Posted on November 15th, 2010 by Rapid Forex2 Comments »
If you’re interested in successful online forex trading, there’s a reason why you’re not successful trading yet…
Forex trading takes some BALLS!
It’s definitely not an endeavor for sissies. That’s right! In order to succeed at online forex trading, you constantly have to take risks…
You’ve probably heard your whole life not to take risks by some of the people closest to you. Just because you’ve heard this from people that care about you, doesn’t mean it’s completely accurate…
The Truth About Risk
It’s absolutely true that whatever you risk as your stop on a forex trade is money that you can LOSE! If the trade goes against you, you lose that money forever. It’ll never come back…
So you’d think that risking money over and over again is bad, right?
NOT TRUE!
Actually risking a smaller amount of money more times is “less risky” over all.
This is because every time you “risk” money on a trade, you have a chance of being right! So the goal is to play the game long enough to win. This is why forex money management is so important (here’s a free video that shows you how to do good forex money management).
Common Sense Example
What’s riskier? Risking your entire trading account on a single trade? Or Risking 1/20th of your account on a single trade?
The answer is obvious that it’s “safer” to only risk 1/20th of your account on a single trade!
What’s Stopping You?
If you’re not trading forex yet, it’s because you’re afraid of losing money. This is either due to a lack of knowledge, or a lack of confidence with the knowledge you have…
There’s an easy cure for this!
You need to start trading. There’s no way around it!
When you start trading:
You’ll lose some money
You’ll make some money
You’ll get more confident as you learn more
You’ll get better if you keep trying
You’ll learn from mistakes
You’ll become naturally curious about chart movements
You’ll have new questions that you’ll seek answers to
The REAL Risk?
I don’t suggest for one minute that you risk money you can’t afford to lose. The truth is that you already waste money in various ways.
But don’t let losing a few hundred dollars to learn keep you out of the game. You can start trading with as little $200-$500! This isn’t a ton of money.
There’s an amazing market out there called the Foreign Exchange. It’s there for you to profit from 24 hours a day 5 days a week.
You’re so close to cashing in on it…What are you waiting for?
If you want to become a forex expert, you’re gonna have to grow some balls and take some risks…there’s no way around this fact…nothing ventured, nothing gained!
Posted on November 10th, 2010 by Rapid Forex8 Comments »
A common question I get is:
Why do you teach people how to trade? If you can really trade, why don’t you just spend your time trading and not bother teaching people?
Two Reasons Why I Teach Forex Trading
I teach forex trading online for two main reasons. The first reason is to fulfill my purpose in helping other people be successful. The second reason is that it helps me be a better trader.
I’ve actually written alot on this blog about fulfilling your purpose in life. In a recent post called “What’s the Point of Trading?” I mentioned that helping people is an important part of our purpose on this planet.
Since I’ve been fortunate enough to succeed at forex trading and have a background in teaching, teaching forex trading is a natural fulfillment of my purpose.
Do I Actually Trade?
YES!!! Absolutely! If I’m awake, my computer is on and the charts are on my screen. I don’t sit glued to the computer, but I do glance at the charts in between watching a movie, cooking a meal, or when I come back from the beach.
Not only do I trade, but I also share every single trade that I do with my forex class. My trading is the class!
I don’t place a trade every single day, but I do a few trades a week on average. My primary focus is on my own personal trading.
I had to figure alot of stuff out the hard way. This website is here to help YOU learn forex trading faster than you could possibly learn without it.
A little while ago I celebrated my 7th anniversary teaching forex trading online! I feel really good about my contribution to online forex trading, which was barely even an industry when I got started teaching it.
My Commitment to Trading
I spend more time trading when I’m committed to teaching forex online. Without this commitment, I would literally spend about 3 hours a week trading.
But since I am committed to sharing everything about trading with the forex class I teach, it also benefits me from doing more trades.
But it’s not just for my benefit. I teach forex trading online because I’ve personally invested close to $100,000 in forex training courses & seminars over the years. They all had the SAME problem…ALL THEORY & ZERO HELP!
I’m incredibly fortunate to work with a small group of students who really want to learn forex trading online on a serious level and get to make a real difference in people’s lives.
What Are You Going to Do with Success?
I also help people in ways that have nothing to do with forex trading… I personally believe that our highest purpose is in serving others once we can succeed for ourselves. I ask that you take whatever value you get out of this website & pay it forward to someone else by helping them with your talents, abilities and resources.
Posted on October 26th, 2010 by Rapid Forex3 Comments »
Want to teach yourself forex trading?
There’s stuff that forex charts will teach you that I simply can’t. So I have a simple challenge for you this week…
Watch 3 Currency Pairs This Week
I’ve selected three currency pairs for you to watch. The exercise is very simple.
Step One: Fire up a Forex Chart. If you’d like a great free chart, use the free netdania chart from dailyfx.com. This chart is great because it has all the basic tools and you can just go there with your browser. No account needed.
Step Two: Open up a window for each of these three currency pairs: EUR/USD, GBP/JPY and AUD/CHF. I chose these three currency pairs because they contain 6 different currencies. This way you’re guaranteed to see three different, completely unrelated chart patterns.
Step Three: Draw trendlines on Daily, 4-hr and 1-hr charts.
Step Four: Watch what happens. 2-5+ times a day look at these charts. Keep the same trendlines that you originally draw. In your head form a guess as to what might happen. To think like a trader, you’ll want to guess several different “what if” scenarios.
Don’t Skip This Because It’s Simple
I know you’re thinking that this is a little too simple.But hear me out...
Depending on your level of experience, you may be trying “too hard” to be right!
A beginner doesn’t know what to do. Before even trying to make trading decisions, JUST WATCH THE CHARTS!
Watch the live charts to see what happens. Just be curious as if you were watching an ongoing sports game. You don’t have to be right or wrong, just be curious.
You’re never going to be a successful forex trader online unless you get used to looking at forex charts often. Why not take your time and just get a good feel for the charts?
This is also a great time to look for the patterns you’ve been learning about.
Forex Chart Exercise Video
Watch the video below to see how to go through your forex charts and “what you should do” to set them up
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