Forex Journey Bonus Report #3
Hi ,
Todd Judkins here with your third bonus report. Now that we have established your Forex trading as the perfect home-based business, focus on the word “business.” It is now time to discuss what something every business has – a plan!
As a former Naval Officer I came to understand the importance of a plan through countless crisis responses, some in the news and others not. You are destined to wonder aimlessly without a plan. Your money is on the line so we will focus like a laser on a Trading Plan.
If you trade or invest I am sure you have heard the saying “plan your trades and trade your plan. Sounds simple and like a little cliché, but this is the cornerstone of all great traders. After trading with Forex Journey you will come to embraces this notion each and every day.
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CREATING A WINNING TRADING PLAN
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Successful Forex trading is a lot like life. You a likely to get what you want if you have a plan to obtain it. What sets Forex Journey aside is that we incorporate these self-mastery skills directly into our plan. More on that later…
Here is a simplistic plan for trading the Forex market.
1. Define the currency pairs you will trade
2. Master a strategy to get you into a trade
3. Master a strategy to get you out of a trade
4. A system for managing your account and managing risk
5. Become aware of your strengths and weakness as a trader
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STEP ONE - DEFINE CURRENCY PAIRS
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Unlike stock traders who have over 60,000 stocks to choose from, you can define your currency pairs down to a handful. As a new trader we recommend that you just stick to one currency pair and learn it like the back of your hand. With experience you can start to incorporate more and more currency pairs. I have been doing this for some years and basically only trade 8 pairs, with a deep focus on just 5.
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STEP TWO – MASTER YOUR ENTRIES
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This is when trading currency get fun! We will teach you the techniques of the pros for evaluating a currency and picking the optimum entries based on your trading style and personality. We do this online in our trading room everyday!
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STEP THREE - MASTER YOUR EXITS
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Predefining your exit points and letting your profits run are the skills of experienced traders. It is said, anyone can get into a trade, but only professionals know when to get out. This is where having your currency coach online will really accelerate your learning curve!
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STEP FOUR - MONEY MANAGEMENT
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Understanding how to properly manage your account will eventually determine your long term profit or lose. This is where the mustard meets the road! How much to risk? Can I afford the trade? Does it have an acceptable reward-to-risk ratio?
You are better off with a shaky strategy and solid money management skill than vice versa. Just because a trade looks good to me means it should also look good to you! Understanding this difference will turn you into a profitable trader overnight!
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STEP 5 - SELF MASTERY
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Most plans end after step 4, not us. Understanding that there is a person who must execute steps 1-4 is critical, even if you are trade a computer-based program. Without a discipline and aware trader behind the wheel, this ship will go nowhere.
Everything you do without thought is done by your subconscious thoughts. You breathe and your heart pumps without your conscious thoughts. Now imagine Forex trading with this same effortless approach – this is the Forex Journey way. It takes patience and perseverance. In the end you will be instilled with the thoughts and actions of great traders. All this is a part of your training at Forex Journey.
“Assume the feeling of the wish fulfilled. ~ Neville Goddard”
This is how we trade . Did you know you can also follow our blog at:
==>http://forexjourney.blogspot.com
Next Time…
In the coming issue you’ll learn…
***The Currency Pairs
***Correlations
Warm regards,
Todd Judkins
Founder and Lead Currency Instructor
ForexJourney.com
P.S. - You don’t even have to take my word for the quality of training you’ll receive. Listen to what one of our students had to say: “I am extremely satisfied from the instruction I have received from Forex Journey. I anticipate making a lot of money using your approach. You really got me out of my own way and thinking like a trader now!- Mark Davies”
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Copyright 2007 - ForexJourney.com & Judkins Group LLC- All Rights Reserved.
ForexJourney.com is owned and operated by:
Judkins Group LLC
3225 McLeod Drive, Suite 100
Las Vegas, NV 89121-2257
USA
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***** DISCLAIMER *****
Disclosure: We are not an investment advisor, financial planner or registered broker. We provide real-time market analysis and educational services for traders. You accept all liability resulting from your trading decisions. Forex Journey is an educational website designed to deliver foreign exchange (Forex) training to member students. The information presented with the website is for educational purposed only. This information is not a recommendation to purchase, sell or hold foreign currencies. Trading foreign exchange (Forex) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The information contained here was gathered from sources deemed reliable; however, no claim is made as to its accuracy or content.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
