Global Macro Forex and Financial Market Education, Research and Analysis utilizing Elliott Wave, Fibonacci and Gann Forecasting Techniques -
Monday, April 30, 2007
Friday, April 27, 2007
The Missing Element
When it is all said and done currency trading is all about the human element and all too often this is the missing element when it comes to Forex training. The human element consists of two components each trader must completely understand:
1. Others traders in the market
2. Themselves
Price bars and candlesticks are merely graphical representatives of supply and demand of the market. And what or rather who is the market? Other traders! Whether they sit in a skyscraper in New York, an brokerage office in London or like me, a home office in Phoenix, the market is nothing more than other traders.
Understanding who these traders are, how they react to events and their potential impact on the marketplace is crucial. This is why we caution our student around market opening times and the impacts of news events.
The other, and more overlooked factor in the human element is us. In my prior life as a consultant, my job was to go into a company and address specific challenges. The most difficult component of my position was to collaborate for change when the company would not. Fear of change is a power human element.
It is difficult for each of us traders to take a critical look at who we are, understand our strengths and admit to our weakness, so that we can set a course to success. Self-Mastery is necessary for all traders to make that critical leap in their personal learning curve.
Forex Journey integrates all the components of creating and maintaining a results-orientated trading system by teaching self-mastery skills side-by-side with Forex strategy and money management techniques.
As a Success Coach to Traders and Entreprenueurs and Certified Hypnotist, I deal with self-mastery skills on a daily basis and can ensure you mastering yourself will not only improve your trading, it will improve your life!
Happy Trading!!
1. Others traders in the market
2. Themselves
Price bars and candlesticks are merely graphical representatives of supply and demand of the market. And what or rather who is the market? Other traders! Whether they sit in a skyscraper in New York, an brokerage office in London or like me, a home office in Phoenix, the market is nothing more than other traders.
Understanding who these traders are, how they react to events and their potential impact on the marketplace is crucial. This is why we caution our student around market opening times and the impacts of news events.
The other, and more overlooked factor in the human element is us. In my prior life as a consultant, my job was to go into a company and address specific challenges. The most difficult component of my position was to collaborate for change when the company would not. Fear of change is a power human element.
It is difficult for each of us traders to take a critical look at who we are, understand our strengths and admit to our weakness, so that we can set a course to success. Self-Mastery is necessary for all traders to make that critical leap in their personal learning curve.
Forex Journey integrates all the components of creating and maintaining a results-orientated trading system by teaching self-mastery skills side-by-side with Forex strategy and money management techniques.
As a Success Coach to Traders and Entreprenueurs and Certified Hypnotist, I deal with self-mastery skills on a daily basis and can ensure you mastering yourself will not only improve your trading, it will improve your life!
Happy Trading!!
Thursday, April 26, 2007
Forex Journey Website is Here!!
We hit the switch and Forex Journey Currency Training Webiste is Live!!
WHAT MAKES US DIFFERENT?
There is good Forex training and there's not so good currency training. I have seen it all. I am no different than most of you who got interested in trading the Forex market while deeply involved in another, unrelated career.
I did not learn at a broker, I learend from the environment I currenlty trade in today - home! Through books, seminar and online education, but mostly trial and error. There are hundreds, if not thousands of strategies out there for this market. Believe it or not most are generally good and just a derivative of basic trend-following or range-bound strategies.
So then, why is the failure rate of currency traders somewhere north of 90%?The answer lies with each individual trader! Forex trading, trading in all liquid markets runs counter to human nature and the human element must be integrated into every aspect of your trading. That what makes us unique.
We train our students from the inside out.The secret weapon in currency trading is right between your ears and we intend to harness that weapon to YOUR fullest extend!!
The Forex Journey Website which features:
Live Market Training
One-on-One Coaching
Personal Self-Mastery in Trading to Your Strength
Live Workshops
Online Web Semianrs and much more...
I have seen so many traders look for the "Holy Grail" of trading inside the latest and greatest strategy without realizing that the true path to success in the market lies within.
The goal of our website is to teach traders to manage 3 Essential Elements of Forex currency trading: trading through sound strategies and approaches, master their emotions through identifying their unique trading personalities and trading to their individual strengths (no one size fits all here!) and lastly, through strong money management principals.
What makes us different? We put the trader at the center and craft success for the individual student.
We still maintain our recomemnded reading list over on our Lens. All proceeds from the Lens goes immediately to charity!
COMING SOON - A SPECIAL INTRODUCTORY OFFER FOR MY BLOG READERS.
STAY TUNED and Happy Trading!!
WHAT MAKES US DIFFERENT?
There is good Forex training and there's not so good currency training. I have seen it all. I am no different than most of you who got interested in trading the Forex market while deeply involved in another, unrelated career.
I did not learn at a broker, I learend from the environment I currenlty trade in today - home! Through books, seminar and online education, but mostly trial and error. There are hundreds, if not thousands of strategies out there for this market. Believe it or not most are generally good and just a derivative of basic trend-following or range-bound strategies.
So then, why is the failure rate of currency traders somewhere north of 90%?The answer lies with each individual trader! Forex trading, trading in all liquid markets runs counter to human nature and the human element must be integrated into every aspect of your trading. That what makes us unique.
We train our students from the inside out.The secret weapon in currency trading is right between your ears and we intend to harness that weapon to YOUR fullest extend!!
The Forex Journey Website which features:
Live Market Training
One-on-One Coaching
Personal Self-Mastery in Trading to Your Strength
Live Workshops
Online Web Semianrs and much more...
I have seen so many traders look for the "Holy Grail" of trading inside the latest and greatest strategy without realizing that the true path to success in the market lies within.
The goal of our website is to teach traders to manage 3 Essential Elements of Forex currency trading: trading through sound strategies and approaches, master their emotions through identifying their unique trading personalities and trading to their individual strengths (no one size fits all here!) and lastly, through strong money management principals.
What makes us different? We put the trader at the center and craft success for the individual student.
We still maintain our recomemnded reading list over on our Lens. All proceeds from the Lens goes immediately to charity!
COMING SOON - A SPECIAL INTRODUCTORY OFFER FOR MY BLOG READERS.
STAY TUNED and Happy Trading!!
Friday, April 20, 2007
Forbidden Words
Words are one of the most powerful tools we use in our day-to-day lives, so consequently they hold the same power in our trading. They can penetrate our subconscious thoughts and reek havoc on our confidence. Part of your Forex Journey is to use words that will empower your trading and not chip away at your results.
The following words should be stricten from your vocabulary!
TRY - Replace with DO or DON’T. TRYING IS FAILING WITH HONOR! You are either going to be a success for trader or you are not going to be a successful trader. Decide today which one it is going to be!
CAN’T - There is no replacement for this word and should be abolished from your vocabulary permanently!
BUT - Replace with AND. Any thought that follows but is an excuse. The first rule about becoming a great trader is to accept full responsibility for the results of your trades.
Here are some other words that will disempower your trading. Bring power into your trading and your life by using these replacement words.
Don't Hope, Know!
It is not If, it is When!
You don't have Problems, we rise to Challenges!
Why doesn't solve anything, but Whats or Hows do!
Happy Trading!!
Don't forget to keep up with my Lens.
The following words should be stricten from your vocabulary!
TRY - Replace with DO or DON’T. TRYING IS FAILING WITH HONOR! You are either going to be a success for trader or you are not going to be a successful trader. Decide today which one it is going to be!
CAN’T - There is no replacement for this word and should be abolished from your vocabulary permanently!
BUT - Replace with AND. Any thought that follows but is an excuse. The first rule about becoming a great trader is to accept full responsibility for the results of your trades.
Here are some other words that will disempower your trading. Bring power into your trading and your life by using these replacement words.
Don't Hope, Know!
It is not If, it is When!
You don't have Problems, we rise to Challenges!
Why doesn't solve anything, but Whats or Hows do!
Happy Trading!!
Don't forget to keep up with my Lens.
Tuesday, April 17, 2007
Easy Math
Today we saw the British Pound sour above the 2.0000 level marking a breakthrough of a major psychological barrier. I have to admit that over the past several months I have cheated on my favorite currency pair in lieu of the Euro and Yen. I have to take a moment to reflect while the Pound sits at levels it has not seen in 15 years.
What does this really mean?
Has Sarbox regulatory constraints contributed to the raise of cable?
Has geo-political events ushered in a long term change against the USD?
Or has the change in central bank reserves been good for the pound?
Nah! What this really means is that it is now easy math for us Americans traveling to the UK. A pint of beer in the pub costing £3 can easily be converted to $6. Sweeeet!!
And easy math is this traveler's dream!
Happy Trading!!
Don't forget to visit the Forex Journey website and our Lens!
What does this really mean?
Has Sarbox regulatory constraints contributed to the raise of cable?
Has geo-political events ushered in a long term change against the USD?
Or has the change in central bank reserves been good for the pound?
Nah! What this really means is that it is now easy math for us Americans traveling to the UK. A pint of beer in the pub costing £3 can easily be converted to $6. Sweeeet!!
And easy math is this traveler's dream!
Happy Trading!!
Don't forget to visit the Forex Journey website and our Lens!
Saturday, April 14, 2007
Gunslingers and Casinos
Living in Arizona I am always surrounded by images of the Wild West. With numerous casino operations in and around the area and my relative proximity to one of the largest gaming centers in the world, Las Vegas, I am also surrounded by the images of the gambler.
Every gunslinger has its sheriff and every gambler has its casino. What we must decide early on in our trading career is which side of the table we want to sit on.
Think carefully about your decision, because one will lead to great success while the other usually leads a fast, but very brief existence.
You want think like a sheriff and act like a casino. The sheriff patrols the landscape to limite and risk to the populous. These are your stops! The casino has numbers and probability on its side. That is why the rules always favor the house. This is your edge!
Your stops and your edge are key components of your winning game plan for the Forex market.
Favors the house? Probabilities?
This is the concept that has created large fortunes and ruined aspiring careers. Master these principals and you will be on your way to successful and highly profitable trading. Always trade with rules that favor the house –you! And it is a good idea to have the law on your side to protect you when the gunslingers have you out manned!
Visit our Forex Journey website for Forex Training that instructs on strategy, mind and money management.
Happy Trading!!
Every gunslinger has its sheriff and every gambler has its casino. What we must decide early on in our trading career is which side of the table we want to sit on.
Think carefully about your decision, because one will lead to great success while the other usually leads a fast, but very brief existence.
You want think like a sheriff and act like a casino. The sheriff patrols the landscape to limite and risk to the populous. These are your stops! The casino has numbers and probability on its side. That is why the rules always favor the house. This is your edge!
Your stops and your edge are key components of your winning game plan for the Forex market.
Favors the house? Probabilities?
This is the concept that has created large fortunes and ruined aspiring careers. Master these principals and you will be on your way to successful and highly profitable trading. Always trade with rules that favor the house –you! And it is a good idea to have the law on your side to protect you when the gunslingers have you out manned!
Visit our Forex Journey website for Forex Training that instructs on strategy, mind and money management.
Happy Trading!!
Thursday, April 12, 2007
The Power of the Process
Here is a little advice for those just starting their Forex Journey.
To learn to trade Forex (or any liquid market for that matter) requires no great skill. It only requires perseverance and desire. There is, however, a learning curve that all traders must ascend. There are, in my opinion, 3 areas that traders must gain supreme confidence with in order to succeed.
1. Strategy
You must learn the language of trading, the tools and when to use the tools. If you where training to be a carpenter you would have to learn the language other carpenters use such as 2X4, chalk line and plum. We have our own jargon such as pairs, dealing platforms and spreads.
You have to know the tools. A carpenter has a hammer and we have our moving averages. And you have to know when to use these tools. A carpenter would not grab a hammer to paint, and we have tools designed for specific market condition such as MACD and Stochastic.
Oh, and another piece of advice around strategies taught to me by Raghee Horner. In a training awhile back she asked the class to use her strategies exactly as she presented it. She had tested her strategies backwards and forwards.
I’ve seen so many traders take a strategy and immediately add or subtract something and blame the strategy for not working. Personally responsibility is a cornerstone of trading. This really goes to my point number 3.
I have another way of looking at it:
Dance the dance you are shown until you learn a dance of your own.
2. Money Management and Risk Control
I have personally proven that having a so-so strategy with solid money management skills is profitable and the inverse is not! The clear fact is, and I am going to use a baseball analogy, it is more profitable to lead the league in batting average than home runs.
It is the accumulation of the little winners that will get the new trader of and running. It is a process!
3. Personal Self-Mastery
In my opinion, this is the single most under served area of knowledge to the individual currency trader. It is the truly holy grail of trading. Knowing your personal strengths and weakness brings a level of awareness like no other.
Once we are made aware of the factors that influence our trading, we can bring to bear strategies to neutralize our weaknesses and leverage our strengths.
There is no single skill trading more important than self-mastery! It is your own personal mastery that will determine your ability to deploy time tested strategies and risk control methods.
The truth is little winners lead to bigger and bigger winners. Mastering the process of trading is mastering to repeatable little winner.
The biggest mistake I see new traders make is that the focus is placed square on making money. Master the process of trading described and not focusing on the money is the surest way to make money is this risky area. This is why in my training on Forex Journey Live Market Training, the process is super-emphasized and the word “money” is strictly forbidden!
Happy Trading!!
To learn to trade Forex (or any liquid market for that matter) requires no great skill. It only requires perseverance and desire. There is, however, a learning curve that all traders must ascend. There are, in my opinion, 3 areas that traders must gain supreme confidence with in order to succeed.
1. Strategy
You must learn the language of trading, the tools and when to use the tools. If you where training to be a carpenter you would have to learn the language other carpenters use such as 2X4, chalk line and plum. We have our own jargon such as pairs, dealing platforms and spreads.
You have to know the tools. A carpenter has a hammer and we have our moving averages. And you have to know when to use these tools. A carpenter would not grab a hammer to paint, and we have tools designed for specific market condition such as MACD and Stochastic.
Oh, and another piece of advice around strategies taught to me by Raghee Horner. In a training awhile back she asked the class to use her strategies exactly as she presented it. She had tested her strategies backwards and forwards.
I’ve seen so many traders take a strategy and immediately add or subtract something and blame the strategy for not working. Personally responsibility is a cornerstone of trading. This really goes to my point number 3.
I have another way of looking at it:
Dance the dance you are shown until you learn a dance of your own.
2. Money Management and Risk Control
I have personally proven that having a so-so strategy with solid money management skills is profitable and the inverse is not! The clear fact is, and I am going to use a baseball analogy, it is more profitable to lead the league in batting average than home runs.
It is the accumulation of the little winners that will get the new trader of and running. It is a process!
3. Personal Self-Mastery
In my opinion, this is the single most under served area of knowledge to the individual currency trader. It is the truly holy grail of trading. Knowing your personal strengths and weakness brings a level of awareness like no other.
Once we are made aware of the factors that influence our trading, we can bring to bear strategies to neutralize our weaknesses and leverage our strengths.
There is no single skill trading more important than self-mastery! It is your own personal mastery that will determine your ability to deploy time tested strategies and risk control methods.
The truth is little winners lead to bigger and bigger winners. Mastering the process of trading is mastering to repeatable little winner.
The biggest mistake I see new traders make is that the focus is placed square on making money. Master the process of trading described and not focusing on the money is the surest way to make money is this risky area. This is why in my training on Forex Journey Live Market Training, the process is super-emphasized and the word “money” is strictly forbidden!
Happy Trading!!
Monday, April 09, 2007
You Are Who You Are
Over the past year I have been branching out with my personal development. During my forex journey over the past 18 months I have taken a series of personal development courses and certification workshops that has provided me with great insight on how the human mind operates.
Especially for traders!
In addition to being a currency trader and educator, I am now both a Board Certified Hypnotist and Success Coach. During my studies one thing became crystal clear, we are who we are and that alone is perfect.
Did you know that our core personality and beliefs systems are established prior to the age of 8? By our 7th birthday our core operating system is in place!
These systems include our view of money, risk and reward, key elements in trading. That why it your always here people saying to enjoy life like a 7 year old. As a 7 year old our minds were an open book, creative and imaginative.
Our identification with these value systems are brought to bear in each and every trade. You are who you are. These beliefs can not be changed. The events that formed these beliefs, whether accurate or not, did in fact occur. With guidance these beliefs can be reframed, but there is a simpler first step … Awareness!
Identifying your core beliefs will assist you in recognizing the value system you bring to your trading. Once that recognition is established you can not begin to address how these traits both help and hurt your trading activity.
For more about me and the Forex Journey experience please visit out Lens at Squidoo.
Happy Trading!!
Especially for traders!
In addition to being a currency trader and educator, I am now both a Board Certified Hypnotist and Success Coach. During my studies one thing became crystal clear, we are who we are and that alone is perfect.
Did you know that our core personality and beliefs systems are established prior to the age of 8? By our 7th birthday our core operating system is in place!
These systems include our view of money, risk and reward, key elements in trading. That why it your always here people saying to enjoy life like a 7 year old. As a 7 year old our minds were an open book, creative and imaginative.
Our identification with these value systems are brought to bear in each and every trade. You are who you are. These beliefs can not be changed. The events that formed these beliefs, whether accurate or not, did in fact occur. With guidance these beliefs can be reframed, but there is a simpler first step … Awareness!
Identifying your core beliefs will assist you in recognizing the value system you bring to your trading. Once that recognition is established you can not begin to address how these traits both help and hurt your trading activity.
For more about me and the Forex Journey experience please visit out Lens at Squidoo.
Happy Trading!!
Sunday, April 08, 2007
March Payroll Follow-Up
Chart courtesy of eSignal
Well, the Non-Farm Payroll numbers blew away consensus. February's numbers were even revised upward, but because of the light volume on Friday explosive volatility was concentrated just to the majors. The EUR/USD has returned a strong support area at 1.3370, which is the Dec 4 swing high and 38.2% retracement level of the Mar 4 to Apr 5 rally.
JPY/USD should offer some interesting action. Currently the pair at the 61.8% retracement level of the Jan 29 - Mar 5 move. Any break fo this level should see the pair revisit the 120.00 level soon.
Happy Trading!!
Thursday, April 05, 2007
March Non-Farm Payroll
Charts courtesy of eSignal
Are you ready to rumble?
Tomorrow's Non-Farm Payroll report looks like it is going to have some extra juice since the U.S. and European equity markets are going to be closed for the Good Friday holiday. The Euro saw positive price action today with the continued hawkish stance by the ECB.
Key Technical Levels to look at:
EURUSD closed above the 1.3411 resistance level setting up a run at the 1.3472 Fibonnacci expansion level at the top of our channel for dollar negative payroll numbers or return to the trendline for positive data.
The real test will come from the revision figures which could provide the fuel to challenge our support and resistance levels. Either way it looks like this is going to be a volatile report which means .... opportunity!
Happy Trading!!
Wednesday, April 04, 2007
Here and Now
Trading is for real and like I have said on numerous occasions, trading is a business. Why then do so many traders treat their activities like a hobby? True, we all have different levels of commitments and goals, but it is our money and that alone should lend a bit more seriousness than a hobby!
As a trader and a success coach to other traders, I see the full range of errors. I am just as guilty as all the other traders and must be constantly monitoring my activities to keep my trading demons at bay. It is all about awareness.
One of the common mistakes I see traders make is not staying in the present. What I mean by that is that when you are sitting down in front of your computer you must stay in what I call the here and now. Being present and focused on the task at hand (trading) is a big part of your trading edge. Just like a golfer preparing for golf shot, I spend the first 15 minutes of trading day getting my mind in the here and now. I start by reading my personal mission statement (out loud), followed by my trading rules and affirmations. I end this preparatory time by saying the following statement:
What time is it? Now
Where am I? Here
Now I am ready to open up my charts!
Happy Trading!!
As a trader and a success coach to other traders, I see the full range of errors. I am just as guilty as all the other traders and must be constantly monitoring my activities to keep my trading demons at bay. It is all about awareness.
One of the common mistakes I see traders make is not staying in the present. What I mean by that is that when you are sitting down in front of your computer you must stay in what I call the here and now. Being present and focused on the task at hand (trading) is a big part of your trading edge. Just like a golfer preparing for golf shot, I spend the first 15 minutes of trading day getting my mind in the here and now. I start by reading my personal mission statement (out loud), followed by my trading rules and affirmations. I end this preparatory time by saying the following statement:
What time is it? Now
Where am I? Here
Now I am ready to open up my charts!
Happy Trading!!
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