I spoke with one of our coaching students today.  He has been through the product courses (Launch Pad and Nth Degree) a total of
three times each.  He has been entering trades based on the signals and he told me he is finding great benefits from having the courses
as a guide for him in his trading. He has the confidence and is seeing success in his trades  However, he did mention to me that he has
been using a “take profit” but not using a “stop loss”.  He was not comfortable with that yet.  My question is this.  How could you
feel comfortable with out it?  I never trade with out a stop loss to protect my capital.  This might mean that I will have a streak
of small losers before I get a bearing on the market, it’s direction, and mood.  But once I do I have great success that far out reaches the small losses that I took early on in the trend.

Please, please, please, learn to find confidence in using a stop loss.  This is the first step to having a sound money management program in place.

A trader must see the big picture in trading to survive and prosper.  If you only look at the
small time frames you are only seeing the foothills of a tall mountain.  It is necessary to
look at the larger time frames and trade in the direction of the larger trend.

If a trader is going to be in the currency trading business very long they must look at the
current trade as only one of many trades.  This will help to get out of a bad trade without
the emotions. 

Keeping a trading journal and using the trade tracker are two of the things that will improve
your trading more than anything else.  It can be hand written, or on a computer but keep a
trading Journal.  It is not important to have good grammar and spelling.  You can record all
the dates prices and facts about the trade but be sure and record your thought and feelings
about the trade.  Why you took it and why you got out.  You can do this on the trade tracker. 
This exercise will put you on the right track faster than anything else.  It will uncover your
strengths and weaknesses.  You can guarantee that you’ll see a pattern in your behavior. 
There is probably something you are doing consistently that’s causing negative results. 
You will also see things that you are doing right.  Once you know what you are doing wrong
you can correct it.  When you know what you do right do more of it.

Just look within, you will be pleased at what you find about your trading.  You have it inside
already just uncover it.

Question:

Your site looks great and seems very informative.  I was wondering what the difference is between the Jump Start and Launch pad system that costs money?  I’m sure there is value in spending the money on the system; I am just looking for some more details.  Also, can you map out an average day for yourself using the system, times and such?

Answer:
Here are the differences                                                      

JS is a little strategy to teach people to enter the market using indicators.  LP is a complete trading system for beginners.  Some traders say they do not need anything else others would like to have our advanced product Nth Degree.
 
I trade mostly with the 4-hr 1-hr and 30-min time frames.  I start looking at the market at 6:00 am Mountain 8:00 am eastern.  I look for the trend on the 4 hour charts on 6 to 10 currency pairs.  I have our alert program running then I look at the charts when I have an alert that is signaling that there is a potential trade.  When the alert goes off I check to see if the move looks strong enough to take.  If there is not much happening by 9 – 10 am then I will go do other things away from the computer.  Some days I do not trade other days there are plenty of moves so I trade for a longer time.  While I am waiting for an alert to go off I do emails, write posts and do correspondents. 
 
The alerts will be released soon for those who would be interested in not staring at their computers for hours at a time. 
 
Before we developed the alert I would look at the computer every 30 min to see what was happening.
 
Sometimes I trade the smaller time frames for fun and a little quick action so I look for the trend on the 15 minute time frame and enter in the direction of the trend on the 5 minute charts for a quick 5 or 10 pips.
 
I hope this helps.
 
Kirk 

If you open an account with $250 or $2500 or more then you should only trade no more than 10% of your account at any one time. On a $250 account you should not trade any more than10% of your account at any time or $25. That equals out to 0.5 lots. Yes that is only about 50 cents per pip but you will be around to trade another day while you are learning. You could do 0.2, 0.2, 0.1 lots on three different trades for your 0.5 lots.

Look at it this way: 0.2 lots on 20 pips is about $4.00, if you do that for 20 days your account is up to $330, up by $80. This is a about a 32% increase for the month. If you do the 0.5 lots making 20 pips a day then you are up by $200 for a total amount of $450. This is about a 80% return for one month. I am not saying you will be able to do this in the beginning. I am saying you need to start out small while your are learning the forex market. The money is there if you are around long enough to get it. It is not a sprint, it is more like a marathon. You must think long-term.

You can be in a mini account for a long time and still make money. Use this time to analyze your good and bad trades. Many times you will learn more from your bad trades.

First, everyone needs a sound platform to trade from. Frankly I do not believe that there is any one perfect fit for all trading platforms out there, I prefer those that are free. The technology is there that you shouldn’t have to pay for one if you can afford it or are just testing this industry out. Second, you need to have a sound understanding of the indicators that you are viewing; know what you are looking at and what it is telling you. Third, and what I believe is the most important: have a trading plan. Our forex trading course teaches you how to develop your own personal plan. It sets boundaries and guidelines to aid you in your trading, to help keep you on track, and keep you trading with the right mind set. Remember, trade by the signals and not by emotions or your pocket book! Happy trading

Learn what forex trading platform we use by clicking the link: Forex Trading Strategy.