The Most Lucrative Part-time Job or Home Based Business Ever
The Forex market is relatively new when compared to the traditional
stock market. The Forex or Foreign Exchange Currency Market was open to the public in 1998. In a year it will be a decade old. This is one
of the major reasons most people do not know about the Forex.
The first reason why you should take a closer look at the
opportunities in the forex market is because of its liquidity
estimated at $2 trillion daily. The other reason is that it is
traded 24 hours of the day and 6 days in a week and participation is
open to all, from individuals like you and me to very large financial
institutions.
With the economic situation of our day worldwide, where there are no
more job guarantees it is not unusual to wake up one morning and find
oneself jobless. In such times, there is an increasing need for a lucrative part-time job or home based business. This is something that you can had absolute control over.
There are of course a multitude of money making opportunities out
there, but to be factual, it is very difficult to find a real
opportunity which will allow you to make a living from your home
computer. Even when you do, you would have to spend hours
doing market research and invest large sums of money to bring it to
fruition. That is if you have not gotten involved in a scam project.
Most of the opportunities on the web today, even if you make big
profits, may be held by someone else. In other words, when you
participate in those turnkey businesses, you do not have control.
In addition to all the "fire your boss today" opportunities, there is
a program on CNBC called Mad Money that seems to begetting to the
masses and unknowing students to invest in the stock market. In
reality this is a very expensive experiment especially for student
that do not have a lot of capital. Buying a Goggle stock for $400.00
a piece is very expensive given that your capital can be wiped out if
the stock goes against you by 100 points. That money could be better
invested in the Forex positions (trades).
The forex market which is also called FX is not really as difficult
as it seems. There is not that much technical vocabulary to learn,
and the risk is considerably low, if you compare it to the other
markets. If we assume that you have 40% loosing trades, you still
have 10 trades left to bring you profit.
The fact that part time job and home businesses seekers should really
consider is that you can choose when to trade, how much to trade and
where you want to trade; all you need is an Internet connection, and
you are ready to tap in the biggest market of the world with $ 2
trillion activity everyday in the same way banks and large corporation do.
Contrary to the trading of stocks, you do not have to start with a
$1000.00 capital. You can start with as little as $250.00.
When you trade a mini lot (10,000 units) of e.g. GBPUSD currency pair
your entry ticket costs $28.00. So when the pair goes your way 1
point, you are $1.00 in profit and vice versa.
You can also trade lesser trading units and you can trade for as
little as $1.00. It is therefore possible to turn a $28.00 investment
to a profit of $100.00 in 24 hours if the currency moves in your
direction 103 points. Imagine been able to do this 2 times a week. In
a good week, this pair moves an average of 400 points.
The Forex market is not a get rich quick scheme it is easy to learn
and understand. It is also easy to make money in the forex if you let
someone dedicated to your success teach you.
Mercedes made more money with FOREX trading than with car manufacturing this year. It is a good way to make $100(0) a day.
Trade without money for 3-6 months on paper, than when you learn
start trading real money. Dont be greedy. 10-20 pips a day is enough.
Start with $250 and build it up to thousands slowly. When you
become a successful trader, you can live anywhere on the planet,
and never have to be dependent on a JOB (Just Over Broke).
1.
Download Metatrader 4 from:
http://www.interbankfx.com/
WHEN YOU FOLLOW THE RULES, YOU WILL MAKE MONEY !
YOU CAN QUIT YOUR JOB NEXT YEAR ...
90 % OF NEWCOMERS FAIL BECAUSE OF GREED, SAME AS IN LAS VEGAS ...
Read and study the whole thread.
20 pips = $20 a day
20 pips = $200 a day
20 pips = $2000 a day
George Soros from Hungary come to this country and made billions on Forex. In one single day he made 1 billion ... really the sky is the limit ...
2.
Here is the thread:
http://fxovereasy.50webs.com/Home.html
Let me known your results. This is my gift for you all.
Some traders searched for years unsuccessfully for this gift.
You can learn this on your own in few days.
I am artist and a philosopher with no talent for numbers. But you
dont need any talent for this, just follow the rules.
Dalibor
http://www.myspace.com/dalibor777
++++++++++++++++++++++++++++++++++++++++++
Here is the detailed description of how to install this system
in to your Metatrader:
First down load Metatrader 4 or Strategybuilder FX MT4 (there is a downloads link at the top of the page on this forum. My understanding is that the Metatrader 4 and Strategybuilderfx 4 are the identical. Once it is downloaded then double click to open it and make sure it is operational...then close it down.
Now go to http://fxovereasy.50webs.com/Home.html click on "Indicator downloads" which will open up the list of indicators.
If you left click on the top one (SHI Channels) you will probably get text. So right click on it and you'll get a drop down window...click on "Save target as..." (I found that sometimes when I did the right click first I would not get the window that contained "Save target as" so I found that I had to left click first...then click back and then right click), now you will see a "Save as" window.
In the "Save in" window at the top you want it to read "Local Disk (C). Here is how you can get it to say that without typing it in... click on the arrow at the right side of the upper box. You will now see a drop down window...in it you will see "Local Disk (C)". Click or double click on it and it should then open up it the "Save In" box at the top. Now in the contents below you will see "Program Files". Click or double on it and "Program Files will now be in the "Save in" box (Ifound that if I clicked on the little file folder to the left of the text, it opened easier). Below you'll find "Strategybuilderfx 4 or Metrader 4". Click or double click on it and "Strategybuilderfx4 or Metatrador 4 will now be in the "Save in" box above with it's contents showing below. Find "experts" below, click or double click on it and "experts with appear in the "Save in" box above. Now you will find "indicators", on which you will click or double click and "indicators" will now appear in the "Save in" box above with nothing in the large area below.
Down at the bottom right corner click on "Save"...now you are finished downloading that indicator.
Now go back to the ForexOvereasy indicator download page and download the next indicator. You should find that when you click on "Save target as" it will take you directly to the last step, with "Indicators" already in the "Save in" box, so all you have to do is click on "Save" and its finished and you're ready to download the next indicator. Don't forget to go back to the home page and download the "New Stuff".
Now that your indicators are all downloaded, go ahead and open your "Strategybuilderfx4/ Metratrader 4.
On the left side under "Navigator" click on the + next to "Custom Indicators" which should open up and show you lots of indicators which include the ones you just downloaded. Right click on an indicator and then click on "Attach to chart". Do the same with all the indicators that you want to add...and you should be ready to go.
You can switch the chart over to candlestick by clicking on the candlestick indicator at the top just to the right of center. I suggest you do this first.
I find this tradestation a little difficult to use but that may be because I'm not used to it. It has lots of features.
If you find that you want to delete an indicator, just right click on it and click on the "Delete indicator" line. (Some of the charts may already have some indicators installed that you may not want.)
I have some charts where the candles are very close together and some that are just right...and I haven't figured out the remedy.
Here is the chat thread, but dont complicate a great system, which cant be automated:
http://www.strategybuilderfx.com/showthread.php?t=15112
On this one page you have it all. If you follow the rules, and control your greed, you will become independently wealthy with this system. You are extremely blessed to read this page, as millions of new traders gave up from a lack of a good system. Many professional trader millionaires said, that this is the best system and if you cant work with this system, FOREX is not for you!
See this chart how I made 50 pips (it could be $50 at start, $500 or $5000 every day) :
http://img389.imageshack.us/img389/4428/usdchfii1.jpg
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I see most people trying to make a system that should generate 1000 pips or 2000 pips per month, and try to enter every possible move. But the fact is, if you want to make $18 million in 5 years, all you need is discipline and 100 pips per month. Don't believe me? Read on....
Assuming that there are 20 trading days a month, 100 pips would be an average of 5 pips per day. It doesnt matter if you do day trading or positional, if you do 1 trade or 100 trades, all you need is a system that can consistently make 100 pips for you every month.
RULES:
1) You need a system that can make 100 pips consistently every month per lot.
2) Opening balance would be $500
3) Trade is done only in mini lots
4) 0.1 lot is allowed for every $500 balance. So if you have $1000 you can trade 0.2 lots and if you have $5000 you can trade 1.0 lots and so on.
5) Emotions like greed, fear and hope have to be barred out.
6) Once you made 100 pips in a particular month, you do not have to trade till the month is over. So if you make 100 pips in 2 days, you can quit for the entire month.
RESULTS:
After 12 months you will have $3,100
After 24 months you will have $26,000
After 36 months you will have $230,100
After 48 months you will have $2,050,300
After 60 months you will have $18,278,700
Suprised ?
So maybe you'd say no system can make 100 pips consistenly per month. OK, lets say if you were right. Would you agree with me that its comparatively easier to make 10 pips per month? Even if you target 10 pips per month, you would yet end up with $1.8m in 5 years using the same methodology.
Trading is like painting a canvas, you should step back and try to look at the bigger picture than a trade or a single day alone. It is so true.
So get rid of your greed and trade with nothing but common sense. Plz see the attachment for the break up of gains per month.
http://www.traderology.com/forums/index.php?act=Attach&type=post&id=3
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God bless you all and I wish you a happy new lifestyle ...
Tuesday, March 18, 2008
Are you a forex trader or a gambler?
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.
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.
Return Calculation
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.
Calculation:
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)
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.
John Keister
ForexInterBank
The ONLY Difference Between Professional Traders and Amateurs Is ...
He's a blog posting from one of my friends on mySpace, Barry. To close the year I couldn't resist posting this for thought!
****************************************************
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
****************************************************
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
A Forex Trader’s Lifestyle
Whether you are a novice Forex trader or a seasoned veteran one aspect you must always take into account is to ensure your lifestyle supports successful trading. Forex trading is no different from any other endeavor in life. Whether you are employee, employer or self-employed you must take the time and effort to ensure your environment is conducive to your success.
Take a look at your surroundings and make sure your lifestyle supports you being a successful Forex trader. Take in all the factors of success (how YOU define success) evaluate your factors to make sure your trading is:
Specific – Do you have specific trading goals and objectives? Do you have a trading plan? Ask yourself is your plan to general?
Measurable – Do you have systems in place to objectively measure your performance? If you don’t know your numbers then do you really have a trading business?
Has a Timeline – Do you have a timeline for which you are measuring your goals and objectives against?
Controllable – There are many aspects in Forex trading you can’t control, ensure that the areas your can control are firmly defined and managed with discipline.
Programmed Into Your Lifestyle – Are your Forex trading activities programmed and congruent with your lifestyle? Balance is important so make sure this passes the test!
Taken in Small Steps - This business is a marathon and not a sprint. Start off with small steps and build. The best practice trading principals do not change with account size.
Accountable – Forex trading (or any trading for that matter) can be such an isolated activity. Find ways to have others participate and hold you accountable for your goals. Make it real and measurable!
True Forex success is built through smart work and dedication. By establishing the trading lifestyle that best supports your personality will guarantee prolonged success. Remember, it is your Forex Journey. Be sure you enjoy the ride!
Happy Trading!!
Take a look at your surroundings and make sure your lifestyle supports you being a successful Forex trader. Take in all the factors of success (how YOU define success) evaluate your factors to make sure your trading is:
Specific – Do you have specific trading goals and objectives? Do you have a trading plan? Ask yourself is your plan to general?
Measurable – Do you have systems in place to objectively measure your performance? If you don’t know your numbers then do you really have a trading business?
Has a Timeline – Do you have a timeline for which you are measuring your goals and objectives against?
Controllable – There are many aspects in Forex trading you can’t control, ensure that the areas your can control are firmly defined and managed with discipline.
Programmed Into Your Lifestyle – Are your Forex trading activities programmed and congruent with your lifestyle? Balance is important so make sure this passes the test!
Taken in Small Steps - This business is a marathon and not a sprint. Start off with small steps and build. The best practice trading principals do not change with account size.
Accountable – Forex trading (or any trading for that matter) can be such an isolated activity. Find ways to have others participate and hold you accountable for your goals. Make it real and measurable!
True Forex success is built through smart work and dedication. By establishing the trading lifestyle that best supports your personality will guarantee prolonged success. Remember, it is your Forex Journey. Be sure you enjoy the ride!
Happy Trading!!
Regret Will Kill Your Forex Account
OK, so you just pulled the trigger on a trade and every bone in your body told you not to. You violated the rules dictated in your trade plan and you watched a small profit immediately turn into a major loss.
Sound familiar? What do you do?
You get over it, that’s what you do! Regret over a bad trade will eat your account from the inside out. Regret is a more powerful emotion than most traders recognize. It is like the unwanted guest that keeps living off of your bank account until there is no more left. It takes most traders into a tailspin that they will never recover. It can lead to dangerous psychological results such as failure to pull the trigger over even worse, paralysis by analysis.
“Yeah, but…” (I will save the disempowerment of this statement for another day)
It’s not easy putting those emotions aside when your money is on the line. That’s why they called it trading, folks. In Forex someone is on the other side of the trade controlling their emotions and eventually controlling your account balance. If you want to find consistency you must never let regret live in your trading experience.
Here’s what I do to combat this debilitating emotion … I get over it! How do I do this? I simply perform a post mortem of my bad trades (I still have them every now and then) and keep a detailed journal. Over time I began to recognize my personal triggers and simply tweaked my trade plan to be a more proactive currency trader and avoid the situations that led to the bad trade in the first place, in my instance over-trading or being tired.
What trader do I model my approach after? The answer may surprise you!
The answer is Tiger Woods.
I play golf, so you could imagine I am a huge fan of Tiger Woods. There are a lot of similarities between golf and trading. Both venues offer a look at who we are as a person, raw and uncensored. Both live in the world of risk and reward.
I admire Tiger Woods skill as a golfer, but even more so his mental toughness. Next time you watch Tiger Wood hit a bad shot follow his reaction. His immediate reaction is to get upset, really upset. Then count 5 seconds. His expressions and demeanor will have returned to one of focus and concentration.
And the funny thing is that is doesn’t matter what kind of prize money is online. He takes the same approach to every golf shot, in every tournament.
Let’s translate that to trading. Do you give yourself 5 seconds to get over a bad trade? Do you take the same approach to every trade?
Stop living in the world of regret and only think about the possibilities of wining trades and you will find your experiences trading the Forex market one filled with achievement and success.
Happy Trading!!
Sound familiar? What do you do?
You get over it, that’s what you do! Regret over a bad trade will eat your account from the inside out. Regret is a more powerful emotion than most traders recognize. It is like the unwanted guest that keeps living off of your bank account until there is no more left. It takes most traders into a tailspin that they will never recover. It can lead to dangerous psychological results such as failure to pull the trigger over even worse, paralysis by analysis.
“Yeah, but…” (I will save the disempowerment of this statement for another day)
It’s not easy putting those emotions aside when your money is on the line. That’s why they called it trading, folks. In Forex someone is on the other side of the trade controlling their emotions and eventually controlling your account balance. If you want to find consistency you must never let regret live in your trading experience.
Here’s what I do to combat this debilitating emotion … I get over it! How do I do this? I simply perform a post mortem of my bad trades (I still have them every now and then) and keep a detailed journal. Over time I began to recognize my personal triggers and simply tweaked my trade plan to be a more proactive currency trader and avoid the situations that led to the bad trade in the first place, in my instance over-trading or being tired.
What trader do I model my approach after? The answer may surprise you!
The answer is Tiger Woods.
I play golf, so you could imagine I am a huge fan of Tiger Woods. There are a lot of similarities between golf and trading. Both venues offer a look at who we are as a person, raw and uncensored. Both live in the world of risk and reward.
I admire Tiger Woods skill as a golfer, but even more so his mental toughness. Next time you watch Tiger Wood hit a bad shot follow his reaction. His immediate reaction is to get upset, really upset. Then count 5 seconds. His expressions and demeanor will have returned to one of focus and concentration.
And the funny thing is that is doesn’t matter what kind of prize money is online. He takes the same approach to every golf shot, in every tournament.
Let’s translate that to trading. Do you give yourself 5 seconds to get over a bad trade? Do you take the same approach to every trade?
Stop living in the world of regret and only think about the possibilities of wining trades and you will find your experiences trading the Forex market one filled with achievement and success.
Happy Trading!!
Why the Fed is such a Lousy Wizard of Oz
Another interesting articles from my friends over at Elliottwave.
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Why the Fed is Such a Lousy Wizard of Oz
By Susan C. Walker, Elliott Wave InternationalSeptember 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.
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Happy Trading!!
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Why the Fed is Such a Lousy Wizard of Oz
By Susan C. Walker, Elliott Wave InternationalSeptember 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.
*********************************
Happy Trading!!
Monday, March 17, 2008
Forex Training In Canada
The first time you in try FX trading - training in you will feel the thrill of greed. The forex options market started as an over-the-counter (OTC) financial vehicle for Forex training in large banks, financial institutions and large international corporations to hedge against foreign currency exposure. If you still see a trade there, then go for it.
Be informed about the economic indicators that are capturing most of the market's Forex pair trade attention at any given time. Come back the next day and try again. Pair clearly range trading requires a completely different money-management technique.
Be informed about the economic indicators that are capturing most of the market's Forex pair trade attention at any given time. Come back the next day and try again. Pair clearly range trading requires a completely different money-management technique.
20 Rules To Stop Losing Money
1. Don't trust others opinions -
It's your money at stake, not theirs. Do your own analysis, regardless of the information source.
2. Don't believe in a company -
Trading is not investment. Remember the numbers and forget the press releases. Leave the American Dream to Peter Lynch.
3. Don't break your rules -
You made them for tough situations, just like the one you're probably in right now.
4. Don't try to get even -
Trading is never a game of catch-up. Every position must stand on its merits. Take your loss with composure, and take the next trade with absolute discipline.
5. Don't trade over your head -
If your last name isn't Buffett or Cramer, don't trade like them. Concentrate on playing the game well, and don't worry about making money.
6. Don't seek the Holy Grail -
There is no secret trading formula, other than solid risk management. So stop looking for it.
7. Don't forget your discipline -
Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge.
8. Don't chase the crowd -
Listen to the beat of your own drummer. By the time the crowd acts, you're probably too late…or too early.
9. Don't trade the obvious -
The prettiest patterns set up the most painful losses. If it looks too good to be true, it probably is.
10. Don't ignore the warning signs -
Big losses rarely come without warning. Don't wait for a lifeboat to abandon a sinking ship.
11. Don't count your chickens -
Profits aren't booked until the trade is closed. The market gives and the market takes away with great fury.
12. Don't forget the plan -
Remember the reasons you took the trade in the first place, and don't get blinded by volatility.
13. Don't have a paycheck mentality -
You don't deserve anything for all of your hard work. The market only pays off when you're right, and your timing is really, really good.
14. Don't join a group -
Trading is not a team sport. Avoid stock boards, chatrooms and financial TV. You want the truth, not blind support from others with your point of view.
15. Don't ignore your intuition -
Respect the little voice that tells you what to do, and what to avoid. That's the voice of the winner trying to get into your thick head.
16. Don't hate losing -
Expect to win and lose with great regularity. Expect the losing to teach you more about winning, than the winning itself.
17. Don't fall into the complexity trap -
A well-trained eye is more effective than a stack of indicators. Common sense is more valuable than a backtested system.
18. Don't confuse execution with opportunity -
Overpriced software won't help you trade like a pro. Pretty colors and flashing lights make you a faster trader, not a better one.
19. Don't project your personal life -
Trading gives you the perfect opportunity to discover just how screwed up your life really is. Get your own house in order before playing the markets.
20. Don't think its entertainment -
Trading should be boring most of the time, just like the real job you have right now
It's your money at stake, not theirs. Do your own analysis, regardless of the information source.
2. Don't believe in a company -
Trading is not investment. Remember the numbers and forget the press releases. Leave the American Dream to Peter Lynch.
3. Don't break your rules -
You made them for tough situations, just like the one you're probably in right now.
4. Don't try to get even -
Trading is never a game of catch-up. Every position must stand on its merits. Take your loss with composure, and take the next trade with absolute discipline.
5. Don't trade over your head -
If your last name isn't Buffett or Cramer, don't trade like them. Concentrate on playing the game well, and don't worry about making money.
6. Don't seek the Holy Grail -
There is no secret trading formula, other than solid risk management. So stop looking for it.
7. Don't forget your discipline -
Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge.
8. Don't chase the crowd -
Listen to the beat of your own drummer. By the time the crowd acts, you're probably too late…or too early.
9. Don't trade the obvious -
The prettiest patterns set up the most painful losses. If it looks too good to be true, it probably is.
10. Don't ignore the warning signs -
Big losses rarely come without warning. Don't wait for a lifeboat to abandon a sinking ship.
11. Don't count your chickens -
Profits aren't booked until the trade is closed. The market gives and the market takes away with great fury.
12. Don't forget the plan -
Remember the reasons you took the trade in the first place, and don't get blinded by volatility.
13. Don't have a paycheck mentality -
You don't deserve anything for all of your hard work. The market only pays off when you're right, and your timing is really, really good.
14. Don't join a group -
Trading is not a team sport. Avoid stock boards, chatrooms and financial TV. You want the truth, not blind support from others with your point of view.
15. Don't ignore your intuition -
Respect the little voice that tells you what to do, and what to avoid. That's the voice of the winner trying to get into your thick head.
16. Don't hate losing -
Expect to win and lose with great regularity. Expect the losing to teach you more about winning, than the winning itself.
17. Don't fall into the complexity trap -
A well-trained eye is more effective than a stack of indicators. Common sense is more valuable than a backtested system.
18. Don't confuse execution with opportunity -
Overpriced software won't help you trade like a pro. Pretty colors and flashing lights make you a faster trader, not a better one.
19. Don't project your personal life -
Trading gives you the perfect opportunity to discover just how screwed up your life really is. Get your own house in order before playing the markets.
20. Don't think its entertainment -
Trading should be boring most of the time, just like the real job you have right now
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Marketiva Forex Online Trading
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When Oprah Stops You Trading
Hi all,
It's been a while, I was kept away from the markets for a while, then after that deliberately hid away. Trading can be a taxing endeavour (in both senses of the word), the market is a real moody beast, and any guy that is married will know, pay attention to those that are moody! It was because of this I had to step back, stop writing here, halt the alerts for a while, stop updating beginnertrader.com unless someone else contributed and just take stock, I wasn't paying attention.
One of my weaknesses is over-exuberance, not really outwardly if you meet me in person, quite a calm fellow really, but inside my head many an idea will spawn. Sometimes it take a smack over this same head to realise when I am doing too much, in this case, a couple of weeks of poor trading (not losing weeks .. just but poor trading weeks) did the trick. My entries were early, my exits were late, my decisions rushed and my big toe hurt to buggery thanks to another over-exuberant teammate on the soccer field.
So I took some time off .. stepped away from the markets, did some reading and got back to the basics. I didn't even bother trading demo accounts or paper trading, instead I got outside, played some sport, spent some time with the better half and mini me, and just got away from it all. The result? ... a +450 pip week this week and a much clearer mind. Everything is about balance, good old Newton told us that way back when, so you would think we would have got it by now.
"Screen time" as it is called around the web (i.e. staring at charts for extended periods), is beneficial, don't get me wrong, getting the repeatable patterns into the subconsience can help, but once screen time becomes, mindless staring, it is probably time to shut the trading platform and take an extended break.
For me I knew I had reached that point when my trading behaviour became very sloppy, for others it could be when you start visiting the Oprah website, or start thinking Porn sites are educational, and you go there only for the articles. Whatever the sign is, drag your tired, bloodshot eyes from the screen and get some sunshine, it is a wonder what the outside world contains, and believe me you'll trade better for it.
Happy Trading!
It's been a while, I was kept away from the markets for a while, then after that deliberately hid away. Trading can be a taxing endeavour (in both senses of the word), the market is a real moody beast, and any guy that is married will know, pay attention to those that are moody! It was because of this I had to step back, stop writing here, halt the alerts for a while, stop updating beginnertrader.com unless someone else contributed and just take stock, I wasn't paying attention.
One of my weaknesses is over-exuberance, not really outwardly if you meet me in person, quite a calm fellow really, but inside my head many an idea will spawn. Sometimes it take a smack over this same head to realise when I am doing too much, in this case, a couple of weeks of poor trading (not losing weeks .. just but poor trading weeks) did the trick. My entries were early, my exits were late, my decisions rushed and my big toe hurt to buggery thanks to another over-exuberant teammate on the soccer field.
So I took some time off .. stepped away from the markets, did some reading and got back to the basics. I didn't even bother trading demo accounts or paper trading, instead I got outside, played some sport, spent some time with the better half and mini me, and just got away from it all. The result? ... a +450 pip week this week and a much clearer mind. Everything is about balance, good old Newton told us that way back when, so you would think we would have got it by now.
"Screen time" as it is called around the web (i.e. staring at charts for extended periods), is beneficial, don't get me wrong, getting the repeatable patterns into the subconsience can help, but once screen time becomes, mindless staring, it is probably time to shut the trading platform and take an extended break.
For me I knew I had reached that point when my trading behaviour became very sloppy, for others it could be when you start visiting the Oprah website, or start thinking Porn sites are educational, and you go there only for the articles. Whatever the sign is, drag your tired, bloodshot eyes from the screen and get some sunshine, it is a wonder what the outside world contains, and believe me you'll trade better for it.
Happy Trading!
Forex can make you financially free
The Most Lucrative Part-time Job or Home Based Business Ever
The Forex market is relatively new when compared to the traditional
stock market. The Forex or Foreign Exchange Currency Market was open to the public in 1998. In a year it will be a decade old. This is one
of the major reasons most people do not know about the Forex.
The first reason why you should take a closer look at the
opportunities in the forex market is because of its liquidity
estimated at $2 trillion daily. The other reason is that it is
traded 24 hours of the day and 6 days in a week and participation is
open to all, from individuals like you and me to very large financial
institutions.
With the economic situation of our day worldwide, where there are no
more job guarantees it is not unusual to wake up one morning and find
oneself jobless. In such times, there is an increasing need for a lucrative part-time job or home based business. This is something that you can had absolute control over.
There are of course a multitude of money making opportunities out
there, but to be factual, it is very difficult to find a real
opportunity which will allow you to make a living from your home
computer. Even when you do, you would have to spend hours
doing market research and invest large sums of money to bring it to
fruition. That is if you have not gotten involved in a scam project.
Most of the opportunities on the web today, even if you make big
profits, may be held by someone else. In other words, when you
participate in those turnkey businesses, you do not have control.
In addition to all the "fire your boss today" opportunities, there is
a program on CNBC called Mad Money that seems to begetting to the
masses and unknowing students to invest in the stock market. In
reality this is a very expensive experiment especially for student
that do not have a lot of capital. Buying a Goggle stock for $400.00
a piece is very expensive given that your capital can be wiped out if
the stock goes against you by 100 points. That money could be better
invested in the Forex positions (trades).
The forex market which is also called FX is not really as difficult
as it seems. There is not that much technical vocabulary to learn,
and the risk is considerably low, if you compare it to the other
markets. If we assume that you have 40% loosing trades, you still
have 10 trades left to bring you profit.
The fact that part time job and home businesses seekers should really
consider is that you can choose when to trade, how much to trade and
where you want to trade; all you need is an Internet connection, and
you are ready to tap in the biggest market of the world with $ 2
trillion activity everyday in the same way banks and large corporation do.
Contrary to the trading of stocks, you do not have to start with a
$1000.00 capital. You can start with as little as $250.00.
When you trade a mini lot (10,000 units) of e.g. GBPUSD currency pair
your entry ticket costs $28.00. So when the pair goes your way 1
point, you are $1.00 in profit and vice versa.
You can also trade lesser trading units and you can trade for as
little as $1.00. It is therefore possible to turn a $28.00 investment
to a profit of $100.00 in 24 hours if the currency moves in your
direction 103 points. Imagine been able to do this 2 times a week. In
a good week, this pair moves an average of 400 points.
The Forex market is not a get rich quick scheme it is easy to learn
and understand. It is also easy to make money in the forex if you let
someone dedicated to your success teach you.
Mercedes made more money with FOREX trading than with car manufacturing this year. It is a good way to make $100(0) a day.
Trade without money for 3-6 months on paper, than when you learn
start trading real money. Dont be greedy. 10-20 pips a day is enough.
Start with $250 and build it up to thousands slowly. When you
become a successful trader, you can live anywhere on the planet,
and never have to be dependent on a JOB (Just Over Broke).
1.
Download Metatrader 4 from:
http://www.interbankfx.com/
WHEN YOU FOLLOW THE RULES, YOU WILL MAKE MONEY !
YOU CAN QUIT YOUR JOB NEXT YEAR ...
90 % OF NEWCOMERS FAIL BECAUSE OF GREED, SAME AS IN LAS VEGAS ...
Read and study the whole thread.
20 pips = $20 a day
20 pips = $200 a day
20 pips = $2000 a day
George Soros from Hungary come to this country and made billions on Forex. In one single day he made 1 billion ... really the sky is the limit ...
2.
Here is the thread:
http://fxovereasy.50webs.com/Home.html
Let me known your results. This is my gift for you all.
Some traders searched for years unsuccessfully for this gift.
You can learn this on your own in few days.
I am artist and a philosopher with no talent for numbers. But you
dont need any talent for this, just follow the rules.
Dalibor
http://www.myspace.com/dalibor777
++++++++++++++++++++++++++++++++++++++++++
Here is the detailed description of how to install this system
in to your Metatrader:
First down load Metatrader 4 or Strategybuilder FX MT4 (there is a downloads link at the top of the page on this forum. My understanding is that the Metatrader 4 and Strategybuilderfx 4 are the identical. Once it is downloaded then double click to open it and make sure it is operational...then close it down.
Now go to http://fxovereasy.50webs.com/Home.html click on "Indicator downloads" which will open up the list of indicators.
If you left click on the top one (SHI Channels) you will probably get text. So right click on it and you'll get a drop down window...click on "Save target as..." (I found that sometimes when I did the right click first I would not get the window that contained "Save target as" so I found that I had to left click first...then click back and then right click), now you will see a "Save as" window.
In the "Save in" window at the top you want it to read "Local Disk (C). Here is how you can get it to say that without typing it in... click on the arrow at the right side of the upper box. You will now see a drop down window...in it you will see "Local Disk (C)". Click or double click on it and it should then open up it the "Save In" box at the top. Now in the contents below you will see "Program Files". Click or double on it and "Program Files will now be in the "Save in" box (Ifound that if I clicked on the little file folder to the left of the text, it opened easier). Below you'll find "Strategybuilderfx 4 or Metrader 4". Click or double click on it and "Strategybuilderfx4 or Metatrador 4 will now be in the "Save in" box above with it's contents showing below. Find "experts" below, click or double click on it and "experts with appear in the "Save in" box above. Now you will find "indicators", on which you will click or double click and "indicators" will now appear in the "Save in" box above with nothing in the large area below.
Down at the bottom right corner click on "Save"...now you are finished downloading that indicator.
Now go back to the ForexOvereasy indicator download page and download the next indicator. You should find that when you click on "Save target as" it will take you directly to the last step, with "Indicators" already in the "Save in" box, so all you have to do is click on "Save" and its finished and you're ready to download the next indicator. Don't forget to go back to the home page and download the "New Stuff".
Now that your indicators are all downloaded, go ahead and open your "Strategybuilderfx4/ Metratrader 4.
On the left side under "Navigator" click on the + next to "Custom Indicators" which should open up and show you lots of indicators which include the ones you just downloaded. Right click on an indicator and then click on "Attach to chart". Do the same with all the indicators that you want to add...and you should be ready to go.
You can switch the chart over to candlestick by clicking on the candlestick indicator at the top just to the right of center. I suggest you do this first.
I find this tradestation a little difficult to use but that may be because I'm not used to it. It has lots of features.
If you find that you want to delete an indicator, just right click on it and click on the "Delete indicator" line. (Some of the charts may already have some indicators installed that you may not want.)
I have some charts where the candles are very close together and some that are just right...and I haven't figured out the remedy.
Here is the chat thread, but dont complicate a great system, which cant be automated:
http://www.strategybuilderfx.com/showthread.php?t=15112
On this one page you have it all. If you follow the rules, and control your greed, you will become independently wealthy with this system. You are extremely blessed to read this page, as millions of new traders gave up from a lack of a good system. Many professional trader millionaires said, that this is the best system and if you cant work with this system, FOREX is not for you!
See this chart how I made 50 pips (it could be $50 at start, $500 or $5000 every day) :
http://img389.imageshack.us/img389/4428/usdchfii1.jpg
*************************************************
I see most people trying to make a system that should generate 1000 pips or 2000 pips per month, and try to enter every possible move. But the fact is, if you want to make $18 million in 5 years, all you need is discipline and 100 pips per month. Don't believe me? Read on....
Assuming that there are 20 trading days a month, 100 pips would be an average of 5 pips per day. It doesnt matter if you do day trading or positional, if you do 1 trade or 100 trades, all you need is a system that can consistently make 100 pips for you every month.
RULES:
1) You need a system that can make 100 pips consistently every month per lot.
2) Opening balance would be $500
3) Trade is done only in mini lots
4) 0.1 lot is allowed for every $500 balance. So if you have $1000 you can trade 0.2 lots and if you have $5000 you can trade 1.0 lots and so on.
5) Emotions like greed, fear and hope have to be barred out.
6) Once you made 100 pips in a particular month, you do not have to trade till the month is over. So if you make 100 pips in 2 days, you can quit for the entire month.
RESULTS:
After 12 months you will have $3,100
After 24 months you will have $26,000
After 36 months you will have $230,100
After 48 months you will have $2,050,300
After 60 months you will have $18,278,700
Suprised ?
So maybe you'd say no system can make 100 pips consistenly per month. OK, lets say if you were right. Would you agree with me that its comparatively easier to make 10 pips per month? Even if you target 10 pips per month, you would yet end up with $1.8m in 5 years using the same methodology.
Trading is like painting a canvas, you should step back and try to look at the bigger picture than a trade or a single day alone. It is so true.
So get rid of your greed and trade with nothing but common sense. Plz see the attachment for the break up of gains per month.
http://www.traderology.com/forums/index.php?act=Attach&type=post&id=3
*********************************************************
God bless you all and I wish you a happy new lifestyle ...
The Forex market is relatively new when compared to the traditional
stock market. The Forex or Foreign Exchange Currency Market was open to the public in 1998. In a year it will be a decade old. This is one
of the major reasons most people do not know about the Forex.
The first reason why you should take a closer look at the
opportunities in the forex market is because of its liquidity
estimated at $2 trillion daily. The other reason is that it is
traded 24 hours of the day and 6 days in a week and participation is
open to all, from individuals like you and me to very large financial
institutions.
With the economic situation of our day worldwide, where there are no
more job guarantees it is not unusual to wake up one morning and find
oneself jobless. In such times, there is an increasing need for a lucrative part-time job or home based business. This is something that you can had absolute control over.
There are of course a multitude of money making opportunities out
there, but to be factual, it is very difficult to find a real
opportunity which will allow you to make a living from your home
computer. Even when you do, you would have to spend hours
doing market research and invest large sums of money to bring it to
fruition. That is if you have not gotten involved in a scam project.
Most of the opportunities on the web today, even if you make big
profits, may be held by someone else. In other words, when you
participate in those turnkey businesses, you do not have control.
In addition to all the "fire your boss today" opportunities, there is
a program on CNBC called Mad Money that seems to begetting to the
masses and unknowing students to invest in the stock market. In
reality this is a very expensive experiment especially for student
that do not have a lot of capital. Buying a Goggle stock for $400.00
a piece is very expensive given that your capital can be wiped out if
the stock goes against you by 100 points. That money could be better
invested in the Forex positions (trades).
The forex market which is also called FX is not really as difficult
as it seems. There is not that much technical vocabulary to learn,
and the risk is considerably low, if you compare it to the other
markets. If we assume that you have 40% loosing trades, you still
have 10 trades left to bring you profit.
The fact that part time job and home businesses seekers should really
consider is that you can choose when to trade, how much to trade and
where you want to trade; all you need is an Internet connection, and
you are ready to tap in the biggest market of the world with $ 2
trillion activity everyday in the same way banks and large corporation do.
Contrary to the trading of stocks, you do not have to start with a
$1000.00 capital. You can start with as little as $250.00.
When you trade a mini lot (10,000 units) of e.g. GBPUSD currency pair
your entry ticket costs $28.00. So when the pair goes your way 1
point, you are $1.00 in profit and vice versa.
You can also trade lesser trading units and you can trade for as
little as $1.00. It is therefore possible to turn a $28.00 investment
to a profit of $100.00 in 24 hours if the currency moves in your
direction 103 points. Imagine been able to do this 2 times a week. In
a good week, this pair moves an average of 400 points.
The Forex market is not a get rich quick scheme it is easy to learn
and understand. It is also easy to make money in the forex if you let
someone dedicated to your success teach you.
Mercedes made more money with FOREX trading than with car manufacturing this year. It is a good way to make $100(0) a day.
Trade without money for 3-6 months on paper, than when you learn
start trading real money. Dont be greedy. 10-20 pips a day is enough.
Start with $250 and build it up to thousands slowly. When you
become a successful trader, you can live anywhere on the planet,
and never have to be dependent on a JOB (Just Over Broke).
1.
Download Metatrader 4 from:
http://www.interbankfx.com/
WHEN YOU FOLLOW THE RULES, YOU WILL MAKE MONEY !
YOU CAN QUIT YOUR JOB NEXT YEAR ...
90 % OF NEWCOMERS FAIL BECAUSE OF GREED, SAME AS IN LAS VEGAS ...
Read and study the whole thread.
20 pips = $20 a day
20 pips = $200 a day
20 pips = $2000 a day
George Soros from Hungary come to this country and made billions on Forex. In one single day he made 1 billion ... really the sky is the limit ...
2.
Here is the thread:
http://fxovereasy.50webs.com/Home.html
Let me known your results. This is my gift for you all.
Some traders searched for years unsuccessfully for this gift.
You can learn this on your own in few days.
I am artist and a philosopher with no talent for numbers. But you
dont need any talent for this, just follow the rules.
Dalibor
http://www.myspace.com/dalibor777
++++++++++++++++++++++++++++++++++++++++++
Here is the detailed description of how to install this system
in to your Metatrader:
First down load Metatrader 4 or Strategybuilder FX MT4 (there is a downloads link at the top of the page on this forum. My understanding is that the Metatrader 4 and Strategybuilderfx 4 are the identical. Once it is downloaded then double click to open it and make sure it is operational...then close it down.
Now go to http://fxovereasy.50webs.com/Home.html click on "Indicator downloads" which will open up the list of indicators.
If you left click on the top one (SHI Channels) you will probably get text. So right click on it and you'll get a drop down window...click on "Save target as..." (I found that sometimes when I did the right click first I would not get the window that contained "Save target as" so I found that I had to left click first...then click back and then right click), now you will see a "Save as" window.
In the "Save in" window at the top you want it to read "Local Disk (C). Here is how you can get it to say that without typing it in... click on the arrow at the right side of the upper box. You will now see a drop down window...in it you will see "Local Disk (C)". Click or double click on it and it should then open up it the "Save In" box at the top. Now in the contents below you will see "Program Files". Click or double on it and "Program Files will now be in the "Save in" box (Ifound that if I clicked on the little file folder to the left of the text, it opened easier). Below you'll find "Strategybuilderfx 4 or Metrader 4". Click or double click on it and "Strategybuilderfx4 or Metatrador 4 will now be in the "Save in" box above with it's contents showing below. Find "experts" below, click or double click on it and "experts with appear in the "Save in" box above. Now you will find "indicators", on which you will click or double click and "indicators" will now appear in the "Save in" box above with nothing in the large area below.
Down at the bottom right corner click on "Save"...now you are finished downloading that indicator.
Now go back to the ForexOvereasy indicator download page and download the next indicator. You should find that when you click on "Save target as" it will take you directly to the last step, with "Indicators" already in the "Save in" box, so all you have to do is click on "Save" and its finished and you're ready to download the next indicator. Don't forget to go back to the home page and download the "New Stuff".
Now that your indicators are all downloaded, go ahead and open your "Strategybuilderfx4/ Metratrader 4.
On the left side under "Navigator" click on the + next to "Custom Indicators" which should open up and show you lots of indicators which include the ones you just downloaded. Right click on an indicator and then click on "Attach to chart". Do the same with all the indicators that you want to add...and you should be ready to go.
You can switch the chart over to candlestick by clicking on the candlestick indicator at the top just to the right of center. I suggest you do this first.
I find this tradestation a little difficult to use but that may be because I'm not used to it. It has lots of features.
If you find that you want to delete an indicator, just right click on it and click on the "Delete indicator" line. (Some of the charts may already have some indicators installed that you may not want.)
I have some charts where the candles are very close together and some that are just right...and I haven't figured out the remedy.
Here is the chat thread, but dont complicate a great system, which cant be automated:
http://www.strategybuilderfx.com/showthread.php?t=15112
On this one page you have it all. If you follow the rules, and control your greed, you will become independently wealthy with this system. You are extremely blessed to read this page, as millions of new traders gave up from a lack of a good system. Many professional trader millionaires said, that this is the best system and if you cant work with this system, FOREX is not for you!
See this chart how I made 50 pips (it could be $50 at start, $500 or $5000 every day) :
http://img389.imageshack.us/img389/4428/usdchfii1.jpg
*************************************************
I see most people trying to make a system that should generate 1000 pips or 2000 pips per month, and try to enter every possible move. But the fact is, if you want to make $18 million in 5 years, all you need is discipline and 100 pips per month. Don't believe me? Read on....
Assuming that there are 20 trading days a month, 100 pips would be an average of 5 pips per day. It doesnt matter if you do day trading or positional, if you do 1 trade or 100 trades, all you need is a system that can consistently make 100 pips for you every month.
RULES:
1) You need a system that can make 100 pips consistently every month per lot.
2) Opening balance would be $500
3) Trade is done only in mini lots
4) 0.1 lot is allowed for every $500 balance. So if you have $1000 you can trade 0.2 lots and if you have $5000 you can trade 1.0 lots and so on.
5) Emotions like greed, fear and hope have to be barred out.
6) Once you made 100 pips in a particular month, you do not have to trade till the month is over. So if you make 100 pips in 2 days, you can quit for the entire month.
RESULTS:
After 12 months you will have $3,100
After 24 months you will have $26,000
After 36 months you will have $230,100
After 48 months you will have $2,050,300
After 60 months you will have $18,278,700
Suprised ?
So maybe you'd say no system can make 100 pips consistenly per month. OK, lets say if you were right. Would you agree with me that its comparatively easier to make 10 pips per month? Even if you target 10 pips per month, you would yet end up with $1.8m in 5 years using the same methodology.
Trading is like painting a canvas, you should step back and try to look at the bigger picture than a trade or a single day alone. It is so true.
So get rid of your greed and trade with nothing but common sense. Plz see the attachment for the break up of gains per month.
http://www.traderology.com/forums/index.php?act=Attach&type=post&id=3
*********************************************************
God bless you all and I wish you a happy new lifestyle ...
Technical Help (2): Forex AutoPilot EA
Due to the recent program reliability issues (i.e. EA inactivity and Invalid price error_129), Marcus Leary and his support team made a first-time direct e-mail response to me and claimed that the problem has finally been resolved with the latest update on the ForexAutopilot EA. Click here for more info and the new EA should be updated in the member's area.
I also took this opportunity to raise my point regarding the EA trading and its potential system drawdown in hope to figure out the working of this forex autopilot EA. We've already seen quite a strong performance for this EA as the Euro rode from the 1.48 level to the current level of 1.54 !
I direct the following question to Marcus:
Q1: At what point the EA decides to take a loss and what is the acceptable drawdown for this EA?
Here is his full response:
Earlier, I also send some of my queries to Andreas:
Q2: May I ask what is the eurusd_m1.set? And where should it be placed plus how can we change the default parameter?
Q3. LotsRiskReductor – Defines the risk. The parameter default is 1 , and what does it means. At what point, the EA decides to take a loss?
Here is Andreas's reply:
If you have any problem/issue regarding this FAPS ea, you can try its support team or forward me your queries. I will put up a Q&A for everyone to read.
Latest Update: Great news ! My site readers can now use this e-mail address to reach Marcus & support team 'faster'. In addition, the technical problem surrounding the forexautopilot EA has been resolved via the latest EA update. In the mean time, you can also check out this latest performance report from the forexautopilot trading team.
I also took this opportunity to raise my point regarding the EA trading and its potential system drawdown in hope to figure out the working of this forex autopilot EA. We've already seen quite a strong performance for this EA as the Euro rode from the 1.48 level to the current level of 1.54 !
I direct the following question to Marcus:
Q1: At what point the EA decides to take a loss and what is the acceptable drawdown for this EA?
Here is his full response:
It decided to stop according to signals from inner indicators. ForexAutopilot EA does not use fixed stop loss. It uses smart settings for stop loss to close losing trades according to inner indicators. EA with fixed stop loss will finally loose your deposit if trading against trend. Our ForexAutopilot EA does not have such problem. when i backtested i saw drawdown near 20-30% if trading with low risk.
I recommend to trade FAPS ea:
0.1 lot for deposit 1000-2000 usd
0.5 lot for deposit 5,000
1 lot for deposit 10,000
Earlier, I also send some of my queries to Andreas:
Q2: May I ask what is the eurusd_m1.set? And where should it be placed plus how can we change the default parameter?
Q3. LotsRiskReductor – Defines the risk. The parameter default is 1 , and what does it means. At what point, the EA decides to take a loss?
Here is Andreas's reply:
eurusd_m1.set can be skipped. It contains default parameters to let user load them if he wants to use default parameters after changing EA settingsLotsRiskReductor
To let program use AutoLot management (it means that IE decides the lot size itself) the variable Lots should be set to zero. So LotsRiskReductor will define the risk size. LotsRiskReductor can be from 1 to 10. 1 means 10% of risk of deposit. 10 means 100% risk.
If you have any problem/issue regarding this FAPS ea, you can try its support team or forward me your queries. I will put up a Q&A for everyone to read.
Latest Update: Great news ! My site readers can now use this e-mail address to reach Marcus & support team 'faster'. In addition, the technical problem surrounding the forexautopilot EA has been resolved via the latest EA update. In the mean time, you can also check out this latest performance report from the forexautopilot trading team.
My New & Simplified Day Trading Routine
Old Day Trading Routine (originally posted here on 18 Jan 08)
- Scan for swing trading opportunities on H1 chart (2 x10 minutes) - revised
- Monitor open positions (ongoing) - revised
- Follow live economic news releases at 9.30 am and 1.30 pm (2 x 15 minutes) - revised
Watch live price action during lunch break/evening on M5 chart (more than 30 minutes)Review expert advisor trading results(15 minutes)- Gauge market sentiment of the US dollar on daily trend chart (15 minutes) - revised
Demo aggressive style discretionary trading strategy(started recently)Read market news (when free)- Write blog posts and research new trading ideas (when free) - revised
- Scan for daytrading opportunities on M30, H1 charts (3 x10 minutes)
- Monitor open positions (on hourly basis)
- Follow live economic news releases (throughout the day, 2 -3 minutes per news event)
- Gauge the technical sentiment data of the US dollar and Japanese Yen (10 minutes)
- Review daytrading results
Quote (Brett Steenbarger) - Success comes to traders only when they overcome normal human biases.
Patiently Waiting Thursday
(Originally posted in my day trading blog)
For the first time, we had no 'tradable' signal in all three sessions, i.e. London opening, New York opening and late hours. (View our trading hours)
We had four 'golden' signals in yesterday's late-hour session. Those signals continued to yield 100 -300 pips overnight as the yen-crosses markets continued to collapse till the start of our first London opening session. Those moves were rare and extreme, but still in line with our day trading analysis.
Here is another useful trend analysis tool which share a resemblance with our approach:
Smart Scan Chart Analysis (by Market Club) also confirmed yen-crosses markets (such as the GBPJPY, AUDJPY, etc.) are currently remaining in the confines of a longer-term downtrend.
To find out more about this tool, simply fill in symbols like EURUSD, GBPUSD, AUDJPY etc. to receive a sample analysis.
My Top 5 Forex Day Trading Winning Habits
As long-time readers know, one of my favourite trading method when I started was swing trading which I attempted to capture gain in forex prices within one to three days. I used only simple technical analysis, i.e. breakout pattern, to look for prices with short-term price momentum.
I found some success using this simple method immediately but I got too focused on winning back then. My impatience and lack of strategic planning got the better of me. Since then, my new goal in forex trading was to improve on the mistakes I made, and to build upon something I did right.
Here are my top forex trading exercises which put me back on the winning track:
1. Seize opportunity to learn and grow
In trading, don't be afraid to fail and startover again. It's important to remind ourselves that failing is an integral part of learning. Make sure you eradicate your mistakes and if possible, make small positive changes at a time. The small changes do add up over time which can give you a solid foundation to tackle trading obstacles.
My examples:
>> Realisation after blowup
>> Learning and trialing new trading methods
2. Keep a journal
"A journal keeps you constructive, keeps you learning, and keeps you working on the things that are most important. It is not a tool for simply rehashing the day or voicing your feelings; it is your tool for self-development: your means for coaching yourself." (ref: traderfeed )
My examples:
>> The use of a trading journal (on this blog)
>> Be specific on mistakes and focus on positves (on daytrading blog)
3. Write/share a plan
You should have a detailed trading plan. In addition, it feels really good if you are able to share your particular expertise. Moreover, it feels even better to know that someone, somewhere, might find his or her trading outcomes improved by something you’ve written.
My examples:
>> Creating trading knowledge out of ordinary
>> Finalising a simple forex daytrading strategy
4. Organize a group
What makes you passionate about forex trading? "Being around other people who are passionate about the same thing would make you even more passionate about it. Seeing a group grow and take off can be tremendously awarding - but even failing can teach us important things too." (ref: lifehack)
My example:
>> Setting up a forex daytrading members group
5. Practise a simple daily routine
Especially when comes to dealing with the Forex market, we are expecting full-on, non-stop price actions around the clock 24/5. Thus, having a simple plan would definitely help to focus on our trading edge and also improve trading mentality.
My example:
>> Having a simplified forex daytrading routine
Achieving day trading success isn't something that should be left up to chance. We should not simply bounce from one reaction to the next throughout our trading adventures. Having real goal or plan in mind is a far better winning strategy.
I found some success using this simple method immediately but I got too focused on winning back then. My impatience and lack of strategic planning got the better of me. Since then, my new goal in forex trading was to improve on the mistakes I made, and to build upon something I did right.
Here are my top forex trading exercises which put me back on the winning track:
1. Seize opportunity to learn and grow
In trading, don't be afraid to fail and startover again. It's important to remind ourselves that failing is an integral part of learning. Make sure you eradicate your mistakes and if possible, make small positive changes at a time. The small changes do add up over time which can give you a solid foundation to tackle trading obstacles.
My examples:
>> Realisation after blowup
>> Learning and trialing new trading methods
2. Keep a journal
"A journal keeps you constructive, keeps you learning, and keeps you working on the things that are most important. It is not a tool for simply rehashing the day or voicing your feelings; it is your tool for self-development: your means for coaching yourself." (ref: traderfeed )
My examples:
>> The use of a trading journal (on this blog)
>> Be specific on mistakes and focus on positves (on daytrading blog)
3. Write/share a plan
You should have a detailed trading plan. In addition, it feels really good if you are able to share your particular expertise. Moreover, it feels even better to know that someone, somewhere, might find his or her trading outcomes improved by something you’ve written.
My examples:
>> Creating trading knowledge out of ordinary
>> Finalising a simple forex daytrading strategy
4. Organize a group
What makes you passionate about forex trading? "Being around other people who are passionate about the same thing would make you even more passionate about it. Seeing a group grow and take off can be tremendously awarding - but even failing can teach us important things too." (ref: lifehack)
My example:
>> Setting up a forex daytrading members group
5. Practise a simple daily routine
Especially when comes to dealing with the Forex market, we are expecting full-on, non-stop price actions around the clock 24/5. Thus, having a simple plan would definitely help to focus on our trading edge and also improve trading mentality.
My example:
>> Having a simplified forex daytrading routine
Achieving day trading success isn't something that should be left up to chance. We should not simply bounce from one reaction to the next throughout our trading adventures. Having real goal or plan in mind is a far better winning strategy.
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