As I think about developing a strategy guide to outline exactly what my trading strategy is, I often think about what got me into this whole Forex world.  Like most of you traders out there, there are quite a few reasons that all came together.  The first major reason was that I wanted money.  I wanted lots of it.  And, I didn’t want to do anything to earn it.  Unfortunately I learned that was pretty much impossible and anyone selling that idea is only padding their accounts and not yours.  The other major reason was that I always had an interest in the stock market and wanted a chance to apply some of that knowledge.  So I was turned on to Forex.  This was like a dream come true.  Forex has a ton of retail brokers, low deposit requirements and a market that is liquid for most of the day.  My problem was that I had no freaking idea what I was getting in to.  Over the next year or so I soaked up a ton of info by buying ebooks that promised to make me $3,243,564.00 a year.  After reading most of that crap I learned almost nothing.  I did get into some more expensive courses from some other pros.  Some I liked.  Some I didn’t.  All of this and my trading experiences lead me to break out of the mold of my mentors and forge my own strategy.  As you can tell from my charts, there really isn’t much going on.  My theory is that the market is so much bigger than I am so 4 million indicators on my screen still only leads me to an educated guess.  The key is to find very simple signs that a currency will be moving in a direction and then knowing when to get out.  Trust me when I tell you this, the very last thing you will ever learn is when to exit a trade.  That is something I am still working on to this day.  It all seems so easy when you use fake money in a demo account.  When it comes to your actual dollars, your emotions will get the better of you from time to time.  Anyways, back to the reason I posted all this.  I don’t want people to waste their money on the crap people push out there.  Sure, Forex robots sound great…but you really should know how to trade on your own so that a robot can augment your trading.  Nothing comes without a little work.  Take the time to learn Forex and it will be worth it.  You wouldn’t trust a doctor who completed med school over night, so don’t think you can become a trading expert because you read an ebook.  You really should ignore the crap and start your training over at Baby Pips.  This site is free and loaded full of awesome information.  They have a link on the main site called “school” that starts you off in Forex kindergarten and takes you right to college.  Did I mention this is free?  Honestly, 99% of the ebooks and courses about Forex that cost a fortune don’t give half the information that Baby Pips is giving you for free!  From there it is all about finding a trading style that you are comfortable with.  Some people like to carry large trades.  Not me.  I am in and out in moments and am happy as a pig in shit when I have 2 pips.  Compare as many strategies as you can.  Try them in demo accounts.  After time you will find the one that fits you best.  Once you have that one it is time to go live and put the pressure on.  Even if you only risk a dollar a trade you need to know what it feels like to use live money.  From there you need to constantly re-evaluate.  The markets will change.  Your life will change!  I changed jobs and trading in the morning no longer worked for me.  I shifted my strategy to something that works in the evenings.  One thing is certain, you should never stop learning.  People who became complacent are the same idiots that sank the stock market.  Hehehe…I probably shouldn’t get into a rant about that.  I am definitely trying to have some kind of Forex strategy guide out mid year.  How much will this valuable information cost you?  Absolutely nothing.  And, it certainly should not be your bible.  It should only help to form your own strategy.  That’s how this game works.  That’s what separates the people who will make a killing in Forex, and the dreamers that will never achieve a thing.

Tags: baby pips, babypips, Forex & Money, Forex blog, forex day trade, Forex ebook, Forex strategy, forex trading, how to start in forex, how to trade forex

This entry was posted on Monday, February 23rd, 2009 at 6:58 pm and is filed under Forex & Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.