Forex Mentor – Live Trading

Monday, April 26th, 2010 at 6:27 am  
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A Forex Mentor Will Put Your Trading On Steroids

If you want to learn forex trading or perhaps you are a seasoned forex trader but are struggling to succeed, do yourself a favour and use a forex mentor. You will be amazed at how they can turn your trading around.

The world of forex is very exciting; the thought of making lots of money, being able to give up the day job and become a professional trader, the dream of many when they start out, oh if is was that easy. There is lots of money to be made and it can be the end of the day job, but before success can be achieved there is one major hurdle to overcome.

Forex trading appears to be easy, and it is in a lot of respects, you can open an account in a matter of minutes with a couple of hundred, and you can start placing orders instantly. If only it was as simple to start making loads of money. To be successful does require a lot of time, patience and discipline, like anything you have to work at it to achieve the end result.

One of the major stumbling blocks and the reason there is only 5% of people who are actually successful at forex is fear and greed. The 5% have managed to conquer these human failings and that is the difference. Forex mentoring can give you the edge needed to overcome this aspect of trading, which is why they are worth their weight in gold.

Most people learn to trade via a course which may cost thousands of dollars that lasts for a few days or weeks, this can be fine for the basics, it is not necessarily going to make you a successful trader. By having a forex mentor you have access to a professional trader who is teaching you on a daily basis for months on end till you decide you can go it alone.

There is no greater way to learn than having access to the mentor all the time, you can ask questions whether in a live situation via webinar or via email. There are professional traders that hold live webinars, where you get to trade along side the trader, make the same trades he is doing on your own computer. Then there are traders that give you a daily video on what he see as the next days market moves, with suggested entries and why these are high probability trades.

Learning in this environment teaches you the discipline required to follow the trading system to the letter, when you can do this the fear and greed are no longer an issue, your trading becomes robotic, having 5 losing trades in a row doesn’t faze you, 5 winning trades in a row doesn’t get you excited and think you are bullet proof, achieve this and you will be able to give up your day job.

People enter the forex market to make money, very few succeed, if they took the time to learn forex trading through a professional forex mentor they would be better equipped to achieve their goal. There are professional forex mentors out there that charge from as little as $50 per month for their services, you can make this money back in 1 or 2 trades.

Which would you rather be, making 100’s of pips per month or losing your entire trading account and never becoming a successful trader?


day forex

Money Management – Forex Day Trade

Friday, February 26th, 2010 at 8:31 am  
Comments (3)

Your survival in the Foreign Exchange Market is determined by your ability to follow strict money management rules, without them you are doomed to failure.

If however you follow good money management rules, it is virtually impossible to fail, assuming you have a sound trading system. Trader psychology is the greatest enemy of the forex trader. Everyone hopes to get rich Right now. If you pursue that mentality you may as well hand all your cash over to the broker today as you will surely lose in the long run.

Money Management is the major component that determines your success or failure when it comes to any forex trading system. When you don’t have a money management strategy then you are destined to failure. Bottom line When you have no money left you simply cannot be a forex trader!

Without distinct rules trading forex is the same as gambling. For most people that trade without rules, that is precisely what they’re doing. Sure they are going to have successful trades, but they will certainly hit a bad patch at some time that more often than not will wipe them out.

Money management rules I have adopted:

1. If you are starting out with a small account never ever risk more than 5% (maximum) on  any trade.
2. When you take a couple of trades or correlated trades simultaneously ie the eur/usd and the gbp/usd then 5% would be       the maximum exposure you should have for both trades.
3. If it is a counter trend trade never risk more than 2.5% maximum.
4. Always plan the trade and place a stop loss on entry.
5. Plan your take profit exit before you enter the trade.
6. Never take trades with less than a 1:2 risk reward ratio. For example if the stop is 30 pips, then the trade has to be able to make 60 pips.
7. If you have 2 losing trades in a row, cut your risk back to half.
8. Should you lose 3 in a row cease trading for the day and analyze your decision to take the trade. Next day either start with on 1.5% risk or go back to a demo platform, but remember stick to the rules.
9. If you have 3 wins in a row revert to 2.5%, that way you will not lose all the profit you have just made.
10.  when you get back to a 60% win/loss ratio, return to 5% maximum

As you account grows reduce your risk per trade till you are trading around 2-3% per trade.

Whether you are using a forex day trading  system or  an intra day forex system you are trying to identify repeatable patterns in the charts, these do not happen everyday, you need to have patience, if the market is not giving you a trade walk away and you live to trade another day, it will always be there tomorrow.

Have a trading plan and stick to it, no exceptions, and follow good money management rules. This forex currency calculator will keep you in check.


day forex