Tag Archives: forex trading

forex trading tortoise story
forex trading tortoise story

How to be a better forex trader

There are several key points to note for an aspiring forex trader to become a good one and today I’m going to cover what i feel is one of the most important points which separates seasoned forex traders from new forex traders.

Seasoned Forex Traders don’t trade the market

Yes we don’t. Or to be exact good seasoned forex traders who makes money consistently year after year don’t.

What i mean by not trading the market is that – an idea of a forex trader is someone who gets in and out of the market quickly – usually several times a day.

But here’s a fact: Seasoned old professional forex traders don’t do that.

On the other hand, New aspiring forex traders do it.

Why is that so?

It’s because that is how trading would seem fun and “feel professional”. And that’s how forex trading courses are made these days.

Some forex traders will take several trades a day and they are always constantly looking at the market.

Watching areas where they can get in and out very quickly.

They keep biting the market. Biting at every meat they see.

Most of the times, those meat ain’t good meat! They will not make a good splendid tender tasting steak. Those are the meat where when you chew it, you will spit it back out.

What does seasoned old professional forex traders do then?

They sit by their computer, sipping their coffee. Taking their time slowly while browsing the charts.

What are they looking for?

Juicy, tender tasting Premium Wagyu Beef.
forex trading singapore wagyu beef

They are looking for setups that they have already planned. (read that again)

That’s right, they are looking for setups to fulfill or to reach the areas that they have already planned.

For example, if they decide that 1.2000 area is a good area for a buy. They will wait for the market to go to that level and once it reaches that level. They will not get in immediately but would then analyse further to see if an entry there is good to go.

Which means, most of the time, they are just taking their time looking at the market – just like reading the newspaper.

When the market is not nearing the planned area, they continue on doing their own things.
Eg. fishing, relaxing by the beach, taking their kids out etc.

And when the market comes to their pre-planned area, and after they have done further analysis and decide it’s good to go. They go in calmly. I repeat, they go in calmly.

There is no rush, no heart pounding, no emotions.

Everything is slow and steady.

Just like the tortoise and the hare story.

The new traders are the hare – they like to be fast and the good old solid traders are the tortoise.

Which one are you? The tortoise or the hare?

Which is also something that i always emphasis in my training – be it my online forex trading course or in my live forex trading seminars that i hold occasionally.

Quality not Quantity.

Take quality “A” trades not quantity “B or C grade” trades.

When you are trading the market, getting in and out frequently several times a day.

Chances are that there are quite a number of “Bs and the Cs grade trades” which you are taking.

Those trades aren’t going to help you out in the long run. It will just burn the mental strain out of you along time while you ain’t making much money.

Learn to trade the good old man’s way. That’s how I’ve learnt to do it.

When i first started, i was the hare. Biting at every carrot i see.

Ouch that hurts, It burned my accounts many times.

That’s how i’ve learnt quality over quantity.

And i couldn’t be happier with that. It has given me way more time that before.

In the past, I would look at my computer 8 hours a day or more. It was heart pounding, nerve wrecking, stressful. Everything you could think off. I was really skinny back then.

Since I’ve changed, my waist size have gotten several size up. Lol. (not sure if that’s a good thing)
But most importantly, it took a lot of stress away from me and gave me so much time to do the things that i love to.

Talk soon,
Ezekiel Chew

asiaforexmentor-ezekielchew-forextradingcoursesingapore
asiaforexmentor-ezekielchew-forextradingcoursesingapore

Best Forex Trader – who is the best forex trader?

This is one question that alot of people ask all the time.

Who is the best forex trader in the world?

Well it may run up to a names like george soros. But well the guy isn’t really a forex trader like all of us.

If you ask me, there are really many definitions to what criteria do place to be considered the best forex trader or just to say a good forex trader.

Do you consider ones who make 1% – 20% a year a good forex trader?

Well some do, but will 1% – 20% a year make you rich?

It would IF you have a large capital.

But the fact is, most don’t when we first get started in trading.

We are looking to accumulate and to grow and to compound our profits into a big one.

Hopefully within a short timeframe so that we all can quit our day job and become a full time forex trader.

Now we want to be realistic in our goals for forex trading, but we also want to aim high.

A reasonable % a month so that we can quit our day job ASAP.

If you ask me 5%-20% a month is a realistic figure.

A figure that is good enough to support your current lifestyle or better without having a day job.

Best Forex Trader Criteria

Now the next criteria for a definition of a good forex trader will be – how many hours a day will i need to make that much money?

Do you consider trading 8 hours a day good?

Well it’s good considering the fact that you are now working from your own home and not in your office and to face your boss.

But it isn’t good enough for me.

I wouldn’t want to spend 8 hours a day trading my life away.

That’s not the lifestyle i want.

I also do not want staying up a night just because some people say certain market is open and it’s better to trade during that timeframe.

I trade when i want and i do not change my lifestyle to trading. I tune trading to fit my lifestyle.

I basically only trade less than 30 mins a day now and making the SAME amazing profit percentage as those who trades 8 hours a day.

This is what i call LIFESTYLE TRADING.

I live that and I preach that.

Best Forex Trader = Lifestyle Trader

At least this is the criteria to what i consider as the best forex trader.

That’s a photo of the real me without the fanciful suit and the real me trading without fanciful multi-monitors (which some traders use – just to feel professional? =) )

I’m saying all these not to brag.

What i want to say is that you need to consider your trading system and your trading lifestyle.

Are you truly living the life you want?

Is your life based around your work or forex trading?

Or have you used forex trading to compliment your lifestyle?

Currently, I have just completed a meticulously crafted AFM Home Study Program Forex Trading Course. There are no screenshots in the training, only live charts. I preach what i teach and it’s the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable.

Next Beginner Article: AFM ‘Secret’ Forex Music

Forex course

Christmas is coming and before you know it, a year has pass again.We are closing on 2012.

Let’s reflect on what have we accomplished this year shall we?Think about it. Be it in life, career, love, anything.What have you achieved this year?

As for myself. The reason why i hadn’t been posting as frequently as i should is because i have a new entry in my life this year – my daughter Having a baby can be quite hectic. Sleepless nights, the draining of mental strength when you keep entertaining them, etc.

Nevertheless, it is fulfilling and the joy that is given surpasses all.Aside from family life,

AFMManaged fund management is also launched to the public this year and the results & response were great.How about you my friends?Did you made 2012 a fruitful year?Or you should have done & accomplished more things than you had.

Forex Trading

Since it’s December now. And it’s usually slow in the forex trading market.It’s a good time to stop trading and to relook at how you have been trading the past year.If you had kept a journal of your trades, that will be easy to track.If you had not kept a journal, make this one of the MUST DO’s in 2013.

Scan back on the charts of the trades you had taken this year, or should had taken.Find out what worked for you, and what didn’t.

Usually there are a couple of same few reasons why the trade you had took didn’t worked out:

1) You entered on impulse and it wasn’t a good trade at all

2) You failed to look at the higher time frame to see that there’s resistance / support blocking your move

3) You trade right into a major news time. Where you got caught out by the news with a big spike

4) If all the above isn’t the reason, then it could be just how the market works. Remember the market CAN do anything.
Even if all the signals and the tell tale signs were correct, the market can still go against the intended direction.
But that’s just how the market works, the good thing is: This is on the lower probability side.
Remember, trading is all about probability. So long as you take only the good trades. Then your profits will outrun the lower probability trades that didn’t turn out right.

With that said, take this time now since it is the end of the year to reflect on your trades you took this year.

It’s just like working, or managing your business.If you are always working, day in day out. And fail to look at the big picture. You cannot see any growth.Because all these while, you may be doing the wrong thing.

OR

There is actually extra ways and methods and strategies you could apply to enhance your growth. Which you would have missed out if you are not looking at the big picture once in a while.

So take the time now this holiday seasons. To reflect, to learn extra ways to enhance your growth.
Even if you know alot already, there’s always something that you could get from someone / some courses / some trainings.

Even the wealthest have coaches, attends private seminars and are constantly learning new ways to enhance themselves and their business.

With that being said.I should stop writing now and GO reflect & Learn!

If you are not already a member of our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable – You Should!

See you on the other side my friend,

Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

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Forex Trading Psychology

People can always relate FEAR to forex trading.
The fear of losing money.
The fear of losing that trade which is too much for you to handle.
However what most people do not realise is that there are different levels of fear.
Eg.When you can afford to lose that trade, (which you still do feel fear)
you are still able to think rationally and life goes on.
(ALTHOUGH YOU STILL DO NOT WANT TO LOSE THAT TRADE)
In the example above, fear is definitely in our emotions.
But because the level of fear is low, we are able to handle the fear and still think rationally.
HOWEVER,
Eg. your forex trading capital is $10k.
Your current open trade is now losing -$5000.
And that’s half of your capital.
Or worst to say, that’s half of your life asset. (Money you can’t afford to lose)
Forex Trading Psychology – Fear kicks in. (This time in higher dosage)
Then you start seeing your open trade grows to negative -$6000.
Your Fear level increases, you can feel your heart beat racing.
And sure enough, your worst fear arrived,
The trade increases to negative -$7000.

Forex Trading Psychology: Levels of FEAR

Your level of fear had reached its final peak level.
(you know it when you feel):
– Desperation
– Your face turn black
– You isolate yourself
– You start blaming people, things, events
– You pray
When you feel this level of highest fear.
You can’t think rationally any more.
You know that you can’t think rationally any more when:
– You have decided to increase lot size on your next trade
– OR You decided to go ALL IN on the next trade
You want to get revenge on the market.
You now feel HATE and ANGER.

Forex Trading Psychology: Levels of FEAR

And sure enough, when you start to do things irrationally.
That is the downfall of your trading career.
So you see, there are different levels of fear.
And the highest fear can lead to other emotions like ANGER & HATE.
When you start to do all the above.
You know you have reached your highest level of fear.
It is time to stop trading for a while.
Go get a rest, a shower, a walk.
When you feel that you have calm down and begin to accept things.
I want you to think of what went wrong. (not to blame others)
but what mistake did you made in the trade.
Good chance is that you are risking too much.
And i want you to WAIT and NOT trade until your feeling of hatred, anger and revenge is gone.
That is when you are able to think rationally and go back to fix the problem.
Remember, forex is a journey and not a one time success.
Most traders want to make big bucks in a few trade. But eventually lose it all.
Professional full time traders are ones who trade consistently and happy with reasonable profits.
Let me know if you had experience the above before and what you did, or what happen?

Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable.

See you on the other side my friend,

Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

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Forex Currency Exchange News Update: Watch out for todays FOMC news

U.S. Manufacturing Data & FOMC news Support The Outlook for Economic Growth

EUR/USD has been consolidating between 1.3385 and 1.3275 for the last 6 days. Investors were too optimistic after the eurozone’s firewall was boosted to €800 billion but better than forecasted U.S. manufacturing data limited the euro’s gains. While the EUR/USD is still contained within its weekly range, Japanese yen is getting stronger against both the euro and the greenback. Things does not look so bright for the eurozone. The latest report from the Europe showed that the region’s manufacturing sector shrank for an eighth straight month in March, highlighting the difficulties in getting the euro zone’s economy on track. Currency exchange analysts say the problems in the Europe can be solved only by tackling the causes. Fundamental issues have to be resolved. Firewalls can’t solve the crisis.

The latest Commitments of Traders (CoT) report released by the Commodity Futures Trading Commission (CTFC) showed that the total number of contracts outstanding for major currencies shrank by 11% as investors pulled back from speculative bets. Speculative investors held a net $10.2 billion in bets against the yen, or 67,622 contracts, marking the largest short position in the yen since July 2007. For the euro, investors held a net $14.8 billion in bets that the common currency will decline in value against other currencies. The market held a net $1.1 billion wager against the British pound, down 30% from the week before. Some currency exchange traders think that the Europe’s common currency still remains vulnerable to concerns of contagion spreading to the euro zone’s larger economies.

The coming week sees a number of important events: both the latest ECB and Bank of England policy decisions, FOMC minutes, global PMIs, and the U.S. employment report. The European Central Bank meeting this week is unlikely to deliver any major surprises. Policy is expected to remain unchanged, and it is only a month after the bank’s quarterly update of its medium term forecasts. ECB President Draghi’s press conference will provide the focus. President Draghi is likely to maintain that it is too early to see a discernible effect, but the tone of his comments may give some hint of where the balance of risks to further policy stimulus now lie. Finally, the currency exchange market focus will fall on Friday’s payrolls release (after the ADP on Wednesday).

Today’s FOMC meeting news will most likely determine the trend of the USD this week. Therefore any USD related pairs should see a spike in prices later today.

Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable.

See you on the other side my friend,

Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

Do “like”, “comment” and “share” this if you find this forex article helpful. =)

Learn FX Trading -> Your Forex Work Station

Learn Fx Trading
Many fx traders are always busy finding the holy grail. Largely because they are still not making money in forex trading.
Or to put it blatantly, they are losing money!
So they push it all to failing to find the right forex trading strategy / forex trading system.
It may be true.
But they probably also missed out a seemingly unimportant factor.
Their work station.
When i first started trading, of course i didn’t had my own study/work room.
I had my television, computer, bed, snacks .. everything in the same room.
So as you can see.
The ENVIRONMENT is already not right for trading/ working / studying..

Learn FX Trading -> Your Forex Work Station

Learn Fx Trading
I used to always had my television on at the same time whilst my trading.
There were so many distractions in place.
I could not really focus on trading nor being able to detect what went wrong in my trading.
Is it because of my emotions?
Is it because i neglected a certain point in my forex trading strategy?
How can i tweak my trading to better?
All i did was to trade and trade and trade.
And i did not had the time, nor the energy to focus on what was going wrong.
So this seemingly small issue: My work station
Is actually an important issue that one needs to address.
We need to have a CLEAR, UNCLUTTERED WORK STATION.
With Little Distractions.

Learn FX Trading -> Your Forex Work Station

Learn Fx Trading
Preferably – You have a room solely for working / trading.
You then will need to have a good solid working chair. (arm chair) – Well, you are going to sit on that chair all day long, shouldn’t you have a proper chair so that your posture & comfort is not an issue in the long run?
You need not have tons of multiple monitors. Depending on your forex trading strategy. Usually 2 – 3 monitors is more than enough.
You make it clear to yourself that when you are in the working room, you work, you trade, and you do not do other crappy useless stuffs that will practically waste your time away. eg. surfing through facebook
You are ALWAYS THINKING! ( I can’t stress how important this is, probably i will write an article on this topic alone)
One of the major factor that attribute to my success is that i am ALWAYS THINKING.
I am always thinking how to make things right, make things better.
I am always thinking of new ideas, rationalizing them.
And eventually putting them into action.
So guys, if you take my word for it.
Starting revamping your workstation now!
You will see the difference!
Learn Fx Trading
Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

Forex Market: Mass Ratings Downgrades Fuel Debt Crisis Concern

Forex Market
Markets are going to remain nervous for some more time as S&P ratings agency punished nine eurozone countries with downgrades and to striped France and Austria of their triple-A ratings. Even though S&P said that Germany’s rating is in excellent condition, the downgrading is likely to have direct consequences for country. EUR/USD had fallen sharply after the statement. Forex market investors should be cautious as the bad news will have more impact on the financial markets.
S&P said “We have lowered the long-term ratings on Cyprus, Italy, Portugal, and Spain by two notches; lowered the long-term ratings on Austria, France, Malta, Slovakia, and Slovenia, by one notch; and affirmed the long-term ratings on Belgium, Estonia, Finland, Germany, Ireland, Luxembourg, and the Netherlands. All ratings have been removed from CreditWatch, where they were placed with negative implications on Dec. 5, 2011 (except for Cyprus, which was first placed on CreditWatch on Aug. 12, 2011)” in its statement. We believe that the negative outlooks for virtually every eurozone country suggest that the debt crisis will remain an issue for the forex market throughout this year.

Forex Market: Mass Ratings Downgrades Fuel Debt Crisis Concern

EU leaders have to act faster and regain investors’ confidence in order to control the ongoing crisis. However, it seems that eurozone chiefs will continue to rely on state level solutions like fiscal union and debt brake. In addition, the downgrade of the nine countries will increase pressure for all of the eurozone countries to solve their budget and debt problems. Some forex market investors think that relations among the eurozone members are likely to become more difficult after this point.
Forex market has been expecting downgrades of France and other European countries, but it is hard to tell how much the downgrades have already been priced in. director of the European Centre for International Political Economy, Fredrik Erixon said “The U.S. is still rightly seen as a safe haven. The U.S. is a big liquid economy with a strong tradition of honoring its debts in modern times and a central bank pledged to take action if needed. It’s different with France in the sense that they cannot rely on strong central bank policies”.

Forex Market: Mass Ratings Downgrades Fuel Debt Crisis Concern

Forex Market
What we can take away from the above analysis is that. With more possible downgrading to come on other European Countries. We will remain bearish when trading the Eur. And to look for opportunities to enter on rebound of the Eur/Usd.
Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies and forex trading system that i personally use to be consistently profitable.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

EUR/USD Rallies After Smooth Spain and Italy Auctions

Eur Usd
Forex market continues to be stable during the Asian session today despite the mixed news that has emerged over the past 24 hours. Even though the latest report showed that eurozone industrial output fell in November on weakening consumer spending capability, lower Italian and Spanish borrowing costs boosted forex investors’ optimism. Investors expect to see a similarly positive result when Italy sells up to €4.75 billion of longer dated bonds today. EUR/USD is trading at 1.2819 by the time of writing.
The successful debt auctions, moderating inflation in China and positive news from the ECB eased fears of an impending meltdown in the financial system. The European Central Bank kept interest rates unchanged at 1% as widely expected. European Central Bank President Mario Draghi said “Uncertainty is very high. The monetary stance is and will remain accommodative. We will monitor all developments and stand ready to act. There are tentative signs of stabilization of economic activity at low levels. It was rather comforting to see that some opening of the unsecured bond market is actually taking place, but we really are at the beginning of this process. Let’s hope it will continue”. EUR/USD rose after Draghi’s comments.

EUR/USD Rallies After Smooth Spain and Italy Auctions

The European bond sales went smoothly but we believe that EUR/USD gains will be limited. There is still uncertainty ahead because of rating firms’ possible credit review actions and worries about the eurozone’s sovereign debt problems won’t fade away overnight. We see that the forex market participants will be keeping their focus on eurozone as the lack of agreement by European leaders on how to implement fiscal reforms to prevent contagion puts the region at risk. But for now the focus shifted to the other side of the Atlantic. The latest data showed that U.S. retail sales rose at the weakest pace in seven months. Weaker economic data that reminded investors of the fragility of the U.S. recovery even if the country is on the right track.

EUR/USD Rallies After Smooth Spain and Italy Auctions

Today forex market investors will be watching the news closely. U.S Trade balance and University of Michigan Consumer Sentiment reports will be released today and will affect the Eur Usd Pair.
Nevertheless, we do not trade the news. But it is always important to stay away 30min-2hrs before news as there will be tendency to see spikes in the market which may trigger your stoploss.
Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies and forex trading system that i personally use to be consistently profitable.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

Euro Crisis – Updates

Euro Crisis
From our last post on the euro crisishttp://www.asiaforexmentor.com/euro-crisis-what-can-we-expect-for-the-eur-and-the-usd/
It is going with our expectations.
Recent news from the Europe side does not in anyway aid the current situation.
It’s like a business partnership involving several friends.
And as you already know, MOST business partnerships eventually fail in the business world.
The EURO involves 23 countries. So we have 23 business partners in this partnership.
And with such big partnership, there is bound to have internal conflicts.

Euro Crisis – Updates

Euro Crisis
Which we are already seeing between France, Germany, Netherlands, Greece, Finland etc.
When partners do not see eye to eye in a business, it would most likely eventually close down.
Which for the Euro Crisis case = Disband.
The recent plummet of the Euro comes as no surprise.
The one who is benefiting is the USD.
All of the sudden, the USD looks very favourable and safe.
WHICH IS ABSOLUTELY UNTRUE just based on the mounting debts in the US, high unemployment rate, near zero interest rate, etc.
Which ever the case, the fact is both the Euro and the USD cannot go down together at the same time.
One has to go first, and in this era. The Euro goes first.
Therefore with the bearish fundamental in the Euro crisis zone.
We will still continue to short the Euro with our technical setups.
Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies | system that i personally use to be consistently profitable.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com

Foex , Professional Forex trading strategies

In this Foex pair: Usd Jpy
There is a price action foex price action pin bar + bullish outside bar on the 4hr time frame (right chart in the picture).
Indicating an upwards movement.
Most new foex traders would have entered on it right away – placing a buy order.
But there’s a problem that these new traders do not realise and because of this. They would have gotten losses most of the time.

Foex , Professional Forex trading strategies

If you look at the 1hr time frame (left chart in the picture)
You would have seen a orange line right above the current price movement.
That’s the 150 moving average.
Meaning, the 150 moving average is possibly blocking its upwards movement.
Well, of course it may actually protrude right up to go pass the moving average.
But we do NOT want to take the chance. Right?
What if it hits the 150 moving average and gets rejected to go back right down?
Then we would have made a loss.

Foex , Professional Forex trading strategies

You see.. This is the exact reason why most foex traders lose in their trades.
They FAIL TO LOOK AT MULTIPLE TIMEFRAMES!
That is a deadly error.
What i am showing you here is only the 1hr and 4hr time frames. I have not shown you the other bigger time frames which would have support/resistance as well.
Most traders enter on a trade which looks good at 1 timeframe.
But they fail to realise that there are blockages (support or resistance) at the other timeframes – opposing the move.
Which would be the reason why the trade did not work out.
And after a series of such trades. They decided that foex is a scam and no matter how they trade, they still lose.
BECAUSE THEY FAIL TO LOOK AT THE BIG PICTURE!

Foex , Professional Forex trading strategies

By Correcting this foex mistake ALONE, you will see an increase in profits and winning trades.
Check out our online forex trading AFM winning Forex Price Action Forex Course where i teach you the exact FULL Forex Trading Strategies and forex trading system that i personally use to be consistently profitable.
See you on the other side my friend,
Asia Forex Mentor
Ezekiel Chew
Asia #1 Forex Mentor
www.asiaforexmentor.com
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