Forex JourneyForex JourneyForex educational news and information presented as interpreted by a FX trader who is undergoin to the transition from casual investor to fulltime Forex trader. This blog will undercover the training and psychology of trading and what it means to tr Articles
The Power of Expectation
2007-05-22 23:36:00 One of the most powerful emotional triggers we can bring into our trading is the power of expectation. Expectations are the fuel that makes our trading goals seem to rush towrds us. Therefore, setting postive expectations is a critical component of our emotional mindset, especially when we are trading.Here are some thoughts to help you set profitable expectations before beginning your trading session:Trade to be great! Enter every trade with the expectation of making profit and not losing money.Embrace the challenge of the market. It is through these challenges were growth lies.Don't focus on the results. Instead focus on the process and the results will take care of themselves.Believe in yourself.Commit that nothing will take you off of your "A" game while tradingBe decisive and except full responsibility for the outcome.Have positive self-talk. Negative talk will lead to negative results.Expect to be profitable even in the face of obstacles. You have a choice. You can move forwar... More About: Power
Taking a Cue from the Past
2007-05-18 04:32:00 Last night I was doing some much needed spring cleaning in the office. I was going through that box in the closet. You know the one? The one that has been sitting there for years and you say every year you are going to get to it!I was going through this box and it was like going down memory lane, but one of the items I came across just floored me. Back in my early days of trading the Forex market I use to write out cue cards of areas I was struggling with adjusting to the new market. Prior to driving into currencies I traded the stocks and options entirely on end-of-day trading, and jumping into the hustle and bustle of the Forex market brought a new level of emotional intelligence.I thought you might enjoy excerpts from my cue cards. I still use them, now they are just internalized!Cue Card #1: Daily Check List, Set up charts, review economic calendar and news, review the big picture, are the charts reversing or retracing, acceptable reward -risk ratio, why not take the trade, pu... More About: Past , King , Taking
Special Offer - Forex Journey Membership
2007-05-17 02:57:00 We are seeking Charter Members! OK readers, this is the special offer I was telling you about. Now it is up to you to take action!Join Fore x Journey now and enjoy the benefits afforded to Gold Members for the price of Silver Membership. And this benefit is for the life of your membership! That is a $70 savings every month!Follow the link below to take advantage of this special offer. Action is rewarded and once the memberships fill up this offer will never again be extended.You can only join with this special rate by clicking on the link below:Yes, register me for charter membership!Browse our membership levels and compare benefits:Compare member benefits!Sign up and participate in our Forex Forum:Forex Journey Traders Forum!Welcome to our community of Forex traders!Pass this on to your family and friends!!> More About: Special , Ship
Forex Strategy: Self Awareness
2007-05-14 17:26:00 Trading the Forex market I have found to be a great analogy of life. We trade as we live, with our strengths and weaknesses. Our feeling about ourselves, our cultural views on money and abundance, and especially our perception of wealth creep into every aspect of our trading. This is the reason I place such a heavy emphasis on personal self-mastery. Becoming aware of whom we are as an individual, our strengths and weaknesses, and our perspective on life will determine how well we can deploy the correct principals of strategy and risk management and remove the mask of mental poverty in our trading. Self-mastery is taught within the context of Forex trading, but in reality it is all about identifying who we are as a person. What drives us and what holds us back. Each aspect can help or hinder us from becoming successful traders. Identifying our personal traits is so critical to our trading that it should be brought from the back pages (usually under the last chapters of ?tradi... More About: Strategy , Awareness , Trat , Ness
Seeking Charter Members
2007-05-11 03:30:00 Yes, it's true!!I am about to unleash a shameless self-promotion post, but I justed want eveyone to know Forex Journey.com is here!Trade Using One of the Most Powerful Forex Trading Systems in the World! We believe success-orientated thoughts lead to success-orientated actions and actions are always rewarded.Are now ready to take action now!! Forex Journey!!New to Forex? Click here to sign up for a FREE Live Webinar designed to Introduce you to the Forex Market.BECOME A MEMBER a learn with a community of currency traders. Click here to see what's in it for me with our membership levels!Ready to expand your knowledge? Click here to sign up for our Online Web Seminar series. These 60-90 presentations will drill down in detail on selected trading topics to enhance your trading edge!The secret weapon in currency trading is right between your ears and we intend to harness that weapon to YOUR fullest extend!!We are pleased to announce Forex Journey Website which features:Live Market Tr... More About: King , Seeking , Chart , Seek , Char
Online Currency Trading: Making A Profit By Trading Forex
2007-05-07 19:51:00 Yes, learning Forex trading is key, but can anyone really make a business out of trading the Forex market? Or, shall we say, can one make enough of a profit to make a living trading the Forex market? Many would not attempt to answer that question, and realistically, there is no real easy answer. Some people do, in fact, make a living as traders, not only in Forex, but in the stock market, futures market, or other types of investment instrument markets. However, it?s important to understand that making a profit in the Forex market, or any other kind of liquid financial market, takes time and effort. It?s not something that you can suddenly make a decision to do and expect to become successful without Forex education, mentoring and most important your personal desire, dedication and perseverance. Making a profit in Forex trading requires knowledge of which economic and geo-political news events moves a currency pair and its seasonal fluctuations. You need to know what affects the spo... More About: Currency Trading , Trading , Profit , Currency
3 Simple Tips for Building Wealth in Your Trading Account
2007-05-05 02:38:00 Forex traders tend to focus on the strategic aspects of their trading and most Forex education organizations are geared to satisfying this specific need. Have a conversation with a currency trader. Over 90% will speak about indicators, candlestick patterns or the latest combination of technical studies that can get you into trade 2-3 candlesticks before anyone else.Look for the 10% who speak about not being sure where the market is going and how they manage their stops. I got news for you; these are the successful Forex traders!Yes, Strategy is important, very important; however, it is only one of the three pillars of successful Forex trading. To achieve success all three pillars must be in place and strong. Knowing yourself is the path to ultimate success, but until one conquers self-mastery, profit can truly be found in money management.Here are 3 simple, but powerful money management tips that will keep your account size growing while your personal and strategic skills devel... More About: Building , Wealth , Tips , Trading , Simple
3 Simple Tips for Setting the Stage for Profitable Trading
2007-05-03 19:44:00 You know what they say; trading Forex is 80% mental and that only 5% of all currency traders make money consistently. If this is so, and I believe it to be, then we are all in an extremely competitive environment. This means that when we trade, we must always be on our ?A? game, our peak performance period. Here are 3 simple tips to prepare you each day for the competitive playing field that is the Forex market:1. REST Before we turn on the computer and look at the currency pairs, it is imperative that we have had adequate rest. Proper sleep allows us to recharge our batteries and extend our period of maximum focus. Sometimes we all wake up and things are just not in balance. Issues outside of our trading environment or our physical conditions, or lack thereof, are ruling the roost. This is when all successful traders pull out their Ultimate Weapon of Successful Currency Trading . They simple don?t trade! Use this time to review, read or play golf! It?s all about probabilities, and t... More About: Tips , Simple , Table , Stage
Introduction to Forex Journey
2007-05-01 03:01:00 > More About: Journey , Forex , Introduction , Intro , Fore
The Missing Element
2007-04-27 18:17:00 When it is all said and done currency trading is all about the human element and all too often this is the missing element when it comes to Forex training. The human element consists of two components each trader must completely understand:1. Others traders in the market2. ThemselvesPrice bars and candlesticks are merely graphical representatives of supply and demand of the market. And what or rather who is the market? Other traders! Whether they sit in a skyscraper in New York, an brokerage office in London or like me, a home office in Phoenix, the market is nothing more than other traders. Understanding who these traders are, how they react to events and their potential impact on the marketplace is crucial. This is why we caution our student around market opening times and the impacts of news events.The other, and more overlooked factor in the human element is us. In my prior life as a consultant, my job was to go into a company and address specific challenges. The most dif... More About: Miss , Sing , Missing , Element , Missi
Forex Journey Website is Here!!
2007-04-27 02:49:00 We hit the switch and Fore x Journey Currency Training Webiste is Live!!WHAT MAKES US DIFFERENT? There is good Forex training and there's not so good currency training. I have seen it all. I am no different than most of you who got interested in trading the Forex market while deeply involved in another, unrelated career. I did not learn at a broker, I learend from the environment I currenlty trade in today - home! Through books, seminar and online education, but mostly trial and error. There are hundreds, if not thousands of strategies out there for this market. Believe it or not most are generally good and just a derivative of basic trend-following or range-bound strategies. So then, why is the failure rate of currency traders somewhere north of 90%?The answer lies with each individual trader! Forex trading, trading in all liquid markets runs counter to human nature and the human element must be integrated into every aspect of your trading. That what makes us unique. We train our ... More About: Website , Here
Forbidden Words
2007-04-20 23:26:00 Words are one of the most powerful tools we use in our day-to-day lives, so consequently they hold the same power in our trading. They can penetrate our subconscious thoughts and reek havoc on our confidence. Part of your Forex Journey is to use words that will empower your trading and not chip away at your results.The following words should be stricten from your vocabulary!TRY - Replace with DO or DON?T. TRYING IS FAILING WITH HONOR! You are either going to be a success for trader or you are not going to be a successful trader. Decide today which one it is going to be!CAN?T - There is no replacement for this word and should be abolished from your vocabulary permanently! BUT - Replace with AND. Any thought that follows but is an excuse. The first rule about becoming a great trader is to accept full responsibility for the results of your trades.Here are some other words that will disempower your trading. Bring power into your trading and your life by using these replacement ... More About: Words
Easy Math
2007-04-17 17:48:00 Today we saw the British Pound sour above the 2.0000 level marking a breakthrough of a major psychological barrier. I have to admit that over the past several months I have cheated on my favorite currency pair in lieu of the Euro and Yen. I have to take a moment to reflect while the Pound sits at levels it has not seen in 15 years.What does this really mean?Has Sarbox regulatory constraints contributed to the raise of cable?Has geo-political events ushered in a long term change against the USD?Or has the change in central bank reserves been good for the pound?Nah! What this really means is that it is now easy math for us Americans traveling to the UK. A pint of beer in the pub costing £3 can easily be converted to $6. Sweeeet!!And easy math is this traveler's dream! Happy Trading!!Don't forget to visit the Forex Journey website and our Lens!> More About: Math , Easy
Gunslingers and Casinos
2007-04-14 18:11:00 Living in Arizona I am always surrounded by images of the Wild West. With numerous casino operations in and around the area and my relative proximity to one of the largest gaming centers in the world, Las Vegas, I am also surrounded by the images of the gambler.Every gunslinger has its sheriff and every gambler has its casino. What we must decide early on in our trading career is which side of the table we want to sit on. Think carefully about your decision, because one will lead to great success while the other usually leads a fast, but very brief existence. You want think like a sheriff and act like a casino. The sheriff patrols the landscape to limite and risk to the populous. These are your stops! The casino has numbers and probability on its side. That is why the rules always favor the house. This is your edge!Your stops and your edge are key components of your winning game plan for the Forex market.Favors the house? Probabilities?This is the concept that has created l... More About: Asin , Linger , Casinos , Sling
The Power of the Process
2007-04-13 01:27:00 Here is a little advice for those just starting their Forex Journey.To learn to trade Forex (or any liquid market for that matter) requires no great skill. It only requires perseverance and desire. There is, however, a learning curve that all traders must ascend. There are, in my opinion, 3 areas that traders must gain supreme confidence with in order to succeed.1. StrategyYou must learn the language of trading, the tools and when to use the tools. If you where training to be a carpenter you would have to learn the language other carpenters use such as 2X4, chalk line and plum. We have our own jargon such as pairs, dealing platforms and spreads.You have to know the tools. A carpenter has a hammer and we have our moving averages. And you have to know when to use these tools. A carpenter would not grab a hammer to paint, and we have tools designed for specific market condition such as MACD and Stochastic.Oh, and another piece of advice around strategies taught to me by Raghee Horner. ... More About: Power , Proc , Process
You Are Who You Are
2007-04-09 18:41:00 Over the past year I have been branching out with my personal development. During my forex journey over the past 18 months I have taken a series of personal development courses and certification workshops that has provided me with great insight on how the human mind operates. Especially for traders!In addition to being a currency trader and educator, I am now both a Board Certified Hypnotist and Success Coach. During my studies one thing became crystal clear, we are who we are and that alone is perfect. Did you know that our core personality and beliefs systems are established prior to the age of 8? By our 7th birthday our core operating system is in place! These systems include our view of money, risk and reward, key elements in trading. That why it your always here people saying to enjoy life like a 7 year old. As a 7 year old our minds were an open book, creative and imaginative.Our identification with these value systems are brought to bear in each and every trade. You are who y...
March Payroll Follow-Up
2007-04-08 22:27:00 Chart courtesy of eSignalWell, the Non-Farm Payroll numbers blew away consensus. February's numbers were even revised upward, but because of the light volume on Friday explosive volatility was concentrated just to the majors. The EUR/USD has returned a strong support area at 1.3370, which is the Dec 4 swing high and 38.2% retracement level of the Mar 4 to Apr 5 rally.JPY/USD should offer some interesting action. Currently the pair at the 61.8% retracement level of the Jan 29 - Mar 5 move. Any break fo this level should see the pair revisit the 120.00 level soon.Happy Trading!!> More About: Roll , March , Marc
March Non-Farm Payroll
2007-04-05 23:23:00 Charts courtesy of eSignalAre you ready to rumble?Tomorrow's Non-Farm Payroll report looks like it is going to have some extra juice since the U.S. and European equity markets are going to be closed for the Good Friday holiday. The Euro saw positive price action today with the continued hawkish stance by the ECB.Key Technical Levels to look at:EURUSD closed above the 1.3411 resistance level setting up a run at the 1.3472 Fibonnacci expansion level at the top of our channel for dollar negative payroll numbers or return to the trendline for positive data.The real test will come from the revision figures which could provide the fuel to challenge our support and resistance levels. Either way it looks like this is going to be a volatile report which means .... opportunity!Happy Trading!!> More About: Roll , March , Marc
Here and Now
2007-04-04 21:51:00 Trading is for real and like I have said on numerous occasions, trading is a business. Why then do so many traders treat their activities like a hobby? True, we all have different levels of commitments and goals, but it is our money and that alone should lend a bit more seriousness than a hobby!As a trader and a success coach to other traders, I see the full range of errors. I am just as guilty as all the other traders and must be constantly monitoring my activities to keep my trading demons at bay. It is all about awareness.One of the common mistakes I see traders make is not staying in the present. What I mean by that is that when you are sitting down in front of your computer you must stay in what I call the here and now. Being present and focused on the task at hand (trading) is a big part of your trading edge. Just like a golfer preparing for golf shot, I spend the first 15 minutes of trading day getting my mind in the here and now. I start by reading my personal mission statem... More About: Here , Here and Now
The Final Countdown
2007-03-31 21:06:00 THE COUNTDOWN IS ON!!We are pleased to announce that coming soon is the launching of the Forex Journey Website which features:Live Market TrainingOne-on-One CoachingPersonal Self-Mastery in Trading to Your Strength Live WorkshopsOnline Webinars and much more...I have seen so many traders look for the "Holy Grail" of trading inside the latest and greatest strategy without realizing that the true path to success in the market lies within.The goal of our website is to teach traders to manage 3 Key Elements: their trade through sound strategies and approaches, themselves through identifying their true trading personalities and trading to their individual strengths (no one size fits all here!) and lastly, through strong money management principals.What makes us different? We put the trader at the center and craft success around the individual student.Stay Tuned for our April Launch!!Join us in our Forex Journey!> More About: Final , Down , Count , The Final Countdown , Countdown
Mind Over Matter Teachings in Forex
2007-03-30 05:00:00 We are all in search of our passion. That one thing that really defines us. For most of us that passion is as diverse as the rainbow of colors we call the human race. Some people find there passion in Real Estate, while other marketing products on the internet (we are all marketers by the way - whether you realize it or not - that's a subject for another day). My brother-in-law is a farmer and he is one of the happiest people I know when he is on top of his tractor.I have found my passion in trading, studying and teaching the Forex Market. I strongly believe success lies within each and every trader. The only missing ingredients are perseverance and confidence. That is why I teach the strategy, but really focus in on what makes every individual trader tick and structure my lessons to instill the necessary mental skills to flourish trading the currency market.If this is the style of teacher you want. We are almost ready for classes to begin! In the mean time follow us over ... More About: Teaching , Mind , Matter , Matt
Sneak Preview
2007-03-27 17:37:00 We are working overtime getting the new Forex Journey website ready. If you would like a sneak preview into our currency education features, benefits and trading philosophy take a look at out Lens.We will be updating the Lens frequently as we get ever closer to our launch!Click Here to view our preview.Our goal is to create a collaboratrive learning environment so everyone can prosper in the Foreigh Exchange market.> More About: Preview , Review , View , Sneak preview
Forex Journey - The Website
2007-03-27 02:03:00 COMING SOON!!THIS APRIL ...FOREX JOUNREY - THE WEBSITEIT IS ALMOST TIME FOR YOU TO JOIN ME IN THE JOURNEY!!STAY TUNED FOR MORE INFORMATION.> More About: Website , Journey , Forex , Site , Webs
The Impact of News Events, Part 2
2006-12-02 15:41:01 As we mentioned in Part 1, fundamental news tends to adjust the technicals and these adjustments translates into potential trading opportunities on the Forex market. Give these facts it is important we use both fundamental and technical analysis in our approach to trading currencies.Fundamentals tend to be very inconsistent. This is why most traders, including myself, focus on the technicals. Fundamentals focus on the structural issues of currencies, such as flows of money and tend to be cyclical. Certain fundamental data carry different weight for different currencies. You will hear terms such as balance of trade, capital flows, employment and industrial production.What does it all mean?I have no clue. I am not an economist and I will never ever pretend to be (even with my fascination of the Central Bank role in the currency markets). In the end price action matters! How the currency price reacts to the news is the key. For example, EUR/USD pair is trending down and unexpected econ... More About: News , Events , Event , Vent
The Impact of News Events, Part 1
2006-12-02 15:41:01 News is the Fuel.The Forex market is driven largely by world financial market and news, both of the domestic and international variety. There are a host of players on the international FX stage including businesses, hedge funds, governments, banks, consumers and of course us traders!By now I am sure you are wondering why a self-proclaimed technical trader is blogging about the news? After all isn?t this just more fundamental mumbo-jumbo?Well you know what they say ?NEWS IS THE FUEL BUT THE TECHNICALS ARE IN CONTROL!!Fundamental news has a tendency to adjust the technical when the news is unexpected. Before beginning my trading session I am sure to review the up coming economic releases to view any event that has potential to provide rocket fuel to the market. Some news will move the currency pair (Non-Farm Payroll) and some are may not. To get a list of those pre-planned economic releases that have the potential for moving the Forex market look into the following links.http://w... More About: News , Events , Event , Part , Vent
Find Your Forex Niche
2006-12-02 15:41:01 It is important to find the Fore x strategy right for you! When I began learning to trade the Forex market I was introduced to intraday trading using 5-minute charts. I gained an understanding of the nuances of market movements and the importance of technicals tools, such as Simple/Exponential Moving Averages and Fibonacci. These proved to be valuable lessons coming from the options world.OK, truth be told ? I hated it!!This style of trading just did not suit my personality. It was a necessary step, but as soon as I felt comfortable and confident in the 5-minute trading style I dialed my chart right out to the hourly charts and beyond. I know lots of people that like the fast pace, simplicity of this style and are some of the most successful traders I know.I am just not one of them!My personality fits a longer term view and I just did not thrive in the faster paced decision making required in the 1-minute and 5-minute styles. My focus is on swing trading on the 240-minute chart and i... More About: Your , Find , Niche
Chart Patterns
2006-12-02 15:41:01 Now that we are in the summer doldrums, chart patterns take on a whole new significance!For a review bookmark this link!!http://www.stockcharts.com/educatio n/index.htmlHappy Trading!! More About: Hart , Pattern , Patterns , Chart , Char
It is Better in Groups
2006-12-02 15:41:01 Banks and Hedge Fund Managers do it! And you should too!!Too often I hear about the lonely trader who sits at their computer while the Forex market forces devour their capital. These are the same people who say currency trading is too risky and it doesn't work.So you have taken the classes and read the books. Most humans don't learn that way. We must also be shown how to do it. In our case we must be shown (and repeatedly) how to trade, when to trade and when not to trade. Repetition is the key to learning.And so is trading in a group!If you do not have a group of traders then form your own group. Just look on Skype to see the myriad of Forex traders out there. Ask questions in forums (know you source though). You interaction with other enhance your Forex trading skill and acumen.This just may be what the doctor ordered to have that breakout that puts you well on your way to Forex success!!Happy Trading!!Click Here to visit a forex training and education site that offers ... More About: Better , Bett , Group , Groups
Emotional Rescue
2006-09-01 20:30:08 Did you know that 90% of all Forex traders lose money? Now I bet you are questioning my zeal for trading the spot Forex market! If you are just starting out trading this market this not a very good omen. How do you ensure that you become the 10% that succeed, especially if given the fact that so many traders are willing to part with their hard earned cash? There are many reasons for these abysmal stats: lack of discipline, lack of money management skills, and the. I think the reason for the poor success rate is that 90% of the traders can?t manage their emotions while trading. This is the demon I fight daily. Money management and discipline are the symptoms, but emotions are the root cause! From day one of trading the currency markets I have heard every guru shouting at the top of their lungs to cut you r loses and let your profits run. Or that anyone can put on a trade, but it is the professional trader that knows when to exit a trade. It seems like a simple concept to let your pro... More About: Motion , Rescue , Emotion , Emotional
Seriously
More articles from this author:2006-08-17 20:18:03 If you have been following my blog you know that I am a big proponent of setting up a compounding account as a wealth building strategy for those of you new to the Forex market. This compounding account is not to be touched until you can meet your financial need with only withdrawing 50% of your profit without changing your risk profile. You can have your ?Mad Money? account to satisfy some of More About: Serious , Seriously 1, 2, 3 |
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