Managed Forex Hub

I didnt know there were any forex traders here. I have been learning it on and off for the better part of 4 years. It is a very tough and unforgiving industry. You can get along well for a long time, then get cleaned out in a short time. My advice if you are learning is to build your own SIMPLISTIC strategy. It seems the more complex people get with this the more trouble they run in to.

Its funny to have read this, as I have just last month started being a referring agent (introducing broker) to a company called “Managed Forex Hub” to bring some of my clients to. These guys are doing it right at least. They are regulated, are diligent, use good brokers (mostly ones in Australia). They offer a few different programs to diversify in to (their combined monthly average has not produced a negative month lower than -1% which is quite impressive to me). Now, these guys do the forex trading for you, but you can still learn a lot from watchign their programs trade in real time, and they do offer an educational monthly recap as well. If there is any interest, I would consider giving my commission to fellow BPers so they pay a reduced commission overall. I will have to check on that. If so, I will start a new thread about it. I can attest to their transparency, enthusiasm and overall experience and abiity to make money.

Other than that, if you are going go at it on your own, here are a few tips. 1. Be prepared to spend a looooot of time on developing your strategy (I am talking years here, not months). 2. Be prepared to lose a lot of money at the start, if you decide to trade with real money that is. A better idea is to only trade on a demo account with a live price feed, until you are profitable over a 6 month span and various market conditions. A year would be better. 3. Don`t get discouraged at lack of success, especially at the start. You almost need to go through a long and painful learning process, and more or less dedicate your career towards this to make long term money. It is very very rare to find hobby traders who make money consistently between their other jobs and business ventures. This is sort of the reason why I decided to become a referring agent to Managed Forex Hub vs dedicate my own career towards it.

If you are set on becoming a professional FX trader yourself, here are a few important tips I have learned to keep at the top of you list.

1. Work on a 1:1 or greater risk:reward protocol for your risk management strategy.
2. Automate any part of your analysis if it is possible. If you are trading primarily technical analysis it is quite easy and cheap to pay someone to code your set of rules in to a trade indicator, where you can get an email or text message any time a trade set up occurs. It will save many hours monitoring different currency pairs looking for trade set ups. You can still use your discretion or not on whether to take a trade or not, but the analysis you look for is automated.
3. Get (and keep) a life. Including hobbies. Otherwise you will get consumed emotionally and physically and over-financially by the markets. It can effect your health, stress and relationships.
4. Try to keep your Take Profit levels AND Stop Loss levels at or under 50 pips.
5. Try to keep your average duration per trade under 8 hours, and preferrably under 4 hours.

The Managed Forex Hub guys have taught me that there is a lot of strong evidence from people who are long term data miners that trades spanning longer than 1 session (say the UK session for example) have a 50-50 chance of succes based on your initial plan for the trade after approx 8 hours. So if your trade had an 80% success rate based on your strategy when you entered it, if it doenst reach its target win or loss after 8 hours it then becomes a coin a flip. So naturally smaller pip targets and stops will also keep you in that time window as well. Shorter term strategies keep you out of the market more and less susceptible to getting caught in a fundamentally influenced moves (less exposure).

I hope that this helps some of you.
Good luck, and be careful!

Forex Trading

I recently became interested in Forex after being pointed to it from the Rich Dad website. On further research their approach seems to be flawed — at least in their intro talk they talk up the great margin and show 100:1 for all their samples. Here in the U.S. though, you can only get 50:1 and upon further reading, it seems that most successful traders utilize very little leverage, maybe 5:1.

I happened to find a book and trader that I do like very much though. The book is The Forex ”Set & Forget” Profit System by Mark Boardman ($3 Kindle). (I think you can get most or all of the book for free at his website too.) He seems to have a very calm and disciplined approach. He does live trading rooms which you can subscribe to, but he’s ending those as of next February. So if this appeals to you I’d have a look sooner rather than later.

He offers a discount to the rooms ($67/mo) after his free demo live trading sessions, but there may not be another of those until next month. He has sample trading room sessions you can view on Youtube to get an idea of what you’re getting.

I’ll post back somewhere down the line after I’ve worked with the system for awhile and have some results to show, but since he’s quitting the rooms, thought I’d give a heads-up.