Successful Forex trader Mike Johnson has just released his powerful money-making software called Forex Maestro. This Forex robot has been tested in real life trading for the past five years and has returned astonishing results, according to Mike.
Here are some figures:
* $320 turning into $7,600 in 3 short days.
* $2,700 generates $6,621.14 in profit within only 40 days.
* $5,000 into $31,200 within 53 days.
* Maestro system of picking and choosing profitable trades has an average success rate of 91.25%.
On Mike's own words here's how Forex Maestro works:
1. It runs a particular forex trading opportunity through a multitude of possible scenarios created by extremely complicated mathematical and scientific formulas.
2. The built-in neural network inside Maestro picks the trades with the highest possibility to win AND with the biggest profit potential.
3.Then it finds the most profitable entry and exit points and place the trades for you... 100% on autopilot... with absolutely no human intervention.
Does it work? Well the sales page contains several live testimonials from people who have used it and turned out making big profits with it.
What does it cost? There is a special introductory price of $397 available only during this official launch period.($197 if you buy it today!) After that, you'll have to pay the regular subscription price of $997 per year. As usual, it comes with a 60-day money back guarantee.
The question is: who wouldn't write a check for $997 in return for tens of thousands or even hundreds of thousands of dollars that Forex Maestro could put in your pocket in one year?
In trading more so then in any other business, when you fail to plan, you plan on failing. In trading you must have a plan of action written out before you place the trade. The Forex market is way too fast to think you can make sound judgments on the fly. It is full of price reversals and head fakes, and if you have not prepared yourself for the obstacles ahead of you, you are not going to succeed.
You need to have studied your Currency Market and plotted out your support and resistance levels before you pull the trigger on a trade. More so then knowing your forecasted price points your Money Management system needs to be sound and in place. Trading Plans are 85% Money Management and 15% analysis. In this article we are going to focus on some of the Analysis.
I have a whole section in my E- Book on Money Management and it needs a lot of depth. It is the most important aspect to your trading.
Part of it is Position Size which I went over in previous articles. I will not belabor the points here, but I do suggest you reread them if need be. The trading plan has more to do with how you are able to trade the currency market, based on your risk capital.
However, no money management system can make profits for a trader that is hap hazard and makes bad trading decisions, conversely and excellent market timer with great trade selection will not be guaranteed profits without good money management. It is a double edged sword. That's part of the 85% of the trading plan. I will now go over some of the more important minor (most often overlooked) aspects.
Minor Rule Number 1
Before you enter your trades write down the price move you forecast that you can capture. Look for modest profits; don't always be looking or a home run. Get on base often and learn to use trailing stops, this way the market takes you out of the trade. When you are in a good position you will be able to ride the wave longer and capture more profits with less head games occurring. Always be mindful of your risk/reward ratio it should be a minimum of 1.7:1. Example you risk $1000. You should be looking for $1700 in profits.
Minor Rule Number 2
Establish profit objectives. It is a bit different then rule number one. In rule one you have your modest gain that you are looking to capture. In this rule we are going that step further where we are in a run away market that is in our favor and have perhaps broke a support or resistance level. You should have an overall profit objective based on a percentage gain to your equity that you would want to lock in.
Example could be a 12% gain of your account equity. You will move your Trailing Stop to that level and let the market take you out if a retracement occurs. This is a crucial point to keep in mind, I have seen trader's double accounts in one day, and lose all the gain and Base equity because of greed and fear, in another trading session. There can be nothing worse then having a great trade turn bad and not having an exit hatch to jettison out of. Believe me you want to keep those gains; it is really annoying when you let them slip away.
Minor Rule Number 3
Have a maximum amount of capital that you are willing to commit at one time. You have to limit your exposure so you do not begin to over trade. Don t open 5 different positions in different currencies at once. Go to were you believe the action is and plan your trades accordingly. If you feel you need excitement go do something that quenches that thirst. Don' t use your trading account to escape boredom.
Minor Rule Number 4
Have plan for increasing or decreasing your positions. If you want to add to a position do it at certain predetermined levels. Always add less then your base position. (Pyramid Profits with a larger base on first) Example would be if you have 100,000 euro on and you are going to add do 50,000 more, then another 50,000 at a different level. When you go to liquidate the position if you're long sell into the rally at predetermined levels (Stepping).
If you're short buy into the dips at predetermined levels as well.
Minor Rule Number 5
Do Not Force A Trade!
This is really not a minor rule; really there are no minor rules just ones that seem to have less glamour then others. I would like to go over something that I feel is a real important point. Realize how fortunate you are that you do not have to trade every day.
When I worked at the bank I was forced into trading every day and night at times due to customer orders, Interest Rate Swap tails that needed to be bought or sold, Money Market desk activities; that's the borrowing and lending of currencies taking interest rate positions. So my point is do not force a trade if it s not there for you. Enjoy the process of being a sniper, and entering on your terms.
This is an article written by Thomas Strigano, from Forex Confidante.
In order to become a successful Forex trader it’s important to develop a pattern of recognition. The forex markets often display a specific pattern that repeats over time across assorted time scales. Forex traders can develop an expertise by acquiring the information around the patterns and then discovering how to recognize these patterns for what they are.
An analogy of a medical student who is learning how to diagnose a disease will explain this better. Every disease, for instance, pneumonia, is defined by a distinct set of symptoms. By running the right tests and making ethical observations of the patient in question, the medical student will collect all the information needed to recognize that the disease is indeed pneumonia. A medical student can never become an expert doctor until he has seen a number of patients, thus gaining practice in putting the pieces of the puzzle together rapidly and correctly.
The brightest illustration of gaining the trading expertise is through pattern recognition and the large literature on technical analysis. Many of the technical analysis books look like the books that are carried around by medical students. They attempt to combine market symptoms into identifiable patterns that are aimed to help the trader diagnose the market. Some of these patterns may be chart patterns, while others may be based on identifying cycles and configurations, and so on. Like the medical student turned doctor, each technical analyst must cultivate a level of expertise by recognizing the various markets and by learning how to identify the patterns.
Notice how the pattern recognition and research answers lead to very dissimilar approaches to the training of forex market traders. The traders tend to learn how to improve their trading by doing their research by learning how to use more sophisticated tools, collect more data, expose the best predictors, and so on.
However, from a pattern recognition advantage point, being successful at trading will not come from conducting more research. Instead, gaining the knowledge directly from the experts and through a great deal of practice will lead to the solid development of competence. The research viewpoint fundamentally treats trading as a type of science. Like scientists, we gain our knowledge by unveiling new observations and pattern recognition through a perspective that treats trading as a functioning activity. Expertise is gained through mentors and by constantly practicing the trades.
