Kelly Price asked:


Here I am going to share with you a critical piece of forex education and it’s something you would be wise to study, as it will lead you to currency trading success – if you learn and digest it.

I am going to cover an experiment that took place in 1983 and the experiment was done to prove that anyone could quickly learn to trade and make big t-decoration: none; border-bottom: 1px #ae0000 solid; color: #ae0000;" rel="nofollow" target="_blank" >forex profits.

Richard Dennis was a legendary trader, who set out to prove anyone could learn to trade, if they had the right knowledge and attitude. He decided set about trading a group of people who had never traded before, to trade in just 14 days.

So what was the result of the experiment?

The group went on to make Dennis $100 million in just 4 years and become some of the most famous traders of all time.

This group was diverse: A female auditor, an actor, a security guard and a kid fresh from school were just a few of the people in the group – yet they all achieved success in 14 days!

So what can you learn from this experiment?

The first lesson is that anyone can become a successful trader, age, sex or educational achievement are no barrier anyone can do it.

Secondly it’s the speed with which they did it that struck me just 14 days and this shows that you only need to work smart not hard.

One of the most vital lessons you can learn is that the trading system taught was simple – but the vital thing Dennis knew was – if you have a trading system, you must have confidence to apply it, with discipline, otherwise you will fail.

The system was essentially a breakout system and the logic is timeless and the methodology will still work today – but takes incredible discipline to apply such a system and Dennis knew this.

So he rammed it home, that they would have take a long periods of losses to deal with, before they hit the big profitable trades and this is something you must learn to as part of your forex education.

forex trading doesn’t just rely on your system it relies on your confidence in it and your ability to apply it with discipline, through losing periods. If you think discipline is an easy trait to acquire think again – its not, that’s why 95% of traders lose.

Of course you can do it but you need to do your homework and learn, understand and have confidence in what you are doing – it’s as simple as that.

If you want to read more about the turtle experiment, you should read Jack Shwagers excellent book Market Wizards and “The way of the turtle” where Curtis faith (the most successful of the group) outlines everything about the experiment.

These books won’t cost you much and they are really essential forex education, so go and get them. The turtle experiment inspired me to start trading many years ago and I have never regretted it and their success still inspires me today,

Finally, I hope they inspire you in your forex trading as well.



Pick The Gender Of Your Baby

Samuel Leslie Berkovits asked:


Back in the 1980s one of the most famous trading experiments of all time took place which saw a group of traders with no experience making millions after just 2 weeks training. They way they did it should be an essential part of your forex education…

The test was conducted by trading legend Richard Dennis, to settle a bet with his business partner, that traders were made NOT Born. Anyone could learn to trade with the right education and mindset.

Dennis set out to prove that he was right.

He gathered a group of people together and the only thing they had in common was they had never traded before and knew nothing about it. In the group, there was – an actor, a security guard and a kid fresh from school. These people were of all ages, both sexes and varying levels of academic achievement.

Dennis got to work and taught them. After two weeks, he set them up with trading accounts and the rest is history. This group nicknamed “the turtles”, went on to make hundreds of millions of dollars and go down in trading history.

So how did they do it so quickly and with such success, when it’s a known fact that 95% of traders lose money?

The answer to this question is essential forex education!

The method he taught was simple, just a long term breakout system with money management rules but Dennis knew that the real problem with traders is not they can’t learn – they can but they can’t get the right mindset.

Dennis needed to give them confidence in the trading system, so they would have the discipline, to trade through long periods of losses, until they hit a home run and this is what you need to do!

You Need to Lose to Win!

Most traders simply cannot do this.

They fall for expert systems which say they won’t lose from vendors and of course, there junk. They come with just a simulated track record and the trader loses and gets wiped out. On the other hand, there are another group of traders who simply cannot keep their emotions in check (for various reasons) and they totally lack discipline. These traders could win – but they cannot be disciplined and lose.

Dennis proved that learning a system is easy – but you need to have the mindset to apply it. If you don’t have the discipline to apply your trading system, you don’t have one!

In interviews with Dennis’s Pupils they all comment that the system was easy enough to learn but staying on course, with discipline was the hard part and it is. Any trader, who tells you discipline is easy, probably has never traded.

Work Smart Not Hard

You don’t have to work hard in forex trading, you need to work smart and that means learning a system from the ground up and learning how it will lead you to success and then most importantly, you need to have the discipline to apply it, rigidly in line with your rules. If you can do this, you could enjoy spectacular currency trading success.



Pick The Gender Of Your Baby

Sacha Tarkovsky asked:


If you want some good FOREX education to help you build and execute a trading method the good news is you don’t have to buy a worthless e-book from a vendor ( with no real time results ) you can get all the info you need free.

Here are some tips on the best FREE FOREX education.

You Need a PROVEN method

This should be technically based.

All you need to do is search technical “analysis of FOREX markets” and “support and resistance” and you will find everything you need.

Once you have done this, you need a methodology to tr ade with.

The simplest method to understand is:

A breakout methodology search “FOREX Breakouts”

Once you understand the above, you will need to decide if breakouts are valid.

You need to calculate price momentum i.e. is it failing at a breakout, or is it accelerating?

The former indicates resistance or support will hold, the latter it will fail and a breakout occur.

Get a good free chart service like futuresource.com

Pull up the charts on the indicators and look at the studies at the bottom.

There are three that we find useful and you will to – look up their logic and try using them in conjunction with support and resistance.

Price momentum indicators that are good are:

Relative Strength Index RSI and the ultimate indicator for timing trades: The Stochastic.

We also like Bollinger bands for targets and to see volatility

Look up the logic of both. Using these in association with support and resistance is a great way to trade.

Other useful indicators to look at are: Moving averages, MACD and the ADX

Breakouts trading them for profit

It’s a fact that most major moves start from new market highs NOT market lows and that is why a breakout method is so effective.

To check if a breakout will fail or break you simply need to get some momentum indicators to gauge strength of price.

We like the stochastic and RSI, But indicators used are matter of preference.

A SIMPLE METHOD FOR PROFIT

The above may sound simple and it is – the best methods are.

You don’t make money n FOREX trading for being clever you get paid for being right.

There is no correlation between how complicated a method is and how successful it will be.

In fact, simple methods are best and you should focus your forex education on them because:

They are easy to understand, easy to apply and more robust in the face of brutal market conditions.

The PROOF

We have used a simple system and demonstrated how profitable it can be in numerous articles and we have applied the above tools to spot big moves – check them out.

Before you

Waste money n a worthless e-book from a vendor who has simply put together a system with a simulation of profits (he is probably no smarter than you), take a few hours to research and build your own method.

Keep in mind only you can make yourself successful and if you think you can buy success for $100 or so – think again!

If you do the above, you will have something that you can have confidence in and apply with discipline for profits.

One final point:

When trading breakouts only trade ones that are significant i.e. on weekly and daily charts (forget day trading it doesn’t work)

If you trade only the best breakouts and trade with momentum you will have huge profit potential.

Finally, have patience and only trade the best set ups.

That’s it.

Research the above FREE FOREX education, build and test your method and then go and make some profits!



Pick Your Babys Gender

Sacha Tarkovsky asked:


If you want good forex education forget buying an e-book from a vendor for $100 or so, who has never made money in his life and get down to your bookstore and get some forex education from traders who have walked the walk – rather than simply talk the talk!

Of over 600 books I read, I have picked six that are essential reading for any trader and you can get them for $100 bucks or so, which could be the best money ou ever invested.

So check out the books below and make them part of your forex education.

1. Market Wizards – by Jack Schwager

Interviews with the top traders in the world. A look at everyday life of people who make a living trading – this is simply a classic and I still find myself visiting it after 20 years and re reading it.

If you can’t learn from such trading legends as Richard Dennis, Paul Tudor Jones, William O’Neil, and Marty Schwartz – then you can’t learn from anyone!

2. The New Market Wizards – by Jack Schwager

More interviews with top traders from around the world. This book is the same format as Market Wizards and brings together some top traders and again benefits from Schwager’s great interview technique.

3. Trader Vic–Methods of a Wall Street Master Victor Sperandeo

This is perhaps one of my favorite books and you will see why after reading it, he has been such a consistent trader and his focus on long term results, money management and long term trend following are essential reading – his “2B” test technique, it is worth the price of the book alone.

4. The Zurich Axioms: Investment Secrets of the Swiss Bankers – Max Günter

I picked this book up and read it in one sitting – an absolutely fantastic, if un-conventional book!

If you have accepted investment wisdoms such as diversify to make gains be prepared to re consider your view.

It’s the type of book that is so easy to read, yet gets your adrenalin pumping with every page, until you’re buzzing at the end and want to turn on your computer and trade!

5. What I Learned Losing a Million Dollars (Hardcover) Jim Paul and Brendan Moynihan

An inspiring story of a real person who lost a million and a half bucks and tells his tale, with great insight including, even contemplating suicide at one point. If you don’t think emotions get the better of you in trading this book will show you how they can.

There are too few books that tell us how to avoid losing money hey all ocncentrate on how easy it is to make money nd thats what makes this book so unique.

All the mistakes that forex and other traders make are outlined, explained, and amusingly told in this boo.

The book gives you an affinity with the author which brings makes his message even more powerful.

This book is not an outline of how to trade, but how to get the right mindset.

These are lessons about how we accept a trading loss, how to learn from losing trades, and finally how each of us can be tempted to rationalize losses.

6. Technical Analysis – by Jack Schwager

There are loads of books on technical analysis and this is simply to most complete guide you can get.

It’s more of a reference book than an entertaining read, but as with all Schwagers books there is a wealth of knowledge you can tap into – Everything you need to know about technical analysis is here and the fact that I picked over John Murphy’s work shows how highly I rate it.

So there you have it six different but essential reading for all traders novice or pro.

These six books together, present a great mix of forex education and I personally feel all traders should read these books.

I hope you enjoy the above books as much as I did and that they give you some great forex education and a head start in your quest for currency trading success.



How To Make A Diaper Cake

Kelly Price asked:


If you want to make money in currencies you need the right forex education and it’s a fact any trader can learn forex trading and be successful but most fail to make money – this article will give you 6 tips so you can enjoy currency trading success.

Here are your forex tips in no order of importance but there all essential to your trading success.

1. Success Rests On Your Shoulders

No one else can make you rich you have to understand what you are doing to get the confidence to follow your path with discipline. If you don’t understand what you are doing then your discipline will go as soon as you have some losses.

If you cannot follow a forex "text-decoration: none; border-bottom: 1px #ae0000 solid; color: #ae0000;" rel="nofollow" target="_blank" >trading strategy with discipline you have no system.

2. forex trading is NOT easy

Anyone can learn to trade but the really hard part is the mindset to succeed.

Do not believe anyone who tells you that it is and sells systems saying that you will make money every month or they can predict prices they can’t.

There is a huge market for these systems and there mostly junk and come with a worthless simulated track record. As we said success comes from understanding what you are doing and self education is the key that will make you successful.

Forex trading is not easy and wouldn’t expect it to be with the rewards to be had but the good news is – it’s not that hard either.

3. Work Smart Not Hard

Most traders think the harder they work the more money they will make.

In many areas of life this is true but not in forex markets! You get paid for being right with your trading signal and that’s it.

Work smart and learn the right knowledge and avoid all the common myths that most traders fall for which include:

- Day trading systems make money.

- You need to predict forex prices to win.

- The more complicated your trading strategy the more likely you are to win.

- trading news stories is a great way to make money br/>
None of the above are true – there all myths we have covered even more in our other articles so look them up.

4. Use Forex Technical Analysis

It’s simply the most time efficient and best way to trade.

You can learn it in around two weeks and then spend just 30 minutes a day executing your trading signals – and that’s it. All you need to do is learn to act on the reality of price change and not predict.

5. Keep it Simple!

Simple currency trading systems work better than complicated ones, as they tend to be more robust.

Complicated systems fail in real time trading as they have too many elements to break.

6. Know Your Trading Edge

Your trading edge is something that will give you an advantage that will allow you to make profits when 95% of traders lose.

You must understand it and be confident that it will lead you to forex trading success.

If you don’t know what it is you don’t have one and its time to continue with your forex education until you do.

As you can see form the above your forex education is all about working smart not hard and getting the right knowledge and mindset to succeed. If you can learn currency trading the right way, a life changing income could be yours.



Sign Language For Babies And Beyond

Sacha Tarkovsky asked:


We have already introduced the concept of forex education and what to look for in part 1 of this article.

Here we are going to show you how to educate yourself for free and build your own trading system to build profits.

Let’s look at the basic concepts of forex education and how they apply to building a method for free.

Let’s start with the basics of a good trading system.

1. The big profits come from the longer term trends

As we have said in our previous article on forex education, one of the most important myths is that day traders make money �� They don’t.

Most get slaughtered.

To make money trading , it’s obvious that currency trends reflect the overall health of the economy and major trends can last for several months or years.

So, whats the best way to trade to make -decoration: none; border-bottom: 1px #ae0000 solid; color: #ae0000;" rel="nofollow" target="_blank" > money br/>
You guessed it – Focus on the longer term trends, NOT the short term noise.

2. Defining the longer term trend

The hard bit in forex trading is defining and staying with the longer term trend and not getting stopped out by the market noise.

3. The method

The method we are going to look at is simple to understand and simple to apply and consists of:

Using simple trend lines and other visual tools to determine the direction of the market and important points of support and resistance.

Note: You can’t see the long term trend by using daily charts you must use weekly charts as well as they give the big picture.

It amazes me that a lot of forex education focuses on short periods of data, when currency trends last months or years.

You need to see the big picture and that means using the weekly chart.

Next is the hard bit.

Entering trades

To enter trades you need to have a market timing tool and the best by far is the stochastic indicator.

It’s the ultimate momentum indicator when used with important support and resistance and we also like the Bollinger band as an additional filter.

4. money anagement

Most traders are not wrong about market direction this is a myth.

The problem most traders have is there forex education is not good in terms of money anagement.

You need to be able to enter at the right time, exit correctly and stay with the trend and this is the hardest part of trading .

Most traders simply have no grasp of money management.

Our system will show you how to handle risk and keep you in the longer term trend.

5. Discipline

This is always spoken about when you read any forex education but its quite simple really.

If you have a system that’s simple to understand and you have confidence in it you can follow it through the bad times.

Most traders simply blindly follow guru’s and give up as they lose confidence.

Keep in mind if you don’t have the discipline to follow your method you don’t have a method at all and are guaranteed to lose

6. What’s your edge?

This is a question any trader should ask themselves.

What makes you think you will be in the minority of winners?

If you don’t know your edge – you don’t have one!

A system for long term profit

So what edge does our system have?

It’s geared to the longer term trend, trades infrequently, has money anagement to control risk but most importantly will take short term equity down turns to hold the big longer term trends.

You can decide for yourself by reading part 4 of this forex education series, where we will show you where to find info on the net to trade a system for profit



Pick The Gender Of Your Baby

Monica Hendrix asked:


Forex education is vital if you want to succeed but most traders simply have no idea what is good advice and believe advertising copy, but you need to go beyond the copy to get good advice.

Most what you need to know is FREE on the net. Let’s look at where to get the best advice to forward your forex education.

Tip 1 – Look For Proof

Don’t buy an e-book from a vendor on the net unless they present a real time track record that they have made money ith their system.

There are many e-books sold that use great copy or lies, to appeal to naive investors don’t fall for this – If they have made no money on’t buy their product – period.

Most of the systems sold by vendors are junk or you can get the information free on the net anyway – more of that later. Now another important point!

Beware of the hypothetical track record this is meaningless.

Their done in hindsight knowing the closing prices so of course it’s going to make money but you don’t trade backwards in real life – you trade forwards and that’s much more difficult!

Instead of buying overpriced e-books with no evidence of success, go to your bookstore and pick up books from traders who have walked the walk rather than simply talk the talk.

Here you can learn from the real pro’s (we have done a top list check out our other articles) and there are some great bargains to be had.

Tip 2 Take advantages of FREE Sources

You can learn forex trading for free and get a forex trading strategy without spending any money.

If you are novice trader you will probably want to trade with forex charts and use technical analysis.

Just look up the phrase and you will find all you need.

The simplest way to trade is using “support and resistance” and a “breakout methodology” so search those two phrases as well.

You will need some “momentum indictors” to confirm you’re trading signals so look them up and in particular “Relative Strength Index” and “stochastics”.

That will give you a simple powerful method to trade with and give you a forex system based on sound logic.

THE BEST FOREX EDUCATION

Is easy to get if you follow the above two tips – All the basics are free and you can get a few good books from the great traders to inspire you and help you – you need spend no more than $100 maximum and you will learn forex trading the right way and get the best forex education.

Finally, leave the e-books with their over hyped copy and no proof to the other 95% of forex traders who lose.

That’s it good luck and good trading.



Baby Sleep Tonight

Kelly Price asked:


Anyone can learn to trade forex and win but the fact is 95% of traders lose because they either have the wrong mindset or get the wrong education and here are the major mistakes traders make which you must avoid, if you want to win…

1. Following Expert Advice

This includes the vast amount of junk online from ridiculous forex robots and sure fire systems which give promise untold riches for $100.00.

Sounds too good to be true?

Of course it is! Most of the so called experts have never traded and produce back tested track records on paper to support their systems! That’s not the same as cold hard dollars, made NOT knowing the prices in the real world.

If you think a forex expert can unlock the door to financial freedom for you, you are going to be very disappointed.

Just like in any other area of life, you have to achieve success on your own – but for the effort involved, the rewards can be life changing.

2. Working to Hard

In point 1, we have covered the lazy traders who make no effort and on the other hand there is the trader who thinks if he is clever, or works hard, it guarantees success – it doesn’t.

forex trading success is all about working smart NOT hard – you don’t get rewarded for working hard but being right.

It is my contention that once you have a system (and that should only take you a couple of weeks if you get the right forex education), you can make a triple digit income, working just 30 minutes a day.

3. Poor Money Management & Lack of Discipline

There are also a large group of traders who can get the direction of the market right – but fail to make money ue to poor money management.

money anagement is much more than placing a stop – it’s learning how to trail it correctly to milk the trends and deal with volatility

Many traders make minor profits from trades when they could make huge profits.

Volatility constantly stops them out with small losses before the trend is in motion or they move their stop to quickly and only make a minor profit.

Also many traders simply cannot take losses but to succeed in forex trading you must have the confidence in your trading system, to do so and these periods can last for weeks or months.

You need to stay on course, until you hit a home run – if you cannot trade a system with discipline, you don’t have one!

Most traders make the error of thinking the more leverage the better and you can get 200 or even 400:1 so why not use it? Well if you do on a small account its blow out time. You should really only be using 10 – 20:1 and believe me that’s plenty.

Be Realistic and Win.

Forex trading is NOT a walk in the park and that’s why 95% of traders lose. However, if you accept you need to work at the basics and do it on your own you’re on the way to success.

The key point you need to understand is – the market doesn’t beat the trader the trader beats himself.

You can win so get the right forex education and mindset and you’re all set to get on the road to currency trading success.



Sign Language For Babies And Beyond

Kelly Price asked:


Your forex education must help you answer the question below correctly. If you can’t answer the question below – then don’t trade forex as you will lose.

The question is:

What is your trading edge ( defined)?

A trading edge to clarify is something that will help you win, when 95% of traders lose and enable you to join the 5% of winners.

Below we have listed some common beliefs which many forex traders hold that are NOT a trading edge and simply see traders lose.

- I Follow an expert as he knows best.

- I have bought a trading system from a vendor with a simulated track record.

- Day trading is a great way to make money.

- I use a predictive scientific theory as markets are scientific.

- I Like to predict the big moves in advance.

- Buy low sell high is a great way to make money.

- I don’t have money management rules I Just place a stop.

- I have a lot of knowledge and learn more all the time to win.

If you hold any of the above beliefs – you will lose.

So what should your trading edge consist of?

It doesn’t really matter – so long as you know what it is, you have confidence that it can make you money and is based on sound logic. It’s personal to you – but must be in line with the following equation.

Logical Forex Method + Understanding Logic = Confidence = Discipline to apply it = forex success.

Lets start with – it must be logical and all the beliefs we listed above are myths and not logical.

You must of course understand how your method works, not just follow a mentor or guru because – if you don’t understand your method, you won’t have the confidence to follow it, with discipline, and if you cant followit with discipline you no method.

In the method itself, there must be an edge and it can be anything you like but you must understand how and why it goes you one.

For example – my edge is hitting contrary trades at turning points. with four indicators combined I have confidence will work.

Yours could be anything – but so long as you know what it is then that all that matters.

Your edge is personal to you.

When acquiring your forex education, understand that method is only part of the equation for success.

The really successful traders know that success is as much based upon understanding, confidence and discipline, as it is on the method used – its an overall understanding your after.

Today, too many traders will not get the right forex education and take short cuts. They believe they can buy success from a guru or vendor for a few hundred dollars and of course lose.

Success comes from within.

If you learn forex trading the right way and focus on getting the right forex education, you can get an edge and you can win.

The fact is everything about successful forex trading can be specifically learned, by those willing to put in the time and effort.

If you put in the time and effort, your forex education will be richly rewarded – as you will be able to enjoy currency trading success and pile up huge long term profits.



The Baby Sleep Solution Audio Program

Kelly Price asked:


One of the most important points you need to learn in terms of basic forex education is – that if you want to win at forex trading, do not make the mistake of trying to predict prices in advance, if you do you will lose. Here we will explain why and give a better way to trade.

We don’t know the future and if you try predicting it or forex prices you are simply hoping or guessing and that will not get you anywhere in life and certainly not in forex trading.

Most traders make this mistake when trading:

They spot prices moving to a support or resistance level and then simply jump in the market and execute their trading signal – this is totally wrong and is guaranteed to lose you money ver time.

/>Why?

Well if the price is moving to support and the trend is down why anticipate?

What you should do is waiting for prices to come to support and then start moving away – this is the correct time to execute your trading signal and to do this properly you need to learn about momentum oscillators which will help you determine when price momentum is moving in your favour.

We have written numerous articles on the use of these, so look them up and if you want to look at some good ones check out the Relative Strength Index and the stochastic, there excellent simple indicators you can learn to use in 30 minutes which is time well spent!

REMEMBER THIS:

Trading is a game of odds and to get the odds on your side, you should always trade with momentum on your side.

Do not believe the far out investment crowd who tell you there is a scientific formula for market movement – there isn’t

If there was we would all know the price in advance and there would be no market!

There are many vendors selling forex trading systems based upon the works of – Fibonacci, Elliot and Gann and they didn’t make any money for them and won’t make money or you.

If you want to trade forex successfully then as part of your forex education you must learn how to confirm your trading signals with momentum indicators. If you do, you will have a head start on your way to forex trading success.



Baby Sleep Tonight