Trading education » Mentor

What Do You Need to Learn to Trade Currencies Successfully?

admin — Sat, 01 May 2010 04:57:33 +0000

Some people ask me if trading currencies is something you can learn or it’s something that must suit your personality. I strongly believe that any skill is learnable as long as a person has a strong desire to persist in learning. Another thing is that Forex allows you to trade with any personality. If you have a better emotional control and you can watch continuously how price is fluctuating then short term trading may suit you better. If you have patience and can wait for a long time for trade to mature then long-term trading is for you.

So the question is what do you need to learn successfully trade currencies? I found one thing that made all the difference in my learning experiences. But first let’s look at the reason why people get attracted to trading in Forex or why they start any business at all. I believe they attracted to it by the promise of freedom. How many times you heard “be your own boss”, “fire your boss”. But what I didn’t realize was that trading as well starting any new business required much more effort and hard work than any boss would require.

So the most important thing I found to make my learning experience much more successful is to find an accountability partner. When we study in school we are accountable to our teacher to do our homework. When we work we are accountable to our boss or company. So to make your learning to trade successfully you need to find someone to hold you accountable on finishing your tasks and on following through your plans.

I have my wife to hold me accountable. She has no understanding of any technical or fundamental analysis but she does have understanding of my finishing daily tasks that I have planned. If you can find a mentor who trades Forex it’s the best option. But if you don’t have such a mentor it can be any of your friends or relative. The most important thing is they need to be supportive of your plans.

The following are few tips on learning Forex trading with and accountability partner. First select a trading system that suits your personality. Now set a daily routine of testing and trading your system. Put on paper how many trades on historical data you are going to test on a daily basis. Make a list of parameters you want to fix in a real-time trade. For example if you get impatient and get out the trade too early you can put it as “Always wait until price hits the take profit or stop-loss levels.”

At the end of the day or at least at the end of the week report to your partner how well you followed the plan. Don’t pay attention to a result of any single trade. If you lost but managed to stick to your rules then it was a successful trade. If you had a profit by violating your trading rules then you failed. This is what needs to be reported.

You may be thinking that having an accountability partner is not very important thing. Trust me if you do it on a consistent basis very soon you will develop a habit of accomplishing whatever you set to accomplish in your trading plan. Once you have that habit in place the success in trading becomes surprisingly easy.

By: Albert Schmidt

FX Trading Strategy – To Win it Must Contain These 3 Vital Elements

admin — Tue, 13 Apr 2010 15:27:56 +0000

If you want to win with your FX trading strategy make sure it contains these key elements otherwise you will be doomed and join the 95% of losing traders.

1. It must be Your Strategy!

Don’t fall for the hype that some junk robot will give you success or a guru or mentor there are plenty sold online with huge profits in simulation but they don’t work – no one gives you something for nothing and forex trading is no different.

Even if you have got the forex education from someone else, you must understand it and have confidence in it so you can follow it with discipline – discipline is the key, you must be able to ride out losing periods and wait until you hit a home run.

If you don’t have confidence you will never be able to do this make sure you have it.

2. You Must Understand Your Edge

Your trading edge is the reason you will win when 95% of other traders lose and you must have confidence and understand what it is and it must be based on sound logic.

Many people think they have an FX strategy based on sound logic and do the following and lose.

- They try and predict market prices

- They follow bogus scientific theories

- They trade news stories

- They day trade and try and scalp

- They follow experts

All the above will see you lose if you don’t know why, continue your forex trading education until you do.

Your trading edge is something that is personal to you and can be based on a simple forex trading strategy you can execute with discipline – that’s enough, remember simple systems executed with rigorous discipline work!

3. Play Defence First

When you are trading on leverage you need to trade great defence first and always protect what you have this means rigorous money management rules and money management is much more than placing a stop!

If you don’t keep your losses small you will get wiped out – sounds obvious?

Well most traders don’t heed it and use leverage of 200 or 300:1 on a few hundred bucks, 10 or 20 is enough.

Forex trading can make you a lot of money but if you expect not to have to work your in for a rude awakening.

Do your homework, get confident and make sure you have the discipline to stick with your FX trading strategy and follow it through drawdown periods, to long term success and the rewards if you can do this are huge.

By: Kelly Price

Day Trading Training

admin — Thu, 08 Apr 2010 00:19:41 +0000

Day trading training is to financial success as a professional day trader as medical school is to a doctor. In fact, no serious endeavor that involves risk and requires skill can be achieved without the proper education, unless you are hell bent on gambling solely on the basis of luck, or on the basis of your “gut instinct”.

A solid foundation in day trading education can make the difference between amassing a fortune and incurring massive financial loss.

You may know someone or may have heard stories about people who have given up their day jobs to take up day trading as a full time endeavor. They only work a few hours a week, maybe only a couple of hours a day, doing some research and then programming their buy and sell thresholds, and then letting the market do its thing. These people are making money on autopilot, right?

Successful people always make their achievements look easy to others who are not in the know. But the reality is that success is the outcome of fierce determination, intense study, and a relentless drive to achieve your goals. Day trading is no different.

A truly successful day trader will have read books, attended seminars, enrolled in training classes, watched demonstrations, or enlisted the help of a mentor. Having a mentor who is committed to your success is in fact, one of the most effective ways to become successful. You are following in the footsteps of someone who has blazed the trail to success ahead of you, and he or she is able to guide you and show you the way to your own success.

Never underestimate the importance of a solid foundation in day trading training.

By: Paul Messner

Emini Trading – The Allure Of Day Trading Chatrooms

admin — Fri, 02 Apr 2010 06:15:05 +0000

Many people dream about becoming day traders. Many have tried to make money this way trading individual stocks or emini futures. Most have failed or will fail. The success rate among day traders is a mediocre 5-10%, but then again, the success rate among upstart businesses is hardly any better if at all.

Launching a daytrading career is as risky as starting a new business. It’s hard work, many challenges and frustrations to overcome and a lot of perseverance. That is, if you want to succeed.

When the things get tough and the clear progress is yet to be seen, it’s quite tempting to look for shortcuts, for someone who would shorten your learning curve, for a mentor of sorts.

And it’s very easy to find it. There are plenty of mentors out there, running Internet day trading chatrooms for a fee that hardly ever is commensurate with the benefits gained, not to mention, profits made by participating in their chatrooms.

This should not come as a surprise. The majority of such rooms are run by people who never made it as day traders yet were shrewd enough to capitalize on their “expert” advice by offering it to others instead of perpetuating the misery of putting it to use in their own accounts.

Some of such experts would like you to believe that they trade dozens of emini contracts in their own accounts, yet never allow the public at large to examine their trading records in a comprehensive manner. Sure, from time to time, on a really good day, they post their results for others to view (and admire), but that is not enough to know if they really are consistently profitable as day traders.

And if they are not, why would you want to learn from them? What they truly excel at is selling their services and not making money applying what they preach to their own accounts.

Mastering day trading takes time and effort just as does mastering brain surgery. But if you wanted to master the latter would you rather choose as your mentor an experienced brain surgeon or a guy selling tools for brain surgeons?

There is only one way to separate true day trading experts from bogus ones. By insisting that they take trades they call in the chatroom and prove it by disclosing their trading records. It does not matter how many contracts they trade. One is enough and already too many for most of them.

How many such experts can you find out there? When it comes to day trading emini futures, I know of only one. Out of dozens of such operators that I have seen online over the last few years. (I may reveal his name on my site in due time.) Think about it next next time you decide to seek help from one of them.

By: Waldemar Puszkarz

Forex Training and Education For Aspiring Traders

admin — Fri, 05 Feb 2010 22:28:02 +0000

A thorough education in trading the Forex market is essential to your development and success as a trader. Trading is one of the most difficult professions to excel at; as any experienced trader will attest to. The difficult part about Forex training is finding an experienced Forex mentor who is a professional trader and a great educator. The fact is that most professional traders are not out there telling you how they trade or trying to help people trade better.

They usually are too busy taking money out of the market and concentrating on their own discipline and self-control to have time to help aspiring traders. There are indeed some Forex trading educators out there who are genuine; however they tend to get lost in a sea of people trying to sell you a black-box system or that don’t really know if the method they teach is consistently profitable.

There are some characteristics of a great Forex trading trainer to watch for in a prospective candidate you have in mind. First of all, if you want to know wither or not the person is genuine than take a look at their website. Is it just an e-book trying to sell you something at the bottom with no actual Forex training information? If they are not offering anything at all for free on their website than they are likely just a sales person trying to take advantage of your trading hopes.

Most genuine Forex educators will have numerous free trading articles, videos, etc on their Forex training site. Now, that’s not to say there is anything wrong with selling a quality Forex training course to interested people, because there isn’t. A genuine Forex trainer will have spent years of trial and error and frustration perfecting their trading method, so it only makes sense that they charge a small fee to share it with the world.

A good Forex training website will not only have numerous free materials available, but it will also have the main Forex educator well advertised. If you don’t even know what your prospective Forex educator looks like, than I would take that as a warning sign in and of it’s self. When you buy a trading course or subscribe to a Forex training website essentially what you are doing is buying the person behind the training materials. This person should be obviously knowledgeable about trading and well spoken. It does not make sense to buy a course or subscribe to a service that does not give you any kind of clue as to who is behind the training material.

Forex training usually comes in two forms; someone trying to sell you a piece of software that consists of a few lagging indicators that give you buy and sell signals with no real market perspective or actual educational material included, or, someone trying to sell you an e-book at a ridiculous price with a bunch of common sense information about Forex that you can find for free all over the internet. The third form of Forex education is a bit harder to find. Specifically, I am talking about an on-going Forex training website with various forms of educational material’s that are constantly up-dated and expanded.

So before you purchase any Forex training course or subscription service you should ask yourself what am I really getting for my money? Does the person selling this product seem genuine and do I even know anything about them? Look for free material as well as a common sense and straight forward trading method. Finding a quality Forex training website in the ocean of Forex material floating around the internet is not as easy as you might think. So take the time to see what trading method fits you best and ask yourself if you trust the person you are learning to trade Forex from.

By: Nial Fuller

Forex Trading Education – Novice to Pro Trader in 2 Weeks Here’s How to Do It

admin — Thu, 28 Jan 2010 18:19:08 +0000

If you want to get the right forex education and trade like a pro in just 2 weeks, then this article is for you. I was inspired by the story enclosed and it will inspire you too…

Let’s look at the story first and it will make you think.

Novice to Pro Millionaire Traders in 2 Weeks!

Richard Dennis was a famous trader who set out to prove that anyone could learn to trade and he set about proving it in 2 weeks.

He got a group of people together, who had never traded before and they were a diverse group. They ranged from an actor, to a security guard SO, just ordinary Joe’s. he taught them to trade in 14 days, gave them money and trading accounts and they rewarded him – by making $100 million in just 4 years!

Now this might strike you as a bit of a paradox, as 95% of forex traders lose! The reason is not because they can’t learn, it’s because they learn the wrong information, want to follow others, or have the wrong mindset.

Today how many traders start trading without really understanding how markets work? – The bulk of them.

You Need Confidence and Discipline to Win

Most traders want to follow forex robots that haven’t even been traded, or follow a guru or mentor. Their lazy and wont take responsibility for their actions and lose.

Taking Control of Your Destiny

Dennis knew that he could give them the system – but he knew they would get nowhere with it, unless they understood it and had confidence in it. Only if they understood it and had confidence would they have the discipline to follow it, through losing periods until they hit a home run.

You Don’t Need to Work Hard You Need to Work Smart!

If you want to learn to trade forex and win you don’t need to work hard, you need to work smart. That means a few weeks study – forget all the rubbish said about you have to keep learning – you don’t!

Once you have your system, your then down to 30 minutes a day work and that’s it.

You Don’t Need to be Clever to Win Either

In forex trading there is no correlation between how much effort you put in and how much money you make – you get rewarded for being right and that’s it.

The next point to keep in mind is you don’t need to be clever. The simpler a system is, the more robust it will be and the more likely it is to be successful.

The group Dennis taught were given a simple, long term trend following system, based on breakouts and this is always a good place for any novice to start.

Base your forex trading system on breakout methodology and focus on the long term trends. We have written on how to put together a system based on this methodology in our other articles so look them up.

Forget complicated systems they break and you need to keep it simple just a few rules and parameters is all you need.

The Hard Part!

The hard part as we said earlier is being disciplined. It sounds easy – but it’s not, as you have to keep on track while the market hands you losses and makes you look a fool and it’s hard even for experienced traders sometimes.

If you have built your system, understand how and why it works, discipline will be easier for you to achieve.

Now I am not saying you will get as rich as the group Dennis taught – but the opportunity is there, for anyone to learn forex trading and become a winner.

Sure it a challenge and sure you have to accept success sits on your shoulders but if you want success, the door is open for you.

Remember the market doesn’t beat the trader, the trader beats himself. So have confidence and a burning desire to succeed and you can enjoy currency trading success.

By: Kelly Price

Options Trading Education

admin — Mon, 04 Jan 2010 12:25:40 +0000

Are you looking for good options trading education? If so then you should look for a mentor who has been trading options and has made a fortune with options trading. Options are a better trading vehicle as compared to stocks. Suppose you are bullish on a stock ABC. Let’s say stock ABC is selling at $70 right now. If you buy 1000 shares of stock ABC, your cost will be $70,000.

Now, instead of buying stock ABC, you look for a call option on stock ABC. Let’s say 3 months call option contract on stock ABC with a strike price of $70 is selling at a premium of $15. One call options contract gives you the right to buy 1000 shares of stock ABC. This means that you can have the right to buy 1000 shares of stock ABC at $15,000. You may exercise this right or you may not! It depends on the price of the stock.

Compare this with your intended investment of $70,000. A saving of $70,000-$15,000= $55,000. So what do you think which is the better trading vehicle. You can use these saving in buying more options contracts. Suppose the price does not go up but goes down to $45. How much you lose if you had invested in stocks? $25,000. How much you lose if you had invested in options? $15,000. Options are definitely a better trading vehicle if used properly as compared to stocks.

Options trading can be highly profitable if done right. Just like any other investment, options can be risky. Many people don’t know how to trade options but still take a plunge in trading options. The result they burn their fingers. The right way is to first get good options trading education. Always train yourself and get good education before you make any investment.

Meet Chris Rowe. Chris was crippled at the age of 15 when he met an accident. He could not walk again in life. But this did not deter him in life. He became a master options trader and made a fortune trading options. He is the right person who can give you good options trading education. Recently he launched his Options GPS course in collaboration with Ron Ianieri.

Ron Ianieri is another great name in options trading education. He is a former options floor trader and is now the Chief Options Strategist at the Options University. He is considered to the the best teacher on options trading education. The motto of Options University is good options trading education for safer and better investing. Now both Chris and Ron are great mentors that can teach you what no one else can teach you.

By: Ahmad A Hassam

Trading From Home Review – Forex Home Trader Success Program

admin — Thu, 17 Dec 2009 14:18:57 +0000

Forex trading is one of the hottest markets. This 3 trillion-dollar market can certainly provide you with the profit you want. Getting a good online forex trading software & training material is very important. The Trading from Home is the online home forex trader program. Most people probably do not have the time to attend forex trading course. Thus, an online forex trading education is more suitable.

The Trading from Home program was created by Michael Chase. He is professional Forex trader and a 20 year veteran in the markets. This entire home trader success program including F.R.E.D software and step-by-step training material let’s you get set-up and ready to make money within minutes.

What we like the most about this program is you will get free software upgrade for life. Besides that, you also get life time access to Trading From Home Members Area. You also get special insider tools that will make being a Home Forex Trader as easy and fast as it can be. You’ll always be updated with the latest information you must know as a Home Forex Trader, as well as new resources and tips develop and come across.

The foreign exchange market has become the most profitable and certainly one of the most accessible in the world. In fact, thousands of people earning a full-time income trading the Forex market from the comfort of their own home. However, there are also some who have failed in it miserably, due to lack the knowledge & without strategy.

Getting a thorough Forex Trading Education is all you need to become successful at online forex currency trading. You need to find a mentor who’s got a proven record and stick to the system. The Trading From Home program can provide you with improved results, make more money easier and faster, also a much better trading experience.

To read more about forex trading at home program visit : The trading from home [http://www.squidoo.com/thetradingfromhome]

By: Joel Ng

Forex Trading Mentors – Consulting Mentors in Forex Trading

admin — Fri, 13 Nov 2009 04:09:49 +0000

If you are new or interested to participate in the forex trading market, it would be helpful to get all the information you can get. A good way to get this information is through foreign exchange mentors. A mentor is like a guide or a teacher who can help you understand and grasp the basics of foreign exchange trading. Obtaining a mentor does not mean that you have to get an actual person to teach you the trade. You could also learn forex trading through online forex trading softwares, books, or videos. However, there are certain advantages in having an actual mentor by your side. A formal education is also not a bad idea especially since it is your money and financial future on the line.

Advantages of Getting a Mentor

Getting a mentor allows you to focus yourself in learning the trade. Having an actual mentor rather than relying on courses that are standardized for the public provides you with a jump-start in forex trading education. A mentor has experience and can use this to guide you through success. He can give you ideas on what to watch out for during trading. Employing a mentor can make the learning process faster by teaching you through his real life experiences. With a mentor, you get real life situations and instructions about forex trading, whether it is a good decision to buy or sell at the moment or what to do and what not to do. However, the greatest thing about employing a mentor is the feedback that you get from them. They get to answer questions that you have and explain anything you might not understand. This is in contrast to staring at a book or following through on an online course.

Without the proper education and experience, your chances of becoming a successful trader are reduced. Proper training and mentoring is therefore a must if you want to succeed in the foreign exchange trading market. When you educate yourself in this type of trading, it will help you in making wise decisions involving your investments. Considering a professional forex trading mentor at the onset would make a huge difference in your forex trading capabilities.

By: Francis Tayllor