Unfortunately forex investing is not appropriate for everyone as there are certainly great financial risks involved.  There are no systems that can ensure zero losses, but by educating yourself you can improve your chances for success.  The market master protégé program is a must for those traders who have an open mind and wish to learn forex trade from a new angle.

By enrolling for the forex profit accelerator course you will reap the benefits of a top forex profit accelerator who has many years of trading experience behind him.  Another theory that has been challenged is that of daytrading secrets. Many traders are under the impression that success will only be achieved with day trading secrets – not true, trading is not restricted to a certain time zone, as it is a global business running 24/7.

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End of day trading: In my last articles, I shared that for any Forex trading method to be considered, it must be first, a complete method (insert link to previous article); second, it must teach specific risk management rules; and third, it should be based on technical analysis, without being 100% mechanical or automated. The last step in determining whether a forex trading method should be considered, is the amount of time it requires a forex trader to implement it on a daily basis.

The dirty secret in the Forex markets is that most people OVERTRADE. This happens because forex traders are widely taught that the only way to succeed in the markets is to Day trade. The dirty ‘secret’ is that if a forex trader can’t make money trading forex on an end-of-day basis, the forex trader is unlikely to be any more successful day trading forex.

In fact, growth among retail forex traders is accelerating — these are people who currently have ‘day’ jobs. There is no likelihood that these traders have the time to watch the forex markets 24 hours a day. What happens if the traders fall asleep and miss putting in a protective stop order? Or miss an entry point?

I advocate trading forex on an end of day basis to eliminate the stress and time pressure to make instant decisions on order entry, immediate placement of stop orders, and constant ‘watching’ of the markets.

Combined with utilizing technical indicators, end of day trading allows forex traders to spend more time looking at the ‘big picture’ — is there really a trend? Is my method ‘right’? Are my numbers and calculations correct? And, they can do so in the quieter trading hours following the New York close (5:00pm Eastern Time).

Here’s a brief example:

Using a recent chart of the EUR/USD pair, from March 2009, shows a strong move from the 1.2600 range to 1.3000 — a 400 pip gain, which took about 7 days to complete and should have been captured by a good end of day trading method. However, that same chart shows more extreme fluctuations as the price ranged sideways in a 200 pip channel — if a forex trader is trying to day trade in that channel, the trader can quickly find themselves on the wrong side of a trade in more extreme short term volatility.

Forex traders who do not have the time to commit to managing their trades and monitoring the markets are precisely the traders for whom an end-of-day forex trading method based on technical analysis is best suited.

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Accelerator Website

While this means you are working more often with

slightly lagging indicators, the advantages to

using a forex trading method based on technical

analysis mean that you spend less time identifying

potential trades and when you have identified a

trend and look to enter a trade, you have much

more data to support the trend's existence than

if you are simply trading on the 'news'.
Furthermore, by using technical analysis and

applying it through a trading method, you can trade

the markets on your own terms, when you want to trade

and how you want to trade them, without needing to

grasp the minute details of what fundamental reports

'really' mean.

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Accelerator Website

In our recent series on Forex Trading Methods, we’ve talked about how to identify the elements of a good system. Today, we want to share with you why most of the systems out there don’t measure up to our guidelines.

First and foremost, many of the forex trading systems a forex trader will find are incomplete. They’ll contain hours and hours of theoretical filler, but rarely, if ever, a step by step guide for using the method to succeed. If a forex trading method doesn’t provide a clear, specific guide for implementing the method, the forex trader is likely to fail in using it.

Second, many of the systems out there pay only passing attention to the importance of risk management, or, they provide no coverage of the topic at all. If a forex trading method does not provide specific risk management guidelines, it should be abandoned immediately. Furthermore, if the method or system does not touch on risk management then forex traders should avoid it as such a forex trading method will leave all risk decisions to the trader — this is a recipe for disaster.

Third – too many systems are based strictly on fundamental analysis or news-based trading. In most cases, forex traders will fail with such systems because they are not capable of trading to the minute, understanding the depth of the fundamentals or predicting how the markets will react to fundamental changes, or news reports. This puts too much risk on the shoulders of the forex trader.

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Day trading — almost every method and system out there will require a forex trader to day trade. Casual forex traders will not succeed at day trading because of the time requirements necessary to succeed at day trading. If a system requires you to spend hours glued to your computer, we would advise finding a different method.

Putting all of these together, forex traders will find most of the systems out there meet one or all of these negative guidelines. Unless a trader is a day trading professional, we believe most traders will fail if they use methods or systems that meet the items we’ve discussed here.

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Risk Management: I want to continue the discussion on how to find the right trading method for Forex trading. Previously, I shared that for any Forex trading method to be considered, it must be a complete method (see previous article).

Today, I want to add to that by talking about risk management. This is perhaps the area where 95% of Forex traders make mistakes and lose money. Managing risk is about reducing your losses AND about protecting trade capital by employing specific strategies to accomplish each of these simultaneously.

What do I mean by that and why is it important?

First, most Forex traders make simple trading mistakes: they take too large of a position and expose themselves to serious and steep losses should the markets move against them. Second, they fail to protect their ENTIRE account by allowing ONE trade to put their full account balance at risk.

Here’s a quick and perhaps extreme example:

Suppose a forex trader has a $10,000 account balance. The forex trader takes a 5 standard lot forex trade on the EUR/USD pair. The forex trader now has at least $5,000 ‘margin’ at risk (or 50% or more of the forex trader’s account balance).

For every 1 point that this forex trade moves against the forex trader, the trader loses  1/2% of the total account balance. At first glance, that may not seem like a steep loss. However, should the Forex trade move a total of 50 pips against the Forex trader, and the trader subsequently exits the position, the forex trader’s total loss would be an INCREDIBLE $2,500! (25% of the trader’s account balance). This is poor risk management and it frequently leads to complete wipeouts of Forex trading accounts.

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How did we calculate that loss? 1 pip for the EUR/USD pair is equal to $10 (on a standard lot trade). A 50 pip loss equals a monetary loss of $500; and remember our example forex trader had traded 5 standard lots — for a whopping loss of $2,500!

Instead, any trading method should teach you very specific guidelines for incorporating money management and risk management into every forex trade you take.

Money Management should involve the distribution of a forex account among the various trades a forex trader takes. For example, forex traders should never trade their entire account on a single trade, and should rarely have more than a few open positions. By utilizing multiple positions, the forex trader distributes the risk among each of the forex trades they have taken.

Risk management should involve the maximum risk in any SINGLE Forex trade, and should limit the impact of a losing Forex trade on the trader’s account balance.

Here are two quick examples:

Money Management: A theoretical forex trader takes 4 separate one lot trades on four separate pairs. Assuming here that each of the pairs have a pip value of $10 on a standard lot, then the total amount of the account being margined across all four trades is about 40% (it may be higher depending upon the actual pairs traded. With proper stop loss management, however, in conjunction with risk management, it is UNLIKELY that the forex trader would incur a complete 40% loss.

Carrying forward to risk management: In each of the theoretical forex trades above, the forex trader risks no more than 2% of the trader’s total account balance on each forex trade. That means a maximum loss of $200 per forex pair traded if ALL FOUR trades are stopped out. Total loss in this case would be $800 — a much more recoverable scenario than the $2500 in the first forex trade example.

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Furthermore, Risk Management has the capacity to make loss recovery easier. For example, in the first case, where the Forex trader lost $2500, the trader would need a nearly 250% gain on their next trade to recover the lost value on the first trade.

In the second example, however, the forex trader would need only an 8% gain.

A second part of Risk Management not typically discussed in poor trading methods is protecting gains. Though this begins as a discussion on Exit Strategy rules, it is also an element of risk management. Once a forex trade turns profitable, it is imperative that the forex trader manage the gains with smart stop loss management. The worst thing a forex trader can do is allow a profitable position to reverse and become a losing position. Thus, managing risk extends to the protection of gains on a forex trade, just as it does protecting against deep losses on a forex trade.

Therefore, in considering any trading method for use in your Forex trading, you must ensure that risk management is not only discussed, but clearly explained in conjunction with the use of the trading method. If risk management is not present, unclear, or not specific to the trading method, you should avoid using that trading method.

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Today I want to take a few minutes to talk about Forex trading methods, because we are constantly bombarded with new methods or systems almost daily, and I believe traders have little chance of being able to identify the right ones to use, the best performing or the most educational. With so many methods, systems and automated programs, how do you select the one that is best for you, or the one that gives you the best opportuntity for Forex trading success?

I’ve developed a simple set of rules to follow when evaluating a Forex Trading method, course, system or program and today I want to share them with you.

First and foremost, any Forex trading method you consider must be complete. By complete, I mean the Forex trading method must teach you the following:

1. The precise conditions under which you can consider a Forex trade to be entered into. These are known as the “setup” conditions and refer to the technical indications (usually) that a Forex trade possibility exists.
2. The exact point at which you would enter into a Forex trade (price). This refers to the Entry Point (or Entry Rules) and means the price at which a Forex trade would be executed.
3. Rules for establishing initial and ongoing Stop loss marks for an open Forex trade. As part of Risk Management, it is imperative, especially in Forex, to have Stop Losses ALWAYS in place. If a Forex trading method or Forex trading system does not teach or define these, you should abandon it — without effective stop loss management you can be easily wiped out in a single Forex trade should the Forex market move against you.
4. The exact points and an effective strategy for exiting a Forex trade. Unlike stocks, you will rarely, if ever, find yourself holding a Forex pair position in the Forex markets for extended periods of time. Therefore, it is also important that a method teach you a strategy for exiting a Forex trade once that trade has become profitable.

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Combined, these four elements will help you to eliminate chance by streamlining your Forex trading decision making process. Without any of these, no forex trading method, system or program should be considered because in each individual case, forex traders will be exposed to steep losses or taking poor Forex positions. Keep in mind, not every setup will execute into a Forex trade, nor should every Forex trade be taken. Combined, these rules will help to protect you both in evaluating a method for its use and in executing the method when trading Forex.

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