Monday, May 28, 2007
Making a Living in Forex Trading
Often people ask me if it is really possible to make a living trading the Forex market. I would have to say that it is definitely not possible to merely make a living unless you have no idea of what simple trading money management is. If you are successful in Forex trading and you understand what money management is, you will not just make a living but will create wealth relatively quickly. So I often tell people that if you are looking for a job, you might want to try Wal Mart. I hear they are hiring part time employees.
A good tool that can help you to understand how this works is a calculator. They can be purchased at most local stores for as little as $5.00. Then you might want to open a Forex trading demo account and place a trade. Observe what happens to the digits that display the profit or loss and get an idea of what the value of a PIP is in your account. Then you can develop a purely hypothetical trading plan.
After you have learned a little about how Forex trading works you should start to get an idea of what is a realistic expectation for results in PIPS over a given period of time. Then decide what a prudent risk management plan would be. Some say no more than 2% of your capital is a good number. That number is of course, based on a false industry belief that it is not possible to have a high win to loss ratio in Forex trading. Regardless, it is a good conservative number. Then simply start off with a number that represents the amount of capital you plan to start with and project what would happen if you were successful with a realistic win to loss ratio. How many PIPS will you earn? Win to loss ratio is the number of winning trades vs. the number of losing ones. Risk to reward ratio represents the average number of PIPS per loss vs. the average number of PIPS per winning trade. What will your average net gain be per day or per month? What will that do to your capital?
The next step is to note the amount of money you need to meet your living expenses. When the amount of your monthly profits is at least twice as much as the amount you need to live, begin taking out 50% of your monthly profits. From that point on you will make a living AND your trading account will increase each month while the amount you take out will also increase every month from that point on. What could be better than that?
Learn Currency Trading
A good tool that can help you to understand how this works is a calculator. They can be purchased at most local stores for as little as $5.00. Then you might want to open a Forex trading demo account and place a trade. Observe what happens to the digits that display the profit or loss and get an idea of what the value of a PIP is in your account. Then you can develop a purely hypothetical trading plan.
After you have learned a little about how Forex trading works you should start to get an idea of what is a realistic expectation for results in PIPS over a given period of time. Then decide what a prudent risk management plan would be. Some say no more than 2% of your capital is a good number. That number is of course, based on a false industry belief that it is not possible to have a high win to loss ratio in Forex trading. Regardless, it is a good conservative number. Then simply start off with a number that represents the amount of capital you plan to start with and project what would happen if you were successful with a realistic win to loss ratio. How many PIPS will you earn? Win to loss ratio is the number of winning trades vs. the number of losing ones. Risk to reward ratio represents the average number of PIPS per loss vs. the average number of PIPS per winning trade. What will your average net gain be per day or per month? What will that do to your capital?
The next step is to note the amount of money you need to meet your living expenses. When the amount of your monthly profits is at least twice as much as the amount you need to live, begin taking out 50% of your monthly profits. From that point on you will make a living AND your trading account will increase each month while the amount you take out will also increase every month from that point on. What could be better than that?
Learn Currency Trading
Tuesday, May 22, 2007
Forex Trading Insights, Breakthroughs and AHAS!
Since most of the trading world is clearly barking up the wrong tree and chasing their tails getting nowhere, it is evident that in order to consistently win we need to see the market in a different way from the rest of the herd. I remember the first Forex training course that I took charged me $1000 for the beginner’s section and another $1000 for the advanced section. In the beginner’s course I was taught to open up a one minute chart and divide it up into three sections and if the price was in the bottom section I should buy and if it was in the top section I should sell. It didn’t take me long to ask the question, “If the market is trending won’t it breakthrough all these lines and keep on going for days? I guess the instructors were not prepared for this question since this method was based on the totally false assumption that the market always channels on a 1 minute time frame. I often illustrate how this method is much like buying a car and then painting over all the windows and windshield. Then cutting a hole in the floorboard and attempting to drive by looking through that hole. The fact is you just can’t see where you are going by looking through that hole.
Later I learned other methods including using pivot points with trend lines, MACD and candlestick patterns. It didn’t take me long to figure out that if the price approached a pivot point one of two things could happen. It could hesitate or stop or it could keep on going. And soon I realized that looking at these lines was completely irrelevant to the natural forces that could reveal what the market was really doing. Basing a trading decision on a daily pivot soon became a useless concept to me.
I also noticed that all the managed Forex funds and automated Forex trading systems published results that were quite unimpressive. Sometimes they would win, then there were large draw downs and losses and it seemed as if even professionals were pretty much guessing and were totally at the mercy of the market’s unpredictability. Meanwhile I could see that there were clear signals and patterns in the markets that seemed to indicate that there is a way to easily get profits consistently. But others were somehow not seeing this. For instance one of the first things I realized is that most trading methods work well in a trending market and then they produce losses during a choppy, corrective or sideways market. So I immediately came to a revolutionary conclusion that no one else seemed to be noticing. Why not only trade in trending markets and avoid trading in choppy markets? What would that do to the results over the long term? Uhhh… It doesn’t take an Einstein or a rocket scientist to come to this conclusion does it?
In my quest for more Forex trading knowledge I went on to immerse myself in Elliott Wave Theory and Fibonacci. I delved into some of the mysteries of Gann. I saw many people doing many different things and I saw very few people consistently winning. In fact many seasoned professional traders seemed quite negative and pessimistic about the whole trading business. Meanwhile I was harvesting large profits consistently using a fairly simple method and wondering why people thought this is so difficult and why success seemed to elude most people.
Eventually a few acquaintances kept asking me about what I was doing which ultimately led to my authoring a training program that covers all of the insights, breakthroughs and “AHA”S that I have had over several years. The important message is that anyone can consistently get outstanding results in Forex trading with a little motivation and the right approach. Having experienced the challenge and the frustration of trying to learn to master the art of trading in a world where finding what works can be a lifetime pursuit, I now derive a lot of satisfaction in seeing others who have been through the struggle to learn Forex trading suddenly having amazing breakthroughs as they develop a lifetime skill that will continue to create financial freedom for themselves and their families.
Scott Shubert
Learn Online Forex Trading
Later I learned other methods including using pivot points with trend lines, MACD and candlestick patterns. It didn’t take me long to figure out that if the price approached a pivot point one of two things could happen. It could hesitate or stop or it could keep on going. And soon I realized that looking at these lines was completely irrelevant to the natural forces that could reveal what the market was really doing. Basing a trading decision on a daily pivot soon became a useless concept to me.
I also noticed that all the managed Forex funds and automated Forex trading systems published results that were quite unimpressive. Sometimes they would win, then there were large draw downs and losses and it seemed as if even professionals were pretty much guessing and were totally at the mercy of the market’s unpredictability. Meanwhile I could see that there were clear signals and patterns in the markets that seemed to indicate that there is a way to easily get profits consistently. But others were somehow not seeing this. For instance one of the first things I realized is that most trading methods work well in a trending market and then they produce losses during a choppy, corrective or sideways market. So I immediately came to a revolutionary conclusion that no one else seemed to be noticing. Why not only trade in trending markets and avoid trading in choppy markets? What would that do to the results over the long term? Uhhh… It doesn’t take an Einstein or a rocket scientist to come to this conclusion does it?
In my quest for more Forex trading knowledge I went on to immerse myself in Elliott Wave Theory and Fibonacci. I delved into some of the mysteries of Gann. I saw many people doing many different things and I saw very few people consistently winning. In fact many seasoned professional traders seemed quite negative and pessimistic about the whole trading business. Meanwhile I was harvesting large profits consistently using a fairly simple method and wondering why people thought this is so difficult and why success seemed to elude most people.
Eventually a few acquaintances kept asking me about what I was doing which ultimately led to my authoring a training program that covers all of the insights, breakthroughs and “AHA”S that I have had over several years. The important message is that anyone can consistently get outstanding results in Forex trading with a little motivation and the right approach. Having experienced the challenge and the frustration of trying to learn to master the art of trading in a world where finding what works can be a lifetime pursuit, I now derive a lot of satisfaction in seeing others who have been through the struggle to learn Forex trading suddenly having amazing breakthroughs as they develop a lifetime skill that will continue to create financial freedom for themselves and their families.
Scott Shubert
Learn Online Forex Trading
Monday, May 21, 2007
Listen to These Forex Trading "Experts" Share Results After 2 Months
Many people these days seem to have a lot of skepticism about anything to do with Forex trading. It is understanable since many people have spent a good deal of time and money to learn to trade Forex without having experienced any real results. Some people have asked for some kind of proof as to whether this really works. Usually I just tell people that if you are approaching this with the expectation or assumption that it does not work unless you are provided with proof, it probably will not work for you. Your expectations absolutely determine your results. The people who are talking on this video did not ask for proof but approached this with the assumption that it did work and now they have provided proof for themselves in their own accounts which is the only place that any proof will ever exist.
There are still a few people with terminal cases of negative thinking who somehow still think that these people must be hired actors or something. Well listen carefully and if you have any doubts please do not order our course. That is my sales pitch which is basically "No it won't work for you. And no I do not want you to buy the course." I don't know how I can make it any clearer than that.
Meanwhile for those who are naturally more inclined to consider the positive side of things in the face of uncertainty, there is definitely hope for you if you are interested in finally learning how to really master this business. If Forex trading is the vehicle for you I can assure you that these people don't have any special skills that you do not have the potential to have as well. Consider the risk. There is a possibility that it might not work for you. If you can accept that risk and still have a positive expectation then you are already half way there. If you would like to meet these people or have them send their account statements to you, you will need to meet them personally in our web conferences and ask them yourself. I am not at liberty to give out their private contact information.
Forex trading is indeed a fantastic vehicle for wealth and freedom if you have a little motivation and a success attitude. Yes, many people really not only make a good living trading Forex but actually multiply their accounts regularly and create wealth rapidly. I am looking forward to hearing the same results from you.
Living Deliberately,
Scott Shubert
Learn Forex Trading Now
Friday, May 18, 2007
Forex Brokers: The Enemy in Battle or Your Partner in Business?
Forex Trading Secrets
Uploaded by tradeartist
Forex trading has become extremely popular in the last few years and seems to be getting more mainstream every day. When a person first discovers Forex trading any search online will produce endless oceans of products and services that the industry is eager to sell. The first thing to pop up in your search will be Forex brokers. In addition to that there are many training program, e-books with the latest "holy grail" trading method, alert services, charts, automated systems, managed accounts, mentor services, software, etc. I can certainly empathize with the newcomers to this industry who have no idea what really works and who to trust. Many of the most important questions that newcomers have are answered in the video workshop, Getting Started Right in Forex Trading.
When it comes to brokers there is journey of research required to get to the bottom of the endless controvorsey and debate about which brokers are the ones to trade with. Dealing desk vs. non dealing desk brokers is one of the widely discussed topics that might affect your decision. Many experienced traders are now discovering that the whole issue of dealing desk vs. non dealing desk brokers is entirely misunderstood. The brokers who claim to have no dealing desk simply pass the clearing process on to another entity that does have a dealing desk. And the whole issue of brokers with dealing desks being sinister is unfounded paranoia. These issues are often discussed in our live web conference trading sessions and the answers that are provided by some of our more experienced members is often shocking and enlightening.
The fact is, we cannot trade Forex without a broker and therefore in spite of whether we feel that brokers always have our best interest in mind, they are our business partners. The other important fact to keep in mind is that it is the customers who really drive the industry rather than the brokers. As issues arise the word quickly circulates in the trading communities and traders migrate in droves from one broker to another. The brokers who do not have their customers best interest as their primary intention may seem to be making money in the short term but in this information age it is simply not possible for a disreputable broker to survive long term.
We are currently working on a comprehensive report with details and survey results that will reveal the pros and cons of each Forex broker. It often seems difficult to find a broker that has all the features and benefits that we are looking for. A broker that meets one criteria may fall short in another area. And what is important to one trader may make no difference to another. It is important to know what criteria is really important for your long term success and carefully consider which Forex broker will provide the right trading environment to help develop the success you are looking for.
Some of the brokers we will be investigating are FXCM, GFT Forex, Interbank FX, Oanda, EFX Group, MB Trading, ODL Securities, IFX Markets, FX Solutions, North Finance, Leverage FX, One World Forex, Man Financial, Coes FX, Interactive Brokers, Lava FX, Hotspot FX, FXDD, Saxobank, Finex, Deutsche Bank, Synthesis Bank, and many others.
It seems that new Forex brokers are popping up all the time and many traders now consider the strength of a broker to be critical especially since many traders lost their accounts when Refco filed bankruptcy not long ago. More recently some traders have had their accounts frozen during an audit of a Swiss broker, Nuimex. The choice of which broker to trade with is no small matter. Look for more information here in the near future.
Scott Shubert
Tuesday, May 15, 2007
How "The Secret" is Used in Forex Trading
In Forex Trading and in every business many people would like to achieve absolute success and mastery and very few do. Why? The reason has to do with the thinking, positive or negative of each individual. Although this is explained up front to everyone who enrolls in our Forex training program, there always seems to be a few who really have success quickly while the rest often blame someone or something outside themselves for their lack of success rather than taking resposibility for making it happen. In Forex trading or in any business the key to success lies totally in the choice of where the mind is focused whether on the positive or negative aspect of the situation at hand. One person will take a Forex training course and immediately decide, “This stuff doesn’t really work.” Another person will take the same course and immediately experience results, become successful, happy and fulfilled in life. What is the difference between these two people? Everything is the same except for their thinking. Many people will get started and think that this information on success and positive thinking is silly nonsense or “airy fairy” New Age babble. However, if you meet a number of truly successful people over time you will find that there is a consistent pattern among all of them in all businesses including Forex trading. They all understand the principles of positive thinking, success training or “the Law of Attraction” as it is called in some current personal development material. The people who fall into the delusion that trading or any other business is strictly a mechanical process will never know true success even if they are able to experience some results.
As I often demonstrate in our trading community and in our Forex training course, I could demonstrate a profitable trading strategy all day every day and many people will find some way to not do it. One person will say, “That couldn’t possibly work.” And off they go to try other things. Another person will say, “That method does not fit my trading style.” And immediately they choose to do something more difficult and less profitable. Every day I remind people to observe what is happening in their minds and in their belief systems to prevent them from getting the results they are looking for. Even when a relatively simple method is demonstrated clearly people will find reasons in their minds to not take the trade and/or reasons to take a trade when the conditions are not present.
I often tell people over and over that the most important thing beyond learning the best Forex trading method is to first learn success principles and positive thinking. I recommend classic books and current videos and seminars on success and wealth. Napoleon Hill, Robert Kiyosaki, T. Harv Eker, Esther Hicks, Anthony Robbins are a few authors worth checking out. Immerse yourself in positive thinking because we are already immersed in negative thinking in our environment. Listen to success CD’s, read books, watch videos, attend seminars, and join groups that are dedicated to success and positive thinking. You will get more results in your Forex trading or in anything that you do by doing this than you will by taking more courses on technical analysis or trading strategies.
I hope this has been helpful to you. Known principles in life and business have shown that this will benefit a few people while the rest will shrug it off and ignore this step. Which group will you choose to be in?
Scott Shubert
Trading Mastermind
Forex Training Videos
Sunday, May 13, 2007
Forex Trading Secrets Part 1
Not long after I first became involved in Forex trading I began to have a series of insights. I noticed that other people did not appear to be aware of some of the things that somehow seemed obvious to me. The interesting thing about the so called "Forex Secrets" is that once you understand them you will be amazed that they are not obvious to everyone.
Now trading has been around for a long time and I am sure that I have not invented anything new. And yet the essential knowledge that is needed to trade Forex or any other market successfully remains hidden from the majority. Every day more and more people are attracted to this exciting business primarily throught the marketing activity of the Forex brokers. What people often don't realize is that as they look for reputable sources for training and education in Forex trading, almost everything they find is connected with the Broker industry. Be sure to observe also that almost all training companies and mentors in Forex are themselves Introducing Brokers from one or more of the Forex brokers.
Although it is not the subject of this post, it should be understood that many of the U.S. based Forex Brokers have a business model that is designed to capitalize on the majority of traders who lose. So here is another clue about Forex trading secrets. Learning to trade from a broker's training material might not be the best idea.
Another thing to consider is that the style of trading taught by the Forex industry might be designed to benefit the brokers more than it is intended for the benefit of traders. This information is the first step toward a breakthrough that is now enabling many traders to cash in on the Forex market and consistently earn real profit while multiplying their trading accounts rapidly. Continue reading this blog for additional clues as to how some traders are easily harvesting profits while other traders keep banging their heads against their computers in confusiona and frustration.
Living Deliberately,
Scott
Forex Trading Information Center
Now trading has been around for a long time and I am sure that I have not invented anything new. And yet the essential knowledge that is needed to trade Forex or any other market successfully remains hidden from the majority. Every day more and more people are attracted to this exciting business primarily throught the marketing activity of the Forex brokers. What people often don't realize is that as they look for reputable sources for training and education in Forex trading, almost everything they find is connected with the Broker industry. Be sure to observe also that almost all training companies and mentors in Forex are themselves Introducing Brokers from one or more of the Forex brokers.
Although it is not the subject of this post, it should be understood that many of the U.S. based Forex Brokers have a business model that is designed to capitalize on the majority of traders who lose. So here is another clue about Forex trading secrets. Learning to trade from a broker's training material might not be the best idea.
Another thing to consider is that the style of trading taught by the Forex industry might be designed to benefit the brokers more than it is intended for the benefit of traders. This information is the first step toward a breakthrough that is now enabling many traders to cash in on the Forex market and consistently earn real profit while multiplying their trading accounts rapidly. Continue reading this blog for additional clues as to how some traders are easily harvesting profits while other traders keep banging their heads against their computers in confusiona and frustration.
Living Deliberately,
Scott
Forex Trading Information Center
Saturday, May 12, 2007
Welcome to Forex Trading Secrets Revealed!
Hi.
I am Scott Shubert of Trading Mastermind and this blog is to help the many people who are interested in Forex trading but have so far not experienced the results in Forex trading that they had hoped for.
Forex trading is indeed an exciting business with a huge potential for creating wealth and freedom of lifestyle. However, finding what works in this maze of products and services in the Forex industry can be a daunting task. Many of our students who currently participate in our free ongoing training at Forex Training Course have taken many other courses, attened seminars, bought software, etc only to find that trading successfully and profitably remained a total mystery. That is, until they found our community of supportive traders who are willing to share the secrets of how to trade profitably with relative ease.
We will be discussing all aspects of technical analysis as applied to the Forex market, fundamental analysis, how to easily trade with consistent profit, Forex brokers, trading psychology, success training, positive thinking, money management, etc. For those of us who are fascinated with trading knowledge sometimes we delve into the esoteric mysteries of Gann and any subject related to trading. But we always come back to trading our simple method which anyone can do without a lot of complicated engineering level technical analysis.
I look forward to having you join us here and I am always interested in your comments.
Wishing you the best of success in your trading business,
Scott
Forex Training Videos
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