The Unique Finance Blog

Over the past month, the value of the US dollar has fallen significantly with the once mighty greenback dropping to a record low against the Euro and a 31 year low against the Canadian dollar. For currency traders, the dollar’s weakness has provided plenty of opportunities, but for the average person living in the United States, what does a weak dollar really mean? As there are two sides of every coin, a weak currency also has its advantages and disadvantages.

Of course all traders want them and are capable of accepting them – but they cant, due to having the wrong mindset and this is what this article is all about - spotting and accepting big gains.

So why is this currency trading fact such a problem to most traders?

For the past five years my sole source of income has been profits made from trading on the forex market. Over that time period, many people, perhaps somewhat envious of my ability to earn money from home without having to report to a boss, have asked me what it takes to trade for a living. How can one arrive at a point where one feels confident enough to leave ones regular employment, strike off on ones own with no guarantee of a regular paycheck, and put what might conceivably be ones entire savings up to that point at risk in the markets?

Does making $100-200 a day within a two hour time window sound appealing to you? Of course it does, who wouldn’t?

The real question is… are you willing to put in the time, effort and money to learn to do this? We might lose a few people with that question.

About two years ago I entered a slump in my day trading. I decided to hunt the internet, and there I found many day trading chat rooms. One by one I signed up for trials to see what they were about. I had never been in a chat room before.