Hello Traders,
I get a lot of questions about my the trades that I make, why I enter and exit when I do, and why I didn't enter a trade on a pair that ended up making a big move. There is no easy answer to that question, but the short answer is, "for lots of reasons!" But I realize that is of very little use to you...
For those of you raising those questions, that is good. You should! It is important to understand why you are taking a trade, or why you aren't. If you are following my trades for ideas you may take yourself, then I hope that you have found my trade ideas useful. But it would not be wise to blindly take every trade that I make and keep your fingers crossed. It is important to understand a little bit about what is going on in the market and what signals I see in particular pairs that suggest a possible trade. Understanding forex is necessary to feel confident in your trades, and to ensure you are not taking more risk than you are comfortable with.
My focus with this blog, however, is on the trading, on not so much on the teaching. Perhaps one day I will add that to the mix (my forex guide I promised is still in the works), but for now, I devote my time elsewhere. And when it comes to forex, it is spent almost exclusively on trading. But that doesn't mean I don't think that learning the basics of trading forex, and then learning the finer points about forex isn't important. It
is important. But because I don't do that here, I thought I would address your questions the best way I know how, and that is to refer you to someone who does focus on teaching forex.
His name is
Dean Saunders, and, while I don't know him personally, I have been a member of his site for over a year now. As a currency trader, I am a member of many different forums and online communities, and attend conferences, expos, and seminars. This is pretty normal for experienced forex traders because it means we can have contact with traders all over the world any time of day to bounce ideas off of, to verify what we are seeing in the markets, or to gain a new perspective on trends that we may have been overlooking. I am no different. There are a few guys out there that I keep tabs on or contact more regularly than others because I find they are good at what they do. Dean's site is one that visit quite regularly to verify what I am seeing in the market, or to gain new perspective.
What makes his membership site special is that this membership site does not just provide tutorials on how to trade, but rather he looks at most of the major pairs on a daily basis so you can apply the basic concepts right away to the
current market conditions. Pretty cool concept, really.
It's not like you are going to read some manual or pdf about how to trade and then you are left to your own devices. He explains on a daily basis what he sees as the best opportunities in the market and why he thinks so based on what the market is doing that day. You will see, practically in "real-time", the application of the basic concepts and the reasoning behind possible entry points so that you might learn to identify the best trading opportunities on your own. His site attracts experienced forex traders while still being "newbie" friendly, so there is no need to worry about out-growing his site and advancing beyond what he can offer.
I have been trading forex successfully for 6 years and follow many experts in the field to continually develop, and tweak my trading strategies or to verify what I think I see in the market. In particular, I take into account Dean's analysis of the market with my own to verify what it is I think is going on in the market. But for you, it can be a great place to learn how to trade forex successfully.
If you want to check out his membership site, you can do so for free for as long as you like. There is no time limit to accessing some of his weekly insights for free (I was a free member for over 6 months or so, so there really is no rush or obligation to become a member). If you do become a member then you will have access to his daily insights on most of the major pairs.
If you are new to forex, then as a courtesy to Dean, I would like to ask that you check out his tutorials on the basics of trading forex
before watching his daily or weekly analysis. It will give you greater appreciation that his service is to teach forex and is
not a tipping service. The guy is a great teacher, and so I will stick with trading and sharing those trades, and graciously pass the teaching over to him.
Check out what he has to offer by following this link:
LMT Mentor, and remember, you can always start with the free weekly analysis to get a taste of what he does.
Thanks,
Aaron Reid
Forex Strategist
