This is a no nonsense service designed to offer a service to forex traders all over the world.
You will not find here any claims of 100% successes hardly any flashy graphics definitely no webpages that try to keep you on the page when you try to leave it and no freebie rubbish offers wanting your email address which at the end of the day are only going to give you tons and tons of useless spam.
What you will find here is access to our FOREX trading information and The Traders Edge our advanced candle stick analysis tool.
How It All Works
Once you have signed up as a member using the link on the menu you will gain access to our eagerly awaited product " The Traders Edge" . The Traders edge is an advanced trading tool which by using candle stick signals and our(or your) daily analysis will be your guide for signals and trading this will give improved probability of successful trades. In addition to this there is also a daily analysis section where we analyse the 4 major pairs for the coming day.
Money Management
This is one of the most important skills to learn in FOREX trading. The reason we are even here and trading the FOREX market is to make money, right. Well in order to make that money you are also going to have to be able to sustain a few losses.
Lots of examples to illustrate this in real life on things that have nothing do do with trading. See if you can think of any if you cant then walk away now as your obviously expecting to find the "Holy Grail" : there is no such thing as 100% in FOREX just as there isnt in possibly anything else in life.
So , your still here . ok I will explain how to manage your trading money (note I used the term "trading money"; not to be confused with money you need to pay the bills or live off )
The way we manage our money is to only risk 1-3 % of your trading account balance per trade.
A trade is a very lose term a basically means per 1 lot or mini lot traded. (Lot size depends on account size and for $10000 accounts you should only be using mini lots )
Lets show an example.
you take a trade that we have sent you:
Buy on EUR/USD for example.
Take Profit is set at + 100 pips.
Stop Loss is set at -50 pips.
Your risk on this trade if you are using 1 mini lot on a 10k account is 0.5% of your account.
This is great . You could actually here use 2 mini lots to trade with . Total risk 1% of account. On the EURUSD pair it is currently worth $1 per pip of movement so if you are trading using 2 mini lots thats $2 per pip of movement . If trade hits Take Profit you bagged approx £200 if trade hit Stop you lost $100. you lost just 1% of account and you move on.
Now lets see what happens if you had used 10 mini lots with a 100 pip take profit and 50 pip stop loss.
If Trade hits take profit you bag $1000 ok nice .
Here is the bad news if trade hits stop loss you just lost $500 thats not good at all. How many times you going to do this ? Well on a 10k account its less than 20 trades and your account is blown.
This is not the way to trade.
The correct way to trade is to take low risk trades and build your account slowly . Set a goal for your account. When it hits that dollar amount withdraw a percentage .
Forex money management is a way of life .
Practice good money management and you just might be one of 5 out of 100 that will be in a position to make money from Forex Trading.
Do it poorly and you WILL be one of the 95 out of 100 that fail.
Trading Myths
Here are some common trading myths and lies.
1.There is a holy Grail of trading .
Wrong!
There does not exist a system that provides 100% results forever.
Why? Because trading the markets cannot be predicted purely by computer based methods. Humans are always interacting.
2. Websites selling Automatic Robots running on MT4, Saying you will turn$1000 into $100,000 in 6 months .
Absolute crap. Dont believe it . If you do believe it what convinced you ? Some statement ? uh uh ...
I tested one of these recently. It was free it had to be tied into only certain brokers , which looking at the trades were some how getting extremely low spreads , this enabled this EA to scalp multiple lots with taking profits at 1-2 pips with 100 pip stop loss . When it went wrong , oh boy did it lose! oh and the broker was getting commision fees too.
3. "I know a trader who has a 100% record ."
Again absolute rubbish : Making losing trades is part of the profession . There is no trader that makes 100% profitable trades 100% of the time.
More to Follow :)
Over the past few months I have been getting lots of questions in email here is a collection of some of them in no particular order with my answers.
Q. How long have you been trading Forex for ?
A. I have been trading now for around 5 years
Q. What is the traders edge ?
A. The traders edge is going to be an excellent tool to enhance your forex trading strategies. It revolves a lot around time proven methods but takes these methods to the next level. When it is released everyone subscribed here will be the first to know.
Q. What is your customer service like ?
A Excellent . I have seen first hand, bad customer service in action in the forex market (from a company that shall remain nameless) and I vowed that I would never allow my business to degenerate to those levels.
Q. What broker and platform do you use .
A. All I can say to this is that I dont use dealing desk brokers and mostly trade using Motivewave. Im not here to push this broker or that broker.
Q. What methods do you use for forex trading
A. I use candlestick analysis for entries. Support, resistance and fibonnacci levels to decide entry and exit points and Elliot wave to get an overall view of where we are at on a particular forex currency pair.
Q.Are your trades 100%?
A. NO lol . any anyone that tells you that they are is lieing. forex trading is about following a strategy some trades will of course go the wrong way and stop you out , the idea is to make the winning trades cover your losses with a good risk reward strategy. Also I tend to close out 1/2 of each trade when prudent to do so and move Stop Loss to break even + a few pips quite regularly as there is nothing worse than seeing profitable pips going into a loss and then Stopped out.
Q. I am so pleased that on your site there are no Advertisments and or pop ups . Why do most Forex websites I look at have these?
A. Well the fact is that most (but not all) forex websites are not run by traders they are just marketing sites and the revenue from these sites is made by people clicking the ads. I dont like those sort of sites and therfore I dont try to push that sort of thing onto my members and visitors.
Q. What about these websites that send out multiple trades per day over multiple timeframes?
A. These do exist in one form or another and at first glance they seem to do ok . BUT , you will find that unless you take all the trades you will find it very difficult to profit ( if at all ) with these services . As you will need a very large trading account and you will need to be sitting trading 5 days a week 24 hours a day to do all the trades. Not ideal !
More to come and if anyone has any more questions please feel free to use the contact form ...
