Gunslingers and Casinos

Living in Arizona I am always surrounded by images of the Wild West. With numerous casino operations in and around the area and my relative proximity to one of the largest gaming centers in the world, Las Vegas, I am also surrounded by the images of the gambler.

Every gunslinger has its sheriff and every gambler has its casino. What we must decide early on in our trading career is which side of the table we want to sit on.

Think carefully about your decision, because one will lead to great success while the other usually leads a fast, but very brief existence.

You want think like a sheriff and act like a casino. The sheriff patrols the landscape to limite and risk to the populous. These are your stops! The casino has numbers and probability on its side. That is why the rules always favor the house. This is your edge!

Your stops and your edge are key components of your winning game plan for the Forex market.

Favors the house? Probabilities?

This is the concept that has created large fortunes and ruined aspiring careers. Master these principals and you will be on your way to successful and highly profitable trading. Always trade with rules that favor the house –you! And it is a good idea to have the law on your side to protect you when the gunslingers have you out manned!

Visit our Forex Journey website for Forex Training that instructs on strategy, mind and money management.

Happy Trading!!

Placing the trades using Pivot Points

Placing the trades using Pivot Points - Apart from the common indicators such as EMA, RSI and Fibonacci, another technical indicator is very popular between trades which is pivot points. This technical indicator is mostly used for currency day trading. Point pointsare nothing but some pre-identified support and resistance levels which are something like mutually agreed between the traders in

The Power of the Process

Here is a little advice for those just starting their Forex Journey.

To learn to trade Forex (or any liquid market for that matter) requires no great skill. It only requires perseverance and desire. There is, however, a learning curve that all traders must ascend. There are, in my opinion, 3 areas that traders must gain supreme confidence with in order to succeed.

1. Strategy

You must learn the language of trading, the tools and when to use the tools. If you where training to be a carpenter you would have to learn the language other carpenters use such as 2X4, chalk line and plum. We have our own jargon such as pairs, dealing platforms and spreads.

You have to know the tools. A carpenter has a hammer and we have our moving averages. And you have to know when to use these tools. A carpenter would not grab a hammer to paint, and we have tools designed for specific market condition such as MACD and Stochastic.

Oh, and another piece of advice around strategies taught to me by Raghee Horner. In a training awhile back she asked the class to use her strategies exactly as she presented it. She had tested her strategies backwards and forwards.

I’ve seen so many traders take a strategy and immediately add or subtract something and blame the strategy for not working. Personally responsibility is a cornerstone of trading. This really goes to my point number 3.

I have another way of looking at it:

Dance the dance you are shown until you learn a dance of your own.

2. Money Management and Risk Control

I have personally proven that having a so-so strategy with solid money management skills is profitable and the inverse is not! The clear fact is, and I am going to use a baseball analogy, it is more profitable to lead the league in batting average than home runs.

It is the accumulation of the little winners that will get the new trader of and running. It is a process!


3. Personal Self-Mastery

In my opinion, this is the single most under served area of knowledge to the individual currency trader. It is the truly holy grail of trading. Knowing your personal strengths and weakness brings a level of awareness like no other.

Once we are made aware of the factors that influence our trading, we can bring to bear strategies to neutralize our weaknesses and leverage our strengths.

There is no single skill trading more important than self-mastery! It is your own personal mastery that will determine your ability to deploy time tested strategies and risk control methods.

The truth is little winners lead to bigger and bigger winners. Mastering the process of trading is mastering to repeatable little winner.

The biggest mistake I see new traders make is that the focus is placed square on making money. Master the process of trading described and not focusing on the money is the surest way to make money is this risky area. This is why in my training on Forex Journey Live Market Training, the process is super-emphasized and the word “money” is strictly forbidden!

Happy Trading!!

Trading with EUR, GBP

Trading with EUR, GBP - The popular currency pairsEver thought which are the most popular currency pairs to trade? Yes, EUR/USD is the popular of all and generally has tightest of spreads which is 2-3 pips depending on the broker.The next is GBP/USD - the highly volatile and has spread of 4-5 pips. What follows is USD/CHF and USD/JPY. Generally have 4-5 pips spread.Remember the high the volatile

Forex Day Trading System : Resources for Forex Charts

Forex Day Trading System : Resources for Forex ChartsIn one of my articles few days back, I mentioned the importance of reliable and realtime forex chart. Some of you have asked me few sources for them.The best source is the chart service that your broker provides. So, for e.g. since I use the plateform offerred by FXCM, I use the chart provided by them since my buy and sell price are reflected

You Are Who You Are

Over the past year I have been branching out with my personal development. During my forex journey over the past 18 months I have taken a series of personal development courses and certification workshops that has provided me with great insight on how the human mind operates.

Especially for traders!

In addition to being a currency trader and educator, I am now both a Board Certified Hypnotist and Success Coach. During my studies one thing became crystal clear, we are who we are and that alone is perfect.

Did you know that our core personality and beliefs systems are established prior to the age of 8? By our 7th birthday our core operating system is in place!

These systems include our view of money, risk and reward, key elements in trading. That why it your always here people saying to enjoy life like a 7 year old. As a 7 year old our minds were an open book, creative and imaginative.

Our identification with these value systems are brought to bear in each and every trade. You are who you are. These beliefs can not be changed. The events that formed these beliefs, whether accurate or not, did in fact occur. With guidance these beliefs can be reframed, but there is a simpler first step … Awareness!

Identifying your core beliefs will assist you in recognizing the value system you bring to your trading. Once that recognition is established you can not begin to address how these traits both help and hurt your trading activity.

For more about me and the Forex Journey experience please visit out Lens at Squidoo.

Happy Trading!!

Day trading the Forex: Zing is missing from the NFP announcements

Day trading the Forex: Zing is missing from the NFP announcementsSomehow that volatility for which Non farm payrolls and related fundamental news and announcements are famous, is missing.Yesterday's NFP was $ bullish and EUR/USD currency moved only 80 pips as against the typical movement of 100-140 pips..Is it because the NF payroll is not being treated as important by market anymore? This

March Payroll Follow-Up

Chart courtesy of eSignal

Well, the Non-Farm Payroll numbers blew away consensus. February's numbers were even revised upward, but because of the light volume on Friday explosive volatility was concentrated just to the majors. The EUR/USD has returned a strong support area at 1.3370, which is the Dec 4 swing high and 38.2% retracement level of the Mar 4 to Apr 5 rally.

JPY/USD should offer some interesting action. Currently the pair at the 61.8% retracement level of the Jan 29 - Mar 5 move. Any break fo this level should see the pair revisit the 120.00 level soon.

Happy Trading!!