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These are the few points which will help you. tommybjorn Posted September 3, Posted September 3, Those who are failures, I have made failures. I am not a machine though I work with the precision of a machine plus the intelligence of a person. You may run me for profit or run me for ruin — it makes no difference to me.

Take me, train me, be firm with me, and I will place the world at your feet. Be easy with me and I will destroy you.

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In achieving this you have purged yourself of your bad habits and have replaced them with productive, automatic, good habits that allow you to perform successful actions without thinking about them.

It is like learning to drive a car. That process took about 15 minutes because you had to consciously think through everything you did. You were consciously competent. Now, if you began to drive and received speeding tickets and got into accidents, you became unconsciously incompetent. It was when you consciously commit- ted yourself to stop speeding and to look in every direction to avoid accidents that you became a consciously competent driver.

You have now become unconsciously competent in your successful driving habits. You probably take about three seconds to pull out of the driveway, probably driving part of the way with your knee as you juggle a cup of coffee in one hand and a cell phone in the other, focusing on the conversation rather than each individual skill needed to drive the car.

Can you see how powerful your mind is and how critically important it is to properly think through everything before you act? When it is time to trade, you must think before you act. If you act before you think and make mistakes, your subconscious mind will take over and record all your ignorant actions and subconsciously create bad trading habits.

That is how you start to lose money or just get by in trading. Successful traders think before they act to execute successful trading habits. Failure is like cancer. If you have to remove the cancer, much of the time it is too late. You treat cancer by preventing it and you treat success by creating good habits from the beginning.

This way you are preventing failure. As you learn to trade, you will need to get in the habit of thinking through all the details potentially involved with that trade. You will need to have checklists that cover all the details. You will need to get in the habit of creating a trading plan and maintaining the discipline of trading your plan. That habit forces you to think before you act, avoiding impulsive, emotional actions that generate unsuccessful trades.

The market has no remorse for ignorance and impulsive action. The ignorant will suffer. Think before you act. Do you manage your emotions or do your emotions manage you? Most financially successful people are very unemotional when it comes to business decisions. Believe it or not, successful business is nothing more than making and executing unemotional decisions that make economic sense. It is no different than unemotionally figuring out a mathematical equation.

Two plus two will always equal four, regardless of how desperately you wanted it to be five—it will always equal four. For example, holding onto unproductive employees because you like them, does not make economic sense and is a bad business decision rooted in emotion. When it comes to business, you need to make all your decisions unemotionally. Your decision process needs to be educated, logical, and unemotional.

Any financial decision made in the heat of negative emotion will hurt you much more than it will ever help you. When it is time to trade, the more you rely on your emotions to make your decisions, the more money you will lose. The more you rely on your education and logic, the more money you will make. Thinking through problems unemotionally allows you to stay focused on achieving long-term happiness and success.

Bad things happen to all of us, and many times we have no control over them. The reality is that we have no control over the cards we are dealt, we only have control over what we do with those cards. What we do have control over is how we handle the situation—emotionally or unemotionally. Successful traders manage their emotions; unsuc- cessful traders let their emotions manage them. Are you responsive or reactive? Unsuccessful people usually do. Successful and positive-thinking people are able to process properly the negative things that happen to them, put them into perspective, and move on.

If your emotions control you, you are going to be more reactive than responsive and you will probably go through life with unhappiness, poverty, and mediocrity. As a rule, just about everything negative that happens to us is either self-inflicted or the result of not paying attention to red flags, warnings signs, or details. Accepting responsibility for our own actions is such a painful event that we find it easier to react and blame someone else rather than analyzing what really happened and responding by creating a sys- tem to avoid that situation again.

If you bring your reactive bad habits to the trading table, the mar- ket will know exactly which emotional buttons to push. When it does, you will run like a scared rabbit being pursued by a pack of hungry wolves. Running scared is not conducive to calming down and thinking through your next move. Reacting versus calmly thinking through the situation and responding eliminates your ability to see clearly what happened.

Reactive trading will cause you to lose all your money, whereas responsive trading will allow you to think through your next move and take advantage of the next opportunity that knocks. Is your ego more constructive or destructive? Are you more humble or more arrogant? Do you make your decisions based on your pride and ego or based on logic regardless of the consequences to your ego? Do not go looking for storms as you sail your boat, they will naturally find you! A constructive ego keeps you focused on all the details necessary to avoid any and all storms as you sail through life.

A person with a constructive ego believes their mind is like a parachute; it only works when it is open. A person with a destructive ego thinks he or she already knows everything. Unfortunately, when it comes to trading, the market will teach that destructive ego the true definition of humility. When conflict shows its face to a con- structive ego, the constructive ego, through humility, will in the end fight to be happy rather than right.

Are you more positive about life or more negative? How you answer this question will greatly determine your overall happiness in life. Is your glass always half empty or half full?

There is a law that is every bit as much valid as the law of gravity: it is called the law of attraction. The law of attraction stipulates that whatever we think about, those thoughts will radiate out of our being and create circum- stances and events and attract people that align with our thoughts.

When we think positive thoughts, that positive mindset will radiate out of us, creating positive circumstances and positive events in our life and, as a result, will attract positive people into our lives. The flip side of this law is also true. When we think negative thoughts, that negative mindset will create negative circumstances and nega- tive events in our lives, attracting negative people into our lives.

The power of this law plays an incredible part in determining your success or failure in life. Optimists, on the other hand, create positive out- comes via the law of attraction. The simple shifting of your mindset from negative to positive changes your entire world. Negative people are constantly shifting blame and frustrated about how unfair life is; they walk around with a victim mentality. Positive people accept responsibility for their circumstances and place themselves in a position to figure out how to avoid negative situations in the future.

If you want to become a successful trader, you will have to purge your negative attitude and adopt a positive mindset and attitude. Negativity when trading only creates more negative circumstances, more negative events and financial losses. Do you fear your mistakes or do you embrace them and learn from them? All people make mistakes, but only wise people learn from them. The only true mistake is the one from which we learn nothing.

Mistakes show us what needs improvement. Without mistakes, how would we know what we need to work on? Avoiding situations in which you might make a mistake could be the biggest mistake of all.

When you have the courage to go out on a limb and make a decision, right or wrong, you risk making a mistake. Everyone makes mistakes. Strong people make as many mistakes as weak people—the difference is that strong people admit their mistakes, laugh at them, learn from them, and become stronger. When you make mistakes, problems usually surface, which creates fear and anxiety.

Pessimists live a life fearful of making any mistake because that mistake will create a problem, and just about all problems, in their opinion, have no solution. Optimists can make just as many mistakes as, if not more than, pessimists.

However, when a problem arises for an optimist, they aggressively work on it, believing it can be resolved, and the second they see the solution, the fear and anxiety dissipates. When life hands you lemons, do you waste time sucking on them or do you learn to make lemonade? Making mistakes is part of being human. Mistakes can be resolved and corrected as long as you believe there is a solution. So when you make a mistake that creates a problem, you need to muster the courage to face the problem head-on until a solution is achieved.

As you do this repeatedly, unemotionally, you will develop the skill of effective problem solving. Remember, failure is not the problem; the problem lies in the time we waste lamenting over the problem rather than focusing in on the solution to the prob- lem. Failure is not falling down; failure is staying down. Learning from your mistakes is critical to your success.

Choosing not to learn from your mistakes as you learn to trade will cause you to become a repeat offender. Your subconscious mind will take over and will form an unproductive bad habit, costing you money. You must pay attention to your mistakes and embrace them with a posi- tive attitude. Do you focus on what you have or on what you have lost? As you go through life making mistakes, you will inevitably lose things along the way—money, close relationships, personal property, you name it.

But how much time do you spend holding onto those mistakes? How much time do you spend calculating your losses and wishing you had back everything you had lost? The longer you dwell on past failures and losses, the longer you will stay captive in your current state of failure.

You must let go of your past failures and focus on where you are going. Have you ever wondered why the rearview mirror is 50 times smaller than the windshield? The windshield is so much larger to help us stay focused on where we are going versus where we have been.

Holding onto past wounds or losses will only stand in the way of achieving your rightful success as a trader. Every trader loses money and makes money as they trade, but successful traders will make more money than they lose.

Successful traders spend no time worrying or thinking about their losses; they stay focused on the next opportunity that is knocking. Holding onto past losses or failures creates a bitter mindset. If you come to the trading table with a bitter mindset or victim mentality, you will bring with you all your past emotional baggage that has stood in the way of you becoming successful at anything you attempted in the past.

If you want to be successful at trading, you must focus on what you have gained versus what you have lost. Are you a goal setter or a goal quitter? When you set out to do something, do you persist until you succeed or do you get discour- aged and quit along the way? One of the most important habits to develop is the habit of finishing what you started.

My son recently graduated from high school. At his graduation ceremony, the princi- pal stood up and congratulated everyone for completing 12 years of education. He also pointed out that during the last year of school, 48 percent of the students in the graduating class had dropped out. They came so close, but they did not persist until the very end.

Most people in life are rainbow chasers; they set new goals almost daily. As a result, they never move forward in any one direction. Setting goals helps you create a road map in life, outlining where you are going. Without that road map you can easily get off track without even knowing it and not know how to get back on. If you do not create goals as you learn to trade, you will not have any recog- nizable milestones of achievement. Any great achievement will be accompanied by setbacks, but beginning with a clear goal in mind will keep you on track to reach your goals even after you hit a detour.

Traders who set goals and persist until they succeed reach their pot of gold at the end of the rainbow. That does not mean you will make money percent of the time, rather, that you consistently make more money than you lose. Persisting to achieve your realistic goals is nothing more than discipline in action. They are what I call constitution-based versus feeling-based. Successful people have strong convictions.

They are very clear about their personal constitution and their purpose in life. They have their priorities in check and have the right perspective and attitude when it comes to facing the internal battle between the two wolves that exists in all of us.

Your personal constitution will mirror your trading results. You have an obligation to your personal future, happiness, health, family, and income to establish a solid personal constitution. Developing a solid personal and trading constitution is the first step of your journey toward successful trading on Forex.

I started this book on trading by pointing out the importance of creating an emotional and psychological constitution before teaching you any technical skills. What good does it do to teach you technical skills if you do not have the courage to execute them?

Why teach you trading rules if you are a rule breaker? There is no point to teaching you how to take advantage of new trading opportunities if you cannot let go of your past mistakes and failures. Developing a solid personal and trading constitution will be the first step of your journey toward finding your rightful pot of gold in trading.

I look forward to accompanying you on your journey to the end of your trading rainbow. Let our journey begin…. I was working out of our office in Sydney, preparing for a class, when I was e-mailed the list of attendees. The registrar told me there were 26 Australians signed up for the class and one Scotsman, named Ian, who had a very strong Scottish accent. The next morning I started class the way I always do, asking everyone their names, their current occupations, why they want to learn trading on the Forex, and, more importantly, why they chose to get involved with my company, Market Traders Institute, versus another.

We started going around the room introducing ourselves and eventually came to Ian. Ian was an older fellow, perhaps in his late fifties, and in great physical shape. I just happened to be here in Australia for a bit when your advertisements caught my interest.

I called your office and they told me all about you, so I came here because I was told you could teach me how to trade on the Forex and make money. Is that true? Now pay attention to the question. Can you teach me how to trade on the Forex and make money? Do you know what that is? I will kill you. The best way to learn something and remember it is to teach it to some- one else, so after I teach a concept for about 45 minutes, I instruct the class to teach each other.

I have the person on the right teach the concept to the person on their left, and after they are done I have the person on the left teach the concept to the person on their right. Little did I realize this teaching technique would potentially save my life. When I divided the class into pairs that day, I believe God protected me by having an odd number of students. Looking back, I must say that was one of the most detailed, and perhaps one of the best, classes I have ever given.

I am happy to report that both Ian and I are still alive. In fact, Ian is now an active client of ours and has taught me a lot in return. Two of the greatest things he taught me were how to perform under pressure and, more importantly, how to keep things simple with respect to teaching Forex trading. For example, at one point, Ian could only recognize and understand uptrends.

dollar; when three go up, the other three go down. They have to move in opposite directions to keep the world economy in balance. He keeps his trading simple. HISTORY OF THE FOREX MARKET: HOW IT ALL BEGAN BRETTON-WOODS ACCORD The modern Forex market was established around But the Bretton- Woods Accord of , which was established to stabilize the global econ- omy after World War II, is generally accepted as the original beginning of the foreign exchange market.

It created the concept of trading currencies against each other and the International Monetary Fund IMF. Currencies from around the world were fixed to the U. dollar, which in turn was fixed to gold prices in hopes of bringing stability to global Forex events. All currencies were allowed to fluctuate around that value but only within a narrow trading range.

In , the accord finally failed, however, it did manage to stabi- lize major economies of the world, including those of America, Europe, and Asia. dollar: the Smithsonian Agreement and the European Joint Float. dollar USD , which in turn is anchored to the price of gold as a benchmark also known as the gold standard to bring stability to a volatile global economic situation. All other weaker economic currencies are then fixed against the USD and allowed to fluctuate, or float, no more than 1 percent on either side of the fixed rate.

If the fixed rate moved more than 1 percent, the central bank of that country was required to intervene in the market until the exchange rate was brought back to within the 1 percent band. The Smithsonian Agreement and the European Joint Float agreement were similar to the Bretton-Woods Accord but allowed a greater range of fluctuation in the currency values and widened the band in which curren- cies were allowed to trade.

The Smithsonian Agreement was just a modification of the Bretton- Woods Accord, with allowances for greater fluctuation, whereas the European Agreement aimed to reduce the dependence of European currencies on the U. The free-floating system managed to continue for several years after the mandate, yet many countries with weaker currency values incurred major economic devaluation against certain countries that had stronger currency values.

EUROPEAN MONETARY SYSTEM European currencies were among those most affected by the strength of the U. dollar and the British pound GBP. In July , the European Mon- etary System was created to counter its dependence on the USD. But by , it was clear that this European Monetary System had failed. Shortly thereafter, retail currency trading opportunities as we know them today started to be enjoyed by smaller investors willing to take similar risks as that of banks and large financial institutions.

The devaluation of currencies continued in the Asian currency markets, and confidence in trading the open Asian Forex markets began to fail. However, countries with stable currencies, and the concept of trading currencies, remained unchanged. The establishment of the European Union in gave birth to the euro seven years later in The euro was the first single currency used as legal tender for the member states of the European Union and became the first currency to rival the historical leaders—the United States, Great Britain, and Japan—in the foreign exchange market by providing financial stability that Europe and the Forex market had long desired.

WHAT IS THE FOREX? Forex is an acronym for foreign exchange, a market where people exchange the currency of one country for the currency of another in order to do busi- ness internationally. Typical situations in which such currency exchange is necessary include payments of import and export purchases and the sale of goods or services between countries.

Forex is also called the cash market or spot interbank market. The spot market means trading on-the-spot, at what- ever the price is at that moment. Prior to , the Forex retail interbank market for small individual speculative investors or traders was not available. A speculative investor, or speculative trader, is one who looks to make a profit on price movement in the market and is not looking to hold onto any currency long-term.

Then in the late s, retail market maker brokers companies that facilitate the trades for speculative traders were allowed to break up the large interbank units and offered individual traders the opportunity to participate in the Forex market as we know it today.

The term market refers to a place where buyers and sellers are brought together to execute trading transactions. dollar is traded daily on the Forex. Forex trades nearly four times that volume daily, exceeding the daily combined activity of all the other financial markets. Forex has no physical location—transactions are placed via the Inter- net or telephone—but is composed of approximately 4, international world banks and retail brokers.

Individual traders wanting to profit by speculating on price changes can only access this market through a Forex broker, such as I-TradeFX. It is a good practice of a speculative trader to only deal with Forex brokers that are regulated by the governmental bodies in their respective countries. TYPES OF TRADERS Trading currencies involves the fluctuation of one currency in relation to another. That is the main difference between trading currencies and stock trading—you always have to deal with two instruments, or currency pairs, whereas in stock trading you only deal with one instrument.

The definition of a currency pair, or currency cross, is trading one currency for another currency, and you need a currency pair to execute a trade on the Forex. Speculative currency trading, just like speculative stock trading, involves exchanging one currency for another in anticipation of a price change in your favor. There are two types of traders on the Forex: consumer traders and spec- ulative traders. A consumer trader wants long-term ownership and is not as concerned with daily price movements, whereas a speculative trader is only concerned with daily price movement, as that is where the profit potential is.

Speculative traders are also called scalpers—they are trying to scalp a profit in a small price movement. Long-term position traders enter the mar- ket and stay in for a week, a month, or years. Short-term, or day traders, will enter the market for 5 minutes, 30 minutes, or even 4 hours, and then exit, but they are usually in and out within a hour period. Although brokers will assure you that Forex trading is commission- free, it is important that you understand there still are costs involved.

The spread is the difference between the buy price and the sell price of a specific currency. Envision attending an auction where there are several buyers for a partic- ular item. As bidding gets closer to the asking price, the spread tightens up. There are spreads between all currency pairs that are traded, and they average 3 to 6 price interest points, or pips, on the major world currencies which are considered to be the U.

dollar [USD], the British pound [GBP], the Japanese yen [JPY], the European euro [EUR], and the Swiss franc [CHF].

Currencies from small countries are called off-brand currencies and can have spreads as much as to 1, pips. The broker retains the spread, which is the difference between the buy and the sell price. To break even, the market would need to move up 4 pips in your direction. To make a profit, the market would need to move more than 4 pips in your direction.

HOW DO TRADERS GET PAID? Price interest points, commonly known as pips, are usually expressed in decimals. Depending on the pair of currencies being traded, pips are usu- ally the last numbers of the decimal. Most traders on the Forex trade with what is called leverage. When a trader executes a trade on the Forex, the trader is buying or selling currency in units referred to as lots which is a set quantity of money. There are typically two types of lots that traders will trade. You will see that the currency moved in our favor to 1.

Trading can be a worthy full-time profession or a great way to earn sec- ondary income. Either way, you will need to learn the three basic skills of trading as you watch price movement against time. How to determine the current trend on any time frame 2.

How to develop an entry strategy that works consistently 3. How to develop an exit strategy that works consistently Once you master these three skills, you will be in a position to take advantage of the significant profit potential in this market. BULLS AND BEARS The purpose of a broker is to facilitate the trade. After you open a trading account, the broker gives a trader the right to execute transactions, which includes certain rights and privileges, including the right to be a bull or a bear.

The terms bull and bear were created by traders in the stock market in the early s to identify the direction someone was trading in the market.

The term bull was derived from the way in which bulls attack or charge, moving upward. In contrast, bears move downward when they attack or charge.

Bulls, therefore, resemble a buying market, because they believe prices will continue to move upward, or rise, whereas bears resemble a selling market, because they believe prices are going move downward, or fall. Every trader has to make a decision to be either a bull or a bear before entering the market.

Bulls enter the market buying first and exit selling second. Bears do the opposite: they enter selling first and exit buying second. To make a profit in the market, you must always buy low and sell high. Both bulls and bears are trying to do that; bears just reverse the transactions see Figure Remember, there is a bid price and an ask price with a 3- to 6-pip spread on the major currencies the U. dollar [USD], the Japanese yen [JPY], the British pound [GBP], the Swiss franc [CHF], the European euro [EUR], the Canadian dollar [CAD] and the Australian dollar [AUD].

Traders buy on the ask price and sell on the bid price. If you want to enter buying, you would pay the ask price of 1. You can enter and exit the market using a limit order, which are orders placed ahead of time to enter the market buying below where current prices are or selling above where the current prices are. They are placed like a limit order at a predetermined price; however, they turn into market orders when the market reaches the predetermined price and may be subjected to slippage.

The rule is, when you place a buy order above the current market price it is called a stop order, and when you place a sell order below where the current price is it is also called a stop order. Every trade should have an entry point, a predetermined exit point for profit, and a well-thought-out exit point for minimal loss should the market not go your way. The rule is, every buy order should have two sells: a sell limit order for profit and a sell stop order for loss protection.

Conversely, every sell order should have two buy orders: a buy limit order for profit and a buy stop order for loss protection. Some trading software programs allow the trader the ability to place an OCO one cancels the other order. This means the moment the market hits either the stop order or the sell order, it cancels the opposite order.

By trading with an OCO order, you are not left exposed with a working order after either your stop or limit has been filled and you have been taken out of the market. An OCO order offers you the opportunity to set a trade and forget about it. You can literally walk away from your computer and not be concerned with catastrophic results if you have properly quantified your potential losses before you placed the trade.

No one knows where the next pip will go, so the best you can do is plan your trade and trade your plan. One of the most important and productive habits you can adopt is properly educating yourself about the Forex before you begin trading. If you move forward without the proper education, be prepared to lose your money, much like in a casino.

Just like the casino, the market will be there to take all your money. I have learned that to achieve success in trading requires learning to understand the three critical facets of trading: 1. The technical education and trading knowledge 2. The fundamental understanding of what determines market movement 3. All successful traders learn that working through frustration is the path to success. Knowing what to do when you get frustrated is critical.

Strong people make as many mistakes as weak people. The difference is that strong people admit their mistakes, laugh at them, and learn from them, and that is how they become strong. Mistakes are part of being human. We need to appreciate our mistakes for what they are. Before you begin trading, you need to create your own mission state- ment to help you focus on becoming an educated, financially successful, long-term Forex trader.

I want you to think of your journey toward becom- ing a successful trader as a transformation of thought, a new process of knowledge build-up, followed by: 1. Disciplined thought 2. Disciplined rules 3. Practice first on a demo account to become comfortable with the trading platform before trading with real money. LEVEL 2: THE COMPETENT TRADER You acquire conscious competence. You begin to trade with real money, work through your emotions, and learn to trade within the equity manage- ment rules to achieve a consistent financial return.

LEVEL 3: THE EXPERT TRADER You acquire unconscious competence. You mechanically execute profitable trades with no emotion. THE REALITY OF TRADING The reality of trading is that less than 10 percent of all traders who attempt to trade succeed in the market.

More than 90 percent of all traders who attempt to become successful on the Forex fail. Our professional international team at Market Traders Institute adamantly believes in proper education first. Knowledge is the key that can make a big difference in the success of a trader, providing a necessary edge. I cannot stress this enough: the majority of the world is locked into managing its poverty or mediocrity. Very few people learn how to manage any kind of success because they are not given any sort of manual or instruction guide to success.

Growing up, we learn how to survive finan- cially from our caregivers and circles of influence. But not all mentors are successful, leaving many to learn through trial and error.

Thousands of books have been written on how to achieve some sort of success. I believe that success comes from acquiring the right education about the opportunity; possessing the right work ethic; implementing the right productive daily habits; and believing with focus, concentration, action, and a positive attitude that your dream will come true.

Successful people keep things simple. They find beauty in simplicity. The average per- son, for some reason, tries very hard to complicate things, even the simplest processes or procedures. I, on the other hand, have worked hard to take a very complicated issue, Forex, and simplify it, enabling just about anyone to understand how the markets work and how to trade them.

THE DAY, 3 PERCENT RULE The human mind forgets 80 percent of the knowledge it acquires within the first three days of acquisition. During the next 18 days, it continues the loss of information until it settles at 3 percent retention of the new information. Our focus at MTI is to provide you with productive practical, continued education, enabling you to be trading with percent-plus recall.

You must practice them over and over again until they become an unconscious habit. Doctors prac- tice on cadavers first.

Pilots fly with instructors long before they go solo. I personally believe that self-empowerment is learning how to fish and that dependency is all about being handed a fish to stay alive. Make no mistake, there is no holy grail! You cannot buy any indicator or trading system that works percent of the time any more than the airlines can buy an autopilot system that eliminates the need for pilots.

I would think not, because if you could create such a trading system, all you would need to do is walk into any major financial institution like the Bank of America or the Royal Bank of Scotland and show proof that your auto- mated system works.

Just as there is no perfect trading system, there is no autopilot sys- tem that works without a pilot. I very much doubt that human beings will ever put their lives on the line with a computer or autopilot system in an airplane without a pilot.

We all have bought enough electronic equip- ment in our lives—TVs, VCRs, cameras, and so forth—to know they all fail eventually. Pilots are educated and trained to fly proficiently before they are even shown where the autopilot system button is. The first time I got into the cockpit with my instructor I asked him where the autopilot button was. I did eventually learn how to engage the autopilot function and will have to say, the autopilot system is not a fail-safe function without the close moni- toring of a pilot.

As powerful as such systems are, when things start to go wrong, they cannot make spilt-second decisions in the best interest of the passengers. They can only do what they are programmed to do, and there are too many variables in flying to program absolutely everything.

Autopilot systems do not work percent of the time, they have their limitations. As a trader, you will learn that, from time to time, the trading environ- ment will be ideal enough to use an autopilot system.

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DOI: We hope you enjoy this McGraw-Hill eBook! Dedication I T IS WITH THE utmost respect and my sincere admiration that I dedicate this book to my wife Susan; who has helped me watch my thoughts as they became my words, helped me watch my words as they became my actions, helped me watch my actions as they became my habits, helped me watch my habits as they became my character, and most importantly helped me build my character, which ultimately protected our destiny.

She is my partner for life! I further dedicate it to our eight children and three grand children, who have been a miracle in my life and forced me to stay humble. Thank you for being the grinding stone in my life.

some days you really ground me down, but most days, you really polished me up allowing, me to shine. May you all enjoy each day of your life—I love you all! Copyright © by The McGraw-Hill Companies, Inc. Click here for terms of use. After his speech, the leaders of NASA franti- cally called the White House declaring his proclamation to be impossible.

It is their talent and capability that allowed me the freedom to write this book. Her sheer genius never ceases to amaze me. Thank you for opening up your homes and your hearts to me and my family.

It has been through your perception of the world, the mar- ket and your countless challenging questions that have allowed me to widen my perception of the world and the market.

In addition, I would like to thank all our staff and worldwide partners at MTI for their dedication, support and belief in our vision.

You are not only great business partners, but have become some of my best friends. I want to give special thanks to the founding members of our MTI team: Jonathan Schneider, Pedro De Sousa, Jeff Todd, Mauricio Passaro, Rob Rawson, Frank Josenhans, Sam Sego, Rick Purifoy, Nickie Hube, Rachael Martinez, Ricard Mouton, Kevin McGowen, Dennis Du Plessis, Cassie Van Wyk and Hector Ruiz.

I am deeply grateful to Jeanne Glasser and all the staff at McGraw-Hill who have participated in bringing this book to market. Thank you for believing in me. I cannot finish my acknowledgements without recognizing my parents who constantly grounded me in an attempt to harness my adventurous spirit.

I give tribute to you all! For more information about this title, click here Contents Dedication v Acknowledgments vii Introduction xv 1 So You Want to Trade FOREX? Forex, or the foreign exchange market, offers incredible financial opportunity for those who are ready for the adventure, but it can be disastrous and financially devastating for those who are unprepared.

My focus as an author is to be a mentor to those readers eager to enter the world of Forex trading. Some of the material in this book took me years to discover, develop, and just plain figure out.

I hope you will realize that this book, although written primarily for traders, is ultimately about self-improvement. I have discovered that no one can become successful at trading, or for that matter at anything, without first establishing their personal constitution. It is this aspect of yourself that either destroys you or allows you to succeed in life, and that includes Forex. To be successful in your financial journey, you will need to be prepared for what the market demands the most—change and discipline!

If you can- not find the courage to change and then remain disciplined to that change, you will be unable to develop a trading strategy that aligns with your per- sonality and your perception of life.

If you can learn the when and the why, you will be able to make market movements work for you allowing you to capture the majority of potential profit from the move. When you do this, you have discovered your personal holy grail in trading! I believe this book can become your holy grail if you let it! Trading needs to be fun, emotionally exciting, personally and finan- cially fulfilling, and stress-free.

If you are going to be successful at trading, you will need to acquire a trading strategy that is easy to execute, easy to Copyright © by The McGraw-Hill Companies, Inc. You will also need to master your emotions. Success lies in mastering four skills, three of them technical. These technical skills include knowing: 1. How to find market direction in any time frame, anytime, 24 hours a day. How to establish a successful entry strategy that works consistently.

Every trader wants the market to move in his or her direction from entry. How to create two solid exit strategies: one to protect yourself financially should the market not go your way, and one to capture profit if it does. The remaining skill is more difficult; it is learning how to overcome the battle that takes place in your mind. Believe it or not, our daily destructive habits hold us back from achieving what is rightfully ours in this life.

Learning to become a successful currency trader is a dream highly sought after by countless people around the world. I am here to tell you that it is a worthy and attainable dream. Dreams are attainable! However, there is a set of steps that needs to be mastered in order to make your dreams come true. This book will help you to learn these steps and to acquire the courage and commit- ment to take them. Always remember that man was not created to just get by—he was created to reach his highest potential!

TWO WOLVES One evening, a very wise, old Indian chief was speaking with his grand-son about life, telling him about the internal battle that goes on inside all people. One wolf is very evil. It forces you to deal with anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and a self-centered, destructive ego.

The other wolf is good. It helps you to experience joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, faith, self-respect, and to develop a giving, constructive ego.

These materials are created by professionals whose guidance 1 Copyright © by The McGraw-Hill Companies, Inc. There are successful people who have either been taught by a mentor, acquired some special knowledge, or implemented disciplines that enabled them to achieve their financial goals.

The saddest part about this process is that most people do not display the sufficient humility and open-mindedness to acquire all this information and mentorship at an early stage in their lives.

I am adamant about one thing: if you are on the hunt for success in any field or any walk of life and have not yet acquired it, then perhaps you have been looking in the wrong places. The reason is universal: successful people focus on feeding the good wolf. Individuals who manage their mediocrity or poverty in life are focused on feeding the wrong wolf—the evil wolf. They carry around past emotional baggage and, in time, it becomes so heavy that all they can think about is survival.

This mindset seriously affects their personality, performance, and ability to maintain emotional control, which is essential for success in life and success in trading.

How to develop an exit strategy that works consistently Once you master these three skills, you will be in a position to take advantage of the significant profit potential in this market. Take me, train me, be firm with me, and I will place the world at your feet. By Guest Giveawayoffers, June 27, in 🍹 On Break Forum. Archived This topic is now archived and is closed to further replies. But the more you obey the rules, the safer you are when driving. Sign in with Google. This mindset seriously affects their personality, performance, and ability to maintain emotional control, which is essential for success in life and success in trading.

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