June 14th, 2010
Forex Classroom
There is one golden rule that you must follow if you are going to trade real money from day number one. Learn the platform first and then trade micro lots of .10c to prove your success. Don’t kid yourself and think you can just roll with an account with $10k and trade full 1.00 lots or you will crash and burn. Crawl, walk, jog, run and then sprint. You can potentially make a lot of money and get very rich slowly, but it will usually be quicker than you think if you learn these skills.
Opening an Account
When you start trading Forex, open an account with no more than $1000 dollars. In fact, you can open an account with as little as $200 if you wish. You can add more money to your account in time with your success and profits but here’s an iron clad guarantee. If you can’t turn $1000 into $2000, there is no hope that with more money such as $20,000 that you will turn that into $40,000. It rarely ever happens and for those that do, it’s usually luck.
June 8th, 2010
Forex Classroom
There is a misconception and perhaps an easily overlooked fact about Forex trading and how profits are really calculated.
Forex is an unique market where as the price moves from one pip to another pip you as the trader can chose what each point is going to be worth before you enter the trade. For example if we are buying shares on the stock market each share will have a specific value, for example $1.20. You can’t alter it.
When you invest in Forex, the trading platform will ask what you want each pip (or point) to be worth. In other words if the EURUSD is trading at 1.1976 and it moves to 1.1977 that is one pip. You can chose the smallest volume to be 0.01 which is essentially .10c. You could have each point be worth $10,000 if you account could handle it.
That brings me to the point of traders making or losing pips and applying the real return on investment.
Here is an example trader John.
John takes 10 trades in a month and makes a +400 pip result with a 60% success rate of hitting his profit target. You would assume that John would be pleased with this result. He can hold his head high as a winner, he made +400 pips and a nice profit. Or did he? » Continue Reading »
June 7th, 2010
Forex Opportunity
The Forex market is considered to be one of the most advanced and mature trading instruments in the world and you now have the opportunity to place positions on all currency markets via your mobile/cell or iPhone.
The technology evolution will continue to amaze me – as 20 years ago we wouldn’t of dreamed of being able to have direct access to the markets like the Banks and Financial Insitutions did, yet now I can place a trade and watch the progress from anywhere in the world that has mobile internet coverage.
Provided your phone has access to the internet and the correct software on the phone you can execute your trades LIVE within seconds of receiving the LTG GoldRock Trade Text Alert. This new technology allows our traders to log directly into their Forex trading account to place, modify, and monitor trades, just as you would from your home computer. LTG GoldRock recommends using Mobile Trading as part of an overall trading plan which includes the use of a computer. Although Mobile Trading gives you the flexibility to action trades on the go, we encourage all our traders to also spend time online in the Trading Room and Learning Center. » Continue Reading »
May 31st, 2010
Forex Classroom
All through our first day at our High Achievers Conferences we have been stressing the importance of following a specific trading plan and executing correctly on every front. The check list for you is below and I urge you to conduct this check every month to evaluate your personal performance. Make time this weekend to spend 15 minutes and answer the following questions. Keep a diary and do it every month.
» Continue Reading »
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.
» Continue Reading »
December 21st, 2009
Forex Strategy
It is often said that mistakes are costly. Wrong turns are as important as right turns. More important sometimes.
What lessons have you learnt from your mistakes this past month? And what action are you going to take next month to ensure they don’t happen again?
If you’re struggling to think where to start, just take a look at the snap shots of each trade you took this past month. You do take snap shots don’t you? Being able to look at every trade you have taken in a snap shot gives you the ability to compare the winners vs the losers. I have done this over the past 4 weeks and noticed that the Zingo trade has not been performing as well coming out of range bound markets, so my intention over the coming weeks is to focus on improving the strategy to perhaps keep us out of range bound markets for the Zingo.
» Continue Reading »
December 18th, 2009
Forex Strategy
Here’s a story you won’t believe.
All forms of investing are a 50/50 bet right? Either you are going to win or lose. I bumped into a friend of mine here in Tokyo this week and he is a major currency trader and trades for one of the biggest banks in Japan. Now I am not going to tell you his name because if I did he would have some explaining to do (LOL), but here is how he trades. And, believe it or not, this guy makes millions. » Continue Reading »
There is one golden rule that you must follow if you are going to trade real money from day number one. Learn the platform first and then trade micro lots of .10c to prove your success. Don’t kid yourself and think you can just roll with an account with $10k and trade full 1.00 lots or you will crash and burn. Crawl, walk, jog, run and then sprint. You can potentially make a lot of money and get very rich slowly, but it will usually be quicker than you think if you learn these skills.
