At PrizeLive , you can complete freebies without spending a dime and they approve quicker as well. Their freebies consist of many different categories including:PTC, Email/Zip, Downloads, 1-2 Page, and Quiz Offers. Each category has its own opportunity.
PTC-is known for its clicks. Advertisers pay you to click at least one link on their site and PrizeLive pays you for it. This can be done every 24 hours. Even though this is not the information for daily click offers. Daily click offers will be discussed later. Well to wrap it up PTC stands for Paid To Click.
Sunday, October 24, 2010
Sunday, October 25, 2009
The Biggest Problem of MetaTrader 5?
Trying to convert one of my MT4 expert advisors to MT5 I’ve finally realized what probably the biggest problem of new MetaTrader 5 platform is — the positions are now limited to one per Symbol (currency pair). In fact, the position can now be identified purely by its currency pair. That means that you can have only one position open at the same time, for example, one on EUR/USD, one on GBP/USD and one on USD/JPY but you can’t have two positions on EUR/USD. All you can change is the volume of the position and its direction.
This limit makes stop-loss and take-profit work in a very new way. For example, your EA opens a Long position on EUR/USD for 1 standard lot at 1.4940 and sets stop-loss to 1.4900 and take-profit to 1.5000. Then your expert advisor decides to open another position on EUR/USD for 0.5 standard lot at 1.4950 and sets stop-loss to 1.4910 and take-profit to 1.5010. Your resulting position will be Long 1.5 lots with the stop-loss and take-profit of the latest order (1.4910 and 1.5010). There will be no partial closing of your position by the first and second SL/TP levels.
More than that, running two or more EAs on one currency pair will mess up the trading history and reports for them, because position won’t differ by expert advisors. They will keep modifying the same position. Of course, that has its own advantages, but for those traders that are used to the old MetaTrader 4 execution it will be very hard to adapt.
I haven’t checked it yet, but I think the problem itself can be solved by setting the stop-loss and take-profit levels as the pending orders with the volume corresponding to the specific position’s size. Of course, MetaTrader 5 may be just offsetting these orders the same was as it does with the positions.
Saturday, October 24, 2009
Rich is Trading Forex Again
So after yet another hiatus from trading forex, I just recently had my first trade in months. It was a successful one also. But the question I want to answer is, “Is this blog dead?” The answer is no. I’ve made a living over the past 3 years ducking in and out of here depending on what’s going on in my life. Sometimes I’m just too swamped at my real job, other times I just don’t feel like writing, but I always come back. The great thing is I’ve built up a lot of content over the years so a lot of it applies to the type of forex trader you’re trying to become.
So where do I go from here? I’m in the mood to start trading forex again so that’s what I’m going to do. I’m also going to talk a little about stocks. I’ve had a lot of success, believe it or not, trading the stock market in the last couple of months and I think I’ve learned some things that I could apply to trading forex. So you’ll hear me talk about some of these things also.
Dollar at a (Technical) Crossroads
I deliberately concluded my last post (US Dollar: Same Old Story) on a somewhat ambiguous note; even though though the deck is stacked against the Dollar, its 14% decline in 2009 has left it perilously close to record lows, and traders are nervous about pushing the limits further.
On the one hand, everyone believes that the Dollar is fundamentally still in a weak position. The US balance of trade remains deep in deficit. Government spending has exploded, with record-setting deficits and an expansion in the national debt. Interest rates are at rock bottom, and are by some measures, the lowest in the world. Despite signs of life, the economy remains mired in recession. The money supply has also expanding, to the extent that some long-term investors are wondering out loud about the possibility of future inflation.
As a result, the decline in the Dollar since last spring has suffered very few blips, with volatility declining at the same pace as the currency, itself. “There seems to be a paradigm shift underway where more and more foreign investors are becoming concerned that the long-term path of the dollar is downward,” summarized one analyst. The consensus among investors is almost eerie. “Speculators betting that the dollar index will fall outnumber those betting that it will rise by nearly 2 to 1, according to the Commodity Futures Trading Commission.”
Some (mainstream) analysts have even begun to open consider the possibility of a crash in the Dollar, a view that had previously been relegated to conspiracy theorists and doomsday scenarists. “In a run on the dollar, that thinking would create a cascade — fearful global investors would shy away from dollars, expecting further steep declines, creating a self-fulfilling prophesy.” Adds a former Chief Economist of the IMF, “Every time the dollar starts depreciating there is angst and everybody starts raising the question what happens if there is a collapse.” While the majority of Dollar-watchers still believe that a Dollar crash is unlikely, the point is that they are now discussing it actively.
Despite the fact that all of these factors are already in place, the Dollar remains relatively buoyant. Personally, I think this is because investors don’t really want to acknowledge that this is a real possibility. For one thing, the alternatives aren’t any better. While forex investors in recent years have enjoyed ganging up on the Dollar, the fact remains the fundamentals for the other major currencies remain just as weak. For example, a model of purchasing power parity developed by “the Organization for Economic Cooperation and Development finds the dollar is worth roughly 0.85 euro, compared with its market valuation of 0.67 euro, suggesting that the euro is 21% overvalued.” Likewise, the Yen is held to be 22% undervalued.
As a result, the market as a whole is having trouble pushing the boundaries. The Dollar has approached the psychologically important level of $1.50/Euro on several occasions, but has retreated each time. “People are wondering whether we’re going back to $1.46 in euro/dollar or heading toward $1.54. But one thing is for sure, as we head toward $1.50, we’re going to experience a lot of volatility,” summarized one analyst.
“Risk reversals, a measure of currency sentiment in the options market derived by looking at the difference in implied volatility between out of the money calls and out of the money puts, show a bias for euro puts, trading at a mid-market level of 0.2. That means investors are hedging their short dollar positions with bets for a euro downside even though no one expects the euro to fall.” Meanwhile, volatility has edged up slightly, reflecting an increased level of uncertainty surround the near-term direction of the Dollar. It could be the case that if the Euro breaks through $1.50, heartened investors will send the currency up even higher, while a failure to breakFriday, May 22, 2009
A Tale of Two Traders!
Two traders want to climb their way to success two different ways. Mr. Daytrader has a goal of 100 pips, and sets out to place 10 trades of 10 pips apiece in order to accomplish that goal. Mr. Swing Trader has the very same goal of 100 pips, yet sets out to do it in just two trades of 50 pips each.
They both trade the exact same pair: EUR/USDTheir spreads average 2.5 pips (or $2.50 per standard mini lot traded). Both traders reach their goal in this instance.
So what’s the difference?Mr. Daytrader had to incur 10 spread costs (25 pips or $25) in order to make 100 pips or $100. Meanwhile, Mr. Swing Trader paid a spread twice (5 pips or $5) for his trading costs in order to reach his 100 pip goal.
Wonder which trader has the better odds of success over the next year? Mr. Swing Trader…why? The lower your costs before you get into the profit, the more likely you are to actually “make that profit”.
So, I know it seems that everyone “wants” to be a day trader…but maybe they “need” to start off as a Swing Trader first. I hope you’ve enjoyed the “Tale of Two Traders”.
Thursday, May 21, 2009
Fundamentals in a Nutshell!
Some people avoid fundamentals because they feel they are so complicated. However, the basics are very simple and easy to follow. You just follow the trail.
What’s the trail?Watch what the CPI (Consumer Price Index, which tracks inflation) does, especially on a Year over Year (YoY) basis. If it’s increasing, then central banks will have to address this by hiking interest rates. Increasing rates means that you can earn more money on your currency and money loves “yield”.
So the pattern is: higher CPI over time results in higher interest rates over time. Higher rates attract more money to that currency than a currency that has lower rates. Thus as money pours into that currency (they are buying up the currency), it pushes the currency higher. Therefore, over time…you end up with an appreciating currency that earns higher interest over time.
When do currencies not follow this simple pattern? When the pattern reverses. Slowing economy, can equal lower CPI and lower interest rates and money pouring out of a currency. So when a recession hits or an economic slowdown or a deflationary period hits….this cycle actually reverses. But even then, you know the drill and can profit from it.
Hope you’ve enjoyed this short lesson on fundamentals.
Tuesday, May 19, 2009
A Year of Performance Tracking
It has been more than a year since I first started to measure my daytrading systemperformance on a monthly basis. Here a couple of charts I put together to see how I have been fairing:
These graphs tell me that I have been doing the right thing all year long by:
1) Generating the right trading ideas at the right time
2) Diversifying my money in two different market places, i.e. Major Pairs and Yen Crosses.
I am able to make steady gains with the two systems, simply by betting against the short-term moves for the US dollar and Japanese Yen day in day out. The combined results say it all. I have made more gains than losses, 10 positive months out of 14, averaging about 310 pips each month.
Worth mentioning, the only one time my system made a triple-digit losses was back in July 2008, that is -140 pips. Others are -50, -70 and -25 pips in May' 08, Nov' 08 and Jan' 09. Also on the plus side, the system is capable of hitting four-digit monthly gains, which so far outstrip the recorded losses by many times. This has already happened twice: +1175 pips in Aug' 08 and just recently +1055 pips in Feb' 09.
Overall, my system did incredibly well even when the market was volatile. I hope my system can continue to make gains for me and you as the economy recovers
How much money should you start up an account with?
I’m often asked the question in our courses….”How much money should I start my account with?” Good question.
Let me give my personal opinion on this.A micro account CAN be started with $25 and a standard mini account CAN be started with $2,000. However, the less you start with, the bigger percentage of your account that you have at risk generally.
So one way you can increase you chances of success is to have a well funded account. Let’s say that you have a 100 pip stop on one lot. That would be a $100 loss in the mini account and a $10 loss in the micro account. Let’s focus on the micro account, since that’s the best place for most beginning traders to start out anyway.
If I have a $25 micro account and lose $10…then I’ve lost 40% of the account balance. However, if that balance were $100, then I’ve lost 10% of my account balance. I’m much more able to recover from a 10% loss than a 40% loss. Emotionally speaking too…it’s easier to handle the loss of 10% than it is for 40%. Now, if I had an account balance of $200, then my loss would be 5%.
This is why I suggest people start micro accounts with at least $500 to $1,000 and start off trading only 1 micro lot at a time. In the end, you’ll be glad you started this way vs. starting with the minimum. Again, this is strictly my opinion as a trader and as an instructor.
Ultimately, it will be your decision as to what you feel is the most prudent thing to do for you. However, a lot of people don’t think about the impact of their “beginning balance” upon their trading and the likelihood of their success and that’s why I bring it up here. Happy trading!
India’s Bonds Advance as One-Month High Yields Attract Buyers
May 13 (Bloomberg) -- India’s benchmark 10-year bonds gained on speculation banks and investors will put spare cash into debt after their yield yesterday reached a one-month high.
Benchmark bonds gained by the most in a week as subscriptions at the Reserve Bank of India’s daily reverse- repurchase auction, a gauge of surplus money in the financial system, averaged a record 1.4 trillion rupees ($28.2 billion) a day this month, compared with 1.1 trillion rupees in April. India’s five-phase general election ended today, with counting set for May 16.
“Liquidity support and the fact that there aren’t fresh factors to be concerned about are making present levels attractive,” said s. srikumar, chief of fixed-income at state- owned Corporation Bank in Mumbai.
The yield on the 6.05 percent note due February 2019 fell nine basis points to 6.33 percent at the 5:30 p.m. in Mumbai, according to the central bank’s trading system. The price rose 0.61, or 61 paise per 100-rupee face amount, to 98.01.
Bonds pared gains before the government’s scheduled sale tomorrow of 120 billion rupees of debt, the second this month. India plans to raise a record 2.41 trillion rupees from bond sales in the six months ending Sept. 30 as it increases spending to revive growth in Asia’s third-largest economy.
Elections
As many as 714 million voters began casting their ballots five weeks ago in the world’s largest democracy. Exit polls showed neither the ruling Indian National Congress party nor the main opposition Bharatiya Janata Party garnered enough votes to form a government without the support of regional parties.
The Congress party-led United Progressive Alliance may win 199 seats in elections to India’s 545-seat lower house, or Lok Sabha, a poll by the NewsX television channel showed. The BJP- led National Democratic Alliance may get 191 seats, it said. The majority mark is 272 as two seats in the house are nominated by the president.
The cost of five-year swaps, or derivative contracts used to guard against rate fluctuations, declined. The rate, a fixed payment made to receive floating rates, slipped to 5.73 percent compared with 5.78 percent yesterday.
Saturday, May 16, 2009
Forex Trading Tips ---2
Tip 5. Never risk more than 2-3% of the total trading account.
One important difference between a successful and an unsuccessful trader is that the first is able to survive under unfavorable conditions on the market, while an unsuccessful trader will blow up his account after 5-10 unprofitable trades in the row.
Even with the same trading system 2 traders can get opposite results in the long run. The difference will be again in the money management approach. To introduce you to money management, let's get one fact: losing 50%of total account requires making 100% return from the rest of money just to restore the original balance.
Tip 6. Put emotions down. Trade calm.
Don't try to revenge after losing the trade. Don't be greedy by adding lots of positions when winning.
Overreaction blocks clear thinking and as a result will cost you money. Overtrading can shake your money management and dramatically increase trading risks.
Tip 7. Choose the time frame that is right for you.
Choosing wise means that you are comfortable and have time enough to analyze the market, place and close orders etc. Some people can't wait for hours for the price to make a move, they like action and therefore prefer smaller time frames.On the contrary, for others 10-15 minutes is a hustle to be able to make the right decision.
Tip 8. Not trading or standing aside is a position.
When in doubt — stay out. If it is not clear where the market will move — don't trade. In this case saving present capital is and absolutely better choice than risking and losing money.
Tip 9. Learn to use protective stops. Respect them and don't move.
Hoping that market will turn in your direction is a very delusive hope. By moving a stop loss further a trader increases his chances to end upup with much bigger loss. When holding to a losing trade too long, and even if funds permit, traders as a rule are very reluctant to accept big losses, thus often continue "hoping for best"In the mean time invested money is stuck in the open trade for unknown period of time (weeks and even months) and cannot be used for opening new positions. Not working money — dead money. Also this will reAlso this will result in constant interest payments for holding open positions.
Tip 10. "Keep it simple, stupid" — applies to indicators, signals and trading
strategies.
Too much information will create a controversial picture of when to trade and when not to. To avoid lots of confusion create a simple but working method of trading Forex.
One important difference between a successful and an unsuccessful trader is that the first is able to survive under unfavorable conditions on the market, while an unsuccessful trader will blow up his account after 5-10 unprofitable trades in the row.
Even with the same trading system 2 traders can get opposite results in the long run. The difference will be again in the money management approach. To introduce you to money management, let's get one fact: losing 50%of total account requires making 100% return from the rest of money just to restore the original balance.
Tip 6. Put emotions down. Trade calm.
Don't try to revenge after losing the trade. Don't be greedy by adding lots of positions when winning.
Overreaction blocks clear thinking and as a result will cost you money. Overtrading can shake your money management and dramatically increase trading risks.
Tip 7. Choose the time frame that is right for you.
Choosing wise means that you are comfortable and have time enough to analyze the market, place and close orders etc. Some people can't wait for hours for the price to make a move, they like action and therefore prefer smaller time frames.On the contrary, for others 10-15 minutes is a hustle to be able to make the right decision.
Tip 8. Not trading or standing aside is a position.
When in doubt — stay out. If it is not clear where the market will move — don't trade. In this case saving present capital is and absolutely better choice than risking and losing money.
Tip 9. Learn to use protective stops. Respect them and don't move.
Hoping that market will turn in your direction is a very delusive hope. By moving a stop loss further a trader increases his chances to end upup with much bigger loss. When holding to a losing trade too long, and even if funds permit, traders as a rule are very reluctant to accept big losses, thus often continue "hoping for best"In the mean time invested money is stuck in the open trade for unknown period of time (weeks and even months) and cannot be used for opening new positions. Not working money — dead money. Also this will reAlso this will result in constant interest payments for holding open positions.
Tip 10. "Keep it simple, stupid" — applies to indicators, signals and trading
strategies.
Too much information will create a controversial picture of when to trade and when not to. To avoid lots of confusion create a simple but working method of trading Forex.
Forex Trading Tips --1
tip 1. Gamblers go to casino. All unproved, spontaneous actions in Forex trading — are a part of pure gambling.
Any attempt to trade without analysis and studying the market is equal to a game. Game is fun except when you are losing real money...
Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account!
Allow at least 2 month for demo trading. Consider this: 90% of beginners fail to succeed in the real money market only because of lack of knowledge, practice and discipline. Those remaining 10% of successful tradersad been sharpening and shaping their skills on demo accounts for years before entering the real market.
A good demo account to start practicing with could be, for example,fxgame from Oanda.
Tip 3. Go with the trend!
Trend is your friend. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals
Tip 4. Always take a look at the time frame bigger than the one you've chosen to trade in.
It gives the bigger picture of market price movements and so helps to clearly define the trend. For example, when trading in 15 minute time frame, take a look at 1 hour chart; trading hourly would require obtaininga picture of daily, weekly price movements.
If a trend is hard to spot — choose a bigger time frame. Up and down market patterns are always present. Always make sure you know the dominant trend, unless you are a scalper. Scalpers have no need to spend their time studying big trendswhat's happening in the market here and now (during 5-10 minute time frame) should be of only importance to a Forex scalper.
Any attempt to trade without analysis and studying the market is equal to a game. Game is fun except when you are losing real money...
Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account!
Allow at least 2 month for demo trading. Consider this: 90% of beginners fail to succeed in the real money market only because of lack of knowledge, practice and discipline. Those remaining 10% of successful tradersad been sharpening and shaping their skills on demo accounts for years before entering the real market.
A good demo account to start practicing with could be, for example,fxgame from Oanda.
Tip 3. Go with the trend!
Trend is your friend. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals
Tip 4. Always take a look at the time frame bigger than the one you've chosen to trade in.
It gives the bigger picture of market price movements and so helps to clearly define the trend. For example, when trading in 15 minute time frame, take a look at 1 hour chart; trading hourly would require obtaininga picture of daily, weekly price movements.
If a trend is hard to spot — choose a bigger time frame. Up and down market patterns are always present. Always make sure you know the dominant trend, unless you are a scalper. Scalpers have no need to spend their time studying big trendswhat's happening in the market here and now (during 5-10 minute time frame) should be of only importance to a Forex scalper.
India’s Bonds Advance as One-Month High Yields Attract Buyers
May 13 (Bloomberg) -- India’s benchmark 10-year bonds gained on speculation banks and investors will put spare cash into debt after their yield yesterday reached a one-month high.
Benchmark bonds gained by the most in a week as subscriptions at the Reserve Bank of India’s daily reverse- repurchase auction, a gauge of surplus money in the financial system, averaged a record 1.4 trillion rupees ($28.2 billion) a day this month, compared with 1.1 trillion rupees in April. India’s five-phase general election ended today, with counting set for May 16.
“Liquidity support and the fact that there aren’t fresh factors to be concerned about are making present levels attractive,” said s. srikumar, chief of fixed-income at state- owned Corporation Bank in Mumbai.
The yield on the 6.05 percent note due February 2019 fell nine basis points to 6.33 percent at the 5:30 p.m. in Mumbai, according to the central bank’s trading system. The price rose 0.61, or 61 paise per 100-rupee face amount, to 98.01.
Bonds pared gains before the government’s scheduled sale tomorrow of 120 billion rupees of debt, the second this month. India plans to raise a record 2.41 trillion rupees from bond sales in the six months ending Sept. 30 as it increases spending to revive growth in Asia’s third-largest economy.
Elections
As many as 714 million voters began casting their ballots five weeks ago in the world’s largest democracy. Exit polls showed neither the ruling Indian National Congress party nor the main opposition Bharatiya Janata Party garnered enough votes to form a government without the support of regional parties.
The Congress party-led United Progressive Alliance may win 199 seats in elections to India’s 545-seat lower house, or Lok Sabha, a poll by the NewsX television channel showed. The BJP- led National Democratic Alliance may get 191 seats, it said. The majority mark is 272 as two seats in the house are nominated by the president.
The cost of five-year swaps, or derivative contracts used to guard against rate fluctuations, declined. The rate, a fixed payment made to receive floating rates, slipped to 5.73 percent compared with 5.78 percent yesterday.
Tuesday, March 18, 2008
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 ...
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.
********************************
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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