Forex trading beginners are hungry for knowledge. They want to know how to make money in the Forex market... enough money to make an impact on their lives. But sometimes this desire for knowledge is exactly what keeps them from being successful. In this article I want to show you that you don't need to know everything about Forex trading to be successful, you only need to know enough to be successful. Let me explain...
Knowledge Without Action Is Useless
I'm going to use an example from the fitness industry, and then we'll talk about how this effects Forex trading beginners. Go to any fitness forum and there will be hundreds of very knowledgeable posters... that have failed to reach the goal they set out to achieve. They know all the scientific names, have studied all the top trainers and could earn a college degree with all the knowledge they know. But they are still fat, weak and with an unfit body.
You see, the mistake they are making is putting their priority on gaining knowledge, and not putting the knowledge they have into action. They spend their time in front of the computer and reading books. Neither activity gives them the results they desire because they aren't spending any time in the gym..
How This Relates To Forex Trading Beginners
The Forex market is not something you just want to jump into. So, the beginner Forex trader wants to learn everything they can before they put any money into it. They go from one website to another. They buy ebooks and take courses. And at the end of the day all this knowledge has the reverse effect of only making them confused.
Sometimes, too much knowledge can actually be a handicap. If you had to take everything into account before you make a currency trade, you'll end up analyzing and not trading. This system says go long... but this other system says go short. What should I do? The beginner Forex traders usually ends up doing nothing... which means they have no chance of making any money.
How To Turn Forex Knowledge Into Success
The fact is, Forex is such a big topic that you may NEVER know everything. But the good news is... you don't have to know everything in order to be successful. You only need to know the information necessary to put a successful trading strategy into action. Nothing more, and nothing less.
You see, I am not suggesting you jump into the Forex market without doing your homework. Just opening up an account and making trades off the top of your head is the fastest way to lose money. What I am suggesting is you learn the right information really well and then put that knowledge into action.
You could spend the next ten years learning everything you can about the Forex market. And maybe you might be the one person on the planet that knows the most about Forex trading. But who cares when your goal was to actually make money trading currency. Unless you've figured out a way to get paid for studying, you need to trade in order to make any money.
When everything is said and done, FOCUS and ACTION are the fastest way to go from a Forex trading beginner to a successful Forex trader. Focus on the specific information that will aide you in putting a proven trading system into action. But the most important part is to use that knowledge to take action by actually trading a proven Forex trading system. This is the fastest way to make money as a Forex trader.
by Edward Lomax
http://www.insideforexnittygritty.com/
Wednesday, May 27, 2009
Forex Mistakes - 5 Common Mistakes Losers Make and How to Win at Forex
Forex trading is more popular than ever and it's a known fact that everything about Forex trading can be specifically learned but 95% of traders still lose. So how do you avoid the losing majority and enter the elite 5% of traders, who make huge gains? Let's find out.
Here are the reasons the vast majority of traders lose and there all avoidable mistakes.
1. They think they can get rich with no effort
These traders follow cheap software packages which claim big gains with no effort and they soon get wiped out. If you want to make money, you need to make an effort - it's as simple as that.
2. Not Understanding the Dangers of Leverage
Leverage can work for or against you and most traders simply leverage their money to much and get wiped out. Over leveraging an account, will sooner or later lead to a wipe out so use sensible leverage. Leverage of 10 or 20:1 is enough for most traders.
3. Over Trading
Forex trends last for many weeks, months or years yet, most traders try and scalp a few pips in a day or two. The result is they take low odds trades, lose or make marginal gains which never cover their inevitable losses.
Keep in mind, you don't get rewarded for how much you trade, just how much you make per trade! So focus on high odds trades which are long term.
4. Over Complicating a Trading System
Many traders think 10 indicators are better than 2 but this is not true. If you make your system to complex, with to many rules, it will simply have too many elements to break in real time trading. All the best systems are simple and yours should be too.
5. Not Trading With Discipline
If you want to enjoy profits longer term, you need to have strict money management and trade with discipline. This means you take your losses and keep them small -Sounds simple?
Well most traders can't do it, they let their emotions get involved, run losses or override their system rules and lose. Forex trading is not about ego or being right all the time, it's about making money and you can actually lose far more trades than you win and still make money, if you run your profits and cut your losses.
All traders even the top ones, will lose for periods and you will too and how you deal with these losses, will determine if you enjoy long term currency trading success or not.
Winning at Forex Trading
If you want to win at Forex trading you can. You need a simple robust trading strategy you have confidence in combined with the discipline to trade it.
You need to keep losses small and run your profits - this has always been the way to succeed and always will be. If you put in the effort and have the right mindset, no other business can make you as much money as global Forex.
by kelly Price
http://www.learncurrencytradingonline.com/
Here are the reasons the vast majority of traders lose and there all avoidable mistakes.
1. They think they can get rich with no effort
These traders follow cheap software packages which claim big gains with no effort and they soon get wiped out. If you want to make money, you need to make an effort - it's as simple as that.
2. Not Understanding the Dangers of Leverage
Leverage can work for or against you and most traders simply leverage their money to much and get wiped out. Over leveraging an account, will sooner or later lead to a wipe out so use sensible leverage. Leverage of 10 or 20:1 is enough for most traders.
3. Over Trading
Forex trends last for many weeks, months or years yet, most traders try and scalp a few pips in a day or two. The result is they take low odds trades, lose or make marginal gains which never cover their inevitable losses.
Keep in mind, you don't get rewarded for how much you trade, just how much you make per trade! So focus on high odds trades which are long term.
4. Over Complicating a Trading System
Many traders think 10 indicators are better than 2 but this is not true. If you make your system to complex, with to many rules, it will simply have too many elements to break in real time trading. All the best systems are simple and yours should be too.
5. Not Trading With Discipline
If you want to enjoy profits longer term, you need to have strict money management and trade with discipline. This means you take your losses and keep them small -Sounds simple?
Well most traders can't do it, they let their emotions get involved, run losses or override their system rules and lose. Forex trading is not about ego or being right all the time, it's about making money and you can actually lose far more trades than you win and still make money, if you run your profits and cut your losses.
All traders even the top ones, will lose for periods and you will too and how you deal with these losses, will determine if you enjoy long term currency trading success or not.
Winning at Forex Trading
If you want to win at Forex trading you can. You need a simple robust trading strategy you have confidence in combined with the discipline to trade it.
You need to keep losses small and run your profits - this has always been the way to succeed and always will be. If you put in the effort and have the right mindset, no other business can make you as much money as global Forex.
by kelly Price
http://www.learncurrencytradingonline.com/
Support and Resistance Levels in Forex Trading
You should learn technical analysis. It will give you the edge as a currency trader. It will develop your confidence in your ability and capacity to predict what will happen in the markets in the future.
But the most important drawback with most of the technical indicators is that they lag behind the markets. Lagging means part of the price action has already taken place before the movement is reflected by these technical indicators.
However, support and resistance levels especially those based on Fibonacci levels are considered to be leading indicators because they lead the markets in predictable paths. Now, when we say predictable, it does not mean guaranteed. But it can be pretty close.
Support is the price level that a currency pair touches but cannot break through to the downside. Support is also sometimes called the floor of the currency pair price movement.
Resistance is the price level that a currency pair touches but has trouble breaking through to the upside. Resistance level is also called the ceiling of the currency pair price movement.
Many new forex traders find it surprising that there is a strangely predictable and reliable price action that takes place at the support and resistance levels. Most of the time, they will find the price action oscillating between the support and resistance levels.
Why it is that majority of the people begin buying and selling at the given support and resistance levels. There is nothing on the charts that forces the people to do so.
The most plausible explanation is that majority of the traders think the support level as the best price available to them and considers it an excellent opportunity to buy once it reaches the support level.
Similarly, at resistance, majority of the traders think that currency pair is not favorably priced and has reached its highest price. So they consider it as an excellent opportunity to sell the currency pair.
You will have an excellent advantage in your trading if you are capable of accurately identifying the support and resistance levels in the markets. As more and more people start using technical analysis and calculate the support and resistance level, the more these levels become self fulfilling.
One important requirement of support and resistance levels is that price level is reached a number of times but never breached. Support and resistance levels can be horizontal like that for a ranging markets or they can be sloping up or down like that in a trending market.
Now, what happens at the support level is that as traders begin to sell the currency pair and take profit, the price of the currency pair drops down. As the price starts to fall, other traders who are interested in buying the currency pair keep on watching how far it will go down.
Most of them have done their calculations as to how far the price will fall down before they place a buy order. Past price action has convinced them the price offered at the support level is the best. So when it reaches that level, most of them jump into action and start buying.
When there are more buyers than sellers in the market, the market becomes bullish and the price of the currency pair starts to rebound and rise. It rises till the resistance level when majority decide that the currency pair is now over priced and start selling and go short.
This oscillating price action keep on repeating itself until and unless there is a fundamental shift in the markets that forces new levels and a new direction.
by Hassam
http://forex-or-stocks.blogspot.com/2009/05/learn-forex-nitty-gritty.html
But the most important drawback with most of the technical indicators is that they lag behind the markets. Lagging means part of the price action has already taken place before the movement is reflected by these technical indicators.
However, support and resistance levels especially those based on Fibonacci levels are considered to be leading indicators because they lead the markets in predictable paths. Now, when we say predictable, it does not mean guaranteed. But it can be pretty close.
Support is the price level that a currency pair touches but cannot break through to the downside. Support is also sometimes called the floor of the currency pair price movement.
Resistance is the price level that a currency pair touches but has trouble breaking through to the upside. Resistance level is also called the ceiling of the currency pair price movement.
Many new forex traders find it surprising that there is a strangely predictable and reliable price action that takes place at the support and resistance levels. Most of the time, they will find the price action oscillating between the support and resistance levels.
Why it is that majority of the people begin buying and selling at the given support and resistance levels. There is nothing on the charts that forces the people to do so.
The most plausible explanation is that majority of the traders think the support level as the best price available to them and considers it an excellent opportunity to buy once it reaches the support level.
Similarly, at resistance, majority of the traders think that currency pair is not favorably priced and has reached its highest price. So they consider it as an excellent opportunity to sell the currency pair.
You will have an excellent advantage in your trading if you are capable of accurately identifying the support and resistance levels in the markets. As more and more people start using technical analysis and calculate the support and resistance level, the more these levels become self fulfilling.
One important requirement of support and resistance levels is that price level is reached a number of times but never breached. Support and resistance levels can be horizontal like that for a ranging markets or they can be sloping up or down like that in a trending market.
Now, what happens at the support level is that as traders begin to sell the currency pair and take profit, the price of the currency pair drops down. As the price starts to fall, other traders who are interested in buying the currency pair keep on watching how far it will go down.
Most of them have done their calculations as to how far the price will fall down before they place a buy order. Past price action has convinced them the price offered at the support level is the best. So when it reaches that level, most of them jump into action and start buying.
When there are more buyers than sellers in the market, the market becomes bullish and the price of the currency pair starts to rebound and rise. It rises till the resistance level when majority decide that the currency pair is now over priced and start selling and go short.
This oscillating price action keep on repeating itself until and unless there is a fundamental shift in the markets that forces new levels and a new direction.
by Hassam
http://forex-or-stocks.blogspot.com/2009/05/learn-forex-nitty-gritty.html
Forex For Newbies - What New Traders Should Know About
Let's face it. If you are a forex newbie, you must be scratching your head and wondering what in the the world did I get myself into. The whole idea of trading the currency market sounds amazing but you don't know where to turn.
Let's take things nice and slowly. First off, let's make sure you have the right kind of perspective. It's great to be excited, but it's also important to be realistic. Every single forex newbie thinks they are going to make millions in their first year of trading. I'm here to put a damper on things by saying that will probably not happen. I'm not trying to discourage you by saying this. I just don't want you to think that trading forex is a get rich quick scheme, because it most certainly is not. It requires both time and patience, which is something that most people do not have,
But if you take the long term approach to trading, you will do great. Every forex newbie should think of trading like a marathon, not like a sprint.
Also, I want you to know that there is a lot of garbage being sold to people claiming to be the holy grail. There is no such thing as the holy grail, and there never will be.
The best tip I can give you is to keep it simple. So many forex newbies make the mistake of blasting their charts with every indicator they can find. This is a sure fire way of losing money. The simpler you keep trading, the better off you are going to be. Look at this way. if you can trade solely on a simple bar chart, you'll be miles ahead of your fellow traders.
by John Templeton
http://www.tradinginthebuff.com/
Let's take things nice and slowly. First off, let's make sure you have the right kind of perspective. It's great to be excited, but it's also important to be realistic. Every single forex newbie thinks they are going to make millions in their first year of trading. I'm here to put a damper on things by saying that will probably not happen. I'm not trying to discourage you by saying this. I just don't want you to think that trading forex is a get rich quick scheme, because it most certainly is not. It requires both time and patience, which is something that most people do not have,
But if you take the long term approach to trading, you will do great. Every forex newbie should think of trading like a marathon, not like a sprint.
Also, I want you to know that there is a lot of garbage being sold to people claiming to be the holy grail. There is no such thing as the holy grail, and there never will be.
The best tip I can give you is to keep it simple. So many forex newbies make the mistake of blasting their charts with every indicator they can find. This is a sure fire way of losing money. The simpler you keep trading, the better off you are going to be. Look at this way. if you can trade solely on a simple bar chart, you'll be miles ahead of your fellow traders.
by John Templeton
http://www.tradinginthebuff.com/
Forex Currency Trading Basics
If you are a currency trader and involved in the Forex market it is vital for you to be aware of currency trading basics, particularly trends. These trends tend to be violent and one way. Forex trends almost regularly wipe out speculators who constantly commit trading mistakes of overlooking or miscalculating the trends.
Forex trends generally start slowly. They are actually the effects of some massive action which goes on in the capital markets globally. The Forex market is the most volatile market in the world.
It is also very liquid and needless to say you can make huge profits if you tend to be a little more serious. A minor change may cause a great difference in terms of the outcome that would be generated. So having a clear perspective of the business will definitely favor your earnings.
Therefore, knowing the currency trading basics well is what is advised to a novice trader. Likewise if you do not know what to do in the event of taking a market decision you can be in a real mess! Under such circumstances it would be preferable for you to use a Forex demo account before actually putting your own money at stake.
Things one will learn using a demo account
Learn the trading platform well: The trading platforms differ from one Forex broker to another. To understand properly the working of a trading platform with regards to how the Forex market trades are executed is important.
You must have a clear idea about what you are planning to do or should do and about the working schedule of the entire system. A Forex demo account will be a trump card in familiarizing yourself with the working of each of the platform you are interested, thus helping to choose the right one for you.
Practicing with demo account will help in the direction of winning: Losing is a part of currency trading and there is no doubt about that. There will be some position or the other where you will have to lose.
However practice may help you retain more winning positions comparatively. A Forex demo account is surely a good tool to help you practice Forex trading to increase your winning options more often.
Put to test your trading strategies: Using a Forex demo account can be a very good way to put to test any new trading strategies which you want to utilize.
The majority of these demo accounts are practically sensible and you can utilize them for back testing a currency trading strategy. It can be an effective way to give a trial run in a practical as well as a risk-free background.
You must always remember that, trading Forex needs a lot of foresightedness and positive attitude. Furthermore you should never resort to trading currency if you are not clear about the concept of the trade. Before you take the plunge work on your trading skills or else you will risk your money for nothing!
by Paul Bryan
http://www.investawise.com/forex-articles/currency_trading_basics.html
Forex trends generally start slowly. They are actually the effects of some massive action which goes on in the capital markets globally. The Forex market is the most volatile market in the world.
It is also very liquid and needless to say you can make huge profits if you tend to be a little more serious. A minor change may cause a great difference in terms of the outcome that would be generated. So having a clear perspective of the business will definitely favor your earnings.
Therefore, knowing the currency trading basics well is what is advised to a novice trader. Likewise if you do not know what to do in the event of taking a market decision you can be in a real mess! Under such circumstances it would be preferable for you to use a Forex demo account before actually putting your own money at stake.
Things one will learn using a demo account
Learn the trading platform well: The trading platforms differ from one Forex broker to another. To understand properly the working of a trading platform with regards to how the Forex market trades are executed is important.
You must have a clear idea about what you are planning to do or should do and about the working schedule of the entire system. A Forex demo account will be a trump card in familiarizing yourself with the working of each of the platform you are interested, thus helping to choose the right one for you.
Practicing with demo account will help in the direction of winning: Losing is a part of currency trading and there is no doubt about that. There will be some position or the other where you will have to lose.
However practice may help you retain more winning positions comparatively. A Forex demo account is surely a good tool to help you practice Forex trading to increase your winning options more often.
Put to test your trading strategies: Using a Forex demo account can be a very good way to put to test any new trading strategies which you want to utilize.
The majority of these demo accounts are practically sensible and you can utilize them for back testing a currency trading strategy. It can be an effective way to give a trial run in a practical as well as a risk-free background.
You must always remember that, trading Forex needs a lot of foresightedness and positive attitude. Furthermore you should never resort to trading currency if you are not clear about the concept of the trade. Before you take the plunge work on your trading skills or else you will risk your money for nothing!
by Paul Bryan
http://www.investawise.com/forex-articles/currency_trading_basics.html
Forex Confidante: The Helpful Mentor for Forex Training
Summary: Sort of outside the brief of my robots review site - except for one thing; he talks a lot about expert advisors. Forex Confidante is like a mentoring come training course. From the reviews below, it is clear he is willing to spend hours on the phone with you going through his material, and your trades. Seems he loves to teach. Date of Post: 2009-02-17 Review: I was a trader at the Chicago Board of Trade and Chicago Board Options Exchange for more than a decade. I had not made a trade since I left the floor in 1988 and had no interest in trading.
I purchased the Forex Confidante online on 2/15/09. From the first page it was obvious that this was written by an experienced professional trader. Memories of being a trader flooded into my head. The stories Tom shares are incredibly similar to ones that I had experienced first hand. Tom presents a winning system. The system will prove to be extremely reliable and successful if it is adhered to.
As in any system the operator is the dimension that must be watched. The "Golden Rules" are integral to success. Violate any one of the rules and you will pay dearly. Tom has provided the rules, obey them!!!
This system is a highly disciplined, well planned system. It stresses conservative trading using set parameters. The undisciplined trader will have a challenge. The disciplined trader will meet with success. The "Golden Rules" alone are worth much more than the cost of the book. Much, Much more!
This system is like leaning golf from Tiger Woods. Even if all Tiger did was teach you his mental approach to the game. Tom is teaching you his mental approach to trading in addition to everything else contained in the book.
This is not a "Get Rich Quick" scheme! It will take hard work, study, discipline and the desire to learn. I am getting back into trading after 20 years because I have found the roadmap to success. It took 20 years of being away from trading and only two nights of staying up all night reading Tom's book to know I have found the Holy Grail.
This is for real but it is not without effort. Put in the work and you will be successful. Tom, thank you for sharing your knowledge and getting me excited to get up everyday again. You are "The Greatest."
Take Care,
Ken
PS I had not heard of Tom before I bought the book. Date of Post: 2009-02-12 Review: This is a couple of strategies described in an ebook. The claims on the homepage about it being written by a super trader who used to work for major banks, judging by the book, seem to be true. The book is full of lingo and side notes that I would assume only a top trader from big banks would know.
The strategies are a little complicated yet workable if you are willing to put in the effort. But the author does an average job at best of teaching the information through written word and graphs. If I were to implement his trading strategy based on the book alone I would probably end up pulling my hair out in frustration because of the lack of detail and loose ends left in the descriptions. However, for an additional $67, you can purchase videos that supposedly show his trading screen as he works the system. I did not purchase these videos.
And I may have, IF, the whole system were not based around being infront of your charts at 8:30 am NY time. The system literally decides what moves will be made based off of the price action between 8:30 and 9:00. Unfortunately I leave my house every day for work at that exact time.
In the end I requested a refund through Click Bank. I have not traded the system, but I do not think it is a scam, but the book leaves a little to be desired. But based on the contents of the book, I do think that if you were able to understand and execute the system as well as the author, you would probably be able to have consistent positive results.
If I had a slightly different work schedule, and if the author ran a trading room (even at only twice per week at $200 a month) using the system, I would definately take the time to learn it properly. Date of Post: 2009-02-15 Review: Tried nearly all the Forex Robots, give me a break, such garbage. I was determined not to spend any more money on Forex but I'm so glad I did. Here is the Pot of Gold that you have all been waiting for, I have done all the hard work for you, wasted all the money and proved the Robots to be False Gods. Turned my demo account of $5000 into an account of $273 with Robots. So listen to Tom, read his stuff, learn the system and find financial freedom. This is a no-brainer; if you want it all, here it is. Date of Post: 2009-02-23 Review: I nearly did not purchase this e-book because of the button pushing ad copy on the site. I bought the book anyway and thought there is 'No way' this is for real. On a lark I decided to try the 8:30 method a timeframe that works perfect for me.
This one easy procedure has doubled my daily profits. I only target 25 pips a day so this is a huge deal for me. 6 of 6 days I get at least 20 pips on this one method, Today was 80.
The book is not an easy read but based on my results last week, I re-read the book over the weekend and watched the videos. I mailed the author a page full of questions and he sent me his personal phone number.
This morning I found a classic setup described in his book. I entered the trade and it was good for 125 pips. I called Tom excited, wanting to know if I entered the trade correctly. He spent an hour with me on the phone reviewing everything and giving me market insight only an insider would know.
This book is a sleeper and worth much more than the price. Date of Post: 2009-03-01 Review: After reading the book I naturally had some questions, Tom was more than helpfull even giving his phone number and then we had a 3 hour skype chat !! this is unheard of, he is a passionate forex trader that really wants to help. His system really works, which also aims for the bigger moves, I acheived 120 pips in one day on 2 trades ! Thank you Tom! Date of Post: 2009-03-03 Review: The basic system is extremely easy to understand and accomplish. This is the first book I have read that actually discusses the importance of a money management system and details how to do it. If you read deep enough in the book you will learn how to trade succesfully at any time of the day or night utilizing a very succesfull breakout strategy. I have read the book at least 15 times and am quite confident in my approach to trading now. When I have questions Tom is quick to answer. I managed to blow 90% of my trading account trying to trade some other methods. In the last two days I have managed to make 112 pips which is a far cry from losing every day. Thank you Tom
Conclusion
Not much comment I can make here as these reviews are not mine and I have not seen the materials or training of Forex Confidante. I do note that the reviews above are genuine as they come from many registered users of a very busy anti-scam consumer advocate forum. Of course your purchase is protected by Clickbanks no questions asked 60 day money back gurantee, so by all means try it and get a refund if you are not happy. $97.
by Phil Jarvie
http://forex-robots-reviewed.info/forex-robot-reviews/forex-confidante.php
I purchased the Forex Confidante online on 2/15/09. From the first page it was obvious that this was written by an experienced professional trader. Memories of being a trader flooded into my head. The stories Tom shares are incredibly similar to ones that I had experienced first hand. Tom presents a winning system. The system will prove to be extremely reliable and successful if it is adhered to.
As in any system the operator is the dimension that must be watched. The "Golden Rules" are integral to success. Violate any one of the rules and you will pay dearly. Tom has provided the rules, obey them!!!
This system is a highly disciplined, well planned system. It stresses conservative trading using set parameters. The undisciplined trader will have a challenge. The disciplined trader will meet with success. The "Golden Rules" alone are worth much more than the cost of the book. Much, Much more!
This system is like leaning golf from Tiger Woods. Even if all Tiger did was teach you his mental approach to the game. Tom is teaching you his mental approach to trading in addition to everything else contained in the book.
This is not a "Get Rich Quick" scheme! It will take hard work, study, discipline and the desire to learn. I am getting back into trading after 20 years because I have found the roadmap to success. It took 20 years of being away from trading and only two nights of staying up all night reading Tom's book to know I have found the Holy Grail.
This is for real but it is not without effort. Put in the work and you will be successful. Tom, thank you for sharing your knowledge and getting me excited to get up everyday again. You are "The Greatest."
Take Care,
Ken
PS I had not heard of Tom before I bought the book. Date of Post: 2009-02-12 Review: This is a couple of strategies described in an ebook. The claims on the homepage about it being written by a super trader who used to work for major banks, judging by the book, seem to be true. The book is full of lingo and side notes that I would assume only a top trader from big banks would know.
The strategies are a little complicated yet workable if you are willing to put in the effort. But the author does an average job at best of teaching the information through written word and graphs. If I were to implement his trading strategy based on the book alone I would probably end up pulling my hair out in frustration because of the lack of detail and loose ends left in the descriptions. However, for an additional $67, you can purchase videos that supposedly show his trading screen as he works the system. I did not purchase these videos.
And I may have, IF, the whole system were not based around being infront of your charts at 8:30 am NY time. The system literally decides what moves will be made based off of the price action between 8:30 and 9:00. Unfortunately I leave my house every day for work at that exact time.
In the end I requested a refund through Click Bank. I have not traded the system, but I do not think it is a scam, but the book leaves a little to be desired. But based on the contents of the book, I do think that if you were able to understand and execute the system as well as the author, you would probably be able to have consistent positive results.
If I had a slightly different work schedule, and if the author ran a trading room (even at only twice per week at $200 a month) using the system, I would definately take the time to learn it properly. Date of Post: 2009-02-15 Review: Tried nearly all the Forex Robots, give me a break, such garbage. I was determined not to spend any more money on Forex but I'm so glad I did. Here is the Pot of Gold that you have all been waiting for, I have done all the hard work for you, wasted all the money and proved the Robots to be False Gods. Turned my demo account of $5000 into an account of $273 with Robots. So listen to Tom, read his stuff, learn the system and find financial freedom. This is a no-brainer; if you want it all, here it is. Date of Post: 2009-02-23 Review: I nearly did not purchase this e-book because of the button pushing ad copy on the site. I bought the book anyway and thought there is 'No way' this is for real. On a lark I decided to try the 8:30 method a timeframe that works perfect for me.
This one easy procedure has doubled my daily profits. I only target 25 pips a day so this is a huge deal for me. 6 of 6 days I get at least 20 pips on this one method, Today was 80.
The book is not an easy read but based on my results last week, I re-read the book over the weekend and watched the videos. I mailed the author a page full of questions and he sent me his personal phone number.
This morning I found a classic setup described in his book. I entered the trade and it was good for 125 pips. I called Tom excited, wanting to know if I entered the trade correctly. He spent an hour with me on the phone reviewing everything and giving me market insight only an insider would know.
This book is a sleeper and worth much more than the price. Date of Post: 2009-03-01 Review: After reading the book I naturally had some questions, Tom was more than helpfull even giving his phone number and then we had a 3 hour skype chat !! this is unheard of, he is a passionate forex trader that really wants to help. His system really works, which also aims for the bigger moves, I acheived 120 pips in one day on 2 trades ! Thank you Tom! Date of Post: 2009-03-03 Review: The basic system is extremely easy to understand and accomplish. This is the first book I have read that actually discusses the importance of a money management system and details how to do it. If you read deep enough in the book you will learn how to trade succesfully at any time of the day or night utilizing a very succesfull breakout strategy. I have read the book at least 15 times and am quite confident in my approach to trading now. When I have questions Tom is quick to answer. I managed to blow 90% of my trading account trying to trade some other methods. In the last two days I have managed to make 112 pips which is a far cry from losing every day. Thank you Tom
Conclusion
Not much comment I can make here as these reviews are not mine and I have not seen the materials or training of Forex Confidante. I do note that the reviews above are genuine as they come from many registered users of a very busy anti-scam consumer advocate forum. Of course your purchase is protected by Clickbanks no questions asked 60 day money back gurantee, so by all means try it and get a refund if you are not happy. $97.
by Phil Jarvie
http://forex-robots-reviewed.info/forex-robot-reviews/forex-confidante.php
How Much Money Do You Need For Forex Trading
If you are aiming to get into forex trading, you should first learn to trade forex. Of course, when you are doing capital investments, you should initially at least know how to open and close transactions. In forex trading, dealing makes no difference and so you have to make sure you are knowledgeable and well rounded about transactions.
If you're not familiar with the Forex you can begin to learn how to trade currency online for little or no money. The currency of any country will go down or up in value based on several global events. Forex market is traded 5 days a week 24 hours a day.
One of the major advantages in about Forex trading is that you don't need a huge start up capital to make things work for you. In fact, you don't really need money at all to start practicing forex trading in real market conditions, as most brokers will allow you to trade on a demo account to sharpen your skills before you start using real money.
You can start forex trading with a small amount of investment and slowly build up your wealth and power as your own knowledge and mastery of the Forex marketplace grows.
You Want To Be Smart
Do your home work. If you are aiming to get into forex trading, you should first learn to trade forex. It would be foolish to suggest that you run right in, guns blazing, without a little research first. Forex systems are not for everyone.
To learn to trade Forex quickly, you will need to immerse yourself in the jargon, and be prepared to dedicate the greater part of your day to following the markets. It is always best to be prepared. With an internet connection and a wide variety of news sources, you can easily keep up to date with fundamental and technical information that affects the Forex Markets.
To learn about Forex trading you will defiantly need to enroll in one of the many exceptional currency courses offered online today. That is you first step and investment. Next, you will need to acquire a top rated Forex trading system. Third, you should open a demo account at a Forex brokerage firm and start practicing everything you learned in the class and with your new software.
Forex market is a 3 trillion a day market. You don't really want to miss out on your little piece of the action. You have to purchase the best Forex trading robot and put it to work for you. In fact, you can absolutely make profit with the best forex trading robot while you are playing, sleeping, on vacation, or whatever. The automated robot will take all greed, doubt and fear out of the action which is why you will increase your money.
by Paul Rodgers
http://bank-on-adsense.com/learn_basic_forex_trading.html
If you're not familiar with the Forex you can begin to learn how to trade currency online for little or no money. The currency of any country will go down or up in value based on several global events. Forex market is traded 5 days a week 24 hours a day.
One of the major advantages in about Forex trading is that you don't need a huge start up capital to make things work for you. In fact, you don't really need money at all to start practicing forex trading in real market conditions, as most brokers will allow you to trade on a demo account to sharpen your skills before you start using real money.
You can start forex trading with a small amount of investment and slowly build up your wealth and power as your own knowledge and mastery of the Forex marketplace grows.
You Want To Be Smart
Do your home work. If you are aiming to get into forex trading, you should first learn to trade forex. It would be foolish to suggest that you run right in, guns blazing, without a little research first. Forex systems are not for everyone.
To learn to trade Forex quickly, you will need to immerse yourself in the jargon, and be prepared to dedicate the greater part of your day to following the markets. It is always best to be prepared. With an internet connection and a wide variety of news sources, you can easily keep up to date with fundamental and technical information that affects the Forex Markets.
To learn about Forex trading you will defiantly need to enroll in one of the many exceptional currency courses offered online today. That is you first step and investment. Next, you will need to acquire a top rated Forex trading system. Third, you should open a demo account at a Forex brokerage firm and start practicing everything you learned in the class and with your new software.
Forex market is a 3 trillion a day market. You don't really want to miss out on your little piece of the action. You have to purchase the best Forex trading robot and put it to work for you. In fact, you can absolutely make profit with the best forex trading robot while you are playing, sleeping, on vacation, or whatever. The automated robot will take all greed, doubt and fear out of the action which is why you will increase your money.
by Paul Rodgers
http://bank-on-adsense.com/learn_basic_forex_trading.html
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