July 27th, 2010
Life of a Trader
Gerard increased his account in June by 47.56% ROI.
Hi, my name is Gerard DeJager and I’ve been a member of LTG Goldrock since June 2009.
I have my own business and work as a Sourcing / Procurement consultant on projects in Australia and Asia. I have been living with my wife and 2 young kids in Melbourne since 2006 after having lived in The Netherlands, Malaysia, China and South-Korea and definitely don’t want to move anywhere else……. Australia is the place to be !!!!
I have gone through the learning curve of trading, lost and won loads of money by taking too much risk and finally after a year I think I am getting the hang of it and trade beyond the calls made in the room.
Thanks to LTG GoldRock I have learned to settle for a disciplined and responsible way of trading that will pay off in the end but not as quick as I thought a year ago. There is no wonder recipe that makes you wealthy overnight. I am spending maybe 20 hours a week trading, mainly mobile trading and my target is 1% ROI per day. My favorite trades are the range and trend trades, but I love to scalp at least 3-4 times a day on the EUR/USD. If I can achieve that consistently I will stop working in 2011.
July 21st, 2010
GoldRock Testimonials
Daniel Fitzgerald made 7.74% ROI last month and will no doubt keep growing his Nett Profit.
Dr Daniel Fitzgerald is a 28 year old Aerospace Engineer, graduating from the Queensland University of Technology in 2002.
He followed for the next 3.5 year completing a PhD in the autonomous aerial vehicle area, with particular focus on artificial intelligence and automated algorithms. He has worked with the CSIRO and some other private companies in this area. He is currently in a project manager role in Brisbane with a research centre.
He has a huge passion for the stockmarket, being introduced to it several years ago. Since then he has focussed on learning as much as possible about the markets. Initially focussing on eminis, he has in the past 9 months moved focus onto the forex market. Having programmed computers since an early age, and being highly motivated and excited in working out patterns in the market, Daniel spends a lot of time backtesting his strategies on historical data.
“My basic approach is to develop a strategy on different timeframes, allow sufficient enough data to ensure that the results are statistically significant, so as to hopefully produce a strategy that has a positive expectancy when traded live in the market.” » Continue Reading »
July 16th, 2010
LTG GoldRock News
Richard Duncan is definitely a fan of the Risk Calculator
Congratulations to Richard Duncan who was our ‘Best Risked’ Account winner for June, he has won $1000 to add to his growing Trading Account.
Richard joined LTG GoldRock in Oct 2009…
I have found LTG GoldRock’s education and training to be really great and it has been a huge learning curve for me. I made some big mistakes in the beginning, but when I made a plan for my trading things started to change for me.
You take small steps to start off with and do not leap into it. I am really looking forward to the journey. I use my mobile phone to trade with as I work outside which is a great tool.
Risk Management and not trading beyond his means is an essential part of Richard’s Trading Plan. If you are yet to download and learn how to use the Risk Calculator then I strongly urge you to do so. » Continue Reading »
July 5th, 2010
Forex Classroom
I have seen many traders blow up trading accounts simply because they refuse to accept they are wrong. They are convinced in their own mind that due to their research and back testing that their strong opinion will be right.
Trading is a funny game and often goes against the grain of human thinking. Generally speaking if you study something long enough and research it using the latest techniques and professional tools available you have a good chance of being right. This is the very type of mindset thinking that people bring into the trading arena and lose.
A few years ago I knew a trader who lost over $50,000 in 3 hours trading futures and dinted his confidence in a big way. He employed a friend who he’d worked with who is an incredibly bright guy. He had previously designed extremely sophisticated town planning systems throughout the world. A very bright guy indeed. The trader that had lost the money said to me one day that his opinion was that his mate had the perfect skills and technical ability to develop a system to get all the money back he’d lost. It was at a relatively early stage in my trading career and I didn’t know much better but all I kept thinking was, I hope he shares it with me if it works. Needless to say it didn’t, but the talent assembled to research and put together a trading system that showed incredible returns when back tested never materialised when traded live. Their opinion was wrong. » Continue Reading »
June 30th, 2010
Forex Strategy
GBP JPY Short 06-05-2010
As part of the Trader of the Month Competition we ask for the winners to share their trading journey and advice with their fellow traders. Michael Horneman was 10th on last month’s Trader of the Month Leaderboard and I have no doubt that we will be hearing more from him in the future.
Keep reading to learn about Michael’s Trading Journey and we are also lucky enough to have him share his advice as he offers an insight into his own Trading Plan.
Michael’s Story…
I began trading around 2 1/2 years ago, I first started with learning to trade Eminis. This initial experience is what first got my mindset and phsycology ready for trading financial markets.
I didn’t trade for very long as I had limited capital to begin with, and like most beginner traders lost money, but I learned some great lessons about managing risk and preserving capital. I was also very risky and too willing to trade, I still had in my head a “get rich quick” mentality and was looking to take every trade I could. Looking back this has also been the pattern for the first 6 months I was trading forex with LTG GoldRock.
To make the change from a mindset of working for money and selling my time for money was not easy, and it has taken around 2 years to really begin to understand this in a way that helps you view money differently. » Continue Reading »
June 30th, 2010
GoldRock Insider
It is an absolute fact that we all begin trading because we want more money in our life. Whether that is $50 a week or $5000 a week, the expectation is that we will make money. So what should be a realistic expectation for a trader entering Forex and how much is too much or too little or none at all when you trade Forex.
One thing that I have learnt through the school of hard knocks is that there is no question all budding Forex traders who join LTG GoldRock have a high expectation on their success in the first 12 months. The most common question I get asked is. “How long till I can make my educational investment back”. Ok a fair question however the answer lies in your commitment to learn to trade and becoming a student of the markets. Traders always overestimate how much money they are going to make in the first 12 months however underestimate what they can achieve over 3 to 5 years if they actually learn the skill and art of trading. A high expectation (which is a healthy thing if the expectation is realistic) is often met by disappointment in the first 3 months which dampens the long term opportunity as the money is not coming fast enough. Especially if they are joining to fix a financial situation. If you are considering joining LTG GoldRock for this reason then please don’t join.
I met one of my absolute very best graduates for coffee at my local coffee shop here in Noosa today. His name is Jimmy and he is honestly today living the life of his dreams. I am so proud of him!! » Continue Reading »
June 29th, 2010
Forex Classroom
Trading can be rollercoaster, but it's important to have the nerve to sit back and enjoy the ride.
The Freak Out Trader can be both a winning and losing trader, but is always a newbie trader as a Freak Out Trader NEVER makes it to professional status with consistent profits.
The Freak Out Traders emotions are let loose to the extent that when they have wins their excitement drives them to freak out and get so excited they think they are bullet proof. The Freak Out Trader also experiences depression and freaks out on the losses too. What is going on subconsciously is that they don’t realise it yet, but the reason why they are freaking out is because they are not in control. The market is in control. They are usually trading too much money, trading too often and don’t really understand the system they are using. These examples usually come down to inexperience and their attachment to money and certainty we all have when we start trading. As a trader you need to have a detachment to the money and learn to trade the probability rather than the expected certainty that humans have when we enter the trading arena.
If a new trader experiences a few winning trades to begin with they are lulled into a false sense of security. They begin to think that “this is too easy” and begin to trade larger sums or over trade and take multiple positions. » Continue Reading »
June 28th, 2010
Forex Classroom
One of the amazing aspects about trading and making money is that humans often think that to make money the system must be complicated and sophisticated. Certainly most people over complicate trading and think that they need to look the goods with a heap of screens, indicators and often alarms. I’ve seen and heard it time and time again that a trader has come up with a new indicator that’s going to blow the market out of the water, only to find that it fails miserably when it comes to trading it with a live account.
One aspect of trading that you must understand and take on board RIGHT NOW is this. The market is only a two horse race. Buyers and Sellers are the only horses in this race and the price is either going up or down. How simple is that. Yeah I know what you are thinking, it has to be more complicated than that, ITS NOT! Simply looking at a trend and placing a trade with a trend has the probability of continuing in the direction of the trend rather than reverse and go the other way. But why is it humans consistently try and build systems and indicators that over complicate things. The more complicated you make things the less likely you will make money, period. » Continue Reading »
June 25th, 2010
Forex Classroom
I like to encourage Traders to spend the weekend as a time for reflection. Did you follow your trading plan this week? Was each and every trade well thought out and are your results inline with your expectations?
It’s important to review your results and try to be as honest as possible with yourself. Run through each trade you took and make sure it actually is inline with your Trading Plan. It’s human nature to make excuses for those trades that you jumped out of early or took because you had a gut feeling, but unfortunately the only person you are deceiving is yourself.
As you may have read about in Narelle’s bio, some trader’s like to keep their partners involved with their trading results for Accountability. This is great advice to find yourself a Trading Buddy, and can be a very productive excercise. So if you don’t yet have a Trading Buddy to review your trades with, then reach out to someone you know and include them in your trading evaluation.
June 22nd, 2010
Forex Strategy
As a trader you have hunches and opinions and you need to make decisive decisions. During the last few weeks I have been doing a lot of reading of economists I like to listen too and learn from that help me make longer term decisions.
Here in a nut shell are my two opinions and hunches for the next 3 months.
- The aussie dollar to continue to steadily rise
- We will also see a steady increase in the price of gold.
As Traders it’s important to stay up to date with the latest Forex News and global market movements. It would be ignorant to be in the business of Trading Currencies and not know what is happening around the world to each of the currency pairs.
