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Forex Trading Room Review

Let’s get right to it. Chances are, you’ve made one (or more) of the following trading transgressions. Forex Trading Room Review

1. Trading without Stops and Take Profits

-Many Forex Traders recommend using a mental stop loss. But, how many of you actually follow that stop loss? When price gets to it, are you closing out, or, are you hoping it will reverse back in your favour?

NEVER, trade without a HARD stop loss.

2. Mastering Money Management

-Almost every trader I’ve met trades with a much larger stop loss than target profit goal. I’ve learned (and found) a 1:1 (or better) risk/reward ratio is actually possible. You only need to win a bit more than half of your trades and you’ll still make money. The catch is, finding a system, strategy, or signals that can do it.

3. Trading Before, During, or After a Major News Event

-The liquidity around news events is very volatile. Although you can sometimes get lucky and make a several hundred pips, more often than not you will find yourself on the wrong side of the trade, or worse yet, margin called.

My Tip: I have learned NOT to trade 30 minutes before or after a news event…This is the safest way to protect your capital…

4. Trading The Weekend

-Have you ever traded on a Friday and and got stuck in a position over the weekend? Then, on Sunday, when the market reopened, did you notice the trade turned ominous, causing you to have huge losses or at worst, getting margin called? My tip: Don’t trade on Friday!

My Tip: If you’re a day trader, make sure to close ALL positions before the market closes on Friday.

5. Listening to Daily Broker Commentary

-A broker’s main intention in giving advice is to push their own positions. This might mean they will trade the opposite of the news they gave, in order to take your liquidity; or, they might just need more people to add to their own bias.

My Tip: Don’t get too excited over broker tips. Most will not help you. In fact, they might just hurt your chances of having a successful trade. Forex Trading Room Review

6. Downplaying your emotions.

-Too many traders trade countless demo accounts and never really get the feel for trading their own money. Then, they make a lot of “play money” on their demo accounts. Then, they attempt to trade their own money. They think the way they traded with their demo will translate to the same success on their live accounts. Unfortunately, most traders discount their emotions and end up trading completely different than when they started trading their demo accounts.

My tip: Start with an amount of risk capital equal to only/just 10% of what your entire capital is. Never trade a demo for too long. For example, if you have $10,000 in total risk capital, only invest $1000 in your Forex trading account. Then, trade that $1000 a little more aggressive, because you will not have as much to worry about (you still have $9000 to trade if you blow your whole account).

This will help to consolidate your emotions and make you a better trader faster than any e-book or coaching system. Understanding and managing your physical and mental emotions are key to your Forex Trading Success.

7. Spending a substantial investment on a Forex mentor

You don’t need to spend thousands of dollars of initial investment on a Forex professional trainer or mentor, even if he or she IS a professional, honest, and makes a full-time living trading online. I’ve been trading (for free) with Mike Swanson for just over a month now. I’ve found that there’s cheaper, more profitable options available. I own Free4xLesson.com. I have a live trading room, weekly webinars on an array of Forex topics, and I trade live accounts ranging from $1000-$10,000 nearly everyday of the week), and I have even had a chance to network with some of the other traders who have been coming. Forex Trading Room Review

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