Trading Currencies (Forex Trading) - A Road Map
Trading currencies (a.k.a. Forex trading) offers phenomenal opportunities for making money-- but it can be costly as you work your way through the learning curve.
I am going to save you a big pile of money. Picture the room you're in and a stack of $20 bills, six-feet wide, from floor to ceiling. Read this lens top to bottom and that's approximately how much money you will be saving.
But you want to make money, you say-- not just save money. No problem, friend. I will be showing you the two most successful methods for making money with Forex.
What are these two methods?
We'll start off with the Peter Bain Method, which you may have heard about. Peter Bain is the most respected and experienced educator that you will ever meet along the rocky road of trading currencies and mastering Forex trading. With thousands of happy, grateful students in 55 countries, Peter Bain has been mentoring online since 1998. There is no one better. Is that a bold statement to make? No, that's an understatement-- the first of two in this brief introduction.
Once you've grasped why Peter Bain is where you go for your Forex trading boot camp training, I will supplement your knowledge with Guppy Trading, developed by world-renown Aussie trader Daryl Guppy. And here comes my second understatement: Mr. Guppy is smart as a whip. Join me now and say out loud: "Daryl Guppy is smart as a whip." That short sentence is the biggest understatement that you will ever make all your life long. In this Lens, you will learn the basics of Guppy Trading and gain access to the resources necessary to further enrich your education.
The Forex (Foreign Exchange) currency market is a battleground. You must enter it armed to the teeth with knowldge and self-confidence, or suffer the consequences. For another way of looking at it, consider The Master and The Fool, a two-character stage play in which you get to decide which role you want to play. (Do I have you in the right frame of mind yet?)
Okay, fine. Let's begin with a story from my dad.
To Instill Upon The Mind By Repetition
Inculcation ... How People Learn
My dad often illustrates how people learn by telling the story of his first day in civics class, way back in 1968. On the very first day of eleventh grade, his teacher, Mr. Casey, a retired marine drill sergeant, greeted the class politely but curtly, forming no affiliations.Mr. Casey then turned his back on the class, approached the chalkboard and wrote the word "inculcate" five (5) times.
Each time, as he finished writing the word, Mr. Casey shouted in his drill-sergeant foghorn voice: "To instill upon the mind by repetition!"
As my dad recalls it, Mr. Casey did not turn around and face the class as he spoke: he allowed his words full vibration and a strong bounce from the chalkboard.
Once Mr. Casey had written the word "inculcate" for the fifth time, he turned around, faced the class, and took his time about sitting on the edge of his desk. He then shouted to the class: "INCULCATE!"
Without any encouragement, my dad proclaims proudly, the entire class shouted back: "TO INSTILL UPON THE MIND BY REPETITION!"
Mr. Casey then smiled wide and said in a very gentle tone: "Good. That's how we're going to learn."
Gentle On Your Mind - Peter Bain's Forex Trading Method
Trading Currencies Doesn't Have To Be Painful!
Peter Bain's Method is throroughly explained in his DVD course and workbook-- and it is indeed gentle on your mind. His method for trading Forex is not rocket science. It's based on tried-and-proven Forex market indicators: primarily Pivot points, MACD, and a few select candlestick patterns.In a better world, you could go out there, learn all there is about Pivot points, MACD, and candlestick patterns-- and be on your way to making Forex millions. Unfortunately, you and I don't live in that kind of world. 95% of the information that is available on Forex trading indicators will help you lose all your money fast.
It's learning how to use Forex market indicators that will make you a winning trader. Peter Bain's Method excels at that.
You might be thinking. "DVD and workbook? I can do that in one weekend..." And indeed you can.
Strangely enough, DVD and workbook are only a part of the puzzle. Both teach you the basics and how to combine Forex trading indicators (Pivot points, MACD, and candlestick patterns) to achieve success-- and they teach you well.
But if all it took to make millions was a weekend's worth of reading-- wouldn't everybody just do it? And who'd be left to pick up the garbage, fix the plumbing and do the million odd jobs that none of us want to be a part of?
Remember my dad's story? It takes repetition to truly learn something. The second (and perhaps the most important) part of the Peter Bain Method is the Online AM Review, a 6-month online mentorship program where Peter's select indicators are put to the test as real Forex markets unfold, and where questions and insights from your fellow traders are addressed.
Peter Bain's Online AM Review truly shines at helping you internalize the knowledge that you acquire from the DVD and workbook. Is MACD diverging or simply neutralizing to the water line? The correct answer can make you money. The wrong answer will send you weeping.
Watch just one example of MACD divergence and just one exmple of MACD neutralization-- and you might just get it right when either one next shows up in the Forex marketplace.
Watch 10 or 20 examples over 6 months of AM Reviews-- as they are happening (not canned or back-tested data)-- and you are well on your way to making wise, well-informed decisions.
Trading Currencies - Peter Bain's Method - Link
Here's Where You Get Peter Bain's Method - DVD Course, Workbook, Online Mentorship Through The AM Reviews-- PLUS Access To A Huge Video Library!
While you are there, read all the testimonials. I've taken the Peter Bain course myself. Everything you read there is real.
Please also look for the AM Review Video Samplers. The reason why I don't show you charts and samples in this Lens is because Peter takes care of that in his Video samplers much better than I ever could. There are at least 6 AM Review Video Samplers-- enough to open your eyes to the awesome learning opportunities awaiting you.
Price Action - Peter Bain At Work
AM Review Sampler
Price Action - History Repeats Itelf - Solstice Magic!
http://www.forexmentor.com/ EUR/USD Dec. 22, 2006
Runtime: 4:27
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More Peter Bain AM Reviews
It's Like Having A Private Tutor
Podcasts: Peter Bain's Online AM Review
Down-to-Earth Teaching For All To Grasp.
The actual AM Reviews are broadcast from the Members section of Peter Bain's website, Tuesday through Friday. The AM Reviews are video, with charts and slides. Podcasts are only audio, but they will reveal Peter's gentle, across-the-kitchen-table approach to explaining price action. Listen to one or two and you'll notice what I mean.
Fetching RSS feed... please stand byThe Big Dog Forex Trading System
I'm Not Touting - I've Actually Taken This Course - There's None Better!
News from Peter Bain's Blog
Published Tuesday to Friday, Peter Bain's blog commentary is a synopsis of his AM Review video presentations, which is available to members of forexmentor.com.
The AM Review is where Peter explains his trading strategies, illustrates a wide variety of trading techniques, answers questions emailed by his students, and updates Forex news. Ample voice commentary over video, informational slides plus charts. Examples galore!
Fetching RSS feed... please stand byThe Best Charts On The Internet - 100% FREE
Trading Currencies (Forex Trading)? Here Are The Best Charts-- Period.
Here's your present for staying with me this far!They don't want your email address. They don't want to know your name. There are no forms to fill out. There's nothing for you to buy.
This is one case where free means F-R-E-E.
And these happen to be the best, most customizable and comprehensive Forex trading charts on the Internet-- with more Forex trading indicators that you can shake a stick at!
The link is: FREE IT-FINANCE CHARTS. When you get there, you have a choice. Please choose the IT-FINANCE charts.
I am preparing a Lens on how to customize these wonderful charts. That should be up next week. Stay tuned.
Now. Onward to the second brilliant method for trading currencies (Forex trading)!
The Guppy Multiple Moving Averages Method
Trading Currencies Doesn't Get Any More Insightful
Mr. Daryl Guppy, an active trader in the Asian markets for the past 15 years (also a licensed instructor for the Singapore Exchange), long ago realized that two moving averages crossing each other did not provide him with enough information to make intelligent trading decisions.He satisfied his curiosity and fattened his wallet by focusing on two groups of exponential moving averages.
One group he created to represent investors, individuals in the market for longer terms. He plotted these exponential moving averages on his charts in red color.
He then created a second group to represent traders, individuals in the market for quick-buck shorter terms. He plotted these exponential moving averages on his charts in blue color.
The long-term (red) exponential moving averages are for the periods of 30 days, 35 days, 40 days, 45 days, 50 days and 60 days.
The short-term (blue) exponential moving averages are for the periods of 3 days, 5 days, 8 days, 10 days, 12 days and 15 days.
Throwing my own mix into the equation, a 7-day exponential moving average is plotted in black. A 51-day exponential moving average is plotted in green.
When the black crosses the green, which happens about once a day on the 15-minute chart for just about any currency, you've got yourself a signal worth investigating. (The red cross-hair lines on the image on the right, the 15-minute Yen for January 15, 2007.) That's my contribution, but do not take action on it-- as that would defeat the purpose of the Guppy Method. Use it merely as a visual cue to ask yourself: "What's happening around this price range in terms of the Guppy Multiple Moving Averages. Back to Daryl Guppy.
The Guppy Multiple Moving Averages Method is a lot more than mindless charting. Mr. Guppy emphasizes the need to explore three relationships before making any trade.
Per Mr. Guppy, you must look at: the character of the long-term group, the character of the short-term group, and the relationship between the two groups.
Notice the words "character" and "relationship" in my paraphrase of Mr. Guppy's instructions. If you're serious about investigating Guppy Multiple Moving Averages Method, you must interpret character and relationship as you would in the real world between people. Studying is required. Shortcuts will breed disaster.
Trading Currencies (Forex Trading) - Putting It Together
Be The Master, Not The Fool
Your fellow traders will love you if you play The Fool when trading the Forex markets. They'll be taking your money every which way.Don't do it! Be The Master when you trade currencies. Prepare yourself by learning from the best-- that means Peter Bain and Daryl Guppy.
Escalate from paper trading, to demo trading, to real trading at your own pace. Let noone rush you.
Avoid gimmicks like the plague. When you're shopping for a new appliance, and you see one with a fancy new gizmo that you've never seen before-- that's the time to fall in love with gimmicks. When you're looking for a proven way to make money trading currencies, a new gimmick or a new gizmo that promises the world is something to stay away from.
Don't fall into the trap of looking for a magic system that you can plug into like a mindless robot and make money. If there was such a formula, somebody would have stolen it by now-- and you'd be reading about the theft of the century in the newspapers.
You need a method that produces winning trades, to be sure-- but more important than a method: you need the trader's mindset.
When you first start working with charts across different time frames (the 15-minute, the 30-minute, the 1-hour and the daily charts)-- and there's no avoiding charts if you're serious about trading-- two terrible things happen to you.
1) You start seeing things that aren't there.
2) You miss obvious things that are definitely there.
Only by developing a trader's mindset will you overcome such strange phenomena.
Both Peter Bain (specially Peter through his AM Reviews) and Dary Guppy (through his DVDs) will help you develop the proper mindset. Proper method + no trader's mindset = many lost dollars. Ouch!
Don't short-change yourself. Don't do one or the other. Do both. Peter Bain and Daryl Guppy will give you the technical knowledge and self-confidence needed to make successful trades.
Murphy's Law runs amuck in any trading market. Arm yourself to the teeth before you take the plunge!
Trading Currencies - (Forex Trading) Conclusion
Can I Have My 5-Star Rating Now? ;-)
I've given you some other good books to have a look at below, but please do not get derailed.You want Peter Bain's Method. You want Daryl Guppy's Method.
If I have succeeded in arousing your curiosity by endorsing these two methods, I've done my job. You'll thank me later.
P.S. I'm working on some software that rings a bell when the various Forex markets open. I will probably be done next week-- and will make it available to you FREE. Look for the link in this section in the next 7-10 days.
Links To Daryl Guppy's Method
With Daryl and Peter Teaching You, You're That Much Closer To Success!
You want the first two books. Expand downward as your budget allows.
Automated Forex Grail $150,000 client video proof
Automated Forex Grail at last a robot that works42 points
The most profitable expert advisor EVER
Number one expert advisor on the market32 points
Amazing New Forex Robot Blows The Competition Away
Make money on autopilot even if you know nothing a more...28 points
Real Money Doubling Forex Robot
Fapturbo Is The Only Automated Forex Income Soluti more...4 points
Better Trading With The Guppy Multiple Moving Average Workbook video featuring Daryl Guppy
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Better Trading With The Guppy Multiple Moving Average video featuring Daryl Guppy
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Risk, Stop Loss and Position Size (VCD)
Synopsis:Trading is about the management of risk. more...0 points
Precision Pattern Trading DVD (VCD) by Daryl Guppy with free companion guide
Chart patterns point traders to high probability t more...0 points
Precision Pattern Trading Workbook by Daryl Guppy
Chart patterns point traders to high probability t more...0 points
The most profitable expert advisor EVER
Number one expert advisor on the market0 points
Amazing New Forex Robot Blows The Competition Away
Make money on autopilot even if you know nothing a more...0 points
Fun Stuff For Traders
It Can't Be All Serious, Can It?
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Money Mousepad
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Future Millionaire Fitted T-Shirt
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A Bargain Shows Up Now & Then
Expand Your Knowledge - But Only If You Spot A Bargain
Do not consider substitutes to the two Methods I have mentioned in this Lens. Anything you see listed should be viewed as a way to expand your knowledge-- not as a substitute for the Peter Bain Method or Daryl Guppy's Multiple Moving Average Method. Remember: you get what you pay for!
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