What an entangled web these scam sites weave for us newbies to cough up our hard earned cash! I found a site that detailed the forex peace army scam and am inclined to believe it! I haven't done this yet but Vince Rowe has this deal called "8 pages of free resources" that he offers free for the asking to anyone that asks by just putting "8 pages of free resources" in the subject line in an email to <email@example.com> . I really need to send an email and see what he has there, I think I'll do that now!!!
Be careful of the hype and remember you need to do a plan and treat this like a business , not a laptop "one armed bandit" ha ha. I've been learning and earning but every pip must be earned the hard way with intestinal fortatude !:eek: Yes , it's not trading made easy, not in this "shark infested" trading venue! You MUST WORK YOUR TRADING PLAN and take enough time to do your set-ups with historic data as a guide to how different scenerios usually play out putting High probability on your side and practicing good money management! You should probably get to know the item you are trading like a brother. Learn what times of day it makes predictable moves like the AUD at 7PM tends to change directions or continue a strong trending move. Just little things you can pick out if you play around with some back data. Watch how price shoots up from support and down from resistance then goes back for more only to shoot away again.
Watch how the "breakouts" will "headfake" you and turn back the otherway. Set your stops with room to breathe but not so much room that your risk/reward is so out of balance that you blow out your account. Like Vince always jokes about, trading is easy, it's making a consistent profit that is hard.
Get to know your trading platform!!! Can you execute any order on a dime? Or do you fumble along looking for the right tab in the software losing precious seconds??? Can you quickly execute a complicated trade with quick precision? What is your backup plan? What if your computer blacks out, do you have the speed dial set to your broker or have a backup computer running along with your main one? What about your connection? I went to do a set up just the other day and had no internet!!! No kidding!!!
AT&T must have had a blip at 230 AM when I was online! Did I have a wireless provider as a backup? NO! What did I learn? I'm not prepared to trade big money is what I learned until I get all my backups in place! What about a power outage? What about Murphy? He lives in my house and I bet his cousin lives in yours! So is trading easy? It depends on you really, I love trading win or lose, it's like war planning. You set your plan , set your backup plan, and your "backup backup" plan (or plan C) then you execute with lightning precision! When you win with consistency , you can call yourself a real trader.
I guess I should also say this, I listen to "Biz Radio" bizradio.com at work (This is the job I am trying to replace with full time trading:p ) and Vince Rowe does an amazing radio show there every weekday from 11AM - 12Noon and He really goes on these rants almost daily about all those "traps" or "scams" out there that traders get snared by. This guy is a true educator and is so darn smart about anything related to trading. He has a "Team" of educators/traders in his school who all have their own trading styles and approaches. Vince always harps on how everyone is different and one trading plan doesn't fit all. Some people love to do 100's of trades a day for a few pips each while others only want to swing trade on long term trades. Others may trade once per day. So you see, everyone likes to trade like they like their coffee (I like mine black and strong w/ no cream or sugar thank you.)
Me, I like to try many different things and see what works best. I tend to "fiddle" with things even when it's all doing good, I am always trying to learn more and fine tune stuff so when I make a bad decision and take a hit, I am not bothered but take it as a price paid for "Real world" experience. For instance, I was making good money on news spikes but wanted to get in earlier. I noticed that the "expected" outcome of an upcoming news event seemed to always be right so instead of waiting for the move, I got in a half hour early based on it being right.
The news was May 7 , 2008 at 9:30PM EST. The AUD Employment change was predicted to be 10.2K which would be down from the previous period. I shorted 3 minis thinking it would go down but instead the figure came out at 25.4K and that beast shot up like a rocket!!!:eek: I watched my position go to -150 dollars in like 2 seconds and hit the "close trade" button! I was amazed at the speed it took off at! And to think most of that was probably bracketed trades done on algorythoms! Within a short time the trade came almost back to where it started! I then knew I should have simply took a short position at the head of the spike for 3 more and cash out after it came back down! Or just wait for the original trade to come back down and get out with a small loss. The funny thing was how the spike went up and down all at once (I'm referring to the bottom shadow of the candle wick here). If you had took a long position with a tight stop , you would have gotten stopped out in a millisecond ha ha.
Take Care and Happy Trading! ~ Bruce