Archives: 2008 September

In trading courses I ran in the past, here are a few questions I encouraged students to think about and answer. Once they answer these objectively, I help them clear it up through a back and forth email dialogue. I thought I would share them here for the benefit of our readers:

1) Why Do You Want To Trade? The obvious answer is to “make money” but the successful trader takes this a step further. Are you trying to get to a profit threshold that will allow you to leave your day job and trade from home? Are you retired and want to stop touching your savings to live so you want to trade to make up for that? Are you trying to create wealth with long term positions while still enjoying your career outside of the markets? When students answer this question properly, it is easy for me to guide them into the right markets, time frames, and strategies.

2) What Is Your Strategy? This one is key. you must have a detailed strategy, I tell students to be as specific as they can. In other words: When exactly do you buy and sell? How exactly do you handle stops and targets and so on? From my experience, the more you can make market speculating 100% rule based, the better you will do. Even though I tell students to be very detailed here, I always end up adding rules they did not consider

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9) You are not just confined to trading one currency pair. Forex Killer trades multiple currency pairs to allow you to be diversified.

In order to execute trades on the currency markets, you must first sign up with a forex trade provider, or a forex broker. To get the right broker for your needs, get all the information as this is a critical part in choosing.

Usually people dealing with forex trading deal with the help of a forex broker. Itas good to rely on a broker but choosing the right forex broker is also an important decision. Half of your trading strategy depends upon the selection of a correct forex broker to reliably execute your forex trades. You can find Forex brokers in every part of the world just as you will find currencies traded in almost every corner of the globe but beware of the scammers and frauds.

Some important points should be kept in mind about the forex broker. These should be used regardless of how smart you are in the forex trading. These points will help you choose a broker to properly deal with your trades.

Qualification is one of the most important things about a forex broker. To provide you with a legal security against scams, ensure that your broker is registered with the Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM).

Ensure that your funds and your brokeras funds are separate. You will have protection and insurance for any internal fraud when you sign up to use brokers services. Find out about the business model used by the broker that you work with.