How to Improve Your Forex Trading Skills

Filed Under (Journal) by Casey on 25-04-2012

If you’re keen to improve your success rate within the world of forex trading, then there are certainly one one or two things which you will want to bear in mind. Here are just a few points which anyone looking to become involved in forex trading should consider.

Firstly, you may well want to consider investing in a reliable Forex advisory software or system. Of course, this is not essential, but many of new traders find that such systems can be extremely helpful in identifying changes within the foreign exchange market.

You will also want to make sure you have a good knowledge of the worldwide economy. Although this won’t always affect your trades, it sometimes will, and can prove essential in making sure you spot trends and changes in time to be able to benefit from them. Don’t automatically assume that your previous financial experience will mean you are well-equipped to start trading on the foreign exchange market. You might have an extensive background in trading in commodities via sites such as Bullion Vault, for example, but you will need to brush up on your understanding of Forex before attempting to start trading within this particular arena. Without doing so, you will run the risk of encountering significant losses.

However, even the most dedicated and experienced forex trader will be likely to make mistakes and losses at some point during their trading career. The most important thing for anyone who is keen to improve their trading skills is to learn from such mistakes, ensure that they don’t make the same errors in the future. Never attempt to regain any losses which you have made by making risk-heavy trades, which may not pay off. As a forex trader, you will need to learn to be both patient and disciplined with the decisions which you choose to make.

This article was written on behalf of Bullion Vault

It’s Sexy and You Know it!

Filed Under (Journal) by Casey on 10-04-2012

Once in a while I do go to Brit’s site (EAReview.net) to see what he has been up too… I mean one of the few sites which blocks out all the noise and hyped up talk about this EA being the best that EA being the best only to see if flatter from the face of the earth.. His sites shows you like it is…

Anyway while sucking up to Brit is not the objective here, I notice that he did something different. To my surprise in March, he started to feature EA’s which by his own admission, he mentioned that he does not toy around with these sort of EA. And which sort of EA is that? Grid and/or Martingale EA.

Man he is really cramping in on my ghetto… I mean… I am suppose to do all the martingale testing here. Not him…

Ok… I was just kidding… He can review whatever EA he pleases but gird/martingale EA? That is not like him, Volatility Factor EA (grid) and Forex Envy (martingale) were featured on his site.

Yes, he was the kind of person who would look at an EA, backtest it and describe the strategy behind that EA and if he thinks that EA has a sound strategy he would put that EA live. But again… Grid and Martingale EA?

I am still taken aback. So what does that say about the forex EA market??

Don’t know… I think I mention before in one of my post that Martingale EA will soon claim it’s place on the EA market. Why? Because most of the strategy EA sucks… Only a few of that EA probably stood the test of time. Probably Brit’s site will tell you which one it would be.

I mean… just the other day… Another long time EA trader commented on my previous post, that a new Martingale EA is in the market… Drive Expert Advisor

Having another guess on this trend is that, people have probably wasted a lot of money on all the other EA (non martingale) that they now believe it is time to give Martingale EA a try. Don’t know… I’m just guessing here

OR!!!

Martingale EA is sexy and you all know it!

Cashing Out?

Filed Under (Journal) by Casey on 05-04-2012

Sometime a few weeks ago, I was approach by what I believe to be one up-and-coming internet marketer. He said that he wanted to venture into the forex market and was wondering if I was interested to sell my site.

He explained that since my site is already well establish and he does not want to start from scratch. It was this reason that he wanted to buy my site.

I was like ‘Whoaa… my site is that establish?’

Thinking about it for a while, I guess my site is… or rather my domain is a very generic domain name. It’s Best Forex EA dot com and what content do I have on my site, nothing but blah blah blogging… but still no Best Forex EA in sight.

Not bragging… but the search term Best Forex EA yield me to be on top of the search page… And according to google analytic, it is a generic search name, and was the top 50 search for forex ea or forex robot… I said was… That is because when I bought this domain, I did some research to get good domain from the term forex, and ba ba boom! … Best Forex EA was on the top 50 and that domain name has not been registered.

Gold mine?!

You bet cha!! However, as much as I wanted to turn this site into something like Forex Peace Army, or 4xproject or all the other forex ea review site, I did not have the web or internet skills to do so.

I only have the skills to… Talk bull $hit… Rant… Complain… and probably adding some humor into some articles on forex. I mean I found most forex blog sites to be a bit dry with news and technical article… So at that time, I thought what the heck… Maintain my site as a blog site and explore my creativity…

Coming back to the point here… Cashing out…

I was initially tempted when he ended his email by saying ‘… let’s talk numbers…’  So how much is my ‘establish’ site is worth?

$200? $2000? $20000? Or $0?!?!

No… I don’t think it’s worth $0… If Jersey Shore and all the other BS reality TV (except for Amazing Race and maybe The Apprentice) shows are worth millions, then some of my BS on forex is worth something…

And so… I went to a few website appraisal site to see how much my site is worth. And the result it yielded ranges from $490 to $6,500! The only two consistent site that give me a good or relatively fair valuation (with traffic and all the site statistics attached) was DNFight.com and SiteValueCalculator.com
which was $2,329 and $2,179

Like any other stocks, either I add a premium by the potential that it can make or I can just accept the ‘as it is’ value, but like most stuff that has a potential to grow… Usually they sell on a premium of what the potential is really worth… So I want to add 5 times premium to the current my current site worth. And I think if anyone wants to buy my site… It’s going to cost you a big $10,000!! Fair no?

But… after all that fun doing the research of my site worth, I decided to decline his offer.

No doubt, my site is not fulfilling it’s full potential but I guess that is because my own personal forex trading with EA has not reached it’s potential …

And when I do achieve it… I guess my site will propel me to STARDOM!!

FAME and FORTUNE awaits me!!!

Until then…  I guess all you visitors have to continue to put up with my dry humor and some bull $hit on the Best Forex EA…

Focus on the Few

Filed Under (Journal) by Casey on 04-04-2012

First let me share with you this video that got me thinking a few weeks ago…

Now I have already been aware of this principle but have never really applied this until i started looking at my forex activity…

The principle of it is very simple,  it is the law of the vital few, and the principle of factor sparsity which basically says that  for many events, roughly 80% of the effects come from 20% of the causes. http://en.wikipedia.org/wiki/Pareto_principle

There are so many example of this principle, for instances (from wikipedia)

80% of your profits come from 20% of your customers
80% of your complaints come from 20% of your customers
80% of your profits come from 20% of the time you spend
80% of your sales come from 20% of your products
80% of your sales are made by 20% of your sales staff

Therefore, many businesses have an easy access to dramatic improvements in profitability by focusing on the most effective areas and eliminating, ignoring, automating, delegating or re-training the rest, as appropriate.

Ok… these information is fine and dandy but how the hell should I apply to my forex activity?

Hmm… Let’s see if I can rewrite the above

80% of your profits come from 20% of your customers; the currency pair
80% of your complaints losses comes from 20% of your customers; my lousy forex ea
80% of your profits come from 20% of the time you spend; on forex trading
80% of your sales come from 20% of your products; [What product? Affiliate product?]
80% of your sales are made by 20% of your sales staff [Can’t find any relevance]

This kind of make some sense to me… I think…

So in forex sense, I need to find the right 80/20 ratio to maximize my performances. That is to say:

I need to focus on a few currency pair. 2? Maybe? Because that is where my profits would probably generate. On that currency pair/s I need to find 20% of all the bunches of EA that will provide me with 80% of my profits.

Subsequently I need to spend time on that 20% of my time on those 20% EA that matters on 20% of the currency pair available to yield me 80% of my forex trading profits…

Hmmm… that don’t add up to 100%

Anyway… I think I got the drift here…

Before I end this post… Here is an inspiring read… http://www.entrepreneurs-journey.com/397/80-20-rule-pareto-principle/

PS. Maybe it’s a good idea to only be affiliated with 5 reasonable good EA out there whereby one of those EA will make me a millionaire!! Muahahaha… 😀