As part of our training program, we teach our customers a step-by-step strategy to trade currencies. We believe that this is the most essential part of our coaching sessions because it gives traders a specific system to follow, which in turn builds discipline.
Too many investors and traders nowadays approach foreign exchange from a purely speculative point of view, lured by the attractiveness of huge leverage and other benefits inherent to the FX market. This leads to many new traders chasing currency prices up and down without a specific strategy or system – similar to Las Vegas style gambling. It is very difficult to succeed in day trading without a set plan of action. There are countless of technical analysis books out there that explain thousands of different indicators and signals that can be used to trade, but this is not enough. A trading strategy must include how to specifically use the charting data available to buy and sell Euros, Yens, Dollars, etc.; in other words – it must put everything together. The strategy does precisely that.
The strategies we teach in our live training sessions are very involved and thoroughly explained by our instructors.
Why Are you Giving a Strategy Away?
It is really quite simple. We want to make sure our clients are prepared for the market. With training, we aim to achieve that. Many are being lured into trading the FX market by being bombarded with all the great benefits that foreign exchange offers. All of these benefits are true, but a trader also needs to work on the practical side of trading. A trader needs a strategy that lets him know when to take action. That is what our system tries to do. Some of the questions answered by our trading system are:
- When should I get into a trade? We provide specific rules that must be met before going long (buying) or short (selling) a given currency pair and providing high probability trades. This includes the number of currency lots or units that will be bought or sold.
- After I am in a trade, when should I get out? Many traders get into a trade without knowing where to get out. This is a big mistake. The trading strategy we teach includes where to place stop losses (or stop orders) to limit the amount that can be lost on any given trade. This is important for any market, not just Forex.
- I am making money. Should I get out now? Some traders get out too early from a winning trade because they do not follow a given system. Without a specific strategy to follow, a trader is likely to succumb to his emotions and get out of a trade because of nervousness. To prevent this from happening, the system we teach helps a trader determine exactly where to realize profits – whether to let his profit run or take a small 10 pip gain and move on to the next trade.
- Am I going to understand this strategy well enough to apply it? Often times currency traders spend so much time trying to understand a system that is so mathematically complex, that they never get to apply it. We teach our customers a system that we feel is easy to learn. Our goal is for the trader to learn how to put the trading system in practice.
Click here for more information on our free training.