By admin | December 25, 2007 - 10:26 am - Posted in Articles

I would like to talk about 10 common mistakes in trading. New traders are often unaware of what is required in trading and the bad habits that can lead to financial suicide.

1. Under capitalization – One of the first mistake I made when beginning to trade was being under capitalized. I started with a $10K account without any idea on how to trade. You need enough capital to learn and gain the experience. Some like to call the initial stake “market tuition.” If you can avoid paying your dues, great for you. But most new traders will lose their money. Just make sure you learn from every loss.

2. Having the approach to trading as a “learn as you trade” – Big mistake. “Learn as you trade” = losing money. Losing money can lead to emotional and financial stress and may even create enough fear in you making it hard to trade. Make sure you come prepared to the battlefield. Be a strategist. Sun Tzu said, “The battle is won before it is fought.” Think about it.

3. Trading as a hobby – Take a look at your hobbies. Do they make money? Hobbies in general are entertainment that cost money. Do not approach trading as a hobby. Treat it like a business. Develop a business plan, have goals, and understand what you want out of trading.

4. Thinking that you know it all – The moment one thinks he knows it all is the moment he has become a fool. Its impossible to know everything about the markets. This is a lifetime learning process. Find your niche…. find your speciality and be an expert in it. In other words, find your edge. One thing I learned in trading is that niche = money.

5. Trading without a plan – One of the worst things you can do as a trader is to trade without a plan. Trading without a plan is like driving in a new area without a map or a navigation system. You are lost.

6. Not following your trading plan – Okay so now you have a trading plan. Why don’t you just follow it? A common mistake among traders is not following a developed trading plan. This leads to impulse trading or emotional trading.

7. Wanting to be right – Are you trying to be right? Or are you trying to make money? This is a hard one… I personally have to battle myself to avoid this bad habit. Our egos interupt with our trading and we tend to want to prove something to ourself or someone else. The markets do not care what you think. You are in it to make money.

8. Money Management – Strict money management is a necessity. Set your risk parameters for all your trading setups. A common rule is to risk no more than 2% on one trade. I prefer 1%. Being long 10 different stocks at 2% risk per trade is not a good idea. In fact you are risking 20%. Know your size and do not double up your position after a series of losses. Be a grinder and not a cowboy.

9. Have realistic goals – Too many traders come into this arena without unrealistic goals. Questions like “Can I make a million my first year with a $10k account?” Sure you can….. but is that really realistic? Focus on crafting your trading. When you know how to trade the money will flow naturally.

10. Not analyzing yourself and your trades – This a poker habit I have. I tend to analyze every losing and winning hand to learn from it. Traders need to do the same and analyze every trade. Think about it after the trading hours and focus on what you can do to improve. Trading is a constant journey of soul searching as well. Understand yourself and you will significantly improve your trading.

James Lee is a full-time day trader specializing in the mini-sized Dow futures. His core trading strategy is based on pivot point clusters and Market Profile. Find out how to identify high probability trading opportunities at

By admin | December 20, 2007 - 10:26 am - Posted in Articles

1) What is forex trading?
Forex trading is trading between two currencies. For example, you buy a certain currency now and wait for the currency to appreciate in value. After which, you sell it off and then keep the profits.
Sounds easy? Far from that.

2) How is it done?
Traders use technical analysis to examine the history of market prices and the turnover of relevant financial instruments in order to identify the market trend and its possible changes. In addition, they monitor these statistical surveys very closely in order to have early access to data about a certain country’s performance. From there, traders gain insight about currency movements in order to help them ‘buy low sell high’. That preparation work alone is far from easy. It requires much of your time researching and analyzing the data, just to make sure the currency you buy doesn’t end up depreciating in value instead.

3) Forex trading can be very profitable but…
Indeed, forex trading is a potentially profitable opportunity. But never forget the high risk high return rule. As with any other investment, the high return from Forex trading comes hand in hand with high risk that the investor has to bear. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

4) Is forex trading for you?
Trading foreign currencies is a challenging and potentially profitable opportunity for educated and experienced investors. The good news is, it comes with experience.

Ivan Ong is not an expert in Forex Trading. However, he does know some tricks that has earned him US$890.26 in his 8 first trades trading the Forex Market. He is going to show you the exact system that he follow to have such success in Forex Trading. If you want to find out the strategy that he used, click on the link here:

By admin | December 17, 2007 - 10:26 am - Posted in Articles

The Forex Tracer is one of the popular Forex trading platforms that you can find in the trade right now. But you should not get this piece of software just because many traders prefer to use this. The wise thing to do is to check out a Forex Tracer review so that you can see for yourself if this does have the features that you need as a trader.

One great thing about this software is that you do not really have to be the expert trader to use it. Of course, it would help to have as much background on Forex trading before you do start using the software. Still, it is nice to know that this is not a requirement of sorts at all. This is because the software has an autopilot interface that can help you operate it the way you should. All that is really needed here is a reliable Internet connection. By reliable, this means your connection has to be fast and strong, so you have to aim for DSL or broadband here, and not just your typical dial-up. If you do not have any plans of going broadband, then better skip getting the software. You would not be able to work the software to its optimum level if you plan to use just dial-up.

Another great thing about Forex Tracer is that this was developed by mathematicians who specialize in complicated algorithms. Though not much information is really out there about the developers of Forex Tracer, you can rest assured that this was indeed developed by competent people. This pretty much explains why the platform has a lot of impressive and equally useful features.

Forex Tracer was even tested, and this test period was quite long. During the test period, the application underwent so many changes to incorporate a stronger and more secure platform for Forex trading. All possible market conditions were also simulated during the test period. The application did quite well during its test run, earning roughly between 25,000 to 330,000 in US dollars. It even garnered an average consecutive winning trades of 19. And this was during the test run!

Forex Tracer also provides a demo account, which is very useful for the beginners in the trade. With your demo account, you can start trading without having to worry about losing any money. This is one great thing that any Forex Tracer review would never fail to mention.

So does Forex Tracer live up to its name? Well, it is definitely a good forex software but the is what works the best for you by meeting your individual trade needs.

Keep in mind that there are still risks involved. This is the real forex trading market and losses are real. If you are not sure if this is the right software for you, the best way is to read up on a comprehensive so that you can make a sound judgment before using it.

By admin | December 13, 2007 - 10:26 am - Posted in Articles

People want to know who offers good forex training? For anybody who is struggling or would just like to learn how to trade the forex market, it can be extremely frustrating going from one so-called guru to the next. People scour the internet hoping to find that magic indicator that that does everything for you and all they have to do is figure out whether to vacation in Hawaii or Bermuda from all the money they are going to make.

Well if there is one thing all of us seasoned traders know, its that there is a lot of garbage being sold to people on the internet. Its hard to know what the generic, rehashed material is and from the information that is valuable so here are a few tips when looking for material on forex training:

1) Make sure they offer a money back guarantee. It shows that they are proud and sure of the product they are selling. It should be no questions asked. You shouldn’t have to show them how successful or unsuccessful you were trading their methods. If you see something like that on their sales page, runaway.

2) Pass if its a trading system based on a bunch of lagging indicators – Look, if you want a system that’s based on MACD, stochastics or any other kind of lagging indicators, then you can go to any forex forum and find a million of them. Most of them look great on paper but once you actually trade them live, its a completely different story. Plus, many of the systems being sold are just trading systems that were disclosed on a free forex forum.

3) If you are new to trading make sure the training offers a basic education in forex to start you off. You should never make a trade unless you know some of the basics first.

Make sure to check out my to find out who I used for .

By admin | December 10, 2007 - 10:26 am - Posted in Articles

In 1991-1992, I was a graduate also of what many consider to be the world’s most demanding military trading that’s the U.S. Army Specials Forces selection. I was only in the Army for four years and nine months. Quite frankly, being a trainer and having trainer’ mentality, I didn’t exactly fit in with the Army culture, if you can imagine it. Trainers tend to be very independent. We tend to like to go our own way so try to fit that in the military. It didn’t quite work. So we parted on amicable terms. It was an honorable discharge. Nevertheless, was something I am glad I went through but I am glad that God had other plans for my life.

In 1994-1995, I met my future wife. If any of you have ever wondered if there is such a thing as love at first sight, I am a living testament to that. The very second that I saw her; I knew she was going to be my wife and I would be with her for the rest of my life. Then about 1997, Sarah and I were partners at that point, America’s largest agent for what was then, AirTech Cellular. She handled a lot of the sales people and dealing with the different markets. She was instrumental in turning around several of those markets and making them very, very profitable where they just couldn’t make it work otherwise.

We were doing business in, actually over twenty states. We had well over 400 employees, some agents, vendors. It was a very big operation. It was also during this time that I got introduced to trading. Here’s how it happened. We were at a trade show and normally in a trade show, if you have ever done anything like that, you will pick up what you call a swag or this free stuff that is all over the table. If you are doing this trade show, you are going to have this stuff filling up your entire house. We didn’t take it. We didn’t take the free pens, free letter openers. For some reason, I was walking by this large trade show. I was walking by a table and grabbed a video off of this table without thinking about it. I looked at the cover. The cover seemed pretty compelling and I took it home.

Mac X is recognized as a trainer, forex trader and author of three best-selling forex trading books and Home Study Courses including “How To Get Filthy Stinking Rich Trading The Forex” book and Home Study, “How To Trade The Harmonics of The Foreign Exchange Markets”. Mac X has trained over 1,300 students in large forex seminars, one-on-one and small groups. Read Mac’s Forex Blog for more Forex Trading information at TheInsiderCode.com.

By admin | December 6, 2007 - 10:26 am - Posted in Articles

We have had people ask us how to choose a Forex broker for online forex trading. Here we will discuss in detail what we think you should know about choosing a forex broker.

Low Spreads or Transaction Fees

Online Forex Trading Transaction costs are calculated in pips. The lower the better. Generally, spreads are currently between 2-5 pips on average. Be careful of forex brokers advertising 0 pip spreads. They are likely charging fees in some other way.

Leverage Options and Margin Requirements

Leverage can be a good thing, or a bad thing, depending on how you use it. Better brokers will have different leverage options, meaning a selection of leverage ratios. Perhaps a 400:1 leverage ratio is too high for you. Do they have a 200:1, or 100:1 option? You need a forex broker that can offer the leverage values you want.

Most online forex brokers pay interest on a trader’s margin account. Keep in mind that most forex brokers do not allow you to accrue interest unless your margin requirement is at least 2% (50:1).

Forex Brokers Customer Service

Almost nothing is as valuable as good customer service, especially with online forex trading. Even if you don’t use it, you should have access to some minimum service requirements. Does the Forex broker have 24-hour support? Can you contact them by phone? Email? Chat? When you talk to them, do the people seem knowledgeable? A word of caution… service might be better before you open and fund a real money account. If you find that to be the case, withdraw your money and move on to a new forex broker.

Quality of the Forex Broker

You want to make sure you have a quality broker. Forex brokers are not required to be registered or regulated with any agency, since the Forex market is labeled as an “unregulated” market. However, the better brokers will typically be registered as a Futures Commission Merchant (FMC) as well as being regulated by the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA).

Forex Brokers Trading Tools and Research

Better brokers have trading tools available for their account holders to aid them in their forex trading. Also, most brokers will have some form of research available or displayed directly on their trading site.

Online Forex Trading Platform

Most, if not all, Forex brokers allow trading over the Internet. The backbone of any online forex trading platform is their software system and as such is very important.

Forex Brokers Available Currency Pairs

Make sure that the prospective broker offers, at minimum, the seven major currencies (AUD, CAD, CHF, EUR, GBP, JPY, and USD).

Minimum Trading Size Requirement

The size of one lot may differ between forex brokers, spanning from 1,000 to 100,000 units. If you are only starting an account with a couple hundred dollars, you’ll want to find a forex broker that allows mini lot trades.

Rollover Charges, Interest, or Swap Fees

Rollover refers to the process of closing open positions for today’s value date and opening the same position for the next day’s value date at a price reflecting the difference in interest rates between the two currencies. This is also known as Interest or Swap Fees.

Forex Broker Trading Hours

Online forex trading occurs 24 hours a day between Sunday evening and Friday evening, so you will want to select a forex broker that will let you trade during all market hours.

You can check out our recommended brokers section to see some of the forex brokers that we feel are worthwhile. Also, you can download our free Forex Broker Checklist to use for your broker search.

Brought to you by 20MinuteTraders.

(C) 2008 WHDCo, Inc. All rights reserved.

By admin | December 2, 2007 - 10:26 am - Posted in Articles

Everyone is becoming curious about Forex trading. It can earn you a lot of cash, but it can also cause you to lose loads of money. It is a high risk market, but with automated Forex trading systems and a few basics, you can become a profitable trader. There are five important aspects of Forex trading; knowledge, budget, broker, discipline, and tools.

Knowledge: Before beginning to Forex trade you have to know what you are doing. No one jumps in a lake without first learning to swim unless they are suicidal. Take the time to learn the language and different strategies, and practice before investing thousands.

Budget: You cannot trade with little or no money. You need to know how much you can afford to lose before deciding how much to invest. Regular accounts cost a lot of money to open, but there are smaller accounts such as mini and micros that allow you to trade at a much lower lever. Some automated Forex trading programs can get you started for as little as $500.

Broker: A broker for Forex trading is the middle man between the trader and the currency market. They complete requested transactions for the buyer or seller. In order to trade, you must have a foreign currency broker registered with the Futures Commission Merchant. These brokers are regulated by the Commodity Futures Trading Commission and are typically associated with a large bank.

Discipline: You have to set limits and be prepared to stick to them. You can get in deep fast without set limits. Automatic Forex trading allows you to program in your stops, decreasing human emotion and error. When emotion becomes involved with any gamble, forex trading included, bad things can happen. You also need confidence to pull off risky trades, hesitating will often result in a loss.

Tools: You have to have the right help to trade correctly and make a profit. No Forex trading software is foolproof. They are not guarantees to making money, they are tools! Never-the-less Automated Forex trading has many benefits that will favorably increase your chances of making money and is well worth looking into.

Don’t hesitate to research forex trading online or ask for help understanding terms, forex trading strategies, or quotes. The more you know before you begin, the better off you will be.

programs like can help manage your Forex account and free up lots of time that you can spend golfing instead of paying homage to your computer monitor.