7 FatalMistakes

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					A Currency Trading Survival Guide
By Lou Vozza

The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

I would like to express my sincerest thanks to Bob Jenkins (Bob the Teacher) at without whose guidance, encouragement and expertise this book would not have been possible. Ebook editing by

About The Author
Louis Vozza is a veteran Foreign Exchange Trader with over 20 years of trading experience. He has worked on both the Broker side and the Hedge Fund side. As a result, he has seen Forex trading from the sales point-of-view and the investor point-of-view. He is the owner of the free newsletter and blog "Your Currency Trading Profits". In addition, he offers a coaching service, which provides training and advice on a one-to-one basis for both the new and inexperienced trader, as well as the veteran trader looking to improve their track record.

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The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

Legal Disclaimer
This document is protected by international copyright law and may not be copied, reproduced, or used to create derivative works without the author’s express permission. This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the author and the publisher are not engaged in rendering legal, intellectual property, accounting or other professional advice. If legal advice or other professional assistance is required, the services of a competent professional should be sought. Although all of the techniques presented within the pages of this e-book have been tested and used by me with very favorable results, it is important to note that you may not receive the same results. It is impossible for me to guarantee that you will generate the exact same results by utilizing these methods. I can therefore not be held accountable for any poor results you may attain when implementing the techniques or when following any guidelines I set out for you. Lou Vozza does not accept any responsibility for any liabilities resulting from the actions of any parties involved. Restrictions: 1. You CAN give away this report for free and/or rebrand it, but full credits to the author must remain in place. 1. You CANNOT resell this report.. You CANNOT use the tips to create promotional articles, free reprint articles or ezine articles. 2. You CANNOT claim copyright to the individual tips unless substantial changes are made that legally separate the original tips with your own reedited/rewritten tips. You can claim copyright to your own information product(s) as a whole. This constitutes the entire license agreement. Any disputes or terms not discussed in this agreement are at the sole discretion of Lou Vozza.


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

Acknowledgements ...............................................................................................................ii About The Author ................................................................................................................ii Legal Disclaimer ..................................................................................................................iii "Why Should I Listen To You?" You Ask......................................................................... 1 1. Fatal Mistake #1: The Market Doesn't Sleep, So Neither Can You ............................ 2 2. Fatal Mistake #2: You Can't Just Read The Sport Section.......................................... 3 3. Fatal Mistake #3: You Have HOW MANY LOTS ON?............................................... 5 4. Fatal Mistake #4: "#&*&%$##@@!@!" ...................................................................... 7 5. Fatal Mistake #5: Thank You Sir, May I Have Another!............................................. 8 6. Fatal Mistake #6: I Don't Need Any Stop Loss! .......................................................... 10 7. Fatal Mistake #7: What Do All Those Lines Mean On That Graph? ....................... 11 Where Do You Go From Here?......................................................................................... 13 Forex Resources.................................................................................................................. 13


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

"Why Should I Listen To You?" You Ask
With over 20 years of experience in trading foreign currencies, and working for some very large firms, with some not so large… I've had the extraordinary opportunity to witness many changes in the market over the years. I remember the night that Russian President Gorbachev was overthrown by Boris Yeltsin, and saw what that did to the markets. Then there re was the August night in 1990, when Iraq invaded Kuwait… It sent the Forex world into a frenzy - not to mention oil. I was working one night in January 1991 when the US invaded Iraq. There were difficult trading lessons learned that night. I've seen Europe's Exchange Rate Mechanism dissolve in September of 1992. There was the June 1998 massive Central Bank intervention in the Japanese Yen. There was the LTCM (Long Term Capital Management) crisis and the advent of the Euro as a single currency and many other events not so famous. Some of these events were expected, some quite unexpected, but they hold one thing in common: If you were on the wrong side of the currency markets on those days, you were scrambling. Volatility was the word of the day. If you didn't have an exit plan then, well you were probably out of business… Your losses would have mounted too quickly and you wouldn't have been able to hold positions. In fact, you wouldn't have known what to do first or even what to do at all. If, on the other hand, you had a plan of execution for stop losses and extraneous events, then even while bloodied, you would have been able to stay afloat and would have eventually made some coin. My objective here is to help you make that exit plan. It's time to help the little guy. It's time to help those of you who are new to currency trading. It’s time to help those of you who have traded currencies but with little success. And it’s time to help the experienced trader who needs just a little extra knowledge to get him or her over the top. I want to see you in the 10% (that's right, only ten percent) of traders who make money -- REAL money -- in the Foreign Exchange Markets.


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

I want to show you what I've learned in my experience the hard way so that your road to riches might be easier. In fact, at the end of this report, I'm going to give you access to something else for free… Something I'd normally charge almost $100 for. You won't see any fluff here. Just quality, sound advice, that you can take away and put into practice immediately. This report will outline the 7 fatal mistakes that many make in Forex trading, and how to successfully avoid them and trade with confidence. So let's get started shall we?

1. Fatal Mistake #1: The Market Doesn't Sleep, So Neither Can You
The beauty of the Forex markets is that they are open from approximately mid afternoon on Sunday until roughly 4.00pm on Friday afternoon (all times New York time). The bad news is that the Forex markets are open from approximately mid afternoon on Sunday until 4.00pm on Friday afternoon. That means a lot can happen in those hours and frequently does. If you have a position in say, the Euro/USD cross, you need to be conscious of where the market is 24 hours a day. You don't have to be in front of a screen that whole time but you have to have a system in place where you are aware of key levels in the currency pair when they are touched. For example, I went to bed on Sunday night August 12 at 11:45pm. The Euro was trading at 1.3705. I woke up at 6:30am to find the Euro at 1.3645. If I had just a small three lot position, I would have been down $1800 on that trade in just six hours. But if I had a "call level" in with my broker or some sort of alarm set with my online broker at say 1.3680, I would have been notified. Then I could have taken action and I would have limited my loss to $750 (that's 2.4 times less). More importantly, I live to fight another day. I can reevaluate my views on the market and see if anything has changed fundamentally. If however I was down $1800, I would be licking my wounds. I would be wondering what I was doing in this business. My next trade would have to be on a much smaller scale, since I have less money to play with. Now imagine you make $1000 on the next trade. You'd still be down $800… On the other hand, in the "I Get a Gold Star For Putting in a Call Level " category, you are now up $250 and are feeling pretty good about yourself. There's a crazy television commercial running for one of the brokerage firms on tv, where the client plays golf, has a long lunch, then goes to the gym for a work out. After that, he goes home, turns on his computer to his brokerage account, and nods and smiles happily. He's just had another successful day in the market without paying one iota of attention.


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

I guarantee you that guy wasn't trading currencies. The moral of the story is simple. If you can't watch and pay close attention to your position, don't trade. There are always opportunities in Forex to make money. Don't go to bed with a position unless you have a "stop loss" order in the market, or at the very least, a "call level". You may get lucky a few times, but the gods will not be on your side all the time. Eventually this will end badly. Maybe very badly, and that's what we want to avoid here. There are plenty of traders around who day trade a little each day and take a little bit out each afternoon. They go home happy and with nothing on their minds. They'll miss the big move though)… You can still make decent money trading many days in only a short period of time. You have to be quick and decisive and, oh yeah… You've still gotta pay attention! Forex Trading Machine is an excellent and methodical system to follow. The author uses three systems in one. There are nine videos and a great easy-to-follow book that comes along with the system to help you. Plus it will keep your head in the game.

2. Fatal Mistake #2: You Can't Just Read The Sport Section
You have to be aware of what's going on in the world around you. And I do mean the whole world. Many things affect the currency markets:
• • •

World leaders make statements. Presidents of Central Banks are always speaking about their performance. Finance ministers from various countries make frequent comments about their economy.

Many times these influential people have something to say, both generally and specifically, about their country's currency situation. It isn't the sexy stuff that makes the headlines, but you can bet professional traders around the globe are watching out for these comments. I knew a guy at one institution whose sole job was to comb all the various news agencies for just these types of stories. His firm wanted to be on top of everything. Plus, seeing an important story


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

early before most others helps you to establish a position early -- meaning more staying power, and ultimately more profits. Economic news and government releases are twice as important. Even more important is the analysis of these "numbers". Do you know when the Fed meets to decide U.S. short-term interest rate policy? How about the ECB (European Central Bank)? You have to know, for example, that say, U.S. Employment figures are being released tomorrow. Do you know what time it is being released? What number is expected? There are many surveys that will project the anticipated number. You could find them on most news services. Okay, so as an example, let's assume you know that the employment figures are released at 8:30am New York time. You also know that the expected number of jobs added is 125,000 and the unemployment rate is expected to remain stable at 4.5%. Let's say you are long the Euro against the dollar. Do you have a plan? Now BOOM! The number is "flashed" all over the major news services. The "Talking Heads" on television are excitedly announcing the figures. Let's say the numbers come in at a gain of 175,000 jobs and an unemployment rate of 4.4%. These numbers are much stronger than expected. It may indicate that the U.S. economy is doing much better than people thought. More importantly, this better than expected" number has made the dollar strengthen against the Euro. But you are actually SHORT the dollar against the Euro… Uh oh… What do you do now? Well because you were smart enough to make a plan ahead of time, you had already decided to exit the trade if the numbers were significantly better than expected. You would then read the analysis later and be able to make an objective decision on what your next trade would be. Because you had a plan, you only lost $200 on this trade per lot traded. Then after you read the analysis of all the numbers, (i.e. you pay attention!), you went short the Euro against the Dollar and made $500 on that trade. So you actually made $300 on the day. Not bad… Especially since you started out the day on the wrong side of the market. Your buddy Joe, on the other hand, doesn't have a plan and is not aware of the government release. He just believes the hype that you can make a ton of money trading currencies. He goes skiing instead. At noon he comes off the slopes and finds out he lost $1000 for each lot and doesn't know why. You tell him, casually slipping in that you made $300, as you head out to the slopes to enjoy the day while he cries in his Bud Light. The bad news is you'll probably have to pay for lunch!


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

It's a funny story, but it is absolutely true. I've seen this happen time and time, and time again. The moral of the story? You have to know when there are important economic releases or Central bank meetings. You must know how to quickly interpret the results. You must ACT decisively. It doesn't take you five minutes a day to know what releases will be for the next day, the expectations and the importance of the each individual release. I promise you it will be five minutes well spent. Just as an aside, I like to read Barrons and Forbes. as well as The Prudent Speculator for some excellent fundamental analysis after the fact. There are also some very interesting recommendations to discover in these publications.

3. Fatal Mistake #3: You Have HOW MANY LOTS ON?
The Forex market is a popular market for speculators. This is partly due to its huge size, and partly because currencies can move in sizeable trends. These characteristics have allowed traders to have great success. The third thing that attracts many people to the foreign currency markets is the use of leverage. Currency trading employs a very high degree of leverage. Leverage is quite attractive to people who think they can turn a small amount of money into a large amount in a short period of time. Let me be clear that leverage works both ways. It can work against you just as easily as it can work for you. Just because one lot ($100,000) of a particular currency only requires $500 as a minimum deposit, it doesn't mean that if you have $5,000 in your account, you should easily be able to trade 10 lots. One lot is $100,000 and should be treated as $100,000 in risk exposure, and not the $500 put up as a deposit. Many traders analyze the markets correctly and place trades that are fundamentally sound, BUT they tend to over-leverage themselves by taking a position that is too big for their portfolio. As a result, they end up forced to liquidate a position at exactly the wrong time. It's uncanny how this works…


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

Let me explain further. If your account has a value of $10,000, and you enter a trade for 1 lot, you are, in effect, leveraging yourself 10 to 1. This level of leverage is way too high. Most professional money managers don't leverage this high. The most leverage I've ever seen used was 3 to 1, and that was once in twenty years. I've seen 2 to 1 only rarely. These were super experienced and successful traders making these decisions and even they didn't want the excessive risk. So let me ask you, if these great traders thought more than 3 to 1 leverage is too risky, shouldn't you ? In order to hammer this point home, let's go through an example… Ok, you've done your research, and you believe the Dollar should weaken against the Euro. You have $10,000 to risk, and you're going to turn that into $20,000 in no time flat. A 100% gain. So on Friday August 10, you go ahead and buy a modest, in your opinion, 2 lots ($200,000 worth) of Euro at 1.3700, which requires you to post $2000 of your $10K as margin. Not too bad. But hold on… This is 20 to 1 leverage. This is serious risk taking. On Sunday night, things start out ok, but markets start to go sour during New York hours, and the Euro closes on Monday at 1.3615. That's six tenths of one percent lower. Not a big move. But wait a minute… You "leveraged up" and bought $200,000 worth of Euro. You just lost $1240 or 12.4% of your entire portfolio in just ONE DAY. But you decide to ride it out another day. It's fundamentally the right position and no important technical levels have been broken. Well on Tuesday, we close at 1.3535, down another six tenths of one percent. That's only 1.2% in two days. No big deal. But you just lost another $1200 for a total of $2440 lost in two days. That's 24%... Your account now has only $7600 and that $20,000 number you had in your head looks a lot further away. Now this is not an exception. This is a real life example. These types of moves happen all the time. The point is, you want to live through them. If you had leveraged 1 to 1, you would have only lost $120. Only $240 at 2 to 1. That's a lot easier to take. Trading in smaller amounts will allow you to survive many losing trades without experiencing substantial losses. Plus you will be able to catch the big move when it comes. And I assure you, you will be able to make that 100%. It's not going to happen in ten minutes, but that's ok.


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

Consider that most Hedge Funds think a gain of 20-25% for the YEAR is a great year. So why do you think you can make 100% in a few hours? The fact is, if you trade the right way it will happen sooner than you think. Plus you'll have a lot of fun along the way. I promise you. Trend Forex System is a system that will improve your trading skills and understanding of price action. It can keep you out of most bad trades. And most importantly, uses advanced money management rules. Disregard these rules and prepare to lose your hard-earned money.

4. Fatal Mistake #4: "#&*&%$##@@!@!"
This is an area where you have to do some serious soul searching. Please allow me to be perfectly honest with you. This business is not for the faint of heart. Before you start to trade, please read and re-read the risk disclosure statement that you will receive. It will say something to the effect of: "Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors... Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. ...." These are words to heed. You can read all the research in the world. You can analyze all the charts. You can pick the correct entry point in your mind… And with all that effort, things can and will go sour very quickly at times. It's time for an example. You buy a currency and within a few minutes it's twenty pips lower. You're down $200 and you've barely blinked. You check around and there were no news stories, nor were any critical technical levels breached. All this is called random volatility. This has happened to me countless times in the market. Don't get caught up in your emotions, or you will do something rash. It is absolutely necessary to develop a strong stomach. ALWAYS control your emotions. Look at each trade rationally and objectively. One of the toughest things to do in life is admit that you're wrong. This especially goes for trading. Remember, you can be wrong two times out of three and still make money, because you're going to leverage correctly and be able to ride the winners. Hey, even the best hitters in baseball are unsuccessful seven out of ten times. Correct money management will help you persevere through those times. You unequivocally have to accept losing money and losing trades. Lastly I want to touch on one thing. Never fight the market. Don't fight the tape. Sometimes a market has changed and you must accept it. I have a good friend who was trading and as the market


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

went against him, he would continually tell me, "No, no. I'm right, and the market is all wrong. People are going to realize it and my position will turn around." Needless to say, it rarely did. The sooner you understand what I'm going to tell you, the better off you will be. The market is ALWAYS right. ALWAYS. Your profit and loss will be calculated on where the market is trading that day. Maybe it will take days for the market to turn around. Maybe it won't turn around. This is why you must take hold of your emotions. Oh yeah, about my friend... He went back to medical school and is now a pediatrician. And a good one. I trust my kids’ health with him. Moral: Unless you can control your emotions and trade in a rational and objective manner, this is not the business for you. If you find you need to take your emotions out of trading, get Forex Trading Machine. This is a methodical, do-this, do-that approach to trading. It's a super system where you'll find you can make some money AND keep your breakfast down.

5. Fatal Mistake #5: Thank You Sir, May I Have Another!
One of the most difficult things to do when trading is to maintain a strong discipline in your procedures. Yet this is one of the most necessary. By its very nature, good discipline will ensure that you will be able to become one of the profitable traders. In currency trading, good discipline can be replicated time and time again on every position that you enter or exit for that matter. Good discipline forces you into good habits. They will become second nature to you. Believe me, they will. This discipline includes, but is not limited to, doing your homework. Don't just enter a position because today the currency is moving up or down. Do your research on that currency and know the fundamentals of the particular country by asking yourself these questions: • • • • • What's their GDP, unemployment situation and level of inflation? Is their Central Bank on top of things or are they lax? What's their interest rate policy? Just as important a question is what's the country's political environment? Is their next move to raise rates or cut rates?


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

In other words, a currency might be down 30 pips on the day, but maybe you should be thinking to buy and not sell. If you had done your homework, you would know which activity to undertake. Now before entering that position, set a stop loss level. That way you know your risk before you enter the trade. If the currency trades through that stop level take the position off. Be disciplined. You made your decision on how much you were willing to lose, and you should keep to it. This is not as easy to do as you might think. You have to admit to yourself and to the market that you were wrong. This is a huge problem for many traders. The price reaches their stop level and they don't execute the trade. They say something like, "Oh, let's give it a little more leeway." That's just going to make you bleed some more in the long run. Don't hold. Stick to the plan. Remember, discipline is the key to successful trading. What's worse is that some traders don't have any idea of a stop at all. They just wing it. So now if the market is thirty points against them, they don't know whether they should take the position off, or if the currency has gone through any important chart level or whatever… Hey, maybe this is a good level to be adding to your position? But you won't know this unless you take a disciplined approach. And you won't make any money either. Sorry. Lastly, I'd like to touch on something that I see all too often in undisciplined traders. Too many times I see traders obsessing over lost money on a trade. Or they get angry over what they consider bad fills from a broker. I used to work with a guy who would continually whine after a trade, "Why did I do this? Why didn't I do that? The broker did such and such and messed me up!" (He's no longer in the business either…) FORGET ABOUT THE OLD TRADES, the bad trades… the ones where you got stopped out and then the currency immediately went back in your favor. It happens. And guess what? It will most likely happen again. Learn from then and then go on to the next trade. Otherwise you'll miss that one too. There will always be more trades and more ways to make money… But not if you're undisciplined and still worried about yesterday's trades. Not to beat a dead horse, but Forex Trading Machine can discipline you since it follows certain rules and only then will you trade. I want you to make money. If you find you can't discipline yourself, you'll have to find some other way, and this system is a good way to accomplish this.


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

6. Fatal Mistake #6: I Don't Need Any Stop Loss!
I stated in an earlier diatribe that before you enter a trade, you should pick your stop loss price. That way, you know before you go into a trade you know approximately how much money you could lose on the trade. I use the word 'approximately', because you are NOT always going to be filled at exactly that price. Both the internet systems, as well as bank dealers, always have a caveat that your execution price is dependent on market conditions at the time. Let's go to the videotape. For example, the U.S. employment figures are released at 8:30am New York time today. You are long the Euro against the Dollar and it's trading at 1.3700. The number comes out and it indicates that employment growth is much stronger than expected. This implies the U.S. economy is stronger and could mean the Dollar will strengthen. And in fact it does. Immediately after the number is released, the dollar strengthens (Euro weakens) to 1.3640. But that's ok by you. You had a stop in with your broker at 1.3680. You only lost another 20 points. WRONG! Your fill comes back to you at 1.3650, another 30 points below where you wanted to take your position off. Instead of losing $200 per lot, you lost $500 per lot. You scream and holler at your broker, (or the machine if you're trading online), that you had a stop in at 1.3680 not 1.3650. The broker calmly says to you that market conditions were such that 1.3680 did not trade. The first price available where someone was willing to buy that Euro from you was 1.3650, and since it was through your stop level, they had no choice but to "execute" (interesting word) the stop loss order. And by the way, I' m debiting your account 500 bucks. No you have no recourse. In fact the broker did the right thing. You gave him an order and he protected your account as best he could. He does not control the market. The market is even lower now at 1.3640, so you would be losing even MORE money had he not done something. Let me reiterate that these examples are real. While infrequent, they are not a rare occurrence. They do happen more than occasionally. The moral of the story is: Always allow for some slippage on a stop when you are figuring your risk. Another noteworthy point is that you should pick the correct technical stop, as indicated by the charts. Say you want to risk $600 on a trade. You are long two lots of Euro at 1.3700 and the


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

correct technical stop is 1.3640, sixty points away. But 60 points away is $1200, not $600 like you wanted to risk. So you put your stop at 1.3670, because that's where your maximum risk would be reached. You would lose $600. Good risk control right? WRONG! Because the correct technical stop is 1.3640, random volatility can take you out of your position and the trend will still be in place. The Euro can easily trade down to 1.3660 and then go back up to say 1.3740. You would have been stopped out at 1.3670 and lost $600 on a position where you would have ultimately been right. Let me tell you, that hurts! What you should do however is to only take a one lot position, not two. That way your risk is still $600 if the Euro trades down to 1.3640 (the correct technical stop). And in this very real example, you would still be in the trade at 1.3660. Then when the Euro goes up to 1.3740, you will be making $400, not losing $600. You can have a steak tonight for dinner instead of a hamburger… All because you used proper risk control and the correct stop. By the way, two good online brokers to use are Forex Yard and Easy Forex. You can open up any size account there, large or small. They have a great reliability in being up and running 24/7 -which is what you need in this business.

7. Fatal Mistake #7: What Do All Those Lines Mean On That Graph?
I mentioned in the previous chapter that picking the correct stop is critical. It is. How do you know what the correct stop is, you ask? Ah, Grasshopper, please consult the charts. The charts, i.e. the technicals, essentially tell you everything. The pricing in the charts takes into account every speculator, every hedge account, every small account, every large account, every systems trader, every discretionary trader. I'm sure you get the picture. It then puts the pattern up very neatly into a graph. You can then look at a chart and determine where trend lines expand and where a trend ends. You can now tell where the "retracement levels" are to help you pick your entry and exit points in a trade. So what kind of charts should you look at? • • • Bar charts, candlestick charts or line charts? Should you look at a daily, weekly, hourly, monthly or 5 minute chart? Should you really concern yourself with "fibonacci' levels?


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How about moving averages?

It all depends on what type of trader you want to be. Short, long or medium term? Technical or fundamental? Aggressive or slightly more passive? But the fact is, unless you have at least a rudimentary knowledge of the technicals, you are costing yourself a great deal of money. You may be profitable, but you would be a great deal more profitable if you could read the charts and apply them correctly to your trading style. A lesson in charting is a book in itself and far beyond the scope of this report. There are numerous books written on the subject of technicals. I will put some books on the resources page at the end of the report. Also, if you can take a course in the technicals, it would help you tremendously. There are many such courses available and they are not all that expensive. I mean this sincerely. If you are attempting to make a go of this Currency trading thing, you HAVE to avail yourself of every tool possible. You need to have an extensive knowledge base, and you need to put the single most precious commodity into this...TIME. Don't think that you can wake up in the morning, turn your screen on for ten minutes, make $500 and then go to the beach. It doesn't work that way. There are professionals, such as Hedge Funds and Investment Banks, with 24 hour a day staff members watching, learning and reading everything that will give them an edge. Don't think you can beat them for a second. But now, because of the lessons you've learned here, you have a better chance of joining them. Apply what you have learned here. When you go to the beach, take some research material to read and some charts to study with you. Then come home and trade while you can pay attention to what the market is telling you. If you do this, you stand a much greater chance of success. Then go buy those Jet Skis you wanted for your next beach excursion. These are some excellent books on technical trading that have helped me. You don't need to read them cover to cover, or memorize them word for word. But they are a great reference to have in your library when you're stuck on what to do with a position. You can find lots of choices right here. Foreign Exchange


The 7 Fatal Mistakes You Must Avoid When Currency Trading - A Currency Trading Survival Guide -

Where Do You Go From Here?
I hope you've enjoyed this ebook and use it as a tutorial to springboard yourself to success as a foreign exchange trader. It won't be an easy road. There will definitely be bumps along the way… There will be times that the picture won't be all that clear. Do take a moment out to signup to my free newsletter here. Hopefully I can help lead you to the Land of Milk and Honey. You will ultimately decide however, what type of risk is right for you, and whether or not you are willing to put in the time and effort it takes to be a good trader. Good luck to you and good trading.

Forex Resources
Your Currency Trading Profits - Free newsletter from yours truly. Forex Trading Machine - Excellent 3 in one trading system. Trend Forex System - Trend following system with money management strategies. Forbes - Easy to read business magazine. The Prudent Speculator - A Number 1 rated investment newsletter. Forex Yard - Online FX broker. Easy Forex - Online FX broker. Foreign Exchange - Plenty of reading material here to supplement your Forex education. Books on technical analysis are the best. Don't get sucked into the "Make a Zillion Dollars in 48 Hours" books.

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