Forex trading is the new way to make money through online currency trading. With a worldwide market and over 60 currencies for you to trade there has never been an easier way to make money online.
Forex trading until recently was reserved for banks and other large financial industries but thanks to the power of the internet and online currency trading, forex has now become feasible for everyday people. The forex market has become the largest trading market in the world and each day there is an estimated turnover of over $1.5 trillion dollars. Another added bonus is that forex trading is available 24 hours a day, 5 days a week unlike most other markets that operate on an 8 hour day. This means that people wishing to trade forex can do so at any given time.
Forex currency trading is done is pairs and these are known as crosses. These pairs are always against the US dollar and the main crosses you will find when trading forex are the USD/EUR and the USD/GDP. The most popular crosses are known as majors and these can make forex traders great profits. Currencies change on a regular basis and are based on the how the world financial markets see the value of the currencies. You can sell or buy these currencies and forex brokers do not charge commission fees.
There are two types of forex accounts; a mini forex account and a regular forex account. Mini forex trading is an excellent way for small investors to learn about and take part in forex trading and with the most forex brokers offering a leverage of 100:1, mini forex trading will allow you to control a $10,000 currency position with a deposit of only $100. Mini forex trading is a great way to get a feel for forex trading and learn the tricks and skills needed to succeed without having to go to great expense. Why not try mini forex trading now and see just how easy it is to profit with forex trading.
Rabu, 23 Juli 2008
Learn Forex Trading
Almost all internet marketers have heard of forex trading or online currency trading as it is sometimes referred to and many are curious about how the forex trading system works and where they can go to learn forex trading.
In order to become a successful forex trader you need to know what forex trading is and how to successfully trade forex. In order to achieve sufficient knowledge it is vital to learn forex trading from experts. This can be done in the form of a forex tutorial and there are literally hundreds of forex companies offering online tutorials and guides.
An online forex tutorial will explain how the foreign exchange market works and will also explain the types of forex orders that are available to you as a forex trader. A forex tutorial will also explain about technical indicators and what they mean, the economic indicators you will need to be aware of and the various options and strategies that are available to you as a forex trader.
If you are new to forex trading then it is essential that you learn forex trading before parting with any of your hard earned cash. Many online forex companies offer free training and demonstrations that resemble that of real time forex trading. There are also forex trading courses available and these are also a valuable way to learn forex trading as you can refer to these course time and time again.
The most important aspect when it comes to forex trading is to learn forex trading so that you understand how to trade and how to trade successfully. The more you learn forex trading the more understanding you will have and the more success. Finding a forex tutorial or forex trading course is simple. All you need to do is a brief internet search and you will have a great deal of tutorials and courses to choose from. If you are serious about succeeding as a forex trader, then it's down to you, learn forex trading now and learn to succeed.
In order to become a successful forex trader you need to know what forex trading is and how to successfully trade forex. In order to achieve sufficient knowledge it is vital to learn forex trading from experts. This can be done in the form of a forex tutorial and there are literally hundreds of forex companies offering online tutorials and guides.
An online forex tutorial will explain how the foreign exchange market works and will also explain the types of forex orders that are available to you as a forex trader. A forex tutorial will also explain about technical indicators and what they mean, the economic indicators you will need to be aware of and the various options and strategies that are available to you as a forex trader.
If you are new to forex trading then it is essential that you learn forex trading before parting with any of your hard earned cash. Many online forex companies offer free training and demonstrations that resemble that of real time forex trading. There are also forex trading courses available and these are also a valuable way to learn forex trading as you can refer to these course time and time again.
The most important aspect when it comes to forex trading is to learn forex trading so that you understand how to trade and how to trade successfully. The more you learn forex trading the more understanding you will have and the more success. Finding a forex tutorial or forex trading course is simple. All you need to do is a brief internet search and you will have a great deal of tutorials and courses to choose from. If you are serious about succeeding as a forex trader, then it's down to you, learn forex trading now and learn to succeed.
Rabu, 02 Juli 2008
5 Reasons to Start Trading Forex
Forex trading is growing in popularity by leaps and bounds. It is going to soon surpass stocks as the day trader's market. Here are the top 5 reasons to start trading forex:
1) Be Your Own Boss - Well, to say that the recent economy has been a bit shaky is a bit of an understatement. People are getting laid off left and right. It's getting tougher and tougher for the traditional family to make ends meet. Add that to the fact that the cost of gas keeps going higher by the minute, people are starting to look for ways to be their own boss. Forex trading allows people the opportunity to say goodbye forever to their boss and job. There is no one to answer to. If you want to hit the snooze button and wake up late and not bother trading for the day, that's your choice as well. Another great benefit is how much money you'll save on gas by not having to drive to and from work everyday.
2) Travel Anytime You Want - Even if people are lucky enough to be their own boss,most don't get the true liberty of traveling when and where they feel like it. They are usually stuck in wherever their business is. But with forex trading as long as you travel to a destination that has internet (which is most of modern civilization) your business can go with you. No boundaries. You can go see the world and still make the same money that you would at home.
3) Forex is completely recession proof - Unlike almost every businesses that hinders on the strength or weakness of the economy, making money with forex is completely recession proof. It makes absolutely no difference how good or bad the economy is doing. As long as you can trade either way of the respective market, you can be successful.
4) A 24 hour market - This benefits everybody. You will always find trading opportunity at some time in day. It's perfect for folks who still work the 9-5 jobs. Unlike other trading instruments like stocks and futures, the markets closes at 4 pm. So by the time most people get home there is no market to trade. That's not the case with forex.
5) Much easier entries for beginners - When opening a stock brokerage or futures account the minimum to open is ually pretty high. Minimums can be as high $10,000. With forex, you can open an account with most brokers for less than $500.
Welcome to Forex trading Success
In this lens, I will be discussing the benefits of forex trading without using any indicators on your charts.
For some of you who have been trading a while, and have gotten used to trading with MACD, stochastics, RSI, and who knows what else, this may be a little strange and uncomfortable, but it can most definitely have a positive change on your forex trading.
This lens covers what I used so I could start trading without indicators. To truly get a complete grasp on what its like trading solely with price action, I strongly recommend using the Forex Trading Machine by Avi Frister.
Avi Frister may not be a household name but he is the greatest trader I have ever come across and his teaching style is very user friendly.
So if you're willing to think outside the box and not copy what every other unsuccessful trader you know does, this could be your first step into seeing the forex market with brand new eyes.
Contents at a Glance
Here's my favorite link:
Why is Trading Without Indicators So Important?
Well, by far, the single hardest thing for unsuccessful traders to overcome is that they just don't have a full understanding of the market. They are probably trading based on some kind of lagging indicator(s). Their system usually relies on something like "I'll buy or sell once all these indicators are aligned". I'm NOT knocking it. I actually used to trade this way. But after taking so many losses, I figured maybe I'm not looking at this the right way.
After all, can you honestly say that you understand what the market is doing when all you are doing is looking at some kind of indicator that is telling you WHAT HAS ALREADY HAPPENED? Of course not!!!!
NEWSFLASH: The market could care less what the stochastics are telling you. It serves absolutely no purpose, and I can prove it. It's real simple. How many successful traders in the world do you know that just look at a stochastics indicator to let them know what the market is doing? I frankly haven't heard of too many. But if you really study the most famous traders in the world, you'll know that the majority care about three things: PRICE ACTION PRICE ACTION PRICE ACTION!!!!
They all might not use price action the same manner, but you can bet that every trade is derived from what the activity of the market prices are telling the trader. It doesn't matter if its stocks, bonds,e-minis, derivatives, whatever...... It all comes down to how the prices are moving.
And to be honest, there isn't that much separating the million dollar traders from the traders who blow up their account in a matter of a week. It's not like the incredibly successful traders are a whole lot brighter than the struggling traders. Its not as if they graduated Magna Cum Laude from Harvard with a major in forex trading. Truthfully, many of them hardly even finished high school. So intelligence, or lack there of isn't an obstacle.
The rich enjoy trading success simply because they are able to look at a chart and they are able to read and understand what its telling them, much like a book. They understand why a price goes or stops at a certain level. Basically, they can comprehend what it is that they are looking at. Its not just a bunch of colors and sticks on a screen. It means a whole lot more than that. It represents information that can be used to become a full time trader. The closest comparison that I can make is when a person is trying to understand the plays of Shakespeare. The language is English, but its a little hard to follow. But if you can look at it from a different perspective, then the light bulb clicks and once you get it, YOU GOT IT FOREVER. You'll be quoting Hamlet before you know it.
Its not really difficult. Anybody can understand price action. Its just that most people don't want to take the time to really understand how to read the energies of the market. Everybody always wants that holy grail or magical indicator that people can just plug into their trading platform and it'll do all the work for you. Well, it doesn't work like that. It would be a great if it did, but it doesn't. I had to learn that the hard way. But, as is life, you live and you learn.
The tough part is getting somebody to actually teach you how to see the market from this kind of perspective. It's difficult learning it for yourself. If it were, we'd all be millionaires. Most of the time all you need is a little bit of information and some time to digest that information, and BAM! you're off and running.
Thankfully I was able to find the Forex Trading Machine by Avi Frister. When I saw the sales page, I though "ok, it looks good but how do I know if its legit". I've been burned many times before (as I'm sure some of you have) so it's hard to distinguish the valuable information from all the crap that is being sold out there. But I saw that he had an unconditional money back guarantee. No questions asked. I figured "why the heck not? I'll demo it and see if it I like it. If not, oh well I'll just move on to the next thing."
But something interesting happened. I realized everything I need is right IN FRONT OF ME. I just have to eliminate all the crap that's blocking my view. I used to trade with sctochs, FIBOs, Moving averages. It turned out to be the last forex training I'd ever need (It feels really good to say that). I thought I would be wandering around aimlessly from one system to another for as long as I live, or until I was dead broke, which ever came first. But, eventually I just found out that less is more. Not until you see the market's movement in all its glory with no interference, then you can't really say "I am a trader".
To learn how to get started and to trade forex successfully
Minggu, 22 Juni 2008
Forex Systems and How to Make Forex Work For You
Foreign Currency Exchange is a three trillion dollar a day trading industry.With such massive sums of money changing hands it is a market that often intimidates the new player, but it need not.While there is a steep learning curve, it is not so steep as to be insurmountable, especially if you follow the simple guidelines set out in this article.
Find A Good Broker
You'll notice I didn't just say find a broker - but find a GOOD broker.There is a big difference.A quick look around the internet will see you inundated with brokerage opportunities.The reality is it's quite easy to set up an online brokerage and as a result there are a lot of poor quality brokers out there.In fact I'll go a step further and say that a lot of the brokers you will come across online are outright scams and criminals.So how do you avoid that?
Take a look around some of the popular forex forums online and see what people are recommending.Look for people with high post counts who seem to know what they are talking about and see who they are using.Much like everything else, if you do the same as what the successful people are doing - you will make money the same as they are.
Trade During Busy Hours
This is no great secret in the currency exchange world.Currency exchange is the purest form of supply and demand that there is today.That means that in the offpeak times a big investor - for instance a multinational bank - can use their buying power to heavily effect the way prices are going.They can still drop down lump sums in peak trading times, but the effect is diluted by the pure volume of what everybody else is doing.This means that the signals and trends you observe during peak trading hours are going to be far more 'real' than those in the downtime.
Find The Right System
The importance of a good system is often lost to new traders who rely on things like 'flair' and 'hunches'.That may work for you sometimes, but the guys that make big money doing this are not relying on luck - they are analyzing the market and looking for key indicators of when to get in and out of a market.The more rigid the system you follow the better because the biggest destroyers of currency exchange profits are hope and greed.People will hope that the trade will come right given enough time, or get greedy and hold on to a winner a little too long in the hope they turn it into a big winner.Usually they just miss the peak and have to sell on the way down.
Finding a forex system you can trust can be daunting with so many options. At Forex Info we've taken the guesswork out and done a head to head
COMPLETE REVIEWS OF ONLINE FOREX SYSTEMS
| Forex AutoPilot | Forex Killer | Forex Wealth Builder | |
| Click Here For More Info | Click Here For More Info | Click Here For More Info | |
| Cost | $99.50 | $89 | $77 |
| Overall Ranking: |  |  | |
| Ease Of Use: | |  | |
| Reliability: | | | |
| Current Return: |  |  |  |
| Review: | REVIEW | REVIEW | REVIEW |
Go to http://www-forex.info/ and choose the system that is right for you.
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Minggu, 15 Juni 2008
Using Automatic Forex Trading
In the global market today everyone is engaged in one form of trade or the other, and one of the most popular of all trades is the forex trading. In this type of financial market, currencies are bought and sold. Many people make a living from forex trading by employing the use of automatic forex trading systems.
Prior to the introduction of internet into the international market, forex trading was only for big corporations, banks and the rich. But now, things are different. Because of the help of the internet, people from around the globe can actually do forex trading, whether rich or not.
With an internet connection at home, anyone can trade effectively online, and even if you do not have the time to follow the market detail by detail you can secure an effective system which you can use in your trade. Such a system is automatic trading, where by a third party software generates signals
The first step to using automatic trading signals is choosing the best and the right system. There are many systems available on the net designed by forex experts and mathematicians based on technical analysis.
With a little research, and participation in discussions online, you may be able to get a good idea on which system will work best for you. Some advantages of using such systems are:
• After you've made a subscription, you can now receive live alerts which you can use in your currency trading.
• These automatic trading systems provide alerts about entry and/or exit points for the different major currencies pairs.
• These alerts are all provided in real time, making possible for you to tap into your forex trading all day long, and all throughout the week.
• Each time an opportunity turns up; you will receive an instant automatic trading signal. You can receive the signals through your email. But if you are a busy person some systems will actually trade the signals generated for you.
• Usually, most providers offer added features on their automatic trading signals such as sending alerts to your mobile phones.
Deciding to use an automatic forex system is not just for the busy trader because it is also been used by trader who trade on whim and so such systems help them stay disciplined and focused.
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Jumat, 13 Juni 2008
Automatic Wealth Building System - Forex Tracer
You may find it hard to believe but the truth is that every single day more than $3 trillion change hands in the foreign exchange market. Lots of ordinary people make thousands of dollars by trading in the foreign exchange markets. Most of them have no or least idea of the workings of the markets but they are still able to make it rich there.
The Forex Tracer software is designed based on the combination years of experience and trade secrets of financial and economic professionals and complex algorithm and detection mathematics. The system has been tested and perfected over the years to make it ideal and error free.
The Forex Tracer system is very user friendly and even inexperienced users can use the system with ease. The tracer can be downloaded, installed and used in minutes. Since the system is on autopilot, expert as well as novice users can understand the working of the system easily and can start using the system.
The Forex Tracer software sends signals, mines, traces and predicts to maximize profits and that too all on autopilot. It aims to attain tightest spreads and maximize your trading profits with the least risk.
The worry about human error, intervention or middle men is eliminated as Forex Tracer automatically buys and sells foreign exchange for you at the appropriate time to maximize your gains. Trading with Forex Tracer can be started with an initial capital as low as $500 but the suggested amount would be $3000 to $5000.
The unlimited demo facility offered by Forex Tracer can be used to play with the markets until you are comfortable with using the system and the system has proven the earning potential. This means that you can try the system with no risk or capital till you understand the workings of the software.
Using the Forex Tracer software you can import and drag and drop the tracer into your metatrader account. A reliable internet connection is required to use the Forex Tracer software efficiently. It supports 30 minutes up to date trading. Forex Tracer is designed to be accessed and used in any country with any meta trader 4 broker.
Forex Tracer is offered with a 60 days risk free usage. This means that if you are not happy with the results or do not wish to continue for any other reason you will receive a 100% refund of your money.
ForexTracer - A Discovery of Lifetime
More Complex as it Looked
I was toying with idea of going into foreign exchange or Forex as a means of earning additional money in my spare time. I tried researching for regulations, tips and other resources so that I would have a good idea of the foreign exchange business before I jumped in. There are resources online and books that have given me a simple idea of what foreign exchange is but the more information I gathered the harder the industry becomes. Suddenly, I felt that I'll just throw away my money if went into foreign exchange.
Discovering ForexTracer
The out of nowhere I discovered ForexTracer. It is a system that monitors the foreign exchange market and automatically places your money in the winning currency. Since its automatic, I don't have to be in front of my computer all day long. I just have to let the computer stay on and ensure that my internet connection is ok. Everything will be taken cared of by forextracerI don't need to learn the complicated ways of foreign exchange since ForexTracer will do these things for me. But professionals and experienced people in the foreign exchange industry will also like the system as it practically removes the need of analyzing the market just to earn from this industry.
The interface of ForexTracer is very easy to understand and within minutes from installation I was already in the foreign exchange market.
Skeptics Welcome
Of course, I didn't jump into the bandwagon that fast. I have tried out different systems before and most of them were just scams or has given me losses instead of earnings. Before I actually placed my money in the system, I tried it out the demo with the fake money. I was really impressed with what I saw. ForexTracer gives you an unlimited time to try out their system - you will not be pressured to use your actual money and if you don't like it, you can still get a refund through their 60-day money back guarantee.If you ask me how much did I earn by using ForexTracer, I can't give you that. But I can tell you that I have just quit my day job and I am now more focused on my family since the system works for me even though I am not there. forextracer
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Forex Signal, Forex Signals Advice
There are lot's of Forex signals providers out there. New Forex traders might be thinking of looking for a reliable Forex signals provider. Is there any reliable Forex signals providers available?
Personally, I will say do not pay for Forex signals. Think about it - if a Forex signals provider sells Forex signals for living, you can doubt their Forex trading skills? Or else if they are pretty good in Forex trading and making lot's of profit, I am wondering why do they still bother to sell Forex signals for money. Thus, what would be the value of such Forex signals providers? The answer is ZERO.
There are Forex traders who have been relying on Forex signals arguing those Forex signals providers really help them making money in Forex trading. These Forex traders can even show their Forex trading logs as evidence. After some though, I came out with the assumption that assuming I am the owner of a Forex signals provider, in order for my business to be in black, obviously I need some satisfying customers. If I have 100 new customers this month, I send out buy signal for the 50 of my new customers while the another half with sell signal. At the end, I will able to have "some satisfying customers". Finally, free advertising and testimonial will be made available.
If you are really new into Forex trading, it's better for you to sign up a demo Forex trading account from any forex brokers.
Oanda
Oanda is one of the most arguable Forex broker. Oanda has been extensively discussed in major Forex forums for it's trustworthy, reliability and so on. Since getting to know Oanda since 2002, Oanda has been working great. Its demo account never expired and is very similar to the real account. Furthermore, Forex trading through Oanda isn't limited by lot size, Forex traders can trade any amount as they like, this is especially useful for those who are new to Forex trading. The Oanda's Forex trading system can be considered as the best back in 2002 and have not seen much improvement since then. New features that have been suggested yet to be seen being implemented. The wap version of the Forex trading system is still in beta since 2002. It is strongly suggested to read their own forums to understand more about them.
Forex Capital Markets
one of the prominent non-bank Forex broker with office in New York, London, Tokyo and Hong Kong. For Forex trading, Forex traders will need to download and install the software. The Forex trading system is normal and nothing to shout about, but it does serve all Forex trading needs. Personally, I don't really like the system layout and it take me quite some times to get use to it. Although I have heard some criticism that those "winning accounts" are put under "broker intervention", FXCM has been working hard on serving their customer with toll free for several countries and live online customer support. The Online Deposits feature allows Forex trader to deposit funds online using credit & debit card from any locations.
GCI Trading Ltd
GCI Financial Ltd operates from Belize, a small country located in Central America. GCI is using the Internet Currency Trading System (ICTS) which is another normal trading software written in Java for trading operations. GCI allows traders in trading Forex as well as Dow Jones, Gold and S&P 500. Please take note that GCI does not accept clients from the United States. This is due to trading other commodity, the broker must be registered with the NFA, and GCI is not registered. By the way, you might interested to read CFTC cracks down on Foreign Currency Scams nationwide if the then Global Capital Investment LLC (GCI) of New York is now the GCI Financial Ltd. Besides that, a check of GCI Domain Whois shows that the domain is created on 2002-04-30
Capital Market Services
Started since 1999, Capital Market Services LLC (CMS) is a Forex broker based in New York. They using the self developed Visual Trading platform providing online Forex trading. What's make this Forex trading system unique is Forex traders able to execute orders by clicking on the chart. It's also a multi-lingual platform written in Java. Overall, CMS is rather reliable and seems no criticism have been heard about them yet.
Gain Capital
GAIN Capital is one of the most reputable Forex broker founded in 1999. First, their professional look website giving out good impression and providing all information for potential Forex traders about the company. Read the GAIN Management Team page, you will be impressed on most of the team members have more than 10 years experience in Forex. GAIN's forex trading system is one of the best currently available. All kind of Forex trading needs have been squeezed into the system. Has really nothing bad to say about them at the moment.
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Personally, I will say do not pay for Forex signals. Think about it - if a Forex signals provider sells Forex signals for living, you can doubt their Forex trading skills? Or else if they are pretty good in Forex trading and making lot's of profit, I am wondering why do they still bother to sell Forex signals for money. Thus, what would be the value of such Forex signals providers? The answer is ZERO.
There are Forex traders who have been relying on Forex signals arguing those Forex signals providers really help them making money in Forex trading. These Forex traders can even show their Forex trading logs as evidence. After some though, I came out with the assumption that assuming I am the owner of a Forex signals provider, in order for my business to be in black, obviously I need some satisfying customers. If I have 100 new customers this month, I send out buy signal for the 50 of my new customers while the another half with sell signal. At the end, I will able to have "some satisfying customers". Finally, free advertising and testimonial will be made available.
If you are really new into Forex trading, it's better for you to sign up a demo Forex trading account from any forex brokers.
Oanda
Oanda is one of the most arguable Forex broker. Oanda has been extensively discussed in major Forex forums for it's trustworthy, reliability and so on. Since getting to know Oanda since 2002, Oanda has been working great. Its demo account never expired and is very similar to the real account. Furthermore, Forex trading through Oanda isn't limited by lot size, Forex traders can trade any amount as they like, this is especially useful for those who are new to Forex trading. The Oanda's Forex trading system can be considered as the best back in 2002 and have not seen much improvement since then. New features that have been suggested yet to be seen being implemented. The wap version of the Forex trading system is still in beta since 2002. It is strongly suggested to read their own forums to understand more about them.
Forex Capital Markets
one of the prominent non-bank Forex broker with office in New York, London, Tokyo and Hong Kong. For Forex trading, Forex traders will need to download and install the software. The Forex trading system is normal and nothing to shout about, but it does serve all Forex trading needs. Personally, I don't really like the system layout and it take me quite some times to get use to it. Although I have heard some criticism that those "winning accounts" are put under "broker intervention", FXCM has been working hard on serving their customer with toll free for several countries and live online customer support. The Online Deposits feature allows Forex trader to deposit funds online using credit & debit card from any locations.
GCI Trading Ltd
GCI Financial Ltd operates from Belize, a small country located in Central America. GCI is using the Internet Currency Trading System (ICTS) which is another normal trading software written in Java for trading operations. GCI allows traders in trading Forex as well as Dow Jones, Gold and S&P 500. Please take note that GCI does not accept clients from the United States. This is due to trading other commodity, the broker must be registered with the NFA, and GCI is not registered. By the way, you might interested to read CFTC cracks down on Foreign Currency Scams nationwide if the then Global Capital Investment LLC (GCI) of New York is now the GCI Financial Ltd. Besides that, a check of GCI Domain Whois shows that the domain is created on 2002-04-30
Capital Market Services
Started since 1999, Capital Market Services LLC (CMS) is a Forex broker based in New York. They using the self developed Visual Trading platform providing online Forex trading. What's make this Forex trading system unique is Forex traders able to execute orders by clicking on the chart. It's also a multi-lingual platform written in Java. Overall, CMS is rather reliable and seems no criticism have been heard about them yet.
Gain Capital
GAIN Capital is one of the most reputable Forex broker founded in 1999. First, their professional look website giving out good impression and providing all information for potential Forex traders about the company. Read the GAIN Management Team page, you will be impressed on most of the team members have more than 10 years experience in Forex. GAIN's forex trading system is one of the best currently available. All kind of Forex trading needs have been squeezed into the system. Has really nothing bad to say about them at the moment.
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How To Increase Forex Profits 100% in 10 Minutes
This simple exercise will increase Forex profits 100% and works for 99% of all short-term FX traders - stop trading so much - widen out your stops - widen out your profit targets - and only trade in the direction of the trend indicated by 4 hour chart.
1) Stop trading so much
Sure there are no commissions but the spreads are HUGE and believe it or not (well you’ll believe it after you do the simple exercise below) the spreads are reducing your profits 100%!
2) Widen out your stops
Initial stop loss should be a minimum of 23 points; I use between 23 and 35 point stop losses for short-term trading.
3) Widen out your profit targets
Unless you think a trade can make you 100 points or more don’t do it.
4) Only trade in the direction of the 4 hour chart
The real money is made in the direction of the trend
Simple exercise
1) Download all your trades for the year into an excel spreadsheet (if you don’t know how to do this ask your broker for help).
2) Determine the dollar value of the spread for each trade.
3) Sum up the total dollar value of all spreads for all trades and add this number it to your current account balance; this is your spread adjusted account balance.
4) Take your spread adjusted current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.
5) Take your actual current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.
6) Subtract your spread adjusted year to date percentage change from your actual year to date percentage change.
7) That number should be 100% or more
Take the necessary steps as outlined above (1 to 4) and improve your results 100%
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1) Stop trading so much
Sure there are no commissions but the spreads are HUGE and believe it or not (well you’ll believe it after you do the simple exercise below) the spreads are reducing your profits 100%!
2) Widen out your stops
Initial stop loss should be a minimum of 23 points; I use between 23 and 35 point stop losses for short-term trading.
3) Widen out your profit targets
Unless you think a trade can make you 100 points or more don’t do it.
4) Only trade in the direction of the 4 hour chart
The real money is made in the direction of the trend
Simple exercise
1) Download all your trades for the year into an excel spreadsheet (if you don’t know how to do this ask your broker for help).
2) Determine the dollar value of the spread for each trade.
3) Sum up the total dollar value of all spreads for all trades and add this number it to your current account balance; this is your spread adjusted account balance.
4) Take your spread adjusted current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.
5) Take your actual current account balance and divide it by your opening balance at beginning of year; the result will be a percentage change.
6) Subtract your spread adjusted year to date percentage change from your actual year to date percentage change.
7) That number should be 100% or more
Take the necessary steps as outlined above (1 to 4) and improve your results 100%
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