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The Insider Secret on Million Dollar Pips Uncovered 

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Tags:  forex  market  currency  trading  money  account  trade  practice  exchange  currencies 
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Published:  January 13, 2012
 
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Slide 1: ==== ==== Forex Profits http://49bbccigr9zdgye9oiwd3r3r9p.hop.clickbank.net/ ==== ==== I decided to do this series of articles on Forex trading because there is so much public interest in the subject right now. But a big problem is that it's near impossible for you to get direct advice from a veteran Forex trader since they don't give interviews and earn so much they don't care to teach the public. The reason for this is that the inter-bank foreign exchange market is a very small, closed, and elite group of top financial professionals. They trade among themselves between the large trading desks of the major international banks. They move vast sums of money and barely have time to train new MBA graduates - who may or may not succeed - let alone talk to novices trying a go of it over the internet. Yet despite this closed society the internet has opened these markets to public investing in this new - yet old controlled leverage investment. Veteran inter-bank foreign exchange trader Thomas Fischer, MBA has granted a rare glimpse into the arcane world of Forex trading he prospered in for 22 years - that can offer the disciplined investor high returns. Don't worry if you get a little lost in this article since it's a little advanced. Before we start let me emphasize that if you don't understand anything in this series you have the opportunity to ask me questions personally as a student of my advance stock investing course, "How To Build Your Million Dollar Portfolio From Scratch" you'll get a link to at the end. Let's continue our interview... Q. Hi again Thomas. Can you highlight for us your biggest gain and what that was like emotionally? A. Hi Scott, one of my biggest daily gains as a trader was back in 1982. I was dealing USD/DEM (Dollar against German marks) for the bank and I made USD 250,000. Back in 1982 that was an awful lot of money and it made me, a 26 year old trader, feel like the master of the Universe. I can still recall most of those trades today 27 years later so it did make a huge emotional impact. Privately as a retail trader my biggest gain was USD 30,000 which I made over a weekend in an Australian Dollar (AUD) position. When I woke up Monday morning and saw the foreign exchange movement and the profit I had made I felt like Rocky Balboa when he stood at the top of the art museum steps in Philadelphia. Q. What was your worse loss and what was that like? A. "As a trader my biggest daily loss was also in the USD/DEM and it was USD 100,000. I felt like a failure and was very upset and wanted to take revenge the next day. Instead I had a losing streak of 2 weeks because I lost my discipline and only wanted to take back what the market had taken from me. My personal biggest loss was USD 20,000 which I lost in a GBP/JPY (Sterling
Slide 2: versus Yen) trade. When entering the trade I had a mental stop loss of USD 5,000 but I did not want to take my loss and admit my bad trade and thus lost 4 fold since I did not stick to my own rules. I have since learned to keep those stop losses intact and as a matter of fact I have never traded that currency pair again." Q. Could you elaborate on what you mean by "Get a feel for the movements and use tight stop losses"? A. "When you study a currency pair you will begin to see a trading pattern and often recurring movements. This is why I always recommend to concentrate your trading efforts on a few (or a single) currency pair. As an example we have during the first 10 days of June seen the EUR/USD move from 1.3800 to 1.4100 and then back to 1.3800 again several times. As a trader you could thus have bought the pair at 1.3800 with a [50 pip] stop at 1.3750 in case it broke its pattern. As the EUR/USD moved towards 1.4100 you could then move the stop along with the movement locking in more and more profits. In this case the pair broke 1.4100 and continued to say 1.4500. You would still be long the pair (short the USD) and thus on par for a nice juicy profit which could pay for some future stop losses." Q. If a trader trades mini-contracts where the contract size is $10,000 in EUR/USD pair value with a $50 margin and $3 commission what is (1) the minimum amount of margin they should fund their account with and (2) what is the maximum ratio of contracts: account-value for "money management" purposes? What would be a good trailing stop distance in the scenario above where 1 pip = $1 change in trading account value since the mini-contract controls $10,000 of foreign exchange? A. [This question was difficult for Thomas who is a very large bank currency trader who has never traded a mini account. He did his best to answer the question regardless.] I have never really dealt with [small spec retail] margin - options/futures - myself and just need to clarify a few things before answering. However the answer may be quite simple. I.e. if you control USD 10,000 with a contract margin of USD 50 you have 200:1 leverage. With a USD 10,000 position you win or lose USD 100 with every big figure movement [trader jargon for 100 pips]. If you only have USD 50 in the account you are required to fund after a movement in the wrong direction of 50 pips. I think thus it would make sense to have USD 100 in margin and have a 100 pip stop loss! --- End of Part 2 of 3 --In the last part of this article Thomas will talk with you about how professional interbank Forex traders blend fundamental and technical analysis to forecast their trades. So stay tuned for the rest of this very exciting story! It all starts with education, Doc Brown is the author of the #1 rated course on Forex trading, "Doc Brown's Futures, Forex, and Options Autopilot. More information at http://www.delanomax.com/. Article Source:
Slide 3: http://EzineArticles.com/?expert=Dr._Scott_Brown,_Ph.D. ==== ==== Forex Profits http://49bbccigr9zdgye9oiwd3r3r9p.hop.clickbank.net/ ==== ====

   
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