it. The second Essential Tool you need is knowledge of HTML Codes.
As mentioned in the previous page, you need to learn coding. To be exact, HTML Codes. HTML Codes are instructions you tell the Internet how you want to format your webpages. The basic HTML codes you need to know are: • Title • Body • Head • Html • Headers (H1, H2, H3, etc.) • Bold • Italic • Underline • Hyperlink • Table In addition to the above, it would do you good to learn how to format size and colour of your font, background, border. More advanced features such as CSS would be helpful too, but are still all together very easy, that even a dummy could learn it (so if you have to, find a book for dummies and learn all about it). The third Essential Tool is a Domain Name.
The domain name, also called the hostname or sitename, is the basic name of your website. For example, www.happyjoblessguy.com. As you probably have known, the domain name has an ending such as .com, .net, .org, etc. To use it to earn an income, I would suggest you go for .com. It is the most popular, hence, the most difficult to get. Nonetheless, you should try to get domain names with .com.
You probably will not get the first domain name of your choice, and will need to try a few times before landing on one that is still available. This is a very important exercise, so take all the time you need.
Registering and keeping a domain name will cost you approximately US$10 per year or even lower. That is peanuts if you can earn the amount back. For now, look for the domain name but don't register it yet. Instead go to Essential Tool #4 to read about Web hosting.
The fourth Essential Tool is Web hosting.
To get web hosting means you rent space on a server that will host your website. You do not need to purchase a server - you don't even need to know how a server works. All you need to know is that you need to host your website on it. The Webhost provides you the space and the interface for you to manage your website.
Think of web hosting as a safe deposit box, and the domain name as the safe deposit box number. When you register for web hosting, you are buying space in a safe deposit box. The amount you pay should determine the amount of space you need. For that reason, the web hosting fee is directly related to the amount of space you purchase. The safe deposit box number remains the same, regardless the amount of space you use. In a similar sense, the fee for domain name is fixed regardless the amount of content you have on the web.
When you start your website, the amount of space you need will most likely be pretty low, less than 1GB, so do not pay for a lot of space that you are not going to use. You can always buy more space as your needs grow. If you pay for 5GB per year, and throughout the course of that year, you never use more than 1GB, then the balance 4GB is money wasted.
The fifth and final Essential Tool you need to build a great website is an FTP Software.
An FTP Software is an application that enables you to transfer data from your computer to your website on the Internet, and vice versa. There are many other ways to do it, including using an online interface provided by your webhost, but usually, using an FTP Software is the swiftest way.
The FTP Software allows you to upload new pages to your website as well as update existing pages. The FTP Software that I use is called WS FTP, which stands for WinSock File Transfer Protocol. To download it, google "Free FTP Download" to see what comes up.
In the next chapter, we will look at Building a Profit-Making Website. As of now, I want you to be familiar with the five Essential Tools in this chapter. Please go ahead and register your web hosting and obtain your domain name, but once again, let me urge you to give the domain name a good thinking through before decided which. If you choose a wrong one at the beginning stage, fine, it only costs another US$10 or so to register another. But you need to make sure it is a domain name you want to own for years and years to come. Who knows, one day you may even sell that domain and the whole web business for $1 million? So, choose carefully.
Before you get the wrong idea, let me clear the air about how I make money from the web. HappyJoblessGuy is NOT about earning money from some online pyramid schemes. It is not about Multi-Level Marketing (even though I have no issue about people earning through MLM). It is not about online forex trading. I am going to show you an honest way of generating income from the web but it's going to involve a degree of hard work from you. For sure, nothing comes easy, and that includes building a machine that makes money online.
Do not have your website hosted by PBase, Tripod, Blogger, even though it can be done an hour. If you intend to earn serious, long-time income, that is not the way to do it. You want something that is 100% your own. Once you have your own website (not an account with Blogger, PBase, etc.), you will realise the amount of freedom in your hands.
If you were to ask me, what are the tools you need to build a great website, I can count them with the fingers of one hand. You can hire a web programmer to build a whole website for you, bypassing the need to be acquainted with any tool. But to own a really great website, I would urge you to do it yourself. You can't be the captain of your own ship if you can't tell stern from starboard. I have received emails from people asking to give them personal coaching. I am sorry, but I do not have time to do that, even if you're willing to pay me money.
In the next five pages of this chapter, I will go through each essential tool one by one. At the end of this chapter I will recap what we have learned. You will realise, if you haven't yet, that earning a living without holding a job requires you to learn skills that you may not have learned before. On the other hand, you may have built many websites, and are wondering what's new that I want to share. Once again, I urge you to be patient as the topics are developed.
Now, without further ado, let’s look at the 5 Essential Tools:
The first tool you need to build a great website is a HTML Editor.
A HTML Editor is a software application to write web pages. There are several brands in the market, including Microsoft Frontpage, Adobe Dreamweaver and so on. Personally I would encourage you not to use Microsoft Frontpage, as it tends to add proprietary codes to your pages, making it difficult to be edited with a different HTML Editor. The one I use is called Homesite, also from Adobe. I learned to write webpages with Homesite. With a HTML Editor, you write the content of your pages by keying in the HTML Codes, and then checking it with the Preview function. If you do not have a HTML Editor presently installed in your computer, I strongly suggest you get one immediately and start fiddling with it. Get used to all the functions. Learn what to click to make the text bold, italics, underlined, etc., how to hyperlink, how to insert picture, and so on. A good HTML Editor does a lot of work for you, so that you can concentrate on putting together a great website. It doesn't matter which one you use, as long as you get familiar with it. The second Essential Tool you need is knowledge of HTML Codes.
As mentioned in the previous page, you need to learn coding. To be exact, HTML Codes. HTML Codes are instructions you tell the Internet how you want to format your webpages. The basic HTML codes you need to know are: • Title • Body • Head • Html • Headers (H1, H2, H3, etc.) • Bold • Italic • Underline • Hyperlink • Table In addition to the above, it would do you good to learn how to format size and colour of your font, background, border. More advanced features such as CSS would be helpful too, but are still all together very easy, that even a dummy could learn it (so if you have to, find a book for dummies and learn all about it). The third Essential Tool is a Domain Name.
The domain name, also called the hostname or sitename, is the basic name of your website. For example, www.happyjoblessguy.com. As you probably have known, the domain name has an ending such as .com, .net, .org, etc. To use it to earn an income, I would suggest you go for .com. It is the most popular, hence, the most difficult to get. Nonetheless, you should try to get domain names with .com.
You probably will not get the first domain name of your choice, and will need to try a few times before landing on one that is still available. This is a very important exercise, so take all the time you need.
Registering and keeping a domain name will cost you approximately US$10 per year or even lower. That is peanuts if you can earn the amount back. For now, look for the domain name but don't register it yet. Instead go to Essential Tool #4 to read about Web hosting.
The fourth Essential Tool is Web hosting.
To get web hosting means you rent space on a server that will host your website. You do not need to purchase a server - you don't even need to know how a server works. All you need to know is that you need to host your website on it. The Webhost provides you the space and the interface for you to manage your website.
Think of web hosting as a safe deposit box, and the domain name as the safe deposit box number. When you register for web hosting, you are buying space in a safe deposit box. The amount you pay should determine the amount of space you need. For that reason, the web hosting fee is directly related to the amount of space you purchase. The safe deposit box number remains the same, regardless the amount of space you use. In a similar sense, the fee for domain name is fixed regardless the amount of content you have on the web.
When you start your website, the amount of space you need will most likely be pretty low, less than 1GB, so do not pay for a lot of space that you are not going to use. You can always buy more space as your needs grow. If you pay for 5GB per year, and throughout the course of that year, you never use more than 1GB, then the balance 4GB is money wasted.
The fifth and final Essential Tool you need to build a great website is an FTP Software.
An FTP Software is an application that enables you to transfer data from your computer to your website on the Internet, and vice versa. There are many other ways to do it, including using an online interface provided by your webhost, but usually, using an FTP Software is the swiftest way.
The FTP Software allows you to upload new pages to your website as well as update existing pages. The FTP Software that I use is called WS FTP, which stands for WinSock File Transfer Protocol. To download it, google "Free FTP Download" to see what comes up.
In the next chapter, we will look at Building a Profit-Making Website. As of now, I want you to be familiar with the five Essential Tools in this chapter. Please go ahead and register your web hosting and obtain your domain name, but once again, let me urge you to give the domain name a good thinking through before decided which. If you choose a wrong one at the beginning stage, fine, it only costs another US$10 or so to register another. But you need to make sure it is a domain name you want to own for years and years to come. Who knows, one day you may even sell that domain and the whole web business for $1 million? So, choose carefully.
Best Forex Brokers - A Perfect Way For Novice Traders to Learn
If you are looking at the best forex brokers the best way to learn is NOT a demo account. Sure a demo account shows you the mechanics of how to trade - but it doesn't give you the real feeling of dealing with money. I came across this service that solves the problem.
It's called a protected account and is designed for those traders who want to trade with a small amount and get the feel of trading. These accounts offer unlimited trading in a set period and the difference with these accounts is:
It doesn't matter if you go debit you still trade.
It is only at the end of the set period (normally a few weeks) that the profit or loss is calculated so the client gets any profits and the broker takes any losses.
This is different to a guaranteed stop - because once that's hit and your trading capital is gone, you're out - with this account and you continue trading even if you're in debit.
So for a small risk you get a real trading experience, get to do a lot of trades to test your skills and you know your risk in advance.
You know it's only at the end of the period you stop trading.
I like this idea and think it's a good one for novice's forex traders.
I see countless traders who think that because they have won with a demo account and made money with their trading signals that they will win in the real world, with money on the line.
Nothing could be further from the truth.
When money is on the line emotions kick into play and it's a whole new ballgame.
It's a bit like taking penalty kicks in your garden.
They are all completed successfully with no problem but try and do it with 100,000 people watching you and the game depends on the kick being successful and it's a different matter!
Some traders can handle the emotional side of trading and others cant - its as simple as that.
You won't know if you can Handle your emotions until you try!
These forex accounts look set to soar in popularity as they act as a bridge between a demo trading account and a full trading account and allow you to test your forex trading system in real conditions, risking real money albeit a small test amount.
It's a fact that anyone can learn to trade forex and enjoy currency trading success but it's also a fact that 95% of traders lose.
Most traders lose, not because they don't have good methods but because they cannot execute their methods with discipline, when money is on the line and this is the advantage of these accounts.
There are a whole host of inputs that make a best forex broker but this service certainly gets my vote as one of the services that can really help novice traders and you should consider them as part of your overall forex education.
About the Author
It's called a protected account and is designed for those traders who want to trade with a small amount and get the feel of trading. These accounts offer unlimited trading in a set period and the difference with these accounts is:
It doesn't matter if you go debit you still trade.
It is only at the end of the set period (normally a few weeks) that the profit or loss is calculated so the client gets any profits and the broker takes any losses.
This is different to a guaranteed stop - because once that's hit and your trading capital is gone, you're out - with this account and you continue trading even if you're in debit.
So for a small risk you get a real trading experience, get to do a lot of trades to test your skills and you know your risk in advance.
You know it's only at the end of the period you stop trading.
I like this idea and think it's a good one for novice's forex traders.
I see countless traders who think that because they have won with a demo account and made money with their trading signals that they will win in the real world, with money on the line.
Nothing could be further from the truth.
When money is on the line emotions kick into play and it's a whole new ballgame.
It's a bit like taking penalty kicks in your garden.
They are all completed successfully with no problem but try and do it with 100,000 people watching you and the game depends on the kick being successful and it's a different matter!
Some traders can handle the emotional side of trading and others cant - its as simple as that.
You won't know if you can Handle your emotions until you try!
These forex accounts look set to soar in popularity as they act as a bridge between a demo trading account and a full trading account and allow you to test your forex trading system in real conditions, risking real money albeit a small test amount.
It's a fact that anyone can learn to trade forex and enjoy currency trading success but it's also a fact that 95% of traders lose.
Most traders lose, not because they don't have good methods but because they cannot execute their methods with discipline, when money is on the line and this is the advantage of these accounts.
There are a whole host of inputs that make a best forex broker but this service certainly gets my vote as one of the services that can really help novice traders and you should consider them as part of your overall forex education.
About the Author
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