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Tag Archives: traders

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 Mentoring Benefits

What are the benefits of Forex Mentoring? There are many benefits of Forex Mentoring if you choose the right mentor. The main benefits are to accelerate your learning and give you the confidence you need to enter and exit trades at the correct time, which in my opinion is the key to making consistent profits from trading Forex.

How many times do you enter a trade and the market moves against you? How many times do you say to yourself, if only id have waited a bit longer i could have got in at a much better price?

How many times are you entering trades and getting stopped out. If this is all too familiar to you then you should not be trading in my opinion. You are not understanding how the markets work correctly, and until you do, you will continue to lose money and get frustrated with your trading.

Let me tell you, i have been in this position, i have made losses and been frustrated with my trading, and many times have considered calling it a day, so you are not on your own. I would say that 90% of successful Forex traders have been in this position at some point. Forex trading is a very hard job to learn, and its very frustrating because of the potential to make a lot of money very quickly.

The majority of people do not invest the correct amount of time required to learn Forex trading. They see the dollar signs and think ok i want some of that, and start trading. Professional traders love these people, they feed on them, they eat them up for breakfast, lunch, and dinner. Professional Forex traders earn a very good living at the expense of bad traders.

Despite what you may have been told, or may have read, Forex is a win lose business. If you win, someone else loses, its as simple as that. If you pull 10k out of the Forex market next week, you have taken that 10k off another trader, or a number of other traders. They may be bankers, hedge fund managers, or retail traders. To be honest they are more likely to be retail traders. 🙂

So do you want to be a winner or a loser? Easy question to answer, you want to be a winner right? If you want to be a winner, you need to stop giving your money to professional traders, and learn how to trade like they do. Statistically 95% of Forex traders lose money, the 5% that make money are the pro’s.

Whats the difference between a Doctor, an Accountant, a Solicitor, an Architect, a Vet, a Plumber or a Builder. Apart from the job they do there is no difference at all. They were not born into their profession, they were trained to do their profession, and they were trained for a minimum of 4 years, and they were trained by an expert in their chosen field. Would you consider paying £1000, £2000, £5000 even, to enter a competition in which you would have to compete against any of these professionals, and the winner takes all. Would you consider entering a house building competition with a builder, i doubt you would. So why are you entering a Forex trading competition with professional Forex traders, if you have not been trained by a professional Forex trader? More often than not professional Forex traders have been trained by other traders. The best traders in the world are not self taught, all the best traders have been trained and mentored by someone.

Some of the best traders in the world work on Wall Street, or in the City of London, and they work for large banks, or hedge funds, and they earn millions per year. When you trade Forex you are competing with these guys. To be the best, you have to be trained by the best. These super traders started out making tea for other super traders, they sat there and watched these super traders make millions, day in day out for years, before they were allowed to trade their own real money accounts. They paid their dues, they did their apprenticeships. They were trained and mentored by other traders.

Now you don’t have to be a super trader to make a very good living from Forex trading, but you do have to know what they know, you do have to trade how they trade. You do have to be trained as they were trained. Next time you visit the Doctors or the Dentist, ask yourself if this person has been trained by another Doctor, or another Dentist, or have they just rented a room and put an advert in a local newspaper?

If you want to be a successful Forex trader, you need to be trained and mentored by another successful trader, its a simple as that. 🙂

For more information on my Forex training and mentoring program please click here.

Which Forex Pairs Should I Trade To Make The Most Money

Which Forex pairs should i trade to make the most money?

When i first started Forex trading i only traded Euro Dollar. I traded that pair because it has the tightest spread, the best liquidity, and it consistently produced good moves on a daily basis. Euro Dollar is still my favorite pair to trade but i also trade Cable, AUD, and EJ. AUD don’t move as much as the Euro generally, but the spread is nice and tight. EJ moves well, but the spread can be a little wider. Cable moves very well, but the spread on Cable can get as large as 3 pips, so i will only trade Cable if i see a really good set up.

If you are new to trading i would recommend you start by trading Euro Dollar as i did. When you trade only one pair, you get to know how it moves over time, and that will help you with your trading entries and exits. Some traders only trade one pair, and do very well indeed. Specializing in trading just one pair can pay big pips, but you don’t get as many potential set ups when you trade only one pair. This is the main reason i trade 4 majors, and occasionally CAD. CAD don’t move that much, but you can get some good set ups on that pair, so its worth keeping an eye on.

The set ups that i look for work on any currency pair, and on any time frame so i am not limited to certain pairs, so i generally go for the pairs with the tightest spreads. If you are trading pairs such as Cable AUD and Euro you are trading against the Dollar, so if the dollar is weak all those pairs will rally, and if the dollar is strong the reverse will happen, so it does not really matter which pair you trade against the Dollar, so go for the one with the tightest spread. You can trade them all if you want, but the more pairs you trade at the same time, the more balls you have in the air so to speak. Its a lot harder to manage multiple positions, so i would not advise that you open multiple positions until you are a competent trader.