Monthly Archives: October 2012
How Professional Forex Traders Make Money
Forex trading is a business and should be treated as a business. When you trade you are putting your money on the line against professional Forex traders.
What makes a professional Forex trader?
Why do some people consistently make money from trading Forex while others consistently lose?
What is the secret to making money from Forex trading?
What do you need to enable you to make money day in day out?
I am going to share this secret with you. I am going to share the secret that myself and other professional traders use every day to make big profits from trading.
The secret is knowledge, yes knowledge. Knowledge is everything in Forex trading. The more knowledge you have the better a trader you will be.
Despite what a lot of people say, a professional Forex trader does not trade with a feeling, or a gut instinct. He trades with knowledge. He knows when price reversals are likely to occur, he knows when to enter a trade, he knows how long to hold the trade for, and he knows when to exit a trade and bank his profits.
A professional trader will execute his trades with calm and precision, while amateur traders will run around like headless chickens, trying to scalp pips from everywhere.
When you have the knowledge, and you can apply it, you will become a laid back chilled out trader, and not a frustrated nervous wreck.
Knowledge is what separates the winners from the losers. So if you are a new trader just starting out, or you are an experienced trader that is struggling to make consistent profits, take my advice. Forget about adding money to your bank account, and concentrate on adding knowledge instead. Knowledge is how professional Forex traders make money.
If you want to add to your knowledge, and learn how to trade Forex like a professional, please consider my Forex training and mentoring program here. It will be the best investment you will ever make in the Forex business, i can guarantee that. 🙂
4 Trades Today 62 Pips Profit.
Quick update.
4 trades today for 62 pips profit.
Best trade of the day was EJ long for 34 pips. Nice price action set up that was.
Trades are below.
DEAL 23/10/12 Spot FX EUR/USD DFB 12966.1 12978.2 +12 Pips
DEAL 23/10/12 Spot FX EUR/USD DFB 13028.6 13034.6 +6 Pips
DEAL 23/10/12 Spot FX EUR/USD DFB 13024.1 13034.8 +10 Pips
DEAL 23/10/12 Spot FX EUR/JPY DFB 10332 10366 +34 Pips
We also had another Euro long that did not work out, which i managed to get out of at breakeven.
Hoping for Dollar weakness in the Asian session so we can get some good shorts on tomorrow first thing.
Trading Euro JPY Today. 2 Trades 2 Winners.
Euro JPY or EJ was the trade today.
EJ was the only pair that was moving today. We missed the long set up so we took 2 short trades counter trend for a total of 36 pips.
The first trade was at 10401 down to 10380 for 21 pips.
The second trade was at 10441 down to 10426 for 15 pips.
We also took a cable long trade that did not work out as planned so we closed it for 4 pips. Not really worth talking about that one. 🙂
Lets hope we get some decent set ups tomorrow.
Forex Mentoring Verses Teaching Yourself Forex Trading
There are 2 ways you can learn to trade Forex. You can teach yourself, or you can pay someone to teach you. So what are the pros and cons of each option?
The cost. The cost of teaching yourself how to trade is substantially less than the cost of paying a professional Forex trader to teach you how to trade. When you pay a professional trader like me to teach you how to trade Forex, you are paying for my time, and my experience.
Time is a very valuable concept that a lot of people do not fully appreciate. If you are lucky you will get around 80 to 90 years of time on this earth, which is broken down into months, weeks, days, hours, minutes, and seconds. The longer you have been around, the more valuable your time becomes, as you have less of it. Its like a simple supply and demand scenario that you could apply to Forex trading. The more supply the lower the price goes, less supply and the price goes up.
Time. We have just talked about time and the value I place upon it. Now time is just as important to you, as it is to me. If you are a young person then you have a lot of time to play with, so the value of your time, is a lot less than the value of the time of an older person.
If you are young you may not have the money to invest in paying a mentor to teach you how to trade, so you can invest more time, to teach yourself how to trade. It may take you 5 years to learn how to trade correctly. This 5 years of time has a lot less value placed upon it, than 5 years of time of someone in their 60’s. I have just gone 47 by the way. 🙂 So as a young person, you may not have the money to invest in learning, but you have the time. An older person may have more cash at their disposal, but less time. So it would be a more attractive proposal for an older person to pay someone to teach them how to trade.
Experience. When you pay a professional to teach you how to trade you are paying for his experience. I have been trading for over 12 years, over 8 years in Forex, so you are paying for my experience, and of course my time.
When you are teaching yourself to trade, you do not have any experience on day one, but you will have a bit more experience on day 2 and so on. In 8 years time you may have as much experience as i have now. Will that make you a better trader than me? That depends on what you have learned in 8 years. Excuse my French but there is so much crap information out there, and most of it is designed to lose you money. How do you know that you will not spend the next 8 years learning something that does not work?
Summary. By paying a professional Forex trader to teach you how to trade you are buying experience, but more importantly you are buying time. You are buying my time, and you are buying your own time. You know the cost of my time, but how do you value your own time? That is the question. Do you want to spend the next 5 years teaching yourself how to trade, with no guarantee that you will be a profitable trader at the end of it, or do you want to pay a professional trader like me to teach you how to trade now, which will save you valuable time, and give you a guarantee that you will be a profitable at the end of your learning.
For more information on my Forex training and mentoring program please click here.