Learn to Trade Forex

Someone asked me that he intend to invest $100 with a particular broker. I got literally confused by the word ‘invest’. After visiting the broker’s website, then I realised what he meant by ‘invest’.

Basically there is a video of how to trade Forex with this particular broker. The way it explained in the video is the best recipe for wiping your trading account! You know the simple thing. open account, deposit money, buy or sell and then withdraw the profits.

I wish trading was that easy as explained in the video! In principle, it is true, you just need to buy or sell. The question is – will the market go up so I buy, or down so I sell? It is obvious that if the market goes against your guess then you lose money. This is where technical analysis / fundamental analysis studies comes in. These help you make an educated guess where the market will go – up or down, so you shift the odds of the ‘guess’ in favour of you.

Furthermore, it is not simply buy or sell. There is also the third variable – no trade at all. If the market is not going to move, you will not earn any money. So basically there are 3 possible outcomes Buy / Sell / No Trade hence it is 33% probability. This is what I meant by saying ’shift the odds in your favour’. You need to enter a trade when the market is going to move and of course you must be on the right side of the move. Again technical analysis / fundamental analysis studies help you stay away from the market and also helps you enter the market in the direction of the move.

Something else, I have been in the forex trading industry for some years now, and your broker must be your friend while trading. Definitely they must have tight spreads (less then 1.5 spread for EurUsd for example), fast execution of your order, no reqoutes, regulated by authorities bodies and ideally no dealing desk. A great broker is http://www.gomarketsaus.com/

Ultimately you need to open a demo account and start learning. For an excellent introduction to forex trading follow our section Forex for Beginners. It is a great free course, and much better than the once that you pay good money for.

DO NOT BELIEVE THE HYPE guys

Related Posts

• Forex for Beginners Course (0)
• Forex for Beginner Course Update 1 (0)
• What is Scalping – Lesson 2 Online Now (0)
• Trading Currency Pairs – Lesson 1 Online Now (0)

If you want a detailed article on Forex Scams, just read that article where I reveal 6 tips that will help you stay away from scams!

I am sure you receive daily emails on how to turn $1000 into $32,456 in one month or so. You get these everyday, and not just on Forex. But since we deal with Forex, Forex related emails are what interest us.

Just few days ago (26th August) I got one of these daily emails where this time we have a scalping robot that made 95K in 12 months. How this guy got my email I don’t know, but I love receiving these emails so I have something to write in here.

Anyway, as usual we have a story how a guy ridden with debt have written this robot and now his life is sorted. The usual stuff. Then we move on to results. As usual we get screen shots of back tests and these mean nothing. Just be aware that data on which the robot is tested to produce those phenomenal results can be easily manipulated. So do not believe these results at all.

Further down we see that the robot does not set any stop losses which is another big bad point.

Now the funny thing. It shows results starting with 0.1 lots and it says that after 7 days the robot was trading with 5.0 which is freaking impossible. The account stood at $39,746.48. Yes the 48c are important as if they are going to make any difference. The starting capital was $389.78. Are you noticing something fishy here even if you are not a trader you should smell something fishy here.

At the first of the page, it says that a newbie made $95,000 in 1 year, but the results are showing that he did nearly $40000 on 1 week! WOW! A clear inconsistency with the initial claim ($95,000 in 1 year) and the results (made nearly $45,000 in 7 days). Pure lie. Will you continue to believe this idiot?

No way – this is purely a scam.

Please be careful out there.

If you are a beginner and you want to learn the basics of Forex Trading or you want to learn the core of Technical Analysis with detailed examples please visit the Forex Trading Courses page. You will find huge amount of valuable information and video tutorials worth thousands of dollars if you had to purchase expensive courses, and now you can have them all for FREE. See you there.

Related Posts

• Forex Scams – I never learn (0)
• Forex a Scam? (0)

I have just finished writing an article about why a forex robot or expert advisor fail to deliver the exaggerated profit claims stated in their sales page.

Most robots are really capable to blow your trading account. Very very very few robots really make some profits, but is it worth your time and risk where you can generate much more profit yourself?

In the article I list 5 major reason why robots fail. I could have listed around 20 reasons but I just selected the top 5. I will proof read tomorrow ands will post it here.

Comment are welcome

Related Posts

• What is Scalping – Lesson 2 Online Now (0)
• Trading Currency Pairs – Lesson 1 Online Now (0)
• Traders Psychology – Lesson 5 Online Now (0)
• Privacy Policy (0)

If you want a detailed article on Forex Scams, just read that article where I reveal 6 tips that will help you stay away from scams!

Why I never learn? Am I so stupid to waste my time with stupid Forex robots (or EAs) and others crap products? Am I, but for a reason since I am writing a book on forex scams! But anyway, here is a recent story – 2 weeks old.

Around two weeks ago I got an email about a new EA – for a change. Normally I visit the site, I laugh, close the site and delete the email. But this one caught my attention. It was the first robot that claimed an acceptable risk to reward ratio – wow! The seller was so proud of this and claimed a 15 – 20 pip stop loss for a profit target of 20 pips and more – cool!

The seller offered the manual trading system as a downloadable e-book. I downloaded it and I skimmed through it and I noticed that the strategy is based on the London Market Open session. Another strategy – YAWN!

NB: I have my own London Breakout strategy which I will release in the following weeks for free.

Anyway, the manual system sounded correct so when the EA was available I bought it! Stupid Jason!

So the next morning while I was happily making pips, the EA was still sleeping! No trades. There was a nice move that day! The next morning both me and my lovely EA remained asleep and missed some trades. Cool, I can’t even rely on my new EA!

The third day I could not trade due to a business meeting but my EA finally woke up and did $109 on a demo account for GBPJPY pair. Good boy. Weekend came and I forgot to switch on the trading platform for Monday and Tuesday. So my EA had a really long weekend! Wednesday was time to work and my EA did open a trade again on GBPJPY pair. Cool let’s make another $109!

In the meantime I opened my normal morning trades and the market changed direction rather violently. Cool I closed my positions with a loss and reversed. After 1 hour I closed 2 trades for 70 pips profit and trailed the remaining positions. Happily I went to work and literally forgot my EA! When I remembered about my EA, I assumed that the trades where closed for a loss of at max. 20 pips! But to my surprise the trades where still open and the account was -$1600!! Wooooooooowwwwwwwwww!!! The trade was down by over 100 pips!! So where is the 20 pip stop loss? And I got pissed off.

I tried today again, and to cut a long story short today the trades went against by over 40 pips and the trades where still open. I immediately closed the trading platform and headed to ClickBank for a refund. Silly me. There is another thing to say on this EA but will leave it for tomorrow.

Make yourself a favour, start learning how to trade manually and you will make money soon – less than you can think of!

If you are a beginner and you want to learn the basics of Forex Trading or you want to learn the core of Technical Analysis with detailed examples please visit the Forex Trading Courses page. You will find huge amount of valuable information and video tutorials worth thousands of dollars if you had to purchase expensive courses, and now you can have them all for FREE. See you there.

Related Posts

• Forex a Scam? (0)
• Forex Scams (1)
• What is Scalping – Lesson 2 Online Now (0)
• Trading Currency Pairs – Lesson 1 Online Now (0)

Lesson 6 have just be posted online. Go to Best Trading Hours now to read it.

Even though the market is open 24hrs, it doesn’t mean that it is suitable to trade all day long. If we are intra day traders, we need the currency to move so as we get some profits.

During the Asian session, what is the probability that EUR/GBP or EUR/CHF to move significantly? moves do happen mind you, but activities on this currency pairs are very low.

So what is the best time to trade certain currency pairs?

See you there.

If you are a beginner and you want to learn the basics of Forex Trading or you want to learn the core of Technical Analysis with detailed examples please visit the Forex Trading Courses page. You will find huge amount of valuable information and video tutorials worth thousands of dollars if you had to purchase expensive courses, and now you can have them all for FREE. See you there.

Related Posts

• What is Scalping – Lesson 2 Online Now (0)
• Trading Currency Pairs – Lesson 1 Online Now (0)
• Traders Psychology – Lesson 5 Online Now (0)
• Privacy Policy (0)

Lesson 5 have just be posted online. Go to Traders Psychology now to read it.

Having three trading styles to trade with (scalping, day trading and end of day trading), you need to find the trading style that suites your life style and personality. You should know by now how these three vary from each other.

Furthermore if you want to take trading seriously, you need to see how you are going to fit trading in your life. Commitment is extremely important if you want to succeed.

See you there.

If you are a beginner and you want to learn the basics of Forex Trading or you want to learn the core of Technical Analysis with detailed examples please visit the Forex Trading Courses page. You will find huge amount of valuable information and video tutorials worth thousands of dollars if you had to purchase expensive courses, and now you can have them all for FREE. See you there.

Related Posts

• What is Scalping – Lesson 2 Online Now (0)
• Trading Currency Pairs – Lesson 1 Online Now (0)
• Privacy Policy (0)
• Planning to Invest $100 with Broker ABC… (0)