Forex Trading Course

I had a chance to chat with Bill Poulos today and posed that question to him. Do you know what he said?

“most experienced forex traders wait too long to move stops to protect their positions and frequently watch their profits disappear.”

And that wasn’t all — he went on to explain a simple concept, similar to Gambler’s Ruin that permeates the forex trading world.

Basically, once a trader sees profit in a trade begin evaporating they get solely focused on getting back the lost profits. They forget to see the need to protect the profits that they still have in the trade. The result? A reversal continues, the once-profitable trade becomes a losing trade and the trader’s frustration mounts.

I’ve seen this myself and it’s the easiest trap to fall into, because you convince yourself that the Euro just hit that intra-day high and it can get back up there! Except – it doesn’t and it continues to pull back until your 20 or 30 pip gain turns into a 20 or 30 pip loss.

That’s a pretty severe example – but have you had that happen to you?

What do you do?

Bill had an answer for that, too!

He said most traders don’t know what the available profit potential is for any single trading event — that is, they don’t set profit targets which allow them to take what the market gives them and then exit the trade in multiple steps. And, without a strategy that protects capital first and manages profits second, there’s no way the average forex trader can survive in the foreign currency markets.

In order to position yourself correctly, traders MUST have a multi-part strategy — one that teaches them how to identify the BEST available trades, clearly sets out a profit target, helps manage the taking of those profits and from the outset, teaches traders how to protect their precious capital!

He calls this managing risk first, taking profits second – and it’s really groundbreaking thinking.

Watch the first part of his new, free video series on this right here:

FOREX ANGLE

Till Next Time Much Success Trevor

Popularity: 4% [?]

Our research and surveying has confirmed that too many new and inexperienced forex traders simply do not know how to manage risk in each trade — and all too often, the result is the same: they wipe out their accounts.

Here’s what we find is happening. Forex has grown in popularity so quickly that many traders who are new to forex trading have just waded into the waters, opened an account and have begun putting on trades without any real thought or planning to how to approach trading.

It should be obvious that the problem with this thinking is little to no understanding of how to approach trading foreign currencies and the significant risks to capital that it poses. All to often, new traders try to trade first and learn second.

And the result of that learning is the loss of their account balances. Hey, let’s be honest, trading on a demo account is never the same as trading with real money. You do not apply the same emotional control, the same trading principles or rules, you’ll take greater risks with the demo account and play too safe with the live account (often to your own loss).

Reverse your thinking: learn first, trade second. In fact, across the board, the need to reverse people’s mindsets about forex is what is needed. Learn the right way to trade first, and THEN take that knowledge to the market and trade with it.

As part of that learn first scenario – the NUMBER ONE element to trading forex that new, inexperienced or unsuccessful traders should learn is how to MANAGE RISK FIRST in every single trade.

Today, one of the most well-respected Forex educators, Bill Poulos, released a video that teaches traders EXACTLY how they should be trading forex. And, how traders can put more trades in their favor by erasing risk — it’s very cool thinking and it isn’t what’s being taught by most of the so-called ‘Gurus’ out there.

Catch the video here:

http://www.yourforexangle.com/y/?i=1004283&u=4&l=f3

By learning to manage risk FIRST, traders will find their trading transformed as they are able to approach forex trading with an entirely different mindset, a plan for erasing risk and a solid set of rules by which to trade.

Till Next Time Much Success Trevor

Popularity: 4% [?]