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

Learn to Trade FOREX

Tuesday, February 23rd, 2010 at 1:33 am  
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Keys to Forex Success

The Foreign Exchange (Forex) Industry is estimated to turnover $3 trillion dollars everyday. If you hope to be part of the action, you will need to get educated and really know what you are doing. The surest way for you to gain an edge, maximize profits and minimize losses is to know the market and how it works.

The Forex industry was and still is the domain of the big players. They consist of commercial banking institutions, central banking institutions and multinationals involved in foreign trade, along with big investment funds and corporations. On top of that, private people with large capital assets also common participate. However more and more small players are entering the industry.

To swim with the sharks you need to be well equipped. In other words, you must have a good solid trading system from the start.

There are two different kinds of analysis employed in the foreign exchange market…technical analysis and fundamental analysis. Technical analysis is generally used by the smaller players. Here, the analysis focuses on charts… price action. Fundamental analysis is employed by the big banks and corporations; this kind of analysis is more complicated and looks at many additional factors which may impact the value associated with a currency.

Common terms used in the currency market.

Pips refer to the increase of one hundredth of a percent of the price of the actual currency pair you’re trading.

Volume is the actual amount or sum of money being traded at anyone time in the market place.

Buy – Buying is the purchase of a particular currency. A trader buys with the hopes that the cost of the currency will increase.

Sell – Selling is placing your bundle of currency out for another individual to purchase because you expect a possible decrease in its value.

The Forex trading system you choose needs to be closely matched to your individual personality, what type of Forex trader are you? There are many day forex systems out there, no one system will work in all market conditions, therefore having a few systems that cover the various market conditionsis a must.

Be sure to perform paper trading until you are comfortable with the forex system you are working with. This is really a smart way to build your own trading expertise, learn how the market performs and get comfortable with the software as well as tools you will be using.

Select a reputable broker, do your own homework… check that there’re registered and in good standing. And check their reputation within the industry.

Forex trading may seem easy and manageable, but the psychological anxiety, the needs and challenges associated with being a Forex Trader can take its toll. Success is about having a game plan, money management and discipline, as well as a profitable day forex system trading strategy.


day forex