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Tag Archives: profitable

A Horse Called Forex. How Many times Have You Fallen Off?

Do you have a horse called Forex?

How many times have you fallen off and got back on again? In the early days i fell off quite a few times, and every time i did i said that’s it, I’ve had enough, i am never trading again. But after a few hours, or sometimes a few days, that horse would be looking at me and saying, come on, get back on, and let’s try again. Forex trading was in my blood.

I am sure many of you can relate to this situation. You really want to trade well, but you are struggling to find good entries, or your stops always seem to be getting hit, or you are doing silly things, like jumping in to try and catch a big move. You have a few good days and then wham, you’re off the horse again.

Forex Grand NationalTrading can be very much like the Grand National for many traders, staying on the horse on the flat is not too much of a problem, but come to beecher’s brook, or the chair, and you are falling off again.

I am going to let you into a little secret. Many traders make a common mistake when they are trading, and that is they focus on making money, rather than being a successful trader.

Making money is a by product of being a great trader. You have to be a great trader first, and the money will come later. If you focus on making money you are trading emotionally, and if you are doing that you will make more mistakes, and you will fall off the horse more often.

Another common problem for a lot of traders is they do not really know what they are doing wrong, this is primarily because of a lack of knowledge. But if you are confident that you do know what you are doing wrong, but you are still struggling, then type out a list of the things you are doing wrong and keep it on your desk, or put it up on the wall in your trading room, to keep you focused.

Knowledge is everything in Forex trading.

To be a successful trader you have to have many qualities. The most important quality you need in my opinion is knowledge. You cannot be a successful trader without that. If you do not know how the market works, and what makes prices move, you will always struggle. You can have the other qualities that you need, like patience, and discipline, but without knowledge you will never be a consistently profitable trader.

Forex KnowledgeAll the information that you need to be a successful Forex trader is contained within the chart, but to be a successful trader you need to know how to read that chart.

Many traders think they can read a chart, but the truth is they can’t. They think they know what’s going on, but then the market does something weird, and unexpected, and what looked like a great set up, is now turning into a losing trade.

If you can relate to this, then you do not fully understand what the chart is telling you to do.

In my experience, the market will do something weird or unexpected about once a month on average. The rest of the time it does exactly what i expect it to do. So if you are experiencing unexpected weird market moves more regularly than that, then you lack the market knowledge needed to be successful. And let me tell you this right now, its not your fault you lack the knowledge you need, and its nothing to be ashamed of. Your knowledge is not up to scratch because the majority of information available to you to learn from, is poor at best.

Professional Forex training.

To be a great brain surgeon you need professional training, to be a great doctor you need professional training, etc etc. So why do some Forex traders think they can teach themselves to be a great trader? You would not try to do it in any other profession, so why try to do it in Forex? If you try to teach yourself how to be a brain surgeon you could kill someone. No one is going to die if you try to teach yourself how to trade, but your bank balance is going to get killed that’s for sure.

Professional Forex TrainingTo be successful in any profession you need to have professional training. Why are 95% of Forex traders losing money? Because 95% of Forex traders are teaching themselves to trade, or paying a few 100 bucks for a pretty pathetic Forex training course that will not teach them anything of value.

Why are so many graduates looking for internships at investment banks, or hedge funds? Because they want to be trained by professional traders. If trading was easy they would pay a few 100 bucks for a Forex training course, and be on their way to their first million, but we all know that there is a little bit more to it than that.

So what conclusions can we draw from the experience of continually falling off the horse. Well the first conclusion is that you are doing something wrong. So if you do not find out what it is, and do something about it, you are going to continue to fall off. Doing the same thing over and over is going to produce the same result.

What do i need to become a winner?

Forex Winners

In my experience the main problem you are facing is a lack of understanding. So you have to acquire the knowledge you need to be successful.

You have to find a professional trader that is prepared to educate you to give you the knowledge you need to be successful. Its a lot easier to be patient and disciplined if you have sound trading knowledge backing you up.

So if you have fallen off that horse called Forex more times than you care to remember, and you still want to get back on, then Forex trading is in your blood, and only 2 things can happen. You can either go broke, or you can reach out for help.

Realistically there is only one route you can take if you want to stay on the horse long enough to win the race. You need to be trained and mentored by a professional Forex trader.

If you have managed to make it to the end of this article, you now have 3 options.

Option 1. You can get back on the horse, do the same stuff, and fall off again, until you run out of money.
Option 2. You can contact me and i will teach you how to stay on the horse, and become a winner.
Option 3. You can shoot the horse and quit. 🙂

Which one are you going to choose? Option 2 looks like the favorite, and a pretty safe bet to me.

Forex Training Price Increase.

Forex Training Price IncreaseDue to time constraints, and the value of what i teach, i have been considering a price increase for a while now, but i wanted to give as many people as possible the opportunity to join me in my first full year of teaching before a price increase.

I now have a nice group together and they are all progressing well, which is great news, and bodes well for my future plans. I am now fully booked until the end of the year, so i have decided to have a price increase from the 1st of Jan.

The initial prices i set were way too low in hindsight, as they do not reflect the full value of my time, and more importantly the value of the training that i give.

So as of the 1st Jan 2014 the new prices for Forex training are as follows.

The 20 hour training and mentoring course will increase from £2795 to £3795.
The 40 hour training and mentoring course will increase from £4995 to £6995.

The earn while you learn option is staying the same at £1000.

The new prices are still in my opinion extremely good value for money and you will be more than happy with what i teach you, i am 100% confident of that. Yes there are other training companies that offer cheaper options than i do, but i am not a Forex training company, i am a Forex trader, a very profitable, successful Forex trader, that offers Forex training to serious people that want to be very successful in this business.

A Forex training company will not teach you what i can teach you, and they will not give you the support that i give my students either. They will just take your money, and then you are on your own. They are not professional traders, and they do not make their money from trading, they are teachers, and they make their money from teaching. So consider carefully what you are paying for, before you hand over your hard earned cash.

I really do enjoy teaching, and the feedback i get from my students gives me a real buzz, but i also enjoy making money from trading, and enjoying my free time. My time is very precious and my knowledge is second to none. I am not really interested in teaching my stuff to the world, i just want to build a network of successful Forex traders that can really trade, and make serious money from this business.

So if you are serious about making big money from Forex trading then i would love to help you achieve that goal.

As i said i am fully booked until the year end, but as a good will gesture to anyone that is on the fence about my course, i am offering 2 places that can be reserved with a £500 deposit at this years price, for a start in Jan 2014. So if you are considering my training course, contact me asap and reserve your place at this years price.

Apologies for not updating the blog for a while, but i have been very busy with new students, and setting up the money management business, which will be ready to go soon. I have also been on holiday for 2 weeks.

That’s all for now guys. If you are trading next week, have a great week. 🙂

Learning How To trade Forex Using Price Action.

Learning How To trade Forex Using Price ActionI cannot stress enough the importance of learning how to trade Forex using price action. The majority of Forex traders are using indicators to give them trading signals which i believe is the wrong way to trade Forex. Its not only me that thinks this way, the statistics speak for themselves, and 95% of Forex traders do lose money over the longer term.

I get a lot of comments from people who cannot get their head around the fact that i have so many winning trades. Its not hard to get the same results as i am getting if you trade as i do. My trading style relies on the fact that i wait until the odds are in my favor before i trade. I class myself as a high probability trader. I take 2 to 3 high probability trades per day, and more often than not i am successful. I could easily take 20 or 30 trades a day, but i would not be getting the results that i am currently getting.

To be successful in Forex trading you have to have a complete understanding of the charts. You have to be able to look at a chart and know exactly what is happening and why. Only when you have this understanding can you be consistently profitable. Please don’t kid yourself into thinking that you know what is happening on the chart when you don’t. This is a fundamental mistake that a lot of Forex traders make. They cannot admit to themselves that they do not fully understand the chart. If you are failing to make money, week in week out, its not a bad run, or bad luck, or any other excuse you can find, its because you are not completely understanding Forex trading, and you are entering your trades at the wrong time. When you can to admit to yourself that you have a problem with your trading, you can then start to do something about it. Some traders will go on for years and years losing money, but not admitting to themselves that they do not know how to trade consistently.

Learning how to trade Forex using price action is all about the chart. I am not talking about stochastics or macd or trend trading or moving average crossovers, or momentum etc etc. I am talking about price action, and spotting the moves in the market before they happen. If you understand the price action as i do, you can take advantage of these moves by getting into your trades before they happen. This is what high probability trading is all about. Entering the market at the correct time before the move. This is the only way to make money from trading Forex. Forex trading is pretty much black and white, as far as i am concerned, you either know what is happening or you don’t. There are very few grey areas in how i trade.

So if you are reading this and thinking yes you are right, i am struggling with my trading and i need help, then you are on the road to becoming a successful Forex trader. If you cannot admit that you need help, then you will continue to lose your money.

If you are ready to admit that you need help with your trading, and you wish to take the next step to becoming a profitable trader, then please feel free to contact me. I offer Forex training to traders from all over the world. You can contact me on UK 07939 427000. Or drop me an email and i will call you back if you are in the UK. Have a great trading day. 🙂

Risk Reward In Forex Trading

What is risk reward in Forex trading and how can it help you become a more profitable trader?

Well first off i will explain what is meant by risk reward.

When you are looking for trading opportunities it is important to calculate your potential risk against your potential reward. For example if you are entering a trade with a 20 pip stop loss on a risk reward of 2 to 1, your profit target should be at least 40 pips. If you are entering on a 3 to 1 risk reward ratio your profit target should be at least 60 pips, and so on.

Now if you are using a min risk reward ratio of 2 to 1, you can lose 50% of your trades and still be a profitable trader. If you are on 3 to 1 risk reward ratio you can lose 70% of your trades and still be a profitable trader. If you are losing 70% of your trades though you are doing something wrong, but i am just giving you an example of how risk reward can help in making you a more profitable trader.

Now that is what the books and all the other so called Forex experts say regarding risk reward. What do i say about risk reward? I say its a good method in theory, and you can use it if you are comfortable trading that way, but i look at risk reward in a slightly different way.

If i enter a trade and my logical exit gives me 10 pips i will take them. I will not say, well my stop loss is 20 pips so i need to get at least 40 from this trade because i am trading on a risk reward of 2 to 1. It makes no difference to me about a 2 to 1 or a 3 to 1. Pips are pips at the end of the day, profit is profit. If the market gives me 10 pips i will take them, if the market gives me 20 i will take them, if the market gives me 22.6 i will take them. I enter a trade logically and i exit a trade logically. Whats the point in waiting for 40 pips if you get to 20 and the market turns around and stops you out? You have just let a nice winning trade turn into a losing one. Who wants to use a 2 to 1 risk reward strategy, and feel good about losing 50% of your trades? I certainly don’t. I want all my trades to be winners. I don’t want any losers thank you very much.

Some traders say that losing is all part of Forex trading and you should not feel bad about losing. Well i do feel bad about losing. If i lose a trade its my fault, i have done something wrong, i have made a mistake. I have been too greedy, or i have entered a trade at the wrong point. Or my stop loss has been in the wrong place etc etc. I agree that you should not feel bad to the point where you revenge trade, but you should not feel good about losing trades. All losing trades are losers because of something you have done wrong. Occasionally you will get some unexpected news come out that will kill a trade, but more often than not you lose a trade because you have done something wrong, and you should be able to recognize what you have done wrong, and try not do it again.

I am a perfectionist, and my ultimate goal is to have trading perfection. 100% win rate all of the time. I firmly believe that this is possible, if you have a complete understanding of what the chart is telling you, and you are patient enough to wait for the high probability trades. This is what i do. I trade high probability set ups. Risk reward does not play a significant part in my trading. I understand risk reward completely, but i also understand price action and i can enter and exit the market with precision. I take what i am given and i look for another trading opportunity. This in my opinion is the way you should trade Forex. You enter with high probability, you take your pips and you exit, and move on to the next trade. I certainly do not want to be babysitting a trade all day long waiting for my risk reward to get hit. 🙂

If you want to learn how to trade Forex like the pros, please consider my Forex training and mentoring program here.