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March 23, 2009

As I mentioned in my welcome page, I have been trading forex, from home, for over 5 years now. In that time I have spent a fortune on training courses, dvd’s & ebooks. I also have traded for 1000’s of hours (the best experience you can find is obviously to do it).

The 1st 3 years were very difficult. I lost money. Went through periods of great elation & deep depression ! Forex is addictive. Forex trading is also a method of losing a great deal of money in a short space of time, if you do not know what you are doing.

The forex market is made up of predominately large financial institutions, who employ some of the sharpest people on the planet. So what chance do we have of  succeeding? The truth is VERY LITTLE ! 95% of traders, probably 98% of newbies, lose money on forex.

Why is the forex failure rate so high?

Education, or rather lack of it, has to be one of the main factors. It is so easy to trade forex. You simply need to open an account with a broker. Download a free copy of their trading software. Hand over some money & away you go. This ease of access is in my opinion, the biggest reason so many fail.

How can we possibly hope to compete with well trained, experienced forex traders who have been doing it for years ? The answer is we can’t. For every winner in a forex trade there has to be a loser. We are small fry swimming with the sharks. These guys and the forex industry need a constant supply of losers (you & I) to feed upon.

What is the solution?

Education. If you at least learn the basics you are giving yourself a chance to compete.  If you would like to download a FREE copy of my “How to trade Forex” ebook then simply fill in your name email address in the box (top left hand corner of the page). This is a free, basic introduction “how to trade forex”. If you are already trading forex then I have a particular way of using a combination of emas & indicators that you might find useful too. If you would like to know more, check out the video;

http://www.forex-fxtrader.com/blog/l-m-t-forex-formula-review/

  • Dean
    Hello Marc im doing a review on fxbootcamp if I should join or not. i've been trading off and on for about 4 years. my biggest problem is staying in long enough to make a nice profit it seems i can pick the trades but then get out only to see the same trade hit big. this is my down fall, looking to get over this hump. Cant really seeing paying 300 bucks for someones ego, by reading other blogs about this guy, I woudn't be joining for his teaching but for David Peglers its hard to find people that walk there talk, would be great to hear from thanks, Dean.
  • hi Dean, they have a $99 offer 1st month at moment. the educational content is very good, but they only used to release 1 lesson per day (so as "not to overwhelm you" - read its a 60 + course, therefore you subscribe for longer !! they may have stopped this now as there were always lots of complaints.

    the guy has a HUGE ego which really grates. (i dont even think he trades, but he is a good analyst). the best one on there for me is chris stephens who does the london session. the problem is if you are looking to stay in longer i'm not sure that they are the solution. they trade (or did when i was there) mainly off the 15 minute charts. not because its the best way, but that way they keep you sat at a screen & justify the fees, 16 hours a day live trading. as you know often nothing happens in forex. i used to sit there 10/12 hours some days! what was i doing.
    i started to make good money when i left fxb and started to trade the longer time frames. i still get out too early too many times but i am getting better. starting a daily trade signal next week to try further get away from 15 min/in and out trades for 20/30 pips. if you have read my new e book a lot of the ema set ups that i use came from fxb. if not sign up on the blog and you will get a link to the download. there is also a more detailed review of fxbootcamp on the site http://www.forex-fxtrader.com/fx-bootcamp-review.html regards, marc
  • Kevin Jones
    Hi Marc,

    Thanks for the system I am just reading through your website at the moment and I must say It's very good. Going to try your set up tomorrow and see how I get on (demo till I get used to it)..
  • hi kevin, re my methods. The site is not finished yet. I have more to do so please dont start trading off what you see so far ! Also I have different methods depending on what I see, this is just a piece of the jig saw.

    Over the coming weeks I will explain my forex trading strategy with real time trade examples. This will make things clearer. The usual disclaimer applies for anyone trading forex; this is my strategy that works for me, but anyone who decides to follow me does so at their own risk.

    For example, I have a set up on my 4 hour chart that signals direction (I dont give it out as it is worth lots & I don't want to undervalue it). I then go to 1 hour charts and look at my emas set ups, macd d & rsi for confirmation. Then 15 mins for entry. eg if my 4 hours says sell, but everything is pointing up on 15 minute, 5/8 cross/34/55 i wait for pullback. Recheck my 4 hour & 1 hour and then go back to the 15 minute chart.

    It sounds more convoluted than it is. For an example of my thought pattern/strategy on an actual trade that I did yesterday for 150+ pip gain, have a look here http://www.forex-fxtrader.com/forex-trade-examp...
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