Forex 101: Newbie - Absolute NEWBIE

Here we go!! Another Forex article written by another Forex wannabe!! NOT WRONG by much!!

Here's the difference:
I just set up a new twitter account: 2whare with the express purpose of following & learning about how to trade on the Forex Market - so i went in search for anything resembling FOREX & came up with a number of people using Forex as part of their twitter username!

So, i decided to check each one of them out, starting with: forextrading165 (this is his username)

First Glance:

• No Bio
• No web/blog/squidoo link
  
• 131 followers
• 369 following
• 12 updates: first 31 Oct 08 - 2 Mar 09

Not very busy at all!

Anyway, i decided to look into his Updates, starting with the first one dated 31 Oct in which he mentions an article worth looking at but doesnt give a link!!

"I came across this forex currency trading article the other day. It’s got some great information on why forex can be so lucrative."

The next update (dated 6 Jan 09) though has a link: http://tinyurl.com/8pprtu
which i thought was work a look! And this is what i found!

Forex Trading Education - The Basics You Need To Make Serious Profits Today

So, scavenging around this site i came across an article which our 'guy' had submitted (some two months ago!) - there's a photo with a real name!! Its a SCRIBD page! Now Scribd is a social publishing site where anyone can upload & share their documents.

So, i tracked down his documents on a separate page and found a BIO!!

Peter Johnson
Sydney
I am a keen forex trader with over 5 years experience. Currently I dont have a full time job, and am enjoying the flexibility of working from home.. Feel free to drop by anytime and share your experiences with forex.

A quick browse & i find more information about our intrepid Forex trader:

Website: Forex Trading Software review

You guessed it - a few articles & of course software to buy!! [Not really what i was looking for!]

Ok, back to the documents on his SCRIBD page: there are 9 of them - i'm going to dig in for a quick look!

At first glance he has been busy over the last 2 months, the latest document was uploaded 15 hours ago (its 2:11pm NZ time)

Documents:
[1] Uploaded Jan 09: Forex Trading Education: The basics you need to know to make serious profits today

Great title i must admit! [just what i am look for - let me explain - i am absolutely NEW to FOREX TRADING!!]

Content? - sections:

• Trade with your head not with your heart
• The secret to true profits
• Forex Trading Software?
• Conclusions

Is that it?
Lets drill right down!!

Trade with your head not with your heart

• Forex is purely mathematical & historical.
  
• There is no emotion or instinct involved

• It comes down to predicting & analysing previous trends & applying this to live markets

• Reading on the history of Forex & how the market operates will stand you in good stead for future profits
  

The secret to true profits

• Learn the basics of the foreign exchange first before using a system or software!!
  
• Successful traders make their millions by consistent small profits
• They achieve these through leverage & having large amounts of capital to play with
• You are not going to make thousands through one trade
• The foreign exchange market is extremely volatile & & small profits are the pathway to serious forex profits

Forex Trading Software? [or systems]

• These are platforms or software that allow you to interpret marketplace data & base decisions to trade upon
• Some platforms are automated - known as forex robots

Thats it!!

Document 2: Uploaded Jan 09: Forex Autopilot: Why it only works for some?

Great introduction!!
The article was written in response to all the negative feedback re: Forex Autopilot

Contents

• Well packaged get rich quick scheme?
• You need to understand forex first
• Not enough capital

Detail
Well packaged get rich quick scheme?

• He admits that forex autopilot is packaged as a GET RICH QUICK SCHEME!!
• It is an advanced piece of software
• Attracting alot of attention

You need to understand forex first

• First principles: take time to understand the markets
• Place some demo trades
• ease into it slowly

Not enough capital

• to achieve significant profits in forex you need capital!!
  

Experience & approach is required to make this type of software work for you


Document 3: Uploaded one month ago- Does The Forex Miracle System Deliver Results with Minimal Capital?

Contents

• What the forex miracle is not
• What sets it apart?
• Haven't i heard this all before?

What the forex miracle is not

• It is not an automated forex system (robot)
• it is a purely mechanical, step-by-step system which you can copy and use in your manual trading
• It is not software that analyses the market & provides indications of swings & trends

What sets it apart?

• Designed for new traders!!
• Does not required a lot of upfront capital
• a reliable system with some element of risk
• you can use as little as US $ 300 to kick this off

Haven't i heard this all before?

• 60 day money back guarantee
• Creators confident the system will work if you follow the instructions

Forex Miracle Review
I had a quick look at the bottom line - scrolled right passed all the information to the bottom line

US$97.00!!

Thats me for now!!

.

The RULE of 5

I was born in a town called Taupo, North Island of New Zealand - te Ika a Maui, Aotearoa. We boast the largest lake in the country from which flows the mighty Waikato River, north to Port Waikato on the other side of Hamilton.

Taupo is distinctive in that it is smack in the middle of the North Island and is flanked to the south by 3 distinctive mountains: Ruapehu, Ngauruahoe & Tongariro (there are lots of stories about these maunga, but at a later post) Taupo is also surrounded by forests; mainly to the north and east.

I worked in the bush when i was a teenager: pruning & releasing during my school holidays. Sometimes we whacked a few pines down with slashers; once i got to work with one of the bosses carrying all the equipment while he dropped some huge trees!!

But i never got to use a chainsaw, just a slasher - a square shaped head - as long as it was sharp & your aim was true you could eventually bring down a 5 year old pine - you just had to swing that slasher at the tree - one after the other until it fell!!

"Success is the sum of small efforts, repeated day in and day out"
- -Robert Collier

This is principle number 23 in Canfield's book: The Principles of Success - the RULE of FIVE

Here is how the RULE OF FIVR works:

• Figure out what you want to achieve
• then decide what 5 things you are going to do today, & the next day etc to move you towards your goal & eventually towards completion

SIMPLE!!

Now this month Poutu-te-rangi (March) is BREAKTHROUGH month & i have set out some big goals to attack for the month!!

So for this week: 9 - 15 Poutu-te-rangi - these are the 5 things i will do this week to move me towards my BREAKTHROUGH GOALS

1. B4L workouts at the gym 6/7 days
2. DETOX - start tomorrow
3. WRITE each day!
4. READ each day
5. complete BUDGET for CLAIM

- naaku noa -