Make Money Trading - A Review of the G7 Forex Trading System

The forex, or foreign currency exchange market, is the largest market in the world. The daily trading volume for the forex is over 1.9 trillion dollars dwarfing the stock market. This article will explain how to make money trading successfully and avoid the pitfalls of first-time forex traders.

The forex is referred to as an interbank market because it has no specific location like New York Stock Exchange. The market is open from Sunday afternoon eastern time twenty four hours per day until Friday afternoon eastern time making it very desirable to trade because it doesnt close at the end of the day like the stock market.

To make money trading is accomplished by going through a forex broker and buying and selling currency pairs such as the GBPUSD (British Pound/US Dollar). A person can make money when the market is going up or going down. It used to be that to make money trading the forex market you had to be a bank, an institution like a large company, or be a millionaire. In the past decade this has changed and forex brokers will allow someone to open an account for only a few hundred dollars. I will explain later in this article why you should not open an account for as little as $250 in the forex market to make money trading.

Let me give you an example of a trade. You might buy the EURUSD (euro/us dollar) pair at 1.3660 with a stop of 1.3630 and an open limit. Your forex broker will give you a free trading platform where you can buy and sell these currencies. 1.3660 is the level you buy at. The stop is in case your trade goes the wrong way and you dont want to wipe out your account, so you would limit it to a 30 pip stop or stop loss. A pip means price interest point. We are trying to make pips in our forex account with each currency making different dollar values. The EURUSD trades at about a dollar a pip and we might make 50 pips or 50 dollars on our trade when we reach our limit or target in a mini account or 500 dollars in a regular account.

There are two different kinds of forex accounts to make money trading. A forex mini account which you can open with a few hundred dollars or a regular forex account which you can open with about five thousand dollars. In the mini account, you make about a dollar a pip and in a regular account, you make about 10 dollars a pip.

How can one get started in the forex market to make money trading? Our company, Provident Trading, is a forex education company. We buy inexpensive forex e-books ($100 or under), trade the methods, and publish the results for our subscribers in our free forex newsletter. We have recently reviewed the G7 Forex Trading System. While many make claims that their systems are profitable, we prove it by trading them.

For the forex trading beginner, you can start out with a free demo forex account. You can practice in the demo account before you put your money into a real account. What is remarkable about the G7 Forex Trading System is that with the purchase of the book, you can get a month of free daily trading signals or trades like the example above.

Forex trading signal companies generally charge hundreds of dollars for their trades which makes it difficult for a forex beginning trader to start with signals in a forex mini account. The author of the G7 Forex Trading System charges less than a hundred dollars per month for his signals. When Provident Trading purchased the forex system, we received 8 weeks free of forex trading signals. We made 300 pips in June trading just the signals and as of today, July 27th, we have made 312 pips. We feel this is the best system we have ever evaluated and in an industry that charges thousands of dollars and typically doesnt teach people how to trade profitably, this is truly the way to get started in the forex market to make money trading.

So why not open a forex account with as little as $250? In a word, drawdown. In the forex world, drawdown means when your account goes down. Not every trade will make you money. You might have a drawdown of 220 pips before your account goes back up. Forex brokers entice new forex traders to open a mini account with a couple of hundred dollars, the new trader has a few losses and their account is gone. 95% of new forex traders lose their accounts. So in order to make money trading in the forex market, we recommend opening a forex mini account with no less than $1,000.

Provident Trading recommends FX Solutions as a forex broker for the beginning trader opening a forex mini account. If you begin with something like fifty thousand dollars, we recommend Dukascopy. In summary, the best way to begin in the forex market to make money trading is to purchase the forex e-book of the G7 Forex Trading System for under one hundred dollars and receive one month free of forex trades, a value of one hundred dollars. After the free month of trades, the forex trades are only one hundred dollars a month, the best value we can find in the forex and will work with even a forex mini account. The forex trading beginner can make money trading by learning the system in the book, all the while trading the free signals and making money.

Brian Sater is a forex consultant and owner of Provident Trading, a forex education company. Mr. Sater is also the author of How to Easily Make Forex Money Online. For more information on the forex, go to http://www.forexmoneyonline.com

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