I am scanning the internet looking for information about how I can be a better trader just like most people out there. I am on a quest looking for each and every golden nugget of information out there on the web. I have alerts set up so Google can email every keyword topic of choice.
I have been getting fired up recently about the amount of just plain bad Forex advice slewed across the web. It is definitely a “buyers beware” market and every word of advice (including mine) should be taken with a grain of salt. Why? Because everything I say and write is based entirely on my own experiences.
One of the topics gaining some momentum is the fact that everyone pitching a Forex product is not a trader, but a marketer and if they were a trader they would be trading and not trying to sell you something.
What a bunch of BS!
Yes, I do believe all the information that one needs to trade the Forex profitably is available free on the internet. I challenge anyone new to Forex to assemble the information, study and execute without any assistance. I would imagine every trader out there has gathered free information and put it to use, but the truly valuable information often is not free!
Example – I read Steve Nison’s books and DVD’s (highly recommended by the way) to gain the necessary insight into candlestick charting. I also paid a couple of hundred of dollars to attend a live seminar. During that seminar Steve Nison made one comment that allowed all of my previous work in candlesticks to click and take my trading to the next level! Was it worth it? Hell yah! That one comment was the only peice of new information I gathered, however it has paid for the seminar 100 times over. Not only that, the opportunity to network with other traders introduced new ideas and approaches that I hadn't thought of previously.
In the end it's a personal decision. After all it's your money. Trading is a profession just being a pilot, a doctor or an engineer. Each requires dedicated training, personal development and instruction to gain proficiency. You would never go to a dentist that learned how to fill cavities on the internet (this information is available there too!), so treat your Forex account the same way.
I am calling all you freebie seekers out! Stop being cheap. Your Forex Education is an investment and not a cost. Cutting corners will only cost you more money in the long run.
Happy Trading!!
Tuesday, August 14, 2007
Monday, August 13, 2007
Forex Education Tips - Overcoming Fear
Have you ever been in a situation where you have evaluated the market, saw your strategy set-up perfectly and then just couldn’t pull the trigger? You become paralyzed, unable to move even though you know your high probability set-up has just triggered.
This fear is very real for many traders and very detrimental to your account. Fear is a powerful emotion, distorting fact from fiction and often creating an emotional response. Many experts tell you to trade without emotion, but is that really practical? We are indeed human. Remember the basis for the reaction is real, but the fear usually is not.
Fear blocks your ability to execute high probability trades and we must find strategies to manage our fear. With time comes experience and for traders it is the ultimate super hero for fear.
In the meantime, if you are struggling with fear-based execution challenges here are some simple tips to get you over the hump.
Embrace the Emotion
Acknowledge your emotions. If you find yourself analyzing a trade to the point of paralysis don’t try to ignore the emotions. Separate yourself from this river of negativity. Visualize yourself on the river bank as these torrents of emotions are flowing by. You will gain great awareness to the triggers and learn a lot about who you are as a trader.
Separate Fear from Fact
If you fear pulling the trigger because of loss (what if I am wrong?), that will stop you from enjoying the profits the market may make available to you at any given time. Don’t avoid the action that might cause the loss, but re-frame the problem as fear itself. You have evaluated the market, figured out your reward –to-risk ration and accepted your potential for loss through your stop-loss and money management plan. At this point loss is not the obstacle – fear is. There is no such thing as failure, only feedback and that will guide you to consistent and profitable trading.
Re-Think the Consequences
If your mind is off to the races with all sorts of possibilities what’s the worst that can happen if Murphy’s Law gets enacted during your trade? You have already addressed this in your trading plan. Plan your trade and trade your plan. Again fear is trumped and the only way it can be realized is if you didn’t follow your plan. Sticking to your plan is the clearest way to distinguish between a losing trade, which is just a part of business, and a bad trade which is a career killer!
Act in Spite of Fear
Feel the fear and do it anyway. Return to your mission statement or your “why?” statement. The reasons you trading should be big enough to overcome any possible obstacle your fear emotion can conjure up. Acknowledge the fear and do it anyway. You may not have a winning trade, but you will have executed your plan and over time probability will pay you back.
What is all comes down to is the intangibles of trading. Why do I and so many others drive home discipline-based Forex Education and Training approaches. You will never get rid of fear, but with practice you can turn it into a manageable obstacle and deploy it to your advantage.
Happy Trading!!
This fear is very real for many traders and very detrimental to your account. Fear is a powerful emotion, distorting fact from fiction and often creating an emotional response. Many experts tell you to trade without emotion, but is that really practical? We are indeed human. Remember the basis for the reaction is real, but the fear usually is not.
Fear blocks your ability to execute high probability trades and we must find strategies to manage our fear. With time comes experience and for traders it is the ultimate super hero for fear.
In the meantime, if you are struggling with fear-based execution challenges here are some simple tips to get you over the hump.
Embrace the Emotion
Acknowledge your emotions. If you find yourself analyzing a trade to the point of paralysis don’t try to ignore the emotions. Separate yourself from this river of negativity. Visualize yourself on the river bank as these torrents of emotions are flowing by. You will gain great awareness to the triggers and learn a lot about who you are as a trader.
Separate Fear from Fact
If you fear pulling the trigger because of loss (what if I am wrong?), that will stop you from enjoying the profits the market may make available to you at any given time. Don’t avoid the action that might cause the loss, but re-frame the problem as fear itself. You have evaluated the market, figured out your reward –to-risk ration and accepted your potential for loss through your stop-loss and money management plan. At this point loss is not the obstacle – fear is. There is no such thing as failure, only feedback and that will guide you to consistent and profitable trading.
Re-Think the Consequences
If your mind is off to the races with all sorts of possibilities what’s the worst that can happen if Murphy’s Law gets enacted during your trade? You have already addressed this in your trading plan. Plan your trade and trade your plan. Again fear is trumped and the only way it can be realized is if you didn’t follow your plan. Sticking to your plan is the clearest way to distinguish between a losing trade, which is just a part of business, and a bad trade which is a career killer!
Act in Spite of Fear
Feel the fear and do it anyway. Return to your mission statement or your “why?” statement. The reasons you trading should be big enough to overcome any possible obstacle your fear emotion can conjure up. Acknowledge the fear and do it anyway. You may not have a winning trade, but you will have executed your plan and over time probability will pay you back.
What is all comes down to is the intangibles of trading. Why do I and so many others drive home discipline-based Forex Education and Training approaches. You will never get rid of fear, but with practice you can turn it into a manageable obstacle and deploy it to your advantage.
Happy Trading!!
Sunday, August 12, 2007
Wednesday, August 8, 2007
Forex Education - Fully Present
This means rejecting thinking that doesn’t support your current trading objectives, including rejecting non-trading related mental chatter (what’s for dinner, balancing your check book, who’s on American Idol tonight, whatever). Your goal is simple -- to zero in on the trading task in front of you. Enter your personal trading zone. Deny all incoming calls. Don’t check your email and please do not even think about logging into your Instant Messenger account. You’ve got to be in a place and time where you can trade without being disturbed.
Ask yourself – Where Am I? The answer is - Here
Ask yourself – What Time Is it? The answer is – Now
When you become fully present on the task of trading, you are able to achieve peak performance and gain an edge on the other traders in the market at that moment. How many times have you often have you been trading, felt in rhythm with the market, and then you become distracted, surfed the web (OK, you busted me!), checked your email and all of a sudden, your trade fell apart because you overlooked an indicator or failed to see what economic releases where due out during your trading session.
Trading in the here and now is not only powerful, it is extremely profitable! When you can direct your focus on your trading task without distractions you become invigorated and infused with the energy that comes from requiring yourself to be fully present when trading, you’ll find that your trading all of a sudden becomes a little easier and enjoyable. When you reach this state, stop briefly to observe it and how you feel so that you can summon this mental state more easily in the future. And journal it so you can recall all the factors that contributed to your success. That way you’ll be able to set yourself up in a repeatable, successful trading environment. Your journal will become the greatest trading tool you'll ever own!
To not become fully present when trading is to short-change your Forex Education AND you’re your account balance … it’s like not accepting the greatness within your at the time the market provides you with your pip rewards.
Which mental time zones do you what to be in for your trading? There are only three: past (FEAR), future (ANXIETY) and HERE. It’s been said that most traders spend only 1% of their time in the present. Could you imagine what kind of profits your mind can produce when you become fully present when trading?
Carpe Diem and Happy Trading!!
Ask yourself – Where Am I? The answer is - Here
Ask yourself – What Time Is it? The answer is – Now
When you become fully present on the task of trading, you are able to achieve peak performance and gain an edge on the other traders in the market at that moment. How many times have you often have you been trading, felt in rhythm with the market, and then you become distracted, surfed the web (OK, you busted me!), checked your email and all of a sudden, your trade fell apart because you overlooked an indicator or failed to see what economic releases where due out during your trading session.
Trading in the here and now is not only powerful, it is extremely profitable! When you can direct your focus on your trading task without distractions you become invigorated and infused with the energy that comes from requiring yourself to be fully present when trading, you’ll find that your trading all of a sudden becomes a little easier and enjoyable. When you reach this state, stop briefly to observe it and how you feel so that you can summon this mental state more easily in the future. And journal it so you can recall all the factors that contributed to your success. That way you’ll be able to set yourself up in a repeatable, successful trading environment. Your journal will become the greatest trading tool you'll ever own!
To not become fully present when trading is to short-change your Forex Education AND you’re your account balance … it’s like not accepting the greatness within your at the time the market provides you with your pip rewards.
Which mental time zones do you what to be in for your trading? There are only three: past (FEAR), future (ANXIETY) and HERE. It’s been said that most traders spend only 1% of their time in the present. Could you imagine what kind of profits your mind can produce when you become fully present when trading?
Carpe Diem and Happy Trading!!
Ranging Market
For the past 2 weeks, forex has enter the ranging mode. Ive been busy with work since I have a day time job. Merdeka celebration is coming and I am going to be extra busy. Next week I am going to KL.
As for forex, this week is not so good for me. All my technical is correct just that being unlucky sometimes. My position of long GU and GJ both hit SL on the last dip. I can never imagine it can go down that much. Thanks for EG, I manage to cover my lost and made a little profit.
Back to technical analysis, GJ has made it top at 244.06 and there is a reversal sign. GU it seems has not reached it top. There is some room to go before a reversal can be considered. Look for formation of double top and watch out for its strength. Im not going to give signal since I do not have time to trade. If I do enter the market it would be touch and go or thru stop order with sl (which is very difficult to judge).
Happy trading, may profit be with you always.
As for forex, this week is not so good for me. All my technical is correct just that being unlucky sometimes. My position of long GU and GJ both hit SL on the last dip. I can never imagine it can go down that much. Thanks for EG, I manage to cover my lost and made a little profit.
Back to technical analysis, GJ has made it top at 244.06 and there is a reversal sign. GU it seems has not reached it top. There is some room to go before a reversal can be considered. Look for formation of double top and watch out for its strength. Im not going to give signal since I do not have time to trade. If I do enter the market it would be touch and go or thru stop order with sl (which is very difficult to judge).
Happy trading, may profit be with you always.
Monday, August 6, 2007
We're #1
Well, as I return to my desk from a break to welcome the new addition to my family I was pleasantly surprised to received notification that Forex Journey has been ranked as the #1 Forex Blog by CurrencyTrading.Net on their “Top 25 Forex Bloggers.
Check it out ==> http://www.currencytrading.net/2007/top-25-forex-bloggers
Thanks everyone for inspiring me to follow my passion!
Happy Trading!!
Check it out ==> http://www.currencytrading.net/2007/top-25-forex-bloggers
Thanks everyone for inspiring me to follow my passion!
Happy Trading!!
Sunday, August 5, 2007
Forex Review Week 2nd August
GbpUsd/EurUsd
Last week GbpUsd/EurUsd made a last minute break. Next week we should see GbpUsd/EurUsd continue its uptrend. Take long position from now on.
GbpJpy/EurJpy
GJ and EJ didn't break it last week. Eventhough it is going down now, we should see 238.40 and 162.00 level are hard to break. If those level break, be prepared for a long downtrend.
Last week is not a good week to trade, there is no real trend as the market is swinging and ranging everwhere. Hopefully next week we should see a real trend and trend traders will make it a good trade.
Last week GbpUsd/EurUsd made a last minute break. Next week we should see GbpUsd/EurUsd continue its uptrend. Take long position from now on.
GbpJpy/EurJpy
GJ and EJ didn't break it last week. Eventhough it is going down now, we should see 238.40 and 162.00 level are hard to break. If those level break, be prepared for a long downtrend.
Last week is not a good week to trade, there is no real trend as the market is swinging and ranging everwhere. Hopefully next week we should see a real trend and trend traders will make it a good trade.
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