Here is a link to an interview with trader Corey Rosenbloom. He tells us how he trades both ranging and trending markets. He trades equity index futures and I’m sure that his experiences can teach any trader a thing or two.
Of particular interest is his primary indicator, the 3/10, taught by Linda Raschke of Market Wizards fame. He goes into detail about what it is and how he uses it.
He also keeps his own blog and gives readers his forecasts into the market. The blog came about as a result of him going full time as a trader and wanted an outlet to reach other traders because he felt very isolated.
Corey firmly believes that anyone can be a successful trader if they put in the time and effort.
Kathy Lien and Boris Schlossberg wrote a great book called Millionaire Traders. It is an interview with several successful at-home traders from around the world and how they are able to make a living trading their respective markets.
I was watching this YouTube video and one thing really stuck out during the course of the video. It is the one thing that Boris found was the key ingredient that all of these traders had in common that made them successful.
Is is a certain trading strategy? Maybe they all trade a certain market? Nope, click below to find out what that one thing is.
Here is a link to a great post on FXStreet about Valeria Bednarik and her journey to becoming a full time professional forex trader. It is a great article that goes into her style of trading, her big “ah-ha” moment and how the trading lifestyle allows her to spend time at home with her two daughters.
In one of my last posts, I mentioned that I was using Google Alerts to stay on top of the goings on in the forex market. However, the list of blog posts that they have in those updates are absolutely terrible. Granted, I am only searching for the keyword “forex” but I would have thought that there would be a few good blog posts.
All of the blogs in the list were spam blogs and some of the posts did not even make sense. They were just a random assortment of words strewn together.
Therefore, I decided to check my bookmarks and give you a list of other forex bloggers out there who are actually writing good material. I visit them from time to time and you may want to also.
Forex Spirit – Colin McGinley also blogs about his trading and gives some good tips on tech and other trading related info. He does some great reviews of his trading results and how he can improve.
Trader Gav – I can’t find a last name on this guy but Gavin also posts some great articles on how he trades and what he is up to.
Raghee Horner – This is the blog of trader and author of the same name. Being that she really is a professional trader, she always has some interesting insight into the markets and shares her trades from time to time. She has some interesting hobbies and shares them from time to time, so it keeps things interesting.
Ryan O’Keefe – Another full time trader. He trades off the daily charts and this leads to infrequent trades and equally infrequent blog posts but when he does post, it certainly does NOT suck. He recently wrote a book that I want to read.
Kathy Lien – I’m not that big into fundamental analysis, but it is good to find out what is going on from time to time. Kathy is a very talented analyst and provides some great information on the news that affects the currency markets.
So there are a few of the other blogs that I read. It is good to get different points of view and there have been times when I have read their blogs and discovered things that helped my own trading.
Green Fairies are scary. I have put my trust in a few over the years and although I learned a lot of lessons, it has usually ended in heartache.
In the beginning, they are hard to resist. The lure of their charms promise gorgeous sunrises and excite your imagination. Their claims are fantastic and can be backed up by many people who have fallen under their spells.
Huh? By now, you must be thinking that I am talking about this Green Fairy. Although I sound like I am out of my mind, I am not talking about the Green Muse and I have no intentions of cutting off my ear.
The Green Fairies that I am talking about come in different species. They take the form of multilevel marketing, real estate investing, internet marketing, business franchises and even forex trading. There are countless species and sub species that all promise freedom on so many levels.
All of these areas do have tremendous legitimate opportunities and can provide you a train ride to the city of Financial Freedom. But if I am telling you to stay away from Green Fairies and forex trading is one of them, what gives?
Well, what makes a business opportunity a Green Fairy is
I was browsing YouTube tonight and I came upon these interesting videos. These videos summarize the results of the TV show Million Dollar Traders on the BBC network.
The idea behind the show is Hedge Fund Manager Lex Van Dam takes a group of people from a wide range of backgrounds and teaches them to trade. This is almost exactly what Richard Dennis did with the Turtles, as outlined in the original Market Wizards book and mentioned in author Jack Schwager’s online video.
Among the potential traders in this group are a Computer Programmer, Boxing Promoter, Stay-At-Home Mom, Military Officer and a Veterinarian. The focus of these videos is to summarize which people were the best traders and why.
Who do you think did the best? How much does background and education play a role in their ultimate success or failure as a trader? Watch the videos to find out.
Part 1:
Part 2:
Pretty interesting huh? Just goes to show that you can be a trader too!
If you are looking for ways to keep up with the latest events on the internet, this can be a good way to keep up with current events. Google will send you an email as it happens, daily or weekly. Just enter the search term that you want to stay up to date on and you will get an email with the latest website, blog and news updates.
It is a free service. Click here to check it out. I use it to keep up to date on what is going on in the forex market but you can use it to keep up on any topic.
I have been doing a lot of backtesting with an automated testing script in Forex Tester 2. At certain points however, I was getting errors and I was not able to continue testing.
This was pretty frustrating and I tried reloading the data and building the ticks again. That didn’t work and I tried restarting the computer but that didn’t work either.
I didn’t want to reinstall the program, but it got to the point where I thought I might. Luckily, I finally figured it out.
When I was brand new to trading, I bought a course that was the worst course I ever bought. I don’t know where this guy got these strategies, but they flat out didn’t work. In fact, he is not allowed to trade other people’s money or do any education courses ever again.
Since this was before I knew about backtesting, I didn’t know any better and just took him at his word that the strategies he was teaching worked. Luckily, that was the only bad course that I have bought since then.
Was I mad? Not really. Click here to read the article I wrote for EzineArticles.com about what I learned from that experience. I think there are some great lessons to be gained, even though it was an unfortunate situation.
For a long time, I was adamantly against buying a Mac because there were certain important programs that would only run on a PC. Most of those programs were trading programs, of course.
I actually learned how to use a computer on an Apple IIe:
Later, I used to hang out at my friend’s house and play on his Macintosh Classic. Apple was always ahead of their time in terms of user friendliness and advanced technology. But they were never accepted by mainstream corporate America and thus never really got any traction.
Fast forward to the current day. Upon using my “Dell MacMini” and my girlfirend’s MacBook Pro, I have realized that Macs have finally gotten to the point where there is NO good reason not to buy one, even if you are a trader.
This is just my opinion of course, but if you love Macs, but don’t think you can trade on them, this post is for you. I’m going to go through what you need to get up and trading on a Mac and never deal with a crappy Windows computer again.
Some programs just require Windows
It is a sad fact, but the majority of trading programs and broker trading platforms only work with Windows. So what is a Mac-loving trader to do? There are several solutions out there, but the program that I use and really like is VMWare Fusion.
This is a great feature in Forex Tester 2 that you may not have known about. I only just started using it recently and it allows me to see where my system stops working and how volatile it is. These are two metrics that are not immediately evident when looking at the final testing results.
This is how you open the Equity or Profit Graph from the Forex Tester 2 menu. Keep in mind that you need to already have some testing results to graph to begin with. So do some backtesting before you open the Profit Chart.
If you have testing results, it will look like this:
Click above to enlarge
As you can see, this graph goes from January 2001 to May 2010. It started with $1,000 and ended with less than $850, not a good system! In addition, we can see that the system is fairly volatile, which is not really a good thing either.
In this case, we can obviously see from the total loss that it is not a good system. However, if you had two profitable systems with similar ending winning percentages, but different Profit Graphs, then we may want to use the settings that create a smoother graph.
On Monday, I outlined my reasons for not trading the Accelerator Trade anymore and I also mentioned my desire to start trading a method that is a little more stable and easier to manage.
I still like the Counter Trend Trade that I learned from Rob Booker and I am actually in the process of getting more programming done to automate the backtesting process because I feel that there are other pairs that will respond well to that trade.
Even with the automated order stacker, it takes awhile to test each pair manually. But this trade is a higher risk trade and I don’t want to be trading like that all the time.
What I am looking for is a lower risk trade where I can leg into the trade, set my stops, have a beer, possibly leg out and trail my stop every so often. Oh yeah, and still make a lot of money when I am right!
So I started looking around for some ideas and stumbled upon this guy named Craig Harris. Now let me just say something up front, I don’t know anything about this guy and I don’t even know if he is legit or not. I do not get paid anything for mentioning him here, I just think he has a good idea.
He was supposedly a construction worker before becoming a full-time forex trader. One of the videos I watched had some gratuitous slow-mo shots of his S-Class Mercedes driving out of the driveway. That was pretty funny…yeah, we get it dude.
In a previous post, I showed you how to setup Metatrader so it sends SMS text messages to your mobile phone, for free. This is very useful if you want to know when price hits a certain level while you are out and about.
But what is the best way to set up a dedicated computer to send out SMS alerts? I’m not sure if there is a best way, but this is what I did and it works for me. Here are some of the benefits:
Cost effective – The computer is cheap and has more than enough power for what you need it to do. It also uses only about 8% of the electricity that a full sized desktop does.
Small – The computer takes up very little space, it is about the size of a paperback book.
Accessible – You can access the server from almost any computer with and internet connection to set your alerts. This means any remote PC, Mac or Linux computer and even some mobile phones.
Security – Since this computer will only be used to send alerts, you do not have to leave your main computer on and exposed to the internet.
Linda Raschke has been a professional trader for over 20 years and can definitely tell us a thing or two about how to get out of a trading slump. Her primary claim to fame was being featured in Jack Schwager’s book The New Market Wizards. In 1995, she co-authored the best selling book “Street Smarts – High Probability Short Term Trading Strategies.”
In Slump Busting Techniques, Linda presents this material for the first time to a live audience. Here is the full description of the audio recording from INO:
There are two types of traders – those who have had a slump and those who will! The majority of successful traders have gone through long, flat periods at some point in their careers. Linda Raschke presents some tools and techniques to not only pull you out of slumps, but also break through overhead ceilings. Trading is a performance-oriented discipline. The psychological aspects to trading can be 90% of the game. Linda shows you the three important weapons a trader can use to fight against the majority of trading hang-ups. These weapons will also improve your execution skills, your concentration and your consistency. Lastly, she shows three of the most powerful technical patterns to trade off. These setups will dominate any other technical pattern out there! Get psyched up to go for new account highs.
Recently, I have been much more interested in the psychological aspects of trading and how to improve my mental toughness and increase my profitability.
What does Linda think is important in becoming successful in trading?
Recently, I had the desire to have a Metatrader indicator that sent an alert every time a currency pair hit today’s or yesterday’s S3 or R3 pivot point. I know some programming, but I do not know the Metatrader programming language.
Therefore, instead of investing hundreds of hours on figuring out how to program an indicator I decided to look around for a programmer familiar with the Metatrader language, MQL4.
My Google search came up with a couple different possibilities, but I finally decided to give mqlsoft.com a try. The prices were reasonable and it seemed like they had some experience.
I figured that even they did a bad job, there wasn’t too much risk. It is better than beating my head against the wall trying to program it myself.
So I contacted them via the email address and a guy named Witold responded quickly. He is in Poland, but his English was very good. It seemed like he understood was I was looking for, so it gave me more confidence. The questions he asked me also gave me confidence that he knew what he was doing so I sent the money to get the job done.
Forex trading is a high risk endeavor and may not be suitable for everyone, click here to read our complete disclosure statement. Everything on this website is for informational purposes only and is NOT financial, legal or tax advice of any kind.
Here is a link to an interview with trader Corey Rosenbloom. He tells us how he trades both ranging and trending markets. He trades equity index futures and I’m sure that his experiences can teach any trader a thing or two.
. It is an interview with several successful at-home traders from around the world and how they are able to make a living trading their respective markets.
Green Fairies are scary. I have put my trust in a few over the years and although I learned a lot of lessons, it has usually ended in heartache.
I have been doing a lot of backtesting with an automated testing script in 
When I was brand new to trading, I bought a course that was the worst course I ever bought. I don’t know where this guy got these strategies, but they flat out didn’t work. In fact, he is not allowed to trade other people’s money or do any education courses ever again.
