Truth About Forex

Why Chickens Make Good Forex Traders?

Calm down. I haven’t gone crazy and I haven’t overdosed on Angry Birds. I don’t really think that the chicken you see on your left will make a fortune on a EUR/USD position.

For one thing, it may be hard for it to click on the mouse to actually perform the trade, for another, I’m not really sure that this particular chicken has any interest in the matter.

But for all other intents and purposes, chickens make good traders… not the birds, the people who are chicken.

Usually, calling someone a chicken or being called one is an insult, it’s a derogatory term. However, there are timse and situations in life where being a coward, to a degree, has its benefits. It can keep you from losing all your feathers… or money.

In the case of Forex trading, rashness and reckless bravado are more likely to lead to disaster than to any long term success. Being too brave is not smart, it leads to risk taking and to impulse decision, the very worst way to trade.

The first thing any Forex trader needs to do is to protect what he or she has. Profits are a secondary goal. The first and foremost goal is to keep what you got. This requires an approach to trading in which risk management is the main key. Only when you know how to protect your assets, you can actively seek more and more profits. So, being a chicken isn’t so bad. It can actually work to your advantage.

Of course, you can’t be too much of a chicken, you can’t be too scared to actually place trades when your trading system signifies that you need to do so, you have to be willing to take certain risks to trade at all. There is no way to trade without any risk whatsoever. But, it pays off to be just a bit more careful than many traders are.

You need to find that sweet spot where you’re not taking too much risk but where you can still actively trade. If I could sum it up: be a chicken, but one which can actually fly.

A good resource to help you with that is the Disciplined Trader Program, not always available but recommended just the same.

Keeping A Trading Journal

In today’s world of computers, the internet and fast machines, it can look outdated to keep an old-fashioned trading journal.

Naturally, while the image to your left does show a notebook and a pen, you can use a program like Excel to keep your trading journal. Just as long as you keep one, I don’t really care how you do it.

Most traders don’t keep trading journals. I base this fact on no research or polling, just my own obeservation and acquaintance with traders in a variety of investment fields. Those that do are the more serious, careful, cautious traders and those which I respect the most. You simply have to respect someone who is that disciplined to write down every single detail about their trades.

In addition, I respect people who have a respect for their own money. And yes, keeping a trading journal is showing how much you respect your hard earned money.

Why should you keep a trading journal?

The main reason is to simply know what you’re doing. It’s so easy to blow your money away on trading that getting control over your actions is paramount.

The simple action of writing things down or typing them into an Excel sheet is enough to stop most reckless trades or, if you do get reckless, give you the ability to learn from your mistakes later on.

The second thing a trading journal allows you to do is to analyze your actions. In your journal, I want you to write down the most details you can about every trade you take. The entry price, the stop loss, the take profit prices, how the trade ended, profit/loss, time of entry and time of exit (and another detail I’ll go over below).

I want you to know everything there is to know about your trades. I want you to have an intimate knowledge of why you placed each and everyone of them. This way you will learn what works, when, and get a “feel” for the patterns in the market.

The third thing a trade journal does is help you with your money and risk management. Placing trades isn’t enough. You need to allocate your funds correctly so you’re never over exposed on any single trade (or small group of them).

The fourth reason has to do with emotional control and discipline. There’s no doubt that trading is one of the most stressful actions a person can take. This is one of the reasons losing money is so easy: thinking clearly is a challenge.

You want to be in total control over your actions so you need to also note the way you feel when you place a trade. This will slowly train you to recognize the toxic emotions which drive you to make the wrong trading decisions and lose money. In my Forex Mental Fitness course, having a trading journal is a key step on the way to a powerful trading psychology.

So, either grab a pen and writing pad or open an Excel sheet write now and start recording your trades. You’ll thank me for this.

Do you already run a trading journal? If so, share some tips in the comment section below. If not… what’s stopping you?

Is the Dollar No Longer a Safe Haven?

One of the recurring themes of the Forex market over the past two years has been that the US Dollar is perceived as a haven currency which investors rush to when times get scary or uncertain.

Now, when it seems like there is total chaos in the Middle East, the Euro still gained over 0.6% over the Dollar in today’s trading. Are things changing?

Other “safe havens” such as Gold and Silver are still behaving as they should and both metals have risen in value today. But the US Dollar is weak.

One reason may be the rising price of oil. The price of a barrel of crude went passed the $102 mark today. As oil prices are quoted in Dollars, the higher they go the lower the US Dollar tends to be.

But this seems to be just part of the reason. The other reason is that the US economy is in bad shape. The debt is very high and it keeps getting higher. There doesn’t seem to be any political willingness to tackle America’s problem is a constructive and adult way. No one is willing to sacrifice and invest in the future.

In Europe, things seem better. Governments took action when crisis hit and were not afraid to deal with an unsatisfied public. Some of these measures were not ideal but they did serve a purpose to show the rest of the world that Europeans did not avoid hard decisions when they had to be made.

America is Perceived As Weak

I believe that the Dollar is going through a rough time and that it’s unclear if and when things will improve for the greenback. Truth be told, the US looks pretty powerless as its allies in the Middle East appear shaky. No one knows how far the turmoil in the Middle East will go and whether oil prices will continue to rise. Some already speak of looming energy and food price crises. All this will greatly affect the US… should it happen.

At the moment, the uncertainty in the world is not enough to raise the Dollar since much of the uncertainty revolves around the US and its position in the world. For the time being, the Dollar is no longer a haven currency.

Rover North Forex System

Trying to find a Forex system that works is becoming more and more difficult. One way to make sure you’re getting a good one is to follow Forex system contests and actually use the systems which show the best results.

The Rover North Forex System is an example of such a system. This is a program that won first place at a recent trading contest in which over 1200 systems from around the world took part.

The contest began with a demo stage in which all the systems were tested on demo accounts. The top systems made it through this stage, were given a live account with a real-money balance and were pitted against each other. The winner, by a great margin, was the Rover North Forex System. It earned a substantial return, Click here to see the contest results.

The fact that this is a system which was tested in a live contest is very big. It’s not just test results which you need to believe. This system ran on a live accout which was monitored at the contest itself. In addition, the team that run this contest actually provide you with login information to both the demo and live accounts of the Rover North Forex System. This isn’t charity as they want you to buy this system. However, it is a transparent process which doesn’t usually take place in the Forex world and for that they should be commended.

Once the contest was over, the Rover North system was given to a group of beta testers to work with themselves. This is also important as you can see how actual traders use this system to make sure that it works and that it’s not too complicated for you to operate. You can now watch some of these beta testing trades in action here: Beta testers show how they operate the system.

As you can see, the Rover North Forex system is open to you. You can see the results, the system in action, and learn from people who’ve actually used it. In addition, you have proof that it works.

What Is the Rover North currency trading system?

But what is this system anyway? Here are some details that you should know:

- This is a manual trading system. It is not a robot. You need to place the trades yourself according to the entry and exit rules of the system.

- The system comes with a Trade Assistant software which alerts you whenever a trade has set up. You can quickly enter a trade once you get the notice from the software. This helps you save time, effort, and to avoid missing out on trades.

- Comprehensive Manual in PDF Format & Online version which explains how the system works and what you need to operate it correctly.

- Over 30 Videos Of Real Live Trades From Rover North & The Beta Testers. There’s nothing like learning from real live trades so this is a valuable addition to the system.

- 24 hour support for traders who buy the system.

In Conclusion

The Rover North Forex System is a proven currency trading system. You do need to learn to operate correctly though, so it may take some days until you master it. However, it should not prove too difficult to you as this is a system which new traders should be able to work with.

I believe that with this kind of transparency, you can rest assured that you’re getting a good and proven system to use and profit with. Click here to get the Rover North Forex System