Here's a revelation that changed my trading forever:
"Successful trading is imply a business of not making mistakes."
That has become such a cornerstone to my trading that I actually framed that saying and put it on my wall over my trading flat screens.
One of the most productive things you can do to become a profitable trader is to make a list of your most common mistakes.
Awareness is the first step.
Then watch your behavior and don't allow yourself to make those mistakes any more.
Each of us has her or his own challenges, so you must make your own list.
But to get you started, I'll expose my sins and share with you what have been my most common mistakes over the years. This is the official list of my own 7 most common mistakes. Perhaps you'll find it helpful:
1. Missing trades. When my setup occurs I need to make sure I'm aware of it and haven't been distracted by chat rooms, email, phone calls or lulled into boredom by a consolidating market.
I also need to make sure I don't hesitate to pull the trigger when I do see my setups.
2. Trading reversals that are not in extended trends and during which the internal market energy has not reversed.
3. Trading only 1 time frame without the confirmation of a longer term chart.
4. Trading while tired.
5. Over trading. Never try to make up for losses or missed trades. Never trade out of boredom. Never take any trade that doesn't match my rules 100%.
6. Not taking profits on my first exit soon enough. This is critical to adjust my cost position in the trade and therefore keep losses small.
7. Exiting my entire position too soon. I must keep at least part of my position alive until the energy of the trade has shifted so that I can ride the big moves.
Well, that's my confession.
Now you know my sins, but I imagine they're not so different than yours.
Have you committed these trading sins ... or your own unique ones?
The only solution is to REPENT!
That doesn't simply mean to say you're sorry.
It means to change your behavior.
Many people treat trading as:
an intellectual exercise.
a mathematical challenge.
or a research project.
Actually it's more about managing your behavior than anything else ... of course that's often the most difficult thing of all!
I couldn't have said it better!
Barry can be found at: http://www.myspace.com/topdogtrading
Happy New Year !!
Here's an article I found in my files. Given the approach of the New Year, now is an excellent time to re-enforce those good trading habits and thoughts ... enjoy!!
How many pips do you need to be wealthy? The answer may surprise you.
A very common thought and question among us forex traders. Of course this is variable in desires; however it is a good idea to put things into perspective. In reality, the following is what separates the gamblers from the traders.
About 2 years ago I sent out a similar letter that changed the outlook and the lives of many traders. While most at the time were mini-traders a simple 25 pip gain equated to a mere $25.00. "How can I live off of that?" I was repeatedly asked. It didn't take long to put this into perspective.
Determining Percent Return
Profits are one thing, percent return is another. Monthly profits may add up to look nice or not so nice, but what is the actual return? I am sure we have all heard traders say, "I made 1,000 pips last month." OK.. what was your percent return? Not only for one month, but for the life of your trading.
The simple return calculation is used to determine your return on an investment after you sold it. Or in this case, the profits after closing trades over a period of time.
Here is the formula:
Net Proceeds /Cost Basis - 1 x 100
Let's run through a simple example.
Suppose you traded one standard forex contract for a profit of 200 pips. This would be a raw profit of $2,000. The cost in this case was the spread and the margin needed to secure the contract; the most common margin is 100:1. Thus it cost a temporary, $1,000 to secure this contract. We say temporary because we all know we would not trade without a stop loss, most likely the stop would have been worth about $250.
Net Proceeds = $2000
Cost Basis = $20 (spread) + $1,000 margin
($2,000 /$1,020 - 1) x 100 = 96% (Just under 100% in a single 30 days)
So, if you are trading with a 100:1 margin and averaging around 200 pips per month, you are close to a 100% return per month.
What about per year?
Try it, you will be amazed. Hint: Don't forget to compound.
Take Home Message
Trade conservatively, a few 25 pip trades per week (300 pips per month) on a single lot can give you a return of just under 200% a month. Build your account slowly, trade with the same level of caution, just add more lots. This is the best method, the most realistic method and the lowest stress method of enjoying the rewards of forex.
Happy Trading from ForexJourney.com!!
I havent been much updating the blog with latest stuff as i have been quite busy with other stuff. Anyways A belated Merry Christmas to all of you's.
I have decided to give away blogging to the bank 2 away to everyone instead of just to the subscribers. Here is the link. It is in Torrent format .
Hopefully I will get free in the next few days and put up some decent forex ebooks for download. Till then enjoy the ones in our forex ebooks section!
Clarity. This is my word, my mission for 2008. I am going (notice I did not say “try to”), let me repeat, I am going to achieve clarity in all aspects of life including my trading. As many of my readers know I had a very eventful 2007. I became a dad for the first time. This has brought a new meaning to life. One that many of my friends have mentioned, but one I truly didn’t understand until I experienced it myself. It has been the greatest single joy of my life, not to mention a major adjustment in trading schedule.
I define have one simple New Year’s resolution that will permeate my life and my trading – seek clarity in every aspect of my Forex trading and perform every action with intent!
I know what you are thinking; it seems kind of pie in the sky, but think about it. We should approach all our actions with clarity and intent. Design the outcome well before we enter a currency trade. Keeping mental focus it what really separates long term profits and losses.
I encourage each of you to take the time now and revisit your Forex trading plan. Learn from your mistakes, because they are your most valuable teachers. My goal is to always present clear intent into my Forex trading in 2008, what’s your intent?
Happy New Year’s from ForexJourney.com
The BOE rate cut speculation arose last week when the Bank of England released its December monetary policy meeting minutes, which showed a unanimous vote for a 25-bp rate cut this month. Also, the bank heightened the impact of recent financial market turmoil and the consequent credit market tightness on the economy and inflation. The BOE and Fed are both likely to have a couple of rate cuts in the coming year, which weigh on their currencies.
In contrast, the European Central Bank may keep its benchmark rate unchanged. The euro rose to 0.7311 versus the sterling, and tested a resistance level at 1.45 against the dollar.
Financial markets in Australia, Hong Kong and the UK are closed for the Boxing Day. Currency trading will remain very light towards the end of this year.
Tomorrow will see US durable goods orders report, weekly job report and consumer confidence. Durable goods orders are seen to rise 2.0% in November, compared with a 0.2% decline in the previous month. Core durable goods orders are likely to increase 0.3%, versus a prior month¡¯s reading of ¨C0.4%. Weekly initial claims are expected to change from 346k to 342k. US consumer confidence is estimated to fell from 87.3 to 86.5.
EURUSD will face interim resistance at 1.45, followed by 1.4530 and 1.4550. Additional ceilings will emerge at 1.4580, backed by 1.46. Support starts at 1.4470, backed by 1.4430, 1.44 and 1.4380. Subsequent floors are eyed at 1.4350.
GBPUSD encounters interim resistance at 1.98, backed by 1.9850 and 1.9870. Subsequent ceilings will emerge at 1.99, followed by 1.9930 and 1.9980. On the downside, support begins at 1.9760, followed by 1.9730 and 1.97. Additional floors are eyed at 1.9670, backed by 1.9650 and 1.9620.
USDJPY encounters interim resistance at 114.50, backed by 114.80 and 115. Subsequent ceilings will emerge at 115.30, followed by 115.50 and 116. On the downside, support begins at 114.20 and 114, followed by 113.80. Additional floors are eyed at 113.50, backed by 113.20 and 113.
Hey all ,
Well, I have been pity keen on updating my Forex blog since quite a few days. I have been posting Forex books mostly or whipping up an article or two. I am looking forward to make the trading experience for our visitors much better.
All the recent Forex Books I have added are mainly on the Home Page with pics and reviews of them and of course the download link.
Up here , we have Forex made easy by James Dicks. I personally find this particular Forex Book of decent use to newbie Forex Traders and even Amateur Investors. Inspite of a few negative reviews of Forex Made Easy doing the rounds on the net, I believe it has a decent value attached to it.
Forex Made Easy by James Dicks is quick paced and informational. The books deals with relatively advanced techniques as well.
Well, now that we have the download for Forex made easy , you can check it out with out spending a dime and let me know whether you share the same views as me or not.
DOWNLOAD FOREX MADE EASY: 6 Ways To Trade the Dollar by James Dicks.
Like I always say, if you liked this post or the other content we have on our Forex Blog, do vouch for us by leaving back an appreciative comment or two(or even a critical comment for that matter) , Give us a digg or stumble or some link love from your own site/blog/forum.
Thanks all! Enjoy
I have been on a forex books posting spree for quite a while. Now, going back to whats actually happening in our Fx Market, The yen has suffered a major setback against all major currencies on Friday trading session. The greenback managed its best against the Yen since the 7th of November.
Sterling Goes in deep waters
The sterling continued to drift lower, falling to a record low versus the euro at 0.7254 as market sentiment anticipates the increased likelihood for additional BoE rate cuts in the coming year. With recent economic data from the UK remaining soft, combined with dovish commentary from the BoE – we expect the Bank to cut rates by another 25-basis point in January and possibility for further easing in the first half.
Retail sales were largely unchanged at 4.4% y/y, while slightly higher on the monthly reading to 0.4%.
Now, focussing on more statistics
Cable holds steady near 1.9830, with support seen at 1.98, backed by 1.9765 and 1.9720. Additional floors are eyed at 1.97, followed by 1.9650 and 1.96. On the upside, resistance begins at 1.9875, followed by 1.99 and 1.9930. Subsequent ceilings will emerge at 1.9960 and 2.
Figures and statistics supported by forexnews
Now, if you liked this story, you might like to give us a digg or a stumble or check out the Forex Books in our FOREX BOOKS SECTION
Or simply check out our homepage for the latest forex books we added including Forex Conquered, How I traded for a living, Mastering the Elliot Wave and much more.
Enjoy and do leave your comments back!
But looking back on them I thought, they were a little to complex for my liking. Since I have started the Beginner section I am writing this Introduction keeping that in mind.
So here goes the Simplest Introduction to Forex/Forex Trading/Currency Trading/Day Trading
Forex is the most fluid and largest Financial market in the world!
Forex literally stands for Foreign Exchange. And thats what it does-- Exchange Foreign Currencies.
Now why exchange Foreign Currencies?
Well, For Profit of course! Forex Trading is the business of buying and selling Currencies.
So basically, we look to buy currencies when they are of low cost hoping to sell them and making a profit when they become costlier.
Traditionally, Forex Trading( FX/day trading/currency trading/Foreign exchange/currency Exchange refer to one and the same) was reserved for Banks and advanced Investors.
But, Today nearly a person in every family in the United states is involved in Forex Trading.
Which brings us to another question. Why Forex? Why to invest in Forex instead of the huge number of other business/investment opportunities.
To answer this particular question, you must read this article of mine -- Why Trade Forex?
Now, moving ahead-- Why the sudden boom in Forex Trading.
This has been a direct result of advent of PC and the Internet which has brought the largest financial market online.
The Currencies are always traded in pairs. Most of the Forex Market is depended on the Four major currency pairs EUR/USD, USD/JPY, GBP/USD, and USD/CHF.
JPY= Japanese Yen
GBP=Great Britain Pound
Each pair will have a particular value at a particular time.
To give a THEORITICAL example
if USD/JPY was equal to 1.00 today. That means that for one US dollar , you could buy one Japanese Yen.
The next day Imagine the Same USD/JPY now equals 1.5 , This means the USD dollar value has increased and now you can buy 1.5 JPY for 1 US dollar.
So, we look to make a profit by buying currencies that we think will have their value incremented in the near future.
Well, This brings us to the end of this Article.
Hope I was clear, If you have any doubts , do leave a comment!
and if you liked it do give a stumble or a digg!
The Day Trader's Manual by William Eng DOWNLOAD HERE
Part One - the Theory of Day Trading
1. Time, Price, and the Day Trader
2. Strategies for Profitable Day Trading
3. Day Trading Approaches Defined by Market Action
4. Chaos Theory and the Day Trader
Part Two - The Science of Day Trading
5. Tape-Reading Techniques
6. Spread Trading
7. Trading Market Profile
8. Using Chart Patterns
9. Mathematical Approaches to Day Trading
10. Sequential Patterns in Day Trading
11. Elliott Wave Theory and Day Trading
Part Three : The Art of Day Trading
Okay. Here we go. Another Forex EBook for download.
Currency trading for dummies!
Thank You for all the requests for ebooks that have been emailed, IMed, posted on the shoutbox.
We will try to complete such request. Please be patient and do understand if we cant get the ones you have requested.
Thanks and i hope you didn't miss downloading "Mastering Elliot wave" by Glenn Neely.
In case you missed it, don't worry, its still very much here!
Mastering Elliot Wave by Glenn Neely and Eric Hall
Hey, Another Popular Forex Ebook for download. We had a few requests to make this book available. So here is it .Enjoy!!
If you have a particular book in mind which you would like to see. Let us know and we will make our best effort to make it available to you for FREE!!
Mastering Elliot Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliott Wave Theory
Here's a review!
Elliot wave principle, Elliot wave, Mastering Elliot Wave, Glenn Neely, Eric hall, Forex ebooks, free downloads, forex ebook
If you are looking for a general introduction to Elliott Wave theory and practice, then this book is definetly not for you. In that case, I rather suggest starting with Prechter's "Elliott Wave Principle" from 1979.
If you are prepared to spend a lot of time working through the large number of conditions contained within this book, however, (especially using your own data) you will find this a most rewarding endeavor. Wave theory is not for the faint-hearted, it requires a lot of patience and application to give you the building blocks to come up with a view of the market.
Once we know how something works, we will not see it as a challenge. For those people that love challenge, they will lose interest. This is because it is no longer something to go after. You already have the answers and started looking somewhere else for new challenges. In the end such people will not accumulate wealth but he will gain knowledge. Knowledge in the end is what matters.
Last week I lose in Forex trading. I will update screenshot when I have the time. It seems to me that I am starting to lose interest in Forex for the above reason. For other reason I will not be trading forex till start of next year. Holiday season is coming, Im going home for a long vacation and forex has started to lose it appeal.
Those of you still struggling to understand it, keep up the work. Its a feeling undescribe by mere words once you have found the answer. At the time of writing we are seeing major turn on 3 pairs which are EurUsd, UsdChf and UsdJpy. Chrismast is coming and it would be a waste of time to trade now. Let us hope a new year wil bring new fortune to us all. Happy holidays everyone.
Bayangkan kalau anda mendapat income sebegini dibayar setiap minggu. Amacam? tak melompat cam beruk ke?
"TRADING FOR A LIVING BY DR ALEXANDER ELDER"
Below is a review of the book!
Dr. Elder is a practicing psychiatrist. He is of Russian origin and today he is well-known in Russia after his Moscow course of lectures on short-term investment in 1996.
The first half of the book focuses simply on psychology. The stock market is in fact just a reflection of the human psychology. As the Dr Alexander Elder points out in this book"Trading for a living" , so many people who are educated think that because they are "school smart" that they must be able to master the financial markets just as well. It's the psychology and the mentality that goes into it. The author likens a typical losing trader (in other words, most traders!) to an alcoholic in denial. Traders are addicted to losing money. They get such a thrill from trading that they don't care if they win or lose.
The second half (Trading for a Living) is the core of the book. It is various trading strategies and technical information. If you're an experienced trader, you'll recognize most of it. The rule is simple: "buy low, sell high" or "short high, cover low". I think the author did an excellent job of covering a wide variety of strategies and trading tools. If you are new to trading, it may confuse the daylights out of you.
This book is a must have for anyone venturing into online trading. Dr. Elder lays out the three essentials of becoming a successful trader: Mind, Method and Money Management.
1. Mind: The psychological aspect of trading. Tells you to observe your own emotions as you trade.
2. Method: Technical analysis. Almost every major indicator is discussed here.
3. Money Management: Gives you some tips on how much to risk.
I have found a lot more detailed information in this book compared to the ones i have read so far. I would rate the book 10/10 if not more than that. It is truely and really a good piece of work . If you don't mind the high price, buy the real version or else download from us for FREE!!!
We are committed to provide highly informational and popular Forex ebooks for free to our visitors.
The book is really worth it though. You will not be disappointed. I highly recommend it to the traders who look forward to improve the quality of their lives.
You might like to browse through our huge collection of forex ebooks!
Kalau saya jadi airmata,
Saya ingin lahir dari matamu, hidup dipipi mu dan mati di bibirmu
tapi kalau awak jadi airmata,saya tidak akan menangis
kerana saya tidak mahu kehilanganmu
begitu bermakna dari seseorang yang tidak dikenali.
Forex lak. minggu ni rugi. Nasib baik bisness lain masyuk banyak :)
The list of popular books by Jake Bernstein include
Jake Bernstein - Commodity Cycles.zip
Jake Bernstein - How to Trade the New Single Stock Futures.pdf
Jake Bernstein - Market Master.pdf
Jake Berstein - Introduction To Technical Analysis.pdf
Jake Bernstein - Timming Short Term Price Swings in S&P.pdf
Right now.. You can download the complete day trader vol 1 and 2 from us!!
You might like to browse through our huge collection of forex ebooks!
Easy to use and understand even if you are a beginner
Streamster™ trading software gives you the best trading experience available!
Arrange trading windows according to your preference, set advanced options, and much more...
You only need 5 minutes to open your account - and it's free!
Advanced Personalized Charting
The most sophisticated and easy-to-use charting tool with built-in advanced technical indicators
You can trade, view and modify open positions - directly on your charts
Modify parameters of technical indicators in real-time and see how they appear immediately
Build your chart collection by adding your saved chart configurations
News, Chat, Alerts and Support
Read real-time economic news and forecasts about global economy and markets
Get alerts narrated aloud prior to major scheduled market events
Chat with other traders about market events, exchange trading ideas and learn
Get help from our support professionals available 24h on support channels
Diversification and Practice
Trade $10,000 with only $100 in your account using 1% margin on Forex, Index and Commodity desks
If you look for long-term profits, you can invest in funds and reduce your investment risk
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You don't need to start on live market right away - practice with your virtual money first!
Buy and sell financial instruments with one mouse click
No commissions or exchange fees on your trades - you can trade as much as you like
You can start trading with as little as $1!
Open your account for free and get $5 cash reward so you can start trading right away!
Forex Conquered by John L. Person is a very popular forex book that illustrates easy to learn strategies for better trading in the forex market. This book will give you exact and detailed information on factors like how to on when to increase lot size, how to manage risk, whats the best time to move stops, and how to use automated trading programs.
You might like to browse through our huge collection of forex ebooks!
Long Eur/Usd @ 1.4620 or better
Short Usd/Chf @ 1.1320 or better
At the moment all jpy pair is at the height of its momentum. Entry is not adviseable. Wait for it to turn then a fresh entry will be available. I lost much on JPY pair this week due to miss calculation. At the moment my account is down by more than 2k. I will post result at the end of the week.
Here is the latest addition to our articles section.
10 ESSENTIAL TIPS FOR NOVICE FOREX TRADERS
If you are new to the world of online FOREX trading you will realise its not as simple as people make out to be or what the ever so promising Forex Brokers promise.
The fact is most people who dont know the in and out of online forex trading will lose and lose quickly.
To win at currency trading online you need to have the right FOREX strategy - Here are 10 tips and if you incorporate them in your trading strategies, you should get a head start in your thirst for consistent FX profits
1. Don't believe the hype
You will see lots of people selling forex ebooks for "only" $100 which promises to make you strike gold in the world of online forex trading. Yes , their is good advice out there - you can get all the information you need free on the internet.
2. Don't day trade
The biggest myth of FOREX trading is you can make money FOREX day trading or Forex Scalping.
Many novice traders fall for this myth and lose quickly and wonder why.
As I always say All short term volatility is random and there is no way of predicting where prices may go" up or down", so you might as well flip a coin.
For more on Forex Scalping , read this Article
If you want proof that FOREX day trading systems don't work, ask any vendor for a real time profits track record over the long term and you will not be able to fine one.
3. Work smart not hard
There is a lot of difference in hard work and smart work.You don'thave to work hard in online FOREX Trading, you need to work smart. This means focusing on getting the RIGHT FOREX education and learning and understanding the FOREX tools that actually work in the market not just hypothetically . If you focus on getting the right Forex information, you should be able to learn how to trade in a fortnight.
You will not be rewarded in FOREX trading market for working hard and spending lot of time, you get rewarded for being right and that means working smart.
4. Risk = Reward
If you don't like the idea of risk forget currency trading and pick up something else .
Many traders simply want to avoid as much risk as they can, putting stops to close, or snatching profits. If that's you - you will NEVER achieve currency trading success.
You need to be open minded and accept risk and losses to succeed in online FOREX Trading.
This is because to be a successful Forex trader, you need to be a enterpreneur and have to take risk, not avoid it. No Risk, no reward!
5. Do It on your own
Have confidence in your ability to understand the Forex Market. You are responsible for your own success.
If you follow someone else's strategy you will not have the right mindset to succeed. If you lack discipline and might want to quit after suffering a few losses. Do it on your own and your chances of success are manifolded.
6. Get a simple method
Simple methods always fare better than complicated ones, as they are much more easier to understand and follow.
There is never a correlation between how complicated a trading system is and how much profit it will make.
If you are just starting out in online forex trading, use support and resistance, a breakout methodology and some confirming indicators and that's just about it.
The above way of trading is perfect and will help you should get you the big profits from the big moves.
7. Trade Breakouts
A timeless way to trade FOREX markets.
It works well and will continue to work, simply look in our ebooks section for this powerful methodology.
8. Be patient
You do not get rewarded for how frequently you trade FOREX online- However, You do get rewarded for being quick on your feet and spotting and acting on the best trades and these don't come around very often.
Be patient and only trade FOREX signals from your system - don't be tempted to just trade for the sake of trading Forex.
9. Be realistic
There is potential for huge money in Forex Market, so what's realistic? The best Forex traders compound around 50 - 100% annualy so this is a good number to aim for or may be slightly lower.
These gains will compound quickly and build real wealth in the longer term.
Be realistic and don't try to become an overnight millionaire.
10. Know your edge
If you were good enough to understand the 9 forex tips mentioned above, you will understand that you must have an edge to make money in the long run in online FOREX market.
If after , devising your very own Online FOREX Trading strategy you don't know what your edge is - then you don't have one!
You need to know what your edge is over the majority of the losing traders to win in the Online Forex market.
If you incorporate the above 10 Forex tips in to your online FOREX Trading plan, You should be on your way to become a good Forex Trader.
Welcome to the world of Online FOREX trading! and Best of Luck!
You might like to read other articles in our Forex Articles section or download one of the huge number of forex ebooks in our Forex Ebooks section.
Now Master the Currency Market by Trading from Home! This Forex ebook how I trade for a living "Gary Smith deals in reality. If you are an amateur investor and interested in learning how to trade for real profits, not just all hype no substance trading platforms, this book is a must read for you.
Mixed week so far. GBP rate cut really messed things up. Things are really looking good for a Gbp correction where the rate cut made the correction very small and no clear market direction.
At the moment i am holding a lot of losing position hoping the market will turn back. At the same time doing hedging to cover the losing position. Hopefully next week all goes well and I manage to recover. If things do not go my way, then I will have to accept losses. Losses happen in forex and it happen a lot. Prepare for the inevitable.
Jangan sekali kali menganggap Forex adalah jalan utk mencapai kekayaan. Ianya mampu memberi pendapatan yang lumayan tetapi tidak utk mencapai kekayaan. Fakta, 10 manusia terkaya didunia tidak seorang pun dari mereka mencapai tahap kekayaan dengan forex. Malah kalau ada yang rajin, boleh kaji 100 orang terkaya didunia dan berapa ramai dari mereka kaya dengan Forex. Jawapan mungkin tidak ada seorang pun mencapai kekayaan dengan forex.
Ini kerana dalam forex langit tidak selalu cerah tapi malangnya laut sentiasa bergelora. Cabaran yang tinggi perlu dihadapi sebelum seseorang boleh hidup dilautan forex.
Nasihat ini telah banyak kali aku berikan kepada orang yang memerlukan. Kalau ingin jadi kaya, kita perlu mempunyai berbagai sumber pendapatan. Periuk nasi perlu ada lebih dari satu. Barulah boleh mencapai kekayaan, itupun kalau kekayaan yang diharapkan.
Secara ikhlasnya aku bermula dengan forex bukan kerana duit tapi kerana ilmu. Dalam dunia cuma 5% saja manusia mampu hidup sepenuhnya dengan trading forex. Kalau aku mampu tergolong dalam umat manusia 5% itu, maka aku akan jadi golongan manusia terbilang. Mudah saja cita cita aku.
Hey, here is a review of freedom rocks platform. It has as many critics as its supporters.
Yeah.. so lets get started with the review!
Yes, it does have an MLM aspect to it IF you want to share the product with others. It is a refreshing twist to finally have a product one can use and make money WITHOUT telling another soul, if they want to. So for me, whether or not you like or not, or are indiferent to MLM/NWM really doesn't have any bearing on what the product is and what it can do in helping me/others diversify their investments by entering the FOREX market. So, I say to those who hate MLM, ..JUST GET OVER IT !!!
I've been curious about the FOREX market for quite a few years now, but whenever I took a look at learning it, I was always leary of the systems out there that cost so much and have you try to outguess the market by reading charts, etc. Plus, those late night hours really didn't seem worth it.
So, last fall (about Sept 06) when someone I know emailed me about FreedomRocks, I became curious, but put it on the 'back burner' for a month or so. Then, after watching the movie and listening to a couple of calls (one with the owner and designer of the product), I decided to use the FREE trial to see if it was as easy as it was made out to be. So, i decided to make a little plunge in the freedom rocks platform.
Also, the owners were quite conservative and answered to questions straight forwardly. No tall claims or hype thats not worth with freedom rocks.
So, I invested some time in the demo on the FREE trial beginning about the end of Nov, '06. I was lucky enough to extend my trial through December. I was very much impressed with the ease of their system, and the returns in Dec were pity decent.
So, onthe 1st of January I decided to pay the monthly fee of $100 to use the software, and kept demo trading. At one particular point of time I had around a dozen demos opened with 3 brokers using various strategies to see how things would play out.
Since some of my demos had quite high margins (against the advice of FreedomRocks I must add) I did have 3 of the dozen that margined out by the end of January. Still, all the demos that were left and did have the margins low as well as better currencies chosen, did very well indeed.
So, on Feb 28 I took the actual plunge and opened a live account. For the next 10 days or so I watched as my account dipped to a 50% 'paper loss'. It was kind of 'interesting', I will say, but I just kept on doing what the system is set-up to do and waited for things to work out.
What I learned through that period was a confidence in this system that it DOES work as it claims AS LONG as you follow the system to wach single and don't try to 'change/adjust' anything. Even though this downturn in early March was global and massive, my account DID NOT come close to being margined out.
I also took note of Freedom rocks suggestion to take out profits periodically when the account is up until you have your inital investment back in your pocket, and that's what I have done. It took me about four months to get my initial investment back and now I am trading essentially on 'house funds'.
Todate, even though I am down in paper losses of nearly 30% , I know that I am earning interest daily and always buying low and selling high, so I can't loose (unless I get a margin call, which I've taken care of by following the system and what I've heard on the company calls).
For those whose experience has been negative with freedom rocks and there are quite a few of these people it might be a good idea to ask yourself a few questions, assuming you can be really truthful with the answers you give. I say this because I see things being said that are not what I've been hearing from the company for nearly 9 months now.
An interesting list of questions to answer for those who traded and lost with freedomrocks
So, did you follow the system verbatum? Did you listen to the corp calls where Mark answers anyones quesions about anything to do with the system and the market? Did you go through the excellent webinar trainings and follow everything laid out there and in print to set-up your trades? Did you demo trade long enough to really be comfortable and confident with this system BEFORE you choose to open a live account?
I'll end this 'reviewl' by asking you a couple more questions: How much dollars have you lost with other FOREX programs 'promising' to teach you how to profit in this risky but exciting market? What are you going to do now that you've cancelled one of the fewbut simple to learn and use systems for trading in the FOREX and for hopefully profiting in the FOREX.....OR, have you now totally given up on ever profiting from the FOREX?
Wishing you all the very best in trading or in whatever you choose to do for your investments.
You might also like read the review of Easy Forex trading platform here
You might like to browse through our huge collection of forex ebooks!
At the moment EU is looking good for a big dive. GJ is currently doing a correction before it continue its dive hopefully.
Good trading for all of you out there since today is a good day for me coz I am in profit now :D
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Setelah anda mensubmit alamat email yang ingin digunakan untuk registrasi Liberty Reserve, maka anda akan menerima email dari Liberty Reserve dalam beberapa menit setelah itu dengan subjek "Liberty Reserve E-mail Verification Code" yang berisi kode aktivasi dari Liberty Reserve. Copy dan paste kode aktivasi yang anda terima itu ke dalam form kedua yang ada di halaman registrasi Liberty Reserve, kemudian klik tombol Next.
Setelah kode aktivasi anda masukkan, maka anda akan diminta untuk mengisi formulir pendaftaran. Silahkan isikan data-data yang diminta di sana dengan benar. Nama depan, nama belakang, nama account, password, alamat, dan lain-lain. Untuk nama account, itu bisa diganti kapan saja anda mau kelak setelah login. Jika tujuan pembukaan account Liberty Reserve ini adalah untuk melakukan deposit dan withdrawal dari Marketiva, maka anda perlu membuat account name itu menjadi nama lengkap anda.
Di halaman itu anda juga akan diminta untuk membuat pesan selamat datang pribadi, dimana pesan ini berguna untuk mengidentifikasi website yang dibuka kelak ketika login betul-betul website Liberty Reserve asli, bukan tiruan. Jadi, silahkan buat pesan pribadi anda di sana. Anda boleh membuat pesan apa saja misalnya "Semakin hari aku semakin bahagia dan semakin kaya" atau kalimat lain yang menjadi moto pribadi anda.
Di halaman registrasi yang terakhir anda akan diperlihatkan data-data account itu, seperti nomor account, password, login pin, dan security pin, silahkan simpan atau cetak informasi itu, karena itu akan diperlukan untuk mengakses account anda.
Setelah proses registrasi berhasil, maka anda akan menerima e-mail dari Liberty Reserve yang berisi nomor account, dan pin pengaman transfer.
Selamat menggunakan Liberty Reserve account!!!
Interesting article by Susan C. Walker - check it out!By Susan C. Walker, Elliott Wave International
September 7, 2007
Central bankers who "follow the yellow brick road" end up in Jackson Hole, Wyoming, every Labor Day weekend for their annual symposium sponsored by – who else? – the Kansas City Fed. (Who can forget Judy Garland saying to her little dog, "Toto, I've got a feeling we're not in Kansas anymore," in the 1939 movie, The Wizard of Oz?)
The Jackson Hole Resort serves as the Federal Reserve's equivalent of the Emerald City, as Fed governors and presidents meet with central bankers and economists from around the world to discuss economic issues. This year, the symposium focused on housing and monetary policy. Usually, the Fed chairman kicks off the symposium and, this year, the new chairman, Ben S. Bernanke, did the honors. He closed his speech with these words:
"The interaction of housing, housing finance, and economic activity has for years been of central importance for understanding the behavior of the economy, and it will continue to be central to our thinking as we try to anticipate economic and financial developments."
Then came the other speeches. And it seems that some of the guests in Emerald City were waiting for their chance to pull back the curtain and prove that the Wonderful Wizard of Oz isn't such a wizard after all. Bloomberg reported that "Federal Reserve officials, wrestling with a housing recession that jeopardizes U.S. growth, got an earful from critics at a weekend retreat, arguing they should use regulation and interest rates to prevent asset-price bubbles." Apparently, one academic paper presented at Jackson Hole graded the Fed an 'F' for the way it has handled the repercussions from the rise and fall of the housing market.
Truth be told, these folks are a little late to the table as critics of the Fed. We're glad they're joining us, but here's what they still haven't learned: It isn't because the Federal Reserve messes up by allowing credit, asset and stock bubbles to form that it's not a wizard. The Federal Reserve isn't a wizard for one particular reason that it doesn't want anybody to know – and that is that the Fed doesn't lead the financial markets, it follows them.
People everywhere want to believe in the Fed's wizardry. But all this talk about how the Fed will be able to help the U.S. economy and hold up the markets by cutting rates now is as much hooey as the Wizard of Oz promising Dorothy, the Scarecrow, the Tin Man and the Cowardly Lion that he could give them what they wanted: a return to Kansas, a brain, a heart, and courage. Because when the Fed does do something, it always comes after the markets have already made their moves.
If you don't believe it, you should look at one chart from the most recent Elliott Wave Financial Forecast. It compares the movements in the Fed Funds rate with the movements of the 3-month U.S. Treasury Bill Yield. What does it reveal? That the Fed has followed the T-Bill yield up and down every step of the way since 2000. And the interesting question becomes this: Since the T-bill yield has dropped nearly two points since February, how soon will the Fed cut its rate to follow the market's lead this time?
[Editor's note: You can see this chart and read the Special Section it appears in by accessing the free report, The Unwonderful Wizardry of the Fed.]
We've got our own brains, heart and courage here at Elliott Wave International, and we've used them to explain over and over again that putting faith in the Fed to turn around the markets and the economy is blind faith indeed.
"This blind faith in the Fed's power to hold up the economy and stocks epitomizes the following definition of magic offered by Teller of the illusionist and comedy team of Penn and Teller: a 'theatrical linking of a cause with an effect that has no basis in physical reality, but that – in our hearts – ought to be.'" [September 2007, The Elliott Wave Financial Forecast]
Because, you see, what makes the markets move has less to do with what the unwizardly Fed does and more with changes in the mass psychology of all the people investing in those markets. The Elliott Wave Principle describes how bullish and bearish trends in the financial markets reflect changes in social mood, from positive to negative and back again. To extend the metaphor: The Fed can't affect social mood anymore than the Wonderful Wizard of Oz could change the direction of the wind that brought his hot air balloon to the Land of Oz in the first place.
As our EWI analysts write, "With respect to the timing of the Federal Reserve Board rate cuts, we need to reiterate one key point. The market, not the Fed, sets rates." Being able to understand this information puts you one step closer to clicking your ruby red shoes together and whispering those magic words: "There's no place like home." Once you land back in Kansas, your eyes will open, and you will see that an unwarranted faith in the Fed was just a bad dream.
Susan C. Walker writes for Elliott Wave International, a market forecasting and technical analysis company. She has been an associate editor with Inc. magazine, a newspaper writer and editor, an investor relations executive and a speechwriter for the Federal Reserve Bank of Atlanta. Her columns also appear regularly on FoxNews.com.