Before becoming a full time forex trader I worked for 6 years as a software installation engineer for an IBM business partner in the UK. It was during this time I discovered forex and put every spare second of my time into learning how to trade. I became so obsessed with trading and so bored with my computer job; my then boss offered me a redundancy package. I am sure anyone who has left a regular monthly salary to follow a dream of independence can tell you there are a few emotions involved, as there are with most types of change.
At the end of the day I think I was as relieved to be leaving my job as my company were to see me go. Throughout my early life I was made well aware of the amount of stress and hardship that can result from having to slave your life away for a salary you are barely able to support yourself with.
As soon as I was able to work I got a job in computers, it was easy fast cash and there was no way I was doing a three to five year university degree in how not to have money. As soon as I had some money saved I began looking on the internet for investments that would let me retire within 5 years. Stupid I know, but my belief in this was so strong I failed to see why these investments would not work; this same strong belief has kept me going with this whole forex thing despite that fact I did not make a cent for many years.
This brings me to the purpose of this book. During the 6 years of my life I have spent on this I have been through the mill as regards online forex trading and it is the purpose of this book to share my experiences with you so your experiences may be better than mine. I can tell you now the world of on line forex trading is full of sharks. Having experienced this I can safely say I am an honest, easily fooled person, I just do not understand how some one can sell lies for money or trick you out of your money; especially if they do it for a living.
It just amazes me what people are like when it comes to money, there are a number of phrases to describe these people, I would like to see what they put on their CVs. The first chapters of this book deal with my experiences of these people. I have not mentioned names as having anything further to do with these people is the last thing I want, if however you would like to know specifics please email me.
I am not going to do any of these, forex trading system, on line alert service, managed account service , if you would like these I will recommend a number of providers who will be more than happy to take your money.
There is so much misinformation or inadequate information on the internet, marketing and advertising of the forex market are 2nd to none, and they have made it so easy for you to give your money to them. I hope this book will guide you past the crooks and direct you towards the real gurus, I hope it will show you what the forex market is really about and what a real forex trader does.
If you are expecting a cut and dry trading system, then this book is for you, even though you are not going to get it. This book may totally change your ideas of what you will need to do to be successful; this may in itself crush your dreams of ever making money from forex. Do not worry it is possible to make money from forex and this will point you in the right direction. What I did next, in hindsight , was extremely stupid. Hopefully some big gun will read this and bring them to bear.
Just do a search for high yield investment programs on Google and see what you get. To be fair I now do see a number of government websites warning you about these, although I may have been blinded by the money, back in I did not see any warnings.
If you get into one of these programs, all agreements are made electronically, email and inevitably you deal with some the other side of the world. You will see returns coming back to you for a few months while at the same time you are sent loads of information on other really good high yield investments.
You get regular updates and everything looks good, the cheeky bugger I was dealing with even sent me pictures of his family holiday in Costa Rica, then all of a sudden you are told the fund is bankrupt and there are no more payments. Oh well my fault for being so stupid to begin with, hope he enjoyed his holiday!
So my advice is to steer clear of stuff like that, again if you want further advice on something email me. The second place I lost money was with people phoning me and selling me forex options.
I had read a little about forex funds while looking into high yield investments. Now these people calling me sounded a lot more professional, they explained the whole option thing to me and how they recommend I use a weighted straddle technique to get in on the action on the euro. Again there are s of companies doing this, if you want them to call you just do a search for forex options or investments and fill out a few online questionnaires.
I did this a couple of times back in and I have had people calling me weekly for the past 6 years trying to sell me investments. The people and companies selling option based investments to the semi-informed public are no less crooked than the high yield investment people who just take your money and go on holiday with it. While the options selling people are slightly more professional, all they do it confuse you with too little or too much information, act as the counter party to your options and tell you what strike price to use.
As mentioned the sales techniques combine too much information, too little information and on many occasions aggressiveness. It seems like some people have been driven mad by money, ok man, calm down, I am sure you know what you are talking about. I have been cold called by s of people trying to sell me options.
I lost loads of money with an investment advisory based in Barcelona. The whole experience was so terrible, it was in December this happened, I am sure Windsor limited changed its name a long time ago. I was on holiday in Johannesburg at the time; I can still recall how sick the telephone conversations I had with them made me feel. Call it stupidity, call it determination but despite losing so much I still believed I would be able to live off my savings one day.
I kept looking, this time looking at how I could trade forex myself. I soon found my first forex brokers website, I saw the charts, I saw the trade station, I read the briefs and I was sold. At the time I believed I had made it past the sharks and was with the good guys who would help me make money on forex. It was simple, accessible, and there were loads of educational resources.
I did not know it at the time but I was just swimming with a different bread of shark. I can tell you now although online forex brokers on the whole provide and excellent service their main objective is to transfer the funds from your trading account into theirs, much like the firms selling forex options, online brokers use a combination of too much information, too little information, miss-information and generally suggesting trading parameters and methods that are unfavorable.
I cannot complain about on line forex brokers too much as they provide the general public to the once exclusive forex market and generally their trading tools are good, however much like a casino giving players an opportunity to gamble online brokers use loads of subtle tricks to part the would be trader with his margin account.
It is not only the online forex brokers that are attempting to make money from the aspiring forex traders, as stated in the introduction there are numerous forex alert providers, managed account services and people selling trading systems and forex trading courses. Believe me when I say none of these people are for real, they are all selling bogus products, selling lies, trying to steal your money!
If you do a Google search you will find s of such forex trading related products and services. This I believe is due to the fact I was so badly burnt by my previous investment attempts. I never risked any money on the spot forex market until I was able to make consistent profits on a demo account.
Thanks to my adamants, to not trade with real money until I had a method of trading I knew worked, I have been able to persevere with my forex endeavors without wiping myself out. The remaining chapters will deal with my experiences of legitimate trades and what you need to do to succeed in the forex market. However there is a ton of misinformation in these courses they explain techniques to you that are based on stock trading and fall down when it comes to the currency market, there is also a distinct lack of information in these courses, they touch very lightly on the history of money, the reasons for the relative value of money, the structure, participants and purpose of the forex market.
They really just do not give you the correct picture of the forex market. What is important for you to understand is that the vendors of most of these forex trading courses and even forex mentorship programs for that matter are failed traders.
These people have no interest in your success in trading; their only concern is that you purchase their course and then their advanced course and then their mentorship offerings. These people want your money, they will sell you anything to get it and they do not care if you make it as a trader. In the case of brokers offering training courses, their interests also lie in giving you enough information to make you a danger to yourself.
Can you believe that virtually all vendors of online forex trading courses are little more than crooks, selling quickly put together courses whose only intentions are to make as much money off you as possible?
The vendors of these courses must have some good intentions as much of the material in the courses is correct, however if they have any thoughts that their courses will enable some one to make money from forex they are sorely deluded. It is the lack of information and the blatant misinformation in both the courses themselves and in the advertising of these courses that in my opinion make these people crooks. There are a small percentage of forex training courses that do give you the correct information, if you are lucky enough to do one of these courses you will soon realize that no course by itself, irrelevant of cost, will make you a successful forex trader.
This comes from developing a clear idea and being able to anticipate what the large forex market participants are doing, this comes from understanding global economics and through years of experience watching global financial movements, this will be covered in later chapters. Now I would like to go through the material covered in some of the online courses I have taken in the past, to present , the courses were very professional and the people offering the courses are still around so I will not cover their material in too much detail.
It is not my intention to state here what these courses should have said but merely to point out where they lack information and where they have provided completely wrong information. A professional forex trader must have a clear picture of what the forex market is, this is especially important as most of the time the trader is sitting at home with little more than numbers on a screen to guide him.
To be fair, to a certain extent, these courses do cover this information, central banks, investment banks, hedge funds, corporations, inflation, interest rates, balance of payments and the economic news releases that impact exchange rates.
Where they fail is the proportion of the material that is dedicated to the fundamentals of the market against the proportion of the course dedicated to technical analysis. The big forex market movers almost exclusively look at fundamental economic conditions when deciding where to invest money, yet these courses dedicate little more than a couple of chapters to this.
The little information they do give you on the structure and fundamentals of the forex market excludes vital information regarding the history of money and current characteristics of money, the history and current structure of the international banking system, the international money markets, global economic cycles, and the physical underlying structure of the market. They fail to impress upon you exactly what is happening, whose money, coming from where, going to where, and why?
All these courses have left me with these questions. Even information provided to me by legitimate successful traders has left me with questions regarding what is going on with the forex market on a day to day basis.
No forex training courses will teach you what is fundamentally going on with the forex market at any given moment, this changes day to day. Banks employ s of people to analyze the global economy, no course will teach you this, but it is possible to learn this, you firstly need the correct information and then long term exposure and experience of the global financial trends, you also need contact with an already successful trader who you can learn from. I will recommend legitimate educational material and mentoring services in the latter chapters of this book.
On top of the lack of information into the fundamentals of the forex market, the second failing of most of the online forex training courses is misinforming the student as to how to analyze the forex market.
My short answer to all of the technical analysis that can be applied to price charts in the forex market is; by itself none of it works! In later chapters I will explain to you what I have done to prove technical analysis by itself does not work and no consistent prediction of the future movement of exchange rates can be gleamed from historical price data alone.
There is a general accepted notion as present by forex brokers and vendors of forex trading courses and other systems that the forex market responds well to technical analysis. This is an out and out lie, and reinforces the statement that the majority of vendors of forex trading related services are little more than crooks.
Technical analysis serves two purposes, people can make money teaching it and forex brokers can make money from people using it. The final failing of the majority of forex training courses and forex brokers alike is the suggested money management and risk management strategies, leverage your account at , always use a stop loss and keep your losses small, let your profits run. All of these are commonly accepted truisms in the forex market, so it may be a surprise for you when I tell you these are not the strategies the big professional players are using and if you use these strategies you are liable to get wiped out pretty quick.
It is not my intention here to explain exactly what these training courses should have said. I will cover much of this information in the latter chapters of this book along with directing you towards additional information vital to your success as a forex trader.
The next chapter will deal with another breed of forex shark, the vendor of the online forex trading system. These guys are complete crooks and deserve to be thrown in jail. I have absolutely no worries about naming these people and exposing their scams, they may as well steal handbags for a living , they are that low. If you bought one of their systems, do not worry, I have bought many of them. I just fail to see how some one would want to make money so dishonestly.
Well the wheel turns people and you are going to get named. I have absolutely no idea where to start! But not to worry there are really clever, helpful, honest people on the internet who will help me!? The first forex system I bought is still actively being sold on the internet.
I can tell you now this sort of thing is the absolute biggest load of BS. This guy is selling lies and deserves to be thrown in jail. I have his e-book and will be more than happy to send it to you if you request it. Looking at this whole thing in hindsight I can hardly believe I was so stupid as to believe the claims he makes on his website. At the time I was oblivious to the methods and motivations of the major forex market players, hedge funds, high worth investors and investment banks.
There are literally s if not s of websites and people offering simple systems to trade the forex market. Are all these providers of forex systems crooks and con artists selling lies and complete BS systems based on technical indicators they have sucked out of their thumbs, Yes! Do they all know they are selling lies and conning people for a living; yes!
Are they all failed, would be traders who lack the intelligence to make money from the market and have turned to making the lives of honest people harder, yes! Do they know every word I am saying is true, yes! Should they be publicly flogged and thrown in prison, yes!
If you happen to be one of the afore mentioned people and have made money from aspiring traders with bogus systems you made up you yourself or a buy sell alert service you know does not work, then please after you have refunded every cent you made from vulnerable aspiring traders, go and kill yourself, society does not need you.
This book is my effort to add something honest to the online marketing of online forex trading and expose the sharks. No matter what method a trading system uses there are basically only two things a trading system has to do.
Firstly identify a trend and secondly buy a dip, sell a rally or enter on a break out. Obviously there is more to take into account, risk management, targets and fundamentals. All on line forex systems I have purchased have completely ignored the fundamentals of the market, with the exception of a system suggesting you gambling on economic announcements like Non Farm Payrolls and rate decisions. The forex trading systems I have bought all focused on purely mechanical technical criteria for entry points and targets and their risk management strategies focused on extremely mechanical support and resistance levels based on short time frames.
Trust me when I tell you if you follow these systems you will get wiped out and the people who write these systems know this, there is no way in hell any of these system will work. We will now review one of the on line forex trading systems I purchased in the past. The first thing the e-book containing the trading system talks about is background into the forex markets, pips, spreads, brokers, etc, etc. We will not beat around the bush and move on to the meat of their trading system.
Identify a trend. Please understand I am joking here, I am almost as full of crap and the guy who made up the system to begin with. Identify a dip to buy. I am right now sixty as well as points tend to be more hard to understand these days personally. Their program with regard to addressing expenses function. When the details he or she explains no more match an industry, change you to ultimately the marketplace, however the program is actually seem.
I also attended Mr. Recommend Documents. While the options selling people are slightly more professional, all they do it confuse you with too little or too much information, act as the counter party to your options and tell you what strike price to use. Contact: info mmaster. Get the "Introduction to Spread Trading" companion video here. The whole experience was so terrible, it was in December this happened, I am sure Windsor limited changed its name a long time ago.
I kept looking, this time looking at how I could trade forex myself. But informed traders are the best traders! Adherence to all applicable laws and regulations, including international, federal, state and local, governing professional licensing, business practices, advertising and all other aspects of doing business in the U.
It seems like some people have been driven mad by money, ok man, calm down, I am sure you know what you are talking about. These online alert people were nothing special I could do what they do. All on line forex systems I have purchased have completely ignored the fundamentals of the market, with the exception of a system suggesting you gambling on economic announcements like Non Farm Payrolls and rate decisions. At the time however I was blinded by programming my indicators into the charting software and getting my 24 hour a day online money machine rolling.
Thinking about it now, I was stuck in a box and going through mental grid lock. The most amazing piece of knowledge I got from Joe is that prices are always in a range. Use 35 pip stops and pip limits. Time is irrelevant; cfd trading community by joe ross pdf and exit levels are. EquationsJoe Ross, Jan 1,Poetry, pages. This was answered quiet well forex heat scanner free lot forex meaning both bird watching, the old docs and an email response to some questions I received from the author.
Please excuse me being a bit lazy and just copying and pasting my old trading rules into this e- book without what is the minimum deposit for plus best internet service for day trading giving particularly good explanation of.
As stated in the introduction, this book has been a subjective, personal account of my experiences trying to make money in the world of online forex trading. The first half of his book talks about the local banking systems and the ways in which government may supply or with draw money from the market, he then goes on to talk about the forex market day and the reasons behind why money is moved from one country to.
Ross Anderson trivium with the quadrivium. Need an account? Be happy with a quick result 2 most days 9. As we will come to in the latter chapters of this book, the only way to effectively identify entry and exit levels is to base low brokerage share trading investing online stock market trading platform decisions on the underlying fundamental factors driving the big players in the forex market.
What would they do if they didn't have your stops to run? The Long term EMA is white, the little brown and blue arrows indicate time when the EMAs cross, and the tiny blue and red little chevrons indicate the level at which to enter should that price be reached.
The book was everything that I was lacking and could have been written for me. Note released figure vs. Entering trades 1. The Spread Scan weekly newsletter is designed to assist you in becoming a better, more well-rounded trader by showing you, within the context of the markets, how to trade spreads. By the time I had finished with this portion of my forex trading education, I knew roughly what did not work, I knew all about price movement and the psychology behind it, I had what I thought were really good methods for entering and exiting trades, and I was aware of the fundamentals of the market, economic releases, central bankers speaking , but I was still unable to turn a profit.
You can also get a good idea of the different methods employed by these s of would be online traders, the majority of these people are intelligent individuals as is evident in the numerous and wondrous techniques they have come up with. On July 2 we sold 2 Russell mini contracts at The market has no power over you when you are not in it. Not following re-entry rules 3. Even information provided to me by legitimate successful traders has left me with questions regarding what is going on with the forex market on a day to day basis.
I am sure the education I received from Joe has contributed no end to my success as a trader; however his information in itself did not make me successful. Establish trend with an 89 and EMAs on close 2. Log In Sign Up. Download pdf. Like many other setups, the success or failure of this lies within the individual trader and his discretionary instincts. Lately, Joe has been the chief trader for Money Masters International, where for the first time in his life he has been willing to trade money for others due to the safety and profitability of the Money Master strategies.
At the time of reading I felt I had no chance at this, if I was to try this I would be in the realm of the rooms of analysts employed by investment banks. Let's all push forward to exchange new ideas and interesting concepts. Joe has written twelve major books, several E-books , and countless articles and essays about trading. Move stop loss in 50 pip increments 2. Read VWAP for stock index futures trading?
Reproductions of this newsletter are prohibited except by permission. Learn the successful strategies behind hedge fund investing Hedge funds and hedge fund trading strategies have long been popular in the financial community because of their Enter only if conditions occur between 8am and 11pm 3. Spreads are applicable to all futures markets including currencies, commodities, financial instruments, and stock indexes.
The first chapters of this book deal with my experiences of these people. By Matej Klenovsky. Process 1. You will see returns coming back to you for a few months while at the same time you are sent loads of information on other really good high yield investments. I hope this book will guide you past the crooks and direct you towards the real gurus, I hope it will show you what the forex market is really about and what a real forex trading analytics course glnnf stock otc does.
Poem once. You will find these "big boys" like Cargill, Archer Daniels Midland, corporate farmers, commodity funds, and many of the grain storage companies are trading in spreads. This guy is selling lies and deserves to be thrown in jail. He uses only what he sees in each price bar. My main question during the reading of this book was………..
Again they have great websites, and really good past performance figures along with lots of good relevant information. Large price ranges contain within them smaller price ranges, often called congestions, and rallies or drops are the connectors between these congestions. Further elaboration he makes on this in his hard back books is to mainly trade the break outs of Inter-day congestions, congestions taking place over a number of days.
I looked on the internet for some material on the subject. Sale Page : tradingeducators. If you have any question please contact : [email protected] And Skype: library. This product is available now. In this eBook I show you a better, most sensible approach to day trading the E-Mini, based on my own trading experience. The E-Mini has become the premier market for day trading by retail traders and can be a full-time career for any trader.
After you absorb these lessons additional trading education is available via books, webinars and private tutoring to become a profitable E-Mini day trader! What do you need to get started with E-Mini trading? For the most part, all you need is a set of charts.
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