Just about everybody who starts online foreign exchange trading is hoping to make big money. There are perhaps a few people who do it just for fun, but if they are at all successful they will soon start to think about turning that success into a money maker that could eventually change their lives.

However, a lot of forex traders see their big dreams come to nothing.

Mistake #1: Increasing The Risk

When you start out you will receive a lot of good advice about keeping your risk down around 2% to 5% depending on the size of your funds. Most people feel it’s OK to take a bigger percentage risk with smaller funds because they don’t care so much about losing the money. So you might be happy to risk 5% of a $1,000 starting balance (that’s $50) but you probably wouldn’t start out risking 5% of a $100,000 balance if you have it (that’s $5,000).

But after a while, the situation somehow becomes reversed and people who started out with a good small risk often find themselves increasing it. This can be either because their system has been consistently profitable and they think they cannot lose, or because they have had a few losses and they think they must be due for a winning run. Neither of these assumptions are true. Disaster can strike, often at the times that we are least prepared … i.e. when we just increased the risk.

Your percentage risk should decrease as your funds increase, not the other way around.

Mistake #2: Trying To Do Everything

Some inexperienced forex traders hop from system to system, abandoning every system whenever a new one comes along. Others try to cover all the bases, running three or four systems at the same time and trading on every currency pair that their broker offers. Both of these tactics are big mistakes.

The most successful systems are simple. Don’t try to employ every forex trading strategy that you can find online and don’t be drawn into thinking that if you combine the advice of all of the experts you will end up with the perfect system.

Trading systems do not mix well. Start with one. If it doesn’t give you enough trading signals so that you don’t have anything to do most days, you might want to add another, but be careful. Remember that if there is a sudden major natural disaster or terrorist attack, all your open trades could go west in a few seconds.

Mistake #3: Too Much Or Too Little Testing

You probably know that you need to test any system in a demo account before going live with it. However well the system is explained, you may be doing something slightly differently that will give you different results from the expected. It’s important to test enough that you have confidence in your system.

But at the same time, don’t test for too long. You need to know that the system works and then not be scared to switch it over to a real money account … without changing anything. Go back to the demo account any time that you think of an improvement. This will give you the best chance of making big profits with your online foreign exchange trading real money account.

There are many Forex trading systems on the market. The most frequently used is

IvyBot Forex Trading System

So what is a professional currency trader and how do you get to be one if you are just trading currency part time right now? This is the big question for most forex traders because just about everyone who is involved in the forex market has the dream of being able to support themselves and their families from their trading some day.

A professional currency trader could also be described as a full time forex trader but the words ‘full time’ give the impression of working 9 to 5 which is not really what it is all about. The point is to become financially free and enjoy what you do at the same time. If you continue trading consistently and successfully, you could go on to become rich.

There are two things that you need if you want to turn professional with currency trading.

1. A Simple But Profitable System

Successful traders don’t hop from one strategy to another. They develop a successful forex trading system, often by tweaking an existing system that they got from somebody else, and then they stick with it.

Usually this is a surprisingly simple system. It’s not something complex that requires insider knowledge of the financial markets or a genius mind for math. It’s the kind of system that you are probably applying right now.

The difference is that they know from experience that their system is profitable so they can apply it all of the time in a disciplined way. They trade when the signals are right and not when they are not. There may be a month when they make no money. That’s OK. They don’t panic. They know it will even out in the long term.

2. Money

It takes money to make money. The old cliche is just as true in forex trading as in any other type of investment. If you have a mini trading account with $1000 in it, you are not going to be able to turn professional tomorrow. It just is not possible to make enough money to live on from $1000 capital because that would mean turning a 300% to 500% profit a month. Get real.

What you can do, of course, is slowly build up your capital. If you can make 10% or even a conservative 5% growth per month, then you can get there in a few years. 10% growth per month, consistently for 4 years, gets you up close to the $100,000 mark where real money is made. Until that time of course you cannot withdraw any of your funds so you must have another source of income.

If your system gives you 5% growth it will take you twice as long but you are probably less likely to crash and burn in the process. However, if you start with $10,000 you can do it in half the time.

Remember to keep a low risk per trade: don’t take big risks to try to make more money. The really big traders keep their risk down to around 1% of funds or even less. When you have hundreds of thousands of dollars in your account, you want to make darn sure you don’t lose it all.

And that, in fact, is probably the biggest secret to becoming a professional currency trader: protect your capital.

There are many Forex trading systems on the market. The most frequently used is

IvyBot

This 10 Minute Forex Wealth Builder review takes a close look at the system developed by Dean Saunders.

User Feedback

The 10 Minute Forex Wealth Builder has been available for some time now and it is still getting great feedback on the forums from traders who are using it on both demo and real money accounts. Trading opportunities arise often enough for traders to be able to make significant profits.

What You Get

This is an instant download. You get two different trading systems (the main Breakout system and the additional Swing system) that have both been tried and tested by the developer. You are given all you need to know to operate them, with the written manuals supplemented by video tutorials including live trading videos.

How It Works

These are manual trading systems with thorough and clear instructions. You will be advised on risk, profit aims, stops and entry signals. Analysis is price driven and not dependent on lagging indicators. The aim is to increase your account balance by a healthy 10% to 30% a month. Having two systems gives you more chances to trade.

You can operate these systems in the evening if you have a day job. As you might guess from the title, the Breakout system in particular is very quick to implement. It is not a day trading system so you do not have to stare at the computer for hours. The point of the title is that you should only need to put in 10 minutes a day to set up your trades, once you know what you are doing. Of course you also have to give some time to understanding the system.

Once you have your entry and exit points decided, you can set them up to be automatically triggered in your brokerage account and walk away from your computer until the next day. As well as saving you a lot of time, this also has the advantage of removing the emotional element from your trading. Leaving your trades to take care of themselves, you will not be tempted to alter the settings from fear or greed. This gives you maximum profit potential from the system.

10 Minute Forex Wealth Builder Cautions

Money management combined with a profitable system is the key to successful forex trading. In this forex ebook Dean Saunders covers both. Do not ignore the money management side of the system and think that you can take bigger risks than Dean proposes. Doubling your money overnight is a dream that leads to disaster. Have patience and above all, do not trade when the signal is not there.

Forex trading carries a high risk and most people who do not succeed with this system can probably put their difficulties down to bad money management. Do not skip the different steps in the training even if you think you know what you are doing. As with all systems, making small changes here and there can render the system unprofitable.

Having said that, the stop losses are sometimes a little too close to the entry point and you might want to vary these a little. Test this out in a demo account before you go live.

10 Minute Forex Wealth Builder Level

Beginners are covered with two introductory videos that show you how to open a demo account and use the charting software. You can skip these if you are more experienced.

There is not a lot of unnecessary information. Everything relates to putting these particular systems into practice. If you want more background about forex trading, you will need to look elsewhere. But most people will welcome that this is very simple to put into practice without having to wade through a lot of fluff.

10 Minute Forex Wealth Builder Support

Dean Saunders offers very good, fast email support, usually answering support emails personally.

10 Minute Forex Wealth Builder Guarantee

The system is sold by Clickbank who offer a 100% money back guarantee for a full 8 weeks after purchase. This means that having read this 10 Minute Forex Wealth Builder review you can purchase and test it out on a demo account with no risk. Simply return it if it doesn’t work. But we think that if you follow the system properly, you have a very good chance of success with this forex trading system.

Get Started Right Now with 10 Minute Forex Wealth Builder

Forex pairs are always involved in currency trading. The pair is the two currencies involved in your trade. For example if you are exchanging US dollars for Swiss francs, the currency pair is USD/CHF.

Theoretically you could trade any two currencies of the world, but in practice most foreign exchange trading is limited to the currencies of the larger financial powers. This does not necessarily mean the biggest or most politically powerful countries. Switzerland for example is only a small country but is a major player in the financial markets because of the global importance of the Swiss banks.

There are 6 major forex pairs which between them account for 90% of the funds traded on the forex markets.

These are:

– EUR/USD: the euro and US dollar.

– GBP/USD: the British pound and US dollar, nicknamed Cable because it used to be synchronized on both sides of the Atlantic by a cable running under the ocean.

– USD/JPY: the US dollar and Japanese yen.

– USD/CHF: the US dollar and Swiss franc.

– AUD/USD: the Australian dollar and US dollar.

– USD/CAD: the US dollar and Canadian dollar.

Some traders do get involved in other combinations of these major currencies or pairs that include other currencies such as the New Zealand dollar. But in the beginning it is best to stick with the majors.

The US dollar is the most significant single currency and is involved in 85% of trades according to a 2007 study. The euro is second at 37%. Next come the yen, pound, Swiss franc, AUD and CAD in that order. If you are wondering why these add up to more than 100%, it is because there are always two currencies in every trade.

What Is The Best Currency Pair For A Beginner?

If you are just starting out in forex, most experts advise beginning with the EUR/USD pair. This is because there is a lot of information about these currencies and the high liquidity results in a smaller spread, so your costs will be lower.

Some of the other currencies have particular characteristics which make most newbies avoid them unless they have special knowledge. For example the value of the Canadian dollar is strongly influenced by the price of oil because Canada is an oil exporter. The Japanese yen can also be affected by the price of oil in the opposite direction because Japan is a large consumer and importer of oil.

You will not want to get involved in a lot of different currencies when you are starting out. The best thing to do is probably to take the EUR/USD market and stay with that for the first few months at least. GBP/USD would be the second choice of the major forex pairs for most new traders.

IvyBot – the best forex robot, which is actually made up of four separate Expert Advisors, sold in one package – a separate Expert Advisor for each of the four currency pairs.

There are basically two types of currency exchange trading: forex fundamental analysis and forex technical analysis. There is a lot of debate about which is better. In fact, both are important.

The simplest way of looking at these two methods of analyzing the market is to say that fundamental analysis considers the world economy while technical analysis looks at charts. In this article we will consider the different fundamental or economic factors and how they can affect your trades.

It will be clear to anybody who has even the most rudimentary understanding of the currency markets that a nation’s economic status will have an effect on the value of that nation’s currency.  A healthy economy means a strong currency, just as a company’s stocks will rise in value when that company is doing well.

Any time that a major financial or economic report is due from one of the main players in the world economy, you can expect to see an effect on the foreign exchange markets. This includes reports of the country’s Gross Domestic Product, statements of the national debt, inflation, employment levels and trade deficits. Many of these reports are given out regularly at predetermined times and dates, and you will see a lot of volatility in the forex markets around those times.

It is very important to keep track of when these reports are due, not only in your own country but in all of the countries whose currencies you regularly trade. You cannot rely on national newspapers and television for this. They do not carry international economic news at a sufficiently detailed level. You need specialist publications. Many people use the internet for this purpose.

However, it is not only the economy that counts. Social and political forces also have a strong influence on a nation’s currency values. Events such as an election, civil unrest, or a natural disaster can cause fluctuations in values.

Some of these events are difficult or even impossible to predict, but you can still base trades around what is likely to happen after the event. You can use historical analysis to see what happened in the currency markets the last time there was a similar event.

If you want to base your trading around fundamental analysis of the forex markets you will need to be the type of person who enjoys following the financial, political and economic news.

The alternative is to use information about upcoming events to avoid trading at those times. People who prefer to rely mainly on technical analysis will do this. But you still need to know what is happening, in order to keep out of the market. So even for somebody who prefers basing their trades on charts, forex fundamental analysis is important.

Currency trading courses can benefit you greatly whether you are a novice forex trader or have been around the forex market for some time. There are thousands of people interested in trading the forex markets from home and a number of very effective training courses have developed to help these people to actually make money rather than losing it in the risky world that is forex trading.

Just about all currency trading courses are available online. Forex traders work from their computers so that is naturally the place that you want to have your educational material.

So do you have to study a lot to be a successful forex trader?

Really, it is not so much a question of studying as picking up new practical skills. You will need to read a certain amount but at the same time you put that into practice by trying everything out on a free forex demo account.

One of the most important things that you need to develop to make money with forex trading is skilful money management. Understanding risk management will help you preserve your funds when the inevitable losing trades occur. So whatever forex trading course you choose, be sure that you cover this subject.

Most forex courses will teach you one or more specific trading strategies that you can apply in the markets. It is always important to follow the instructions exactly. Do not think that you can cut corners or apply the system in a different way. Usually this will not work and you will lose money. First, put it into practice exactly as described. Then when you are completely familiar with it you will be in a position to make modifications. Of course, you will always test new strategies in your demo account, not on the real money market.

For an experienced trader, it is worth enrolling in a course from time to time to sharpen your edge. When you have been doing anything regularly for any length of time you begin to fall into habits that are not necessarily the best. A forex course can bring you up to date and at the same time teach you some new tips. Many traders buy just about every new course that comes out, just to see what it can add to their trading skills and tools.

Do not be concerned if the course already covers many things that you know. This is inevitable if you are an active trader. What you want is to find the nuggets of gold, the new tips and tricks that are in there. If you are very experienced, maybe 80% or even 90% of the course will not be useful to you, but the parts that you can use could easily double your income. So do not judge currency trading courses too soon but take the time to examine them closely and pick out what you can use.

When you are looking at forex systems, one of the factors that you might see mentioned in a good forex system review or summary is drawdown.

So What Is Drawdown?

All trading systems have their losses, as I am sure you know, and occasionally you will have several losses in a short period of time. The amount of loss that you might expect to have in a certain period varies according to the system, but it will follow statistical laws and is probably more than you think. The amount that you can expect to lose on each losing trade also varies with different systems, of course.

So there is a need for some kind of measure that will apply to any system to give you an idea of how much your funds are likely to diminish when a string of losses occurs. This is drawdown: the degree of loss between the peak value of your funds and the lowest point after a bad run.

Why Is It Useful?

Having a figure for the drawdown of a system is a very useful measure of the risk that you are likely to encounter. Clearly it depends on how much risk you are placing on each trade, so knowing this figure will help you keep your per trade risk within boundaries where your funds are not likely to be wiped out when things go against you. It gives you a worst case scenario based on past results.

If your actual loss goes to more than you have on deposit with your broker or the credit you have agreed with him, your broker will ask for more money (issue a margin call) or close your position. Having a drawdown figure for your system helps you to avoid this by making sure that your expected potential loss is covered.

Some caution is required here because you cannot assume that the past results are necessarily going to continue into the future. You should plan for a buffer, probably at least as much again. 

Drawdown is also used in calculating the Calmar ratio of a financial trading system. This the compounded annual return divided by the maximum drawdown of a system. Often, a system with high returns will also have high risk, but you can use the Calmar ratio to compare different forex systems. One with a higher Calmar ratio will have a higher return in relation to its risk and most people would consider that makes it a better system, at least on historical results.

How To Calculate Drawdown

Of course, many systems are described or sold without telling you the drawdown. Or you may be designing your own system and want to be able to assess its risk. You may wonder what to do in this situation. The answer is very simple. If the system does not tell you exactly what its drawdown is, you should try to work this out for yourself. The best way to do it is to run the system for a considerable period in a demo account. This is always a wise plan when testing a new system anyway.

As you probably know, demo accounts allow you to run a forex trading system in real time but with virtual funds so that you do not have to risk any of your own real money. Most brokers provide them and it is best to have a different demo account for each system that you are testing. This makes it easier to track results and variables such as the drawdown of your forex systems.

FXYard -  most frequently used demo account

IvyBot -  the latest Forex Trading robot – is a very sophisticated Forex trading system.

International currency exchange or forex (foreign exchange) trading has become one of the most popular ways for investors to get involved in speculative trading from home. Instead of trading stocks, you simply trade the different currencies of the world.

When a currency that you bought increases in value, you make money. However, unlike  stocks, you can also make money when a currency that you sold goes down in price. So you could say that you have twice the opportunities for a trade.

The forex market is huge and because of its global nature, you can trade at any time of day, 24 hours a day from Monday through Friday. The US dollar is the most frequently traded currency but of course, two currencies are involved in any exchange. The other major players are the euro, the Japanese yen, the British pound, the Australian dollar, the Swiss franc and the Canadian dollar.

You can start forex trading from home provided that you have a computer with a high speed internet connection and some funds to invest. There are many different types of forex trading brokers and some will let you open an account with just a few dollars now.

You can trade on margin so that with an opening balance of say $100 you could be controlling trades of $10,000. This is what makes forex trading attractive to many investors, because it means that you can make a lot of money from just a small starting fund. However, it also means that the risks are high and you should be prepared to lose this money if things go wrong.

Of course it helps if you have some practical experience in a risk free trading situation so that you can be confident about your ability to trade successfully before you start. This is easily done through a forex demo account or practice account which most brokers will offer you for free. Their aim is to have you try out their service without obligation. You can be testing a system at the same time, to make sure that it works for you before you switch to real money.

There are many forex systems available for the international currency exchange market. You will easily find free systems online, but you may be suspicious of these, since often in this world we get what we pay for. The quality may not be high and there is no point starting out with a system that will lose you money. It is better to pay a few dollars for something that is profitable. A good way to evaluate the different systems is to look at reviews online, especially in forex trading forums.

Brokers will also offer you a wide range of tools to help you implement your chosen system. These include charts and indicators that will help you to assess whether the price of a currency pair is likely to rise or fall in the short, medium or long term. Often they will also provide financial news alerts which can assist you. It is very useful to know if a national government is about to make a financial or economic announcement which will have an impact on the international currency exchange markets.

The real time foreign exchange market operates 24 hours a day. From the start of business hours on Monday morning in New Zealand (Sunday afternoon in the USA) through to Friday evening, it never closes and never stops. Currency trading is taking place somewhere in the world all of that time.

This 24 hour market gives forex trading some advantages over other types of speculative investment such as stock trading. It means that anybody can trade in their spare time, even if their spare time is not during business hours in their own country.

Currency trading is available online with plenty of brokers offering access to their services at any time of the day or night so that you can trade in the evenings or early mornings if you wish. You can keep on working at your day job while you find out if forex trading is right for you.

These online brokers will give you a dummy forex account so that you can learn the basics and practice your currency trading skills without risking any real money at all in the beginning. Many forex traders do lose money when they start out so it is a wise idea to begin with a dummy account. Depending how much time you have and how quickly you pick it up, it could take a while before you are showing steady profits and confident enough to go live with real money. So you do need some patience.

There is also a lot of information about forex trading that you can find online. This ranges from basic explanations of the terms and techniques used in the forex market through high level courses, charting packages to help you analyze the market and forex forums where you can chat online with other traders. You can also find real time foreign exchange news alerts and information that will help you stay informed about the world events that affect the currency markets.

Some of these online resources have a cost but many of them are free. While it is true in many ways that you get what you pay for, the low cost of running a website means that many sites are able to provide a lot of information for free and cover their costs with advertising.

It is even possible to get forex robots that will trade for you on autopilot. These are sophisticated software programs that automatically execute orders in the forex market according to their system which has been tried and tested by the developers. You can alter the settings to suit your own fund size and the level of risk that you are comfortable with.

All of this means that you no longer need to have any formal education or experience in the world of finance to become a successful forex trader making money from home. The internet has truly opened up the world of real time foreign exchange trading to the home computer user.

Forex Cash Detective is the Newest Forex Robot. To Read Forex Cash Detective  Review Click Here

The introduction of IvyBot – commercially available automated forex trading system programs is one of the reasons why forex or foreign exchange trading has become more and more popular over the last few years. The idea of making money on autopilot appeals to just about everybody.

Add to this the fact that brokers are now allowing new traders to start with just a few hundred dollars in an account, and just about everyone has the necessary home computer and broadband connection these days, and it is easy to see why forex trading is attracting a growing number of home traders.

For someone new to the world of forex trading, there are two main issues that you must address if you want to make money with forex autopilot software. First, you must understand that the robot does not come with any guarantee that you will make money. The only guarantee the retailers will ever give you would be a refund on the price you paid for the software. Currency trading is a risky business and even with a robot, you could still lose money, either because the market is going through a patch where its system does not work or because you committed more of your funds than you should to one trade.

The second issue is that they can take a while to set up. Sure they work on autopilot once you have them connected, but they do not come and install themselves on your computer. You have to download them, install the platform that they run on, install the program itself and link everything up. Of course you get the instructions which are usually clear, and you can also contact support if you need to. But setting up the robots can take a little time and some people do not have the patience to see it through.

So you need to be prepared to spend a little time on getting them set up correctly. You also need to think about money management and take this seriously. The system will not work if you are constantly tweaking your settings. The best thing is to use a demo account (which usually comes free of charge) until you are familiar with everything and making consistent profits.

Forex robots certainly have some advantages over the human trader. They can monitor the currency markets 24 hours a day, and since the currency markets are active 24 hours a day this is a big bonus. Also, they are perfectly disciplined. They will never close a trade early because they got scared, or hang on to a trade when they should have exited because they were hoping for a few more dollars.

So provided you take account of the above points and have the patience to set up your robot correctly and test it, you could find that running an automated forex trading system on your home computer brings enormous benefits.

There are many Forex robots on the market. The most frequently used is

IvyBot Robot

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Demo currency trading accounts are offered as a great free benefit by most currency trading brokers and are promoted all over in the trading world, but are they always such a big bonus? Could they be bad for your trading health? In this article we will consider demo currency trading accounts from all points of view and take their bad points along with the good.

What is a demo account?

If you have ever used an online casino you will know that most of them have two modes: real money, where you have to actually deposit funds and risk them, or fun/demo mode, where you have an imaginary account balance. They hope you will get addicted, or win a lot of imaginary money and think you are invincible, so that you will go ahead and open up a real money account.

Demo forex accounts are very similar in some ways. Brokers offer demo accounts hoping that you will try out their software platform and like it. They give you the chance to start trading and work out a profitable system without risk, on the assumption that when you decide to invest funds you will go with the platform that you have become familiar with.

From the point of view of the beginner trader, using a demo account has a lot of advantages. It gives you the chance to apply what you have read and begin trading without risk. Ideally, you will start out with or quickly develop a profitable currency trading system and a solid trading plan. You will learn to make money from forex trading, develop a cool head and move on to become a successful real money trader. However …

A demo currency trading account has one big disadvantage and strangely, that is the same as one of its advantages: the fact that it is risk free. When you are not using your own hard earned cash you are likely to open trades on feeling rather than systems, or take risks that you would not take with real money. If you are lucky and your demo trades do well, you may open a real money account with misplaced confidence, thinking that you cannot lose. Experience will sadly soon show you that you were wrong!

Demo accounts are great for experienced traders who just want to get to know a new broker’s platform before they commit to switching their account. They are also good for beginners, but only if they use them properly. You absolutely must learn to apply a trading plan consistently and with discipline before you start trading with real money. If you do not do that, a demo currency trading account may be worse than useless.

There are many Currency Trading Brokers who offers a free demo account. The most frequently used is Forex Yard

If you want to discover the most successful forex trading strategy for making big money, you need to concentrate on the money itself and how to manage and track it. A profitable forex trading system is necessary of course but the best system in the world will not make money for anybody if they do not know how to manage their funds.

This sounds like it should be a very basic skill that anybody could do. Unfortunately it is not so easy and does not come naturally to everybody. If you are good with your finances generally, able to keep within your income and always know how much is in your checking account, you will be starting with an advantage. But putting your funds at risk will require a different attitude. We all need to learn to some extent and the best way is to start small.

If you try this for yourself, you will find that the best way to make big money is not to think about making money at all, but just concentrate on avoiding big losses. You should not be worried about occasional small losses, because these are inevitable. However, make sure that your trading plan is not one that exposes you to the risk of large losses.

It is true that a plan that involves many small wins and occasional large losses can be profitable. However, it is not the best plan for anybody starting out in forex trading.

This is simply because a large loss, when it happens, is likely to unsettle you, sometimes to the point of causing panic. You will be afraid to continue with your trading plan in case it exposes you to another similar situation. At the same time, you will want to recover your lost capital as quickly as possible. This is a dangerous situation where it is very easy to slip into bad trading decisions.

Do not be tempted to try to make a huge amount of money by using maximum leverage on a small account. Even if you think that you see the perfect trading opportunity that cannot possibly lose, you could still be wrong or the situation could suddenly change. Unexpected news is always a danger and there are no guarantees in the currency markets.

Limiting your risk to 2% of your account balance is a good forex strategy for most traders, especially in the beginning. This means $20 on a $1,000 balance. This is the minimum balance that many experts recommend for starting out. Although you can find forex brokers who will let you open a mini forex trading account with less, it is better to have at least $1,000 in your account. And of course, that should be money that you can afford to lose. Then you can take care that you don’t!

Something else that you should be sure to do is to keep records of your trades. Enter them all onto a spreadsheet, with your opening and closing prices, profit or loss after deducting the spread, and preferably, the reason for making the trade such as the indicators that you used.

Even if you are only using a demo account at this stage it is worth taking the time to do this. You can learn a lot from looking over this spreadsheet in a few months’ time. It will help you to improve your forex strategy so that you have a better chance of making big money when you start trading for real.