February 23rd, 2010
Forex Classroom
I have been studying, trading and working for years with thousands of traders from all parts of the world, in live trading rooms, seminars, broking houses and trading floors.
I am confident these are the best trading tips ever because no matter who the trader is or what market they trade, or what country they live in, for the super successful, their answers are always the same!
#1. Money Management
As a trader you are frankly doomed from day #1 if you don’t commit to understanding money management and being able to manage your risk. It’s the #1 aspect of trading that is challenging to master but once you get into a rhythm of simply chipping away with low risk and high return probability, all you need then is persistence and you will learn a skill that 98% of traders never master. Don’t think about it, don’t acknowledge it, DO IT EVERYDAY you trade. You must commit to the risk on every trade and know what the outcome maybe if the trade moves against you. You must only be risking around 2% of your account size when you first start learning to trade and over time the market will present opportunities when the time is right to risk a little more. This will come with your experience and when your account can handle it. You must also preserve your capital at every opportunity. This does not mean getting out of a trade early or bringing you stop to break even after 5 ticks, this means being realistic and having a set of trading rules that stipulates that if your account is drawn down say 20%, you must immediately stop trading the account, re access and then continue once you have decided the time is right. Never as a general rule continue to trade a real live money account once drawn down below 20% of its starting value. At 2% risk that would mean you have taken at worst 10 losing trades in a row. I am sure you would agree that you would be hard pressed to do that if you tried, but you can easily risk 20% of your trading capital in one trade if you are trading with too much money or without a proper stop loss. Commit to learning money management and your trading account will thank you for it over time.
February 9th, 2010
GoldRock Insider
I am delighted to share with you our first series of The Forex Insiders Report where I will share with you how to trade with the big money.
Please tell me what you think and give us some feedback. Here it is, just go ahead and click the link to view it.
http://www.youtube.com/watch?v=i7cBCzGHjnQ
All Forex signal systems have wins and losses. How can you ensure a signal system system or LTG GoldRock is not a scam and won’t blow my wallet? LTG GoldRock has many winning months some as high as hundreds of points of profits all delivered in an online live trading room where you can learn and trade with us in real time. But we highly value the “art” of trading and try and instill a solid training system in our traders with great risk management.
February 8th, 2010
Forex Classroom
I recently ran a live online classroom session for traders all over the world and showed them how Wall st traders trade the news online. I recorded it and if you would like to view the video you are welcome to click the link below. Or you can simply read a transcript below. Please tell me what you think of this blog post or if you have suggestions for other traders based off your own experiences please leave them for others to see.
http://www.omnovia.com/movies/livetraderglobal/44776
What we are here to talk about today is essentially a topic that I get asked about all of the time and I know that the traders in the trading room get asked about this question all the time as well. So let’s talk about it and let me share with you my experience trading the news and being around successful institutional traders and how they do it.
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February 1st, 2010
Forex Strategy
Have you ever felt like quitting? Traders often feel like quitting and most of them eventually do. But did you know that the best traders in the world are also the best quitters? They do it frequently but it’s just a different type of quitting to the Punters who quit and never make any money.
From my experience there are essentially two types of people who trade Forex. The first is a group I call the Punters and the second group is a group I call the Traders. The Punters are the ones who risk too much, are in a hurry and don’t know about the “GYM’ theory, and when they get to the Slump which happens a few months after they start, they quit. The Traders on the other hand are those who understand the GYM theory, are prepared to learn how to master the art of trading and when they get to the Slump, power through it rather than quit and walk away. But the Traders are also great quitters, but not in the sense you may be thinking. They learn how to quit trades, not trading. They quit often, without hesitation and without reservation. And to be a great Trader you must know when to become a great quitter.
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