|
Hi. Happy 4th July To all the U.S.A Followers.
Finally we can get started on the Forex challenge to turn $2000 in to a $1.000.000 over 2 years.
Monday or Tuesday will be the launch date. Charlotte (my 15 year old daughter) now feels confident enough to leave a demo account and go live. We are starting with $2000 but our account is in gbp, so our starting balance is gbp 1227 based on fridays market close.
We are intending to use the LMT 4 hour forex formula and my 4 hour system whenever possible, so she is not tied to a computer screen all day. Its a shame we didn't start last Monday. Alex posted on the blog that he made 800+ pips from 20 + signals that all won. Charlotte made 200+ monday and another 200+ over Tuesday and Wednesday. I advised followers not to trade nfp Thursday and Friday.
I am also looking at a signal service that one of you, Simon, recommended. He has been using it for a long time and reports very good results (over 500 pips a month). This would be ideal for those of you with day jobs who haven't the time to trade. We will run this on another demo and let you know how we get on.
LMT Followers: I will email you tomorrow re updates and our plan for the week ahead. If you are not on the list and would like to receive more regular updates, just send me an email to marc@forex-fxtrader.com
Last week I posted on the blog an article entitled potential 400+ pips on the gbp Monday. It didnt go exactly to plan, but if you followed my advice about waiting for a break out and pullback you could have made 100+ pips on the move upwards and 300+ on the way back down.
See what happened and how you should have made 100's of pips from last weeks free analysis;
http://forex-fxtrader.com/blog/result-of-400-forex-pips-analysis/
Discipline
A lot of you are sending me private emails about the problems you are having with trading forex.
I told you at the beginning that it is nowhere near as easy as the marketeers would have you believe, BUT Over 90% of the problems you are having are discipline related.
Attached Free e-Books
The attached article was written by a 30 year trading veteran and details how he overcame the problem of following the rules and the things he advises his students. (If you are not on the list and can't see the attachments, send me an email). There is also further advice on how to manage your money in forex
Conclusion
At the end of the day I and countless other authors can only tell you what you should do. The rest is up to you. I have a quote on my wall that says
"Success is nothing more than a few simple disciplines practised every day, while failure is simply a few errors of judgement repeated every day. It is the accumulative weight of our disciplines and our judgements that lead us to either a fortune or failure"(Jim Rohn business philosopher)
If you do not follow your own or your systems rules, you WILL fail. I still have problems with following my own rules. Forex is hard enough when you are losing, but believe it or not it can be just as hard when you are winning. I blew my account in my early days when I thought I had cracked the forex code. I got over confident and went into self destruct mode.
To your success,
Regards,
Marc
| 
Return to Archive
