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Tag Archives: trader

Testing A New Forex Broker.

Testing A New Forex BrokerI have been testing out a new Forex broker for a few weeks, and i am very happy with the results. The broker is IC Markets

I had heard good things about them so i decided to give them a try and i can highly recommend them. The spreads are nice and tight, and the commission is $3.00 AUD each way per contract (100k) for C Trader, which works out at $2.85 USD or £1.80 GBP, and $3.50 AUD each way per contract (100k) for MT4, which works out at about $3.30 USD or £2.00 GBP.

They are a true ECN broker with institutional grade liquidity provided by 50 of the worlds top banks.

You can have up to 500 to 1 leverage, and trade 60 currency pairs. You can also trade 17 major indices and futures contracts including the FTSE 100 and Dow Jones Index 24 hours a day, with a spread of 1 point. You can also trade Gold Silver Brent crude and WTI oil CFDs and Natural Gas.

Min opening account balance on MT4 is $200. C Trader is $1000.

All client funds are held in client segregated trust accounts, with AA rated Australian banks.

The commission is what attracted me initially. This really makes a difference to your account balance at the end of the month. If you are using IG index for example, its less than half of what they charge. If you are a professional Forex trader, you need a really tight spread, and good commission. and IC Markets give you that.

I recommend you give them a try, you will not be disappointed. They opened my account within half an hour of my application, which is really fast, i have waited days for some brokers to open an account for me.

I really cant find fault with them so far. Click on the banner on the right if you want to give them a try.

Thanks for stopping by and have a a great trading day.

The Crazy World Of Forex Trading

What a difference a day makes in the crazy world of Forex trading.

Yesterday I was struggling to get a trade, and today we have had a bucket full of them.

Where do i start? We missed a couple of nice trades shorting Euro yesterday. When i say missed, i mean we did not get filled.

The way i set my trades up is i have a price point that i want to go short or long at, i set my trade at exactly that price point. If it gets hit we are in the trade, if it does not then we miss it. I don’t chase after the train when it has left the station though, as normally there will be another train along very shortly, but yesterday the trains were on strike i think.

We managed to get one trade yesterday on Euro long for 8 pips. And that was it i am afraid.

Now to today. The first trade of the day was a Euro long trade at 13835, exit was at 12876 for 41 pips. We also took EJ long at 10047 and closed at 10090 for 43 pips. These trades executed early this morning in the Asian session. Occasionally i will leave pending orders in overnight if i think i am not going to be at the PC when they hit, this was one such occasion.

The third trade of the day was another Euro long at 12852 exit at 12876 for 24 pips. We also took AUD long at 10224, exit at 10254 for 30 pips which was the 4th trade of the day.

The 5th trade of the day was Euro short at 12907 which we closed about 15 mins ago at 12880 for 27 pips.

the 6th trade of the day was AUD short at 10259 which we closed at 10240 for 19 pips.

We also had a cable short at 16037 which did not get filled, the price went to 33, so missed that by 4 pips, the price has moved 30 pips to the downside as i type, so that would have been another nice trade.

So all in all we have had a great days trading today.

6 trades, 6 winners, 184 pips profit. Best day for a while that. I am very pleased with that, it makes up for the poor day we had yesterday, but if the trades are not there what can you do? You can only trade what you see.

If you want to learn Forex trading using low risk high probability strategies, please consider my Forex training and mentoring course here You will not make a better investment in your future as a Forex trader. I will teach you how to be a winner. 🙂

Trading Forex Alone Or Trading Forex As Part Of A Group

Are you trading Forex alone, or are you trading Forex as part of a group of traders?

Trading Forex as part of a group has many benefits, but ultimately you are the one that pulls the trigger and makes the decision to enter and exit a trade, so you have to prepare yourself for times when the group are not available and you have to trade alone.

Some traders prefer to trade alone, as they feel a group trading environment could distract them from taking a trade. For example, if you see what you think is a great set up, and you share the set up with the group, if the majority of the traders in the group think its not so great, the chances are you will go with the majority and not take the trade, which is perfectly normal behavior, but you may end up missing a great trade. I have done this myself, so i know it happens.

Group trading is a great platform for new traders to learn from more experienced traders. Its very hard when you are first starting out in Forex trading as you do not know where to start. What strategies do you learn, and what do you ignore? What works, and what does not work? There is no point in spending months learning a new strategy if its a bad strategy, but if you are a new trader you will not know its a bad strategy until you have learned it, and proved in the markets that its not reliable. You have to learn the best and most profitable strategies from other successful traders, or you will be wasting a lot of time, and picking up a lot of bad habits along the way.

If you are considering joining a trading group you need to join a good one. Free trading groups are generally a bad idea in my opinion as they are full of noise. By noise i mean lots of traders with differing views and various get rich quick systems. You don’t know who to listen to and who to ignore. This can be really detrimental to your learning process. To be successful you need to seek out the top traders, and learn from them. 95% of Forex traders lose money, and 95% of them are in free trading groups and free trading forums. To be the best, you have to learn from the best.

So my conclusion is, trading as part of a group of proven top traders, or joining a live trading room is a great idea when you are first starting out, but to be successful long term in Forex trading you have to be master of your own destiny, and take ownership of your trading, win or lose. At the end of the day to be a successful trader you have to be able to trade alone.

Forex Trading Systems

To be successful in the Forex business you have to have a system. Well that is what the majority of traders say. I don’t like the word system. System makes me think of automated trading systems, and as far as i am concerned they are a no no. All as automated trading systems do is blow out your account, so please don’t waste your money on them. While i am not a big fan of the word system i do believe that every trader needs a trading method.

A trading method as i see it, is a set of rules or conditions that must be met in order for you to enter or exit a trade. Yes i did say enter or exit a trade. A common mistake that a lot of traders make is they are always looking for a set up to enter a trade, but have no idea where to exit a trade. Exiting a trade is just as important as entering in my opinion. What is the point in waiting for a great set up and taking 10 pips profit when you could have taken 50. So exits are just as important as entries in my book.

So how do you devise a Forex trading method that you are happy with. Well the first thing you need to do is to find a Forex trading strategy that works consistently well. Only when you have found a trading strategy that works consistently in all market conditions will you have the confidence to develop a trading method around it.

Following a strict trading method is one of the hardest things you have to do in Forex trading. Setting entries, exits, price targets, and stop losses is a major part of becoming a successful Forex trader.