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
Entries and Exits
2006-08-17 20:18:03 Hello Forex Nation, Well, I just returned from some well earned rest & relaxation! It is always a good time to escape the heat of the desert during the summer months. One of the things I like to do during my down time is to catch up on my reading. One of the key points on the Roadmap to Forex Success (visit FX Trade Central for more details) is continuous education and one of my favorite ways More About: Trie
Make Forex Education Your Top Priority
2006-08-14 20:15:01 I have been doing a ton of reading this summer. This is not atypical for me. Reading is a way to continue my education and renew my focus on the task at hand. I have recently been exposed to several Forex training evaluation sites, as well attended some of those FREE Forex workshops you see on TV (some of them are still calling me!). It got me thinking? ?What advice can I provide to all those who are eager to learn the currency market with all that information out there without getting burned??I have come up with 3 Golden Rules to follow when evaluating currency training opportunities.1. Know Thy Self ? This is probably the most important advice I can provide. There is good training and bad training. Often the worst training has the best marketing plans. First figure out how you best learn information. Are you the type of person that can read a manual on rocket science and build a spaceship or are you a person that needs to be shown things through personal instruction and r... More About: Education , Cat , Your , Make
FX Education & Training
2006-08-06 20:03:02 I have been receiving an ever increasing amount of emails for those of you interested in having dialog about Forex trading strategies. Of course you can email me at info@fxtradecentral.com . I have several sites with a different emphasis within the Forex Education and Train ing umbrella. FX Trade Central This is my mother ship Forex Education and Training website. The focus on this site is to provide an approach or methodology for learning to trade currencies. I also provide a running Forex course evaluation for a comprehensive approach to learning opportunities. Click Here now to view this site! FXT This is my premiere training site. This is where I learned to trade currencies and am an active participant in the Online Trading Rooms where the real training takes place during active market hours. Click Here now to view this site! Forex Journey ? Blog Frankly this is where I can talk about anything I want. I try to relay my personal experience is learning the Forex market, ... More About: Cat , Rain
Conquer the Crash
2006-08-06 20:03:02 A Book Review ?Conquer the Crash ?By Robert R. Prechter Jr. If you have been trading the Forex market you will have no doubtlessly come across R.N. Elliott?s Wave theory. In this book Robert Prechter, President of Elliott Wave International, details a compelling economic theory using this wave analysis. Prechter walks us through a technical, social and fundamental analysis of past economic events in a manner for which prior wave analysis is not necessary. He is leading us toward a prediction of future economic events which will leave you staggering! His stunning conclusion of an upcoming economic downturn not seen since the Great Depression will leave you thinking not only of future planning, but also of current events. Warning aside, there are a myriad of strategies outlined in this book that, once deployed, can not only allow you to survive this economic apocalypse, but flourish despite the odds. The blog is dedicated to Forex education. During major economic downturns your...
Forex and the Job
2006-08-06 20:03:02 So you live in the western part of North America (I trade from Phoenix, Arizona) and you have discovered the power of trading the Fore x market. Your passion runs so deep that almost instantly you are convinced that you want to do this full time. You get your requisite training and are ready to trade your live account. Just one problem ? the job is keeps getting in the way! Those of us who live in the Western part of the United States and Canada have a unique challenge when it comes to currency trading. Our time zones are not conducive to trading the European session and our window is small to trade the New York session before we must pack it up and hit the road. The Asian session is perfect timing, but not very active in the currencies rookies tend to focus on first. I absolutely love trading the European session, but I am wasted the entire day from lack of sleep. I am very selective when I trade with London, because you ALWAYS want to be focused and on top of your game when...
July USD Outlook
2006-08-06 20:03:02 Here is what I see as a possible July USD Outlook Possible end of tightening cycleNo Federal Reserve meeting ? No interest rateQ2 GDP will likely drop below 3% vice 5.3% in Q1Wave 5 extension beginning EUR/USD and GBP/USD July could be a rough month for the USD! > More About: Look
Where Do We Go From Here?
2006-08-06 20:03:02 Well, US non-farm payroll numbers where released, the market reacted and now all the traders have retired for the weekend. For the record, US non-farm payroll (NFP) rose by 121,000 in June. A figure I was personally watching this morning, the revision from May (which I thought was low) was revised from 75,000 to 92,000. Also, average hourly earnings increased to 0.5% from 0.1%, which to me reflect employers more willing to pay overtime than take on new employees. No USD friendly numbers! So, where do we go from here? I am not an expert on Forex fundamentals. I do, however, recognize the importance of fundamental analysis in maintaining and confirming the long-term technical view of the currency pairs I trade. Can the long awaiting sentiment change in the USD finally be upon us? Before you get comfortable in your range-trading strategies here are a few points to consider for your summer trading. The Federal Reserve ? My favorite people (ha, ha, not!). Will interest rates continue ... More About: Here , Where
Run to the Light
2006-08-06 20:03:02 Hello Forex Nation!! If you have not noticed my posts have been a little less frequent over the past several weeks. I take time in the summer to vacation and renew. I also enjoy going to trainings and seminars. Not all of these events tie directly back into trading currencies, but then again I also have other interest and passions. I was at one such seminar last week in Los Angeles. I was networking after the event with a bunch of other entrepreneurs. We spoke about all kinds of topics (I was the only trader in the group ? surrounded by mostly real estate investors!), but the topic that seemed dominate is the on around making the jump from W4 employee to being out on your own. I know there are Forex traders out there that enjoy trading, but have never considered taking the leap to trading fulltime. But, if you are one of those that want to trade fulltime then I have some tips for you that would make that transition easier and they do not involve trading! Be in Control It g... More About: Light
CSI Forex
2006-06-15 14:45:00 If you trade the Fore x market you will inevitably encounter the proverbial down day (or worse yet a series of down days). By bad day I mean when you put on a trade and from 'pip' one just goes against you. Tell me, after this happened have you:Chased the trade and ended up losing more?Revenge traded against the trend to recoup your losses and ended up losing more?Moved your predetermined stop and ended up losing more?Flipped your position and ended up losing more?Have you noticed a theme??Well, when I have a series of losing trades I go into CSI mode!I actually conduct a crime scene investigation on my trading. First if I suffer a big lost I close my trade station immediately. Experience has taught me that I am susceptible to revenge trading. After a break (could be several minutes or several hours or several days) I take a look at my trade journal and look for clues as to why I suffered a draw down. Keeping a detailed journal allows me to reconstruct my trades to isolate p...
Time for a Breakthrough
2006-06-14 08:20:00 Have you every wonder why do Forex traders fail? Even better have you ever wondered what holds must of us back from reaching our true potential as a Forex trader?Want a hint?Just look in the mirror!!The key to success in trading the Forex market is to just plain get out of our own way!! Here are the common mistakes that leads most traders to failure or better yet, hold the true successful trader in all of us back from achieving our true potential. See if any of these areas you can improve upon.Lack of Forex Education - training is the true key to success. That is why I have dedicated my website, FX Trade Central, this blog and my Lens to this enitre topic. The money spent on proper currency education will be recoup and paid back 1000X!! Click Here for a list of Forex training and education courses on FXTC or Click Here for Forex training opportunity Lens.Emotions - great if you are watching the NBA Playoffs or World Cup, but it has no home in trading. Again, this is another topic I ... More About: Time , Break , Through , Brea
Money, Banking and the Federal Reserve
2006-06-11 21:02:00 I have never been a big fan of the FED. If you have a moment follow this link and view this video. It will provide some interesting insight!http://video.google.com/videoplay ?docid=-466210540567002553&q=misesHap py Trading!!For Forex training and education visit my Forex Journey Lens> More About: Money , Banking , Federal Reserve , King , Bank
Philosophical FX Mistakes
2006-06-09 20:51:00 Trading the Forex market can be tricky at times. We all see this massive flow of money moving between central banks and all we want is to cast our little net into this river of money for some pips. As a technical trader these are the coomon traps I fell into while developing my trading plan.Don’t Analyze the News for Future Price Action!Fundamentals matter, but as a technical trader we are aware of economic news as they tend to act as catalyst. News events offer opportunities, but price action is what matters most! How often have you seen news spur price to technical support and resistance levels? I will leave that to the economist!Don’t Trade the News!Again, we should always be aware of news releases during our trading session. I don’t trade the news, but I then again I am not a fundamental currency trader either. I do know some super successful fundamental currency traders. It is just not my game. I like to wait for the dust to settle a trend to emerge before jumpin... More About: Take , Philosophical , Mist , Phil , Hilo
Joys of Compounding
2006-06-08 16:48:00 Hello Forex Nation!!Here is a simple tip. Trade in at least 2 forex accounts. I have a compounding account where I have a dialy pip goal of only 15. I also have what I call my true currency trading account. Here are the differences.Comp ounding Account15 pip daily goalIntraday trading only5% maximum riskWhen daily pip goal is reached I close all trades and trade stationI rarely withdraw from this account and only for investments into other wealth buidling vehicles (eg real estate)Trading AccountPIP goals established by reward -risk ratio (minimum 2:1)Focus on swing and position trades2% - 5% maximum riskUse exit strategies predifined in my trading planWithdrawals allowed (I use this as an incentive)My true joy is the compounding account. For those of you who want to witness the true power of trading forex then this is what a compounding account can do for you!!January 1st - Open a Super-Mini Account with $300.00. Average 15 pip daily goal throughout the year (5% risk). December 31- A... More About: Pound
Embrace Your Flaws
2006-06-08 05:17:00 Hi Forex Nation!!I have returned! Sometimes you need a vacation from your vacation, if you know what I mean! While I was enjoying beautiful Southern Califoria I had time to reflect on my trading. I had some good points and some ... well, let's just say some not so good points. Instead of getting down about what I felt were flaws in my trading game I thought I would list them out and embrace them.I had no problem listing my top five areas of trading psychology that required attention. I did this in order to identify strategies to counter these feelings and allow me better overall trade execution. That's what it's all about after all.Before I continue, remember that I am a flawed individual, so be kind! I also recognize that these flaws serve me well in life and in trading I simply need to understand that they are present and devise methods for incorporating them into my trading plan so they have a positive effect.Here they are!!1. Afraid of FailureThis is presetn in almos... More About: Laws , Race , Your , Embrace , Snowflake
Trading Thoughts
2006-05-29 02:41:00 Trade to be great and not just good.Trade to be profitableDon’t trade not to lose.Embrace the challenges of the day.Dismiss the distractions.Be decisive.Know your expected outcome before executing the trade.Don’t focus on the results.Focus on the execution.Take responsibility for the outcome.Be realistic and committed.Believe in yourself without doubt.Focus on the pips and not the balance.Become your own coach and cheering section. Happy Trading !!> More About: Thoughts , Thought
Snap
2006-05-26 18:01:00 Hi Forex Nation!!I have a little tip to help with the dark side of trading.All traders find themselves from time to time violating some of their own trading rules. There are legitimate times when it is OK for rules to be broken. For the beginner trader, this last rule should never be explored! If are relatively new to trading or you find yourself repeatedly make emotionally bad decisions while you are hanging on to a trade, this tip is for you!Try this… (Especially if your technical exit has been reached (profit or loss) or you hear that inner voice going “get out, get out and you don’t!!).When trading, place a large rubber band around your wrist. Anytime you violate one of your trading rules give it a good snap!! On exit rule violations give it 2 snaps!!That will interrupt your bad thought process and break your habit of violating your plan. No, I am not sadistic, but trust me it will work!!Happy (Ouch) Trading!!FX Trainer Financial Services Inc, Creating Success in FX> More About: Snap
Power of Full Engagement
2006-05-24 14:58:00 A book review….Hi Forex Nation!!I have just read The Power of Full Engage ment by Jim Loehr and Tony Schwartz. This is good stuff! The book challenges the most commonly held principal that the key to high performance is not through superior time management, but through superior energy management.The authors focus on both physical and mental energy as they lead you down their theory through a series of real-life examples of past clients. The authors got there start as performance coaches of professional athletes. These athletes spend most of there time practicing their trade, managing their energy and developing mental and physical routines to ensure superior performance at the most critical moments of competition.The author carries those traits into the corporate world. Recommending that high performance in the business world requires the same approach as an athlete. Managing energy and performance/personal renewal routines translates to peak performance and benefits well beyond yo... More About: Men , Gage
The Da Vinci Forex Code
More articles from this author:2006-05-22 18:22:00 Hi Fore x Nation!!Did anyone see the Da Vinci code this weekend?? I did! No, I have not read the book, but every time I got on an airplane the past 2 years there was always someone reading this book!Did you notice the references to Fibonacci all over the movie? I did, and was counting the sequence right along with John Langdon (aka Tom Hanks)! That got me thinking a little more about one of my favorite trading tools and what it all means. So I went hunting for some facts and this is what I found.Leonardo Fibonacci was the Italian mathematician who was born around the year 1170 AD. His real name was Leonardo Pisano, but was better known by his nickname Fibonacci (“son of Bonnacci”). Fibonacci’s father was a diplomat and his son traveled with him during his formidable years studying mathematics and accounting.In 1202, Fibonacci wrote Libre Abaci, a book about the mathematics he had learned on the road with his father. That book led to his famous number sequencing when measuring t... More About: Code 1, 2, 3 |
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