Supercharge Your Trading Podcast: Forex Trading |

The other day it became vary evident that some traders out there do not feel the same way about trading as I do. I was going back and forth with a trader via email concerning his trading. He was not a new trader, but had been trading for a few years now. He was profitable, but just. His returns were meager at best. But what really really bothered me was that he was satisfied with his meager returns. I said to him “How on earth can you be satisfied with what you are making?”. He responded by saying that “I don’t really need anymore than that. I just need my bills paid. I don’t need to be rich or anything”. OH MY GOODNESS... I lost it! To read the rest of the show notes, please visit: http://karmasenge.com/podcasts/56-average-is-a-terminal-disease/

In this episode I go over all of the resources I used years ago when I started to learn how to trade.

So many people think and want to start trading with as little as $100. I don't believe that is the best choice. If you only have $100 to invest in the market, something else is wrong. You have income problems. Income is KING! You need to spend time building your income, saving the money and THEN invest it. And there is no point saving money just to save money. The only reason to save money, is to invest it later. Yes you can make gains with $100, but it is almost not even worth it. Heck, if you start out trading $100. And you are a phenomenal trader making 100% per year, at the end of 5 full years, you will only have a total of $3200. And most traders loose money let alone make 100%. At most you are going to make a couple bucks A MONTH. That can be vary disheartening. Instead, save up $10k - $20k minimum and then start trading. In the meantime you can be learning all about trading. Developing your Trading Plan. And be consistent at everything. Until then, Grow your income. Save Your Money. And then Invest.

So today we are talking about what really drives the markets. The main things that really drive the markets are: Fundamentals (Employment, Inflation, etc.) Sentiment Technicals (Support and Resistance Levels, etc.) Global Events (Earthquakes, Tsunamis, War, etc) Commodities (Oil, Gold, etc.) There are other factors that drive and move the currency market as well such as how the stock market is doing. All these factors have to be taken into account when trading. If you are planning on trading the Canadian dollar, but are not paying attention to what is going on with oil, you can land yourself in a whole world of trouble and potentially loose a ton of money.

This is not a "standard" episode. This is just a special edition epsiode where I discuss my thoughts on the election and talk about the new President-Elect Donald Trump.

So in todays episode I cover a very basic question that I recieved via email. This is on the terms what does going long and going short mean in trading.

Hello everyone, First let me start off by telling you, if you haven’t noticed the change yet which I’m sure you have, but we have gone through some changes recently. As you can tell not just the icon image of the podcast has changed but the name of the podcast has changed as well. This is part of a huge rebranding project that we are doing. So besides the podcasts name and image changing our website is changing as well. Our website will no longer be fsttrading.com. It is now going to be KarmaSenge.com. And all our social media is changing around it too. So things like Twitter will be twitter.com/karmasenge and so forth. But an easier way to get to our social media will be to go to karmasenge.com/ and whatever social platform you are wanting. There is so much going on. We have been in the planning stages for a couple of months now on this whole rebranding issue. We are also designing a whole host of products just for you. We are going to be trying to get back to doing a daily podcast, although that is in the future a bit. But we are going to flood you with so much valuable content every single day you are going to beg us to stop. And when you do, I am going to give you even more great content. As you may know I have been quite active on social media lately. Things like twitter and Instagram, but I am also going to be doing a ton of Facebook live videos as well. I was using periscope for a while but it is so slow and lags a lot. And on top of it, when I go to download the video to add it on other social networks or YouTube, the audio never sinks up with the video making it look like one of those old chinese movies. So yes, a lot of changes. to name them all again quickly they are: A New podcast name New logo and image for the podcast More content being put out on the podcast and hopefully moving towards a daily show again. More content on social platforms Lots of Facebook Live events New courses and products on the website for everyone And so much more I am really excited about all this. But to get into our topic at hand. I got this question from someone recently asking me if it was possible to make more than 15% per month on their account. On one hand I didn’t really know what to say. The reason is, there are a lot of factors that you have to take into account first. How long you have been trading, the system you are trading, are you good at sticking with your plan and controlling your emotions, stuff like that just to name a few. If I got this question I immediately know that this person is new to trading. Maybe not new new, but has not been trading for years. This is what I can say about the question, there are many many people out there trading and making more than 15% per mouth including myself. This last month September started out not a great month for me, but in the end I still ended the month up 37.6%. My monthly average is around 62.2%. Making 15% per month is actually not that hard. All you need is a winning plan, and be consistent at sticking with that plan. No trade plan or no consistency, no big profits. I am getting money thrown at me DAILY just because I get great returns. And you will too if you get a few things down correctly. Once you really get the hang of trading, have a great trading plan, get your head straight and control your emotions, it will be hard, very hard for you NOT to make more than 15% per month on average. Yes you will have the rare months that you won’t make that. You might even have those rare months that you are in the red. But more than likely you will make more than 15%. This year for me, I have not had a single month where I did not make at least that. So i guess that is all I can really say about that. I just want to thank you all for sticking with me during these times and to let you know I really appreciate you. And hey, if you would like to do something for me, please go over to iTunes and leave me a nice review. I would absolutely love it. So until next time, I encourage you to take everything you do in trading, to the next level. Good luck and happy trading

iTunes Android RSS Show Notes: How I Became an Overnight Success! Hey my friend. So I just want to apologize for not having a podcast episode the past 2 weeks. I have been so busy getting everything ready for our Ultimate Forex Trading Master Class Course that I just could not keep up with the workload. To give you some example of how much I have been working on this, i’ll tell you that in the last 2 weeks, I have only put on 4 trades. And for those that have been listening to me and know me, you know that is crazy. I am obsessed when it comes to trading. But I feel I have to do whatever it takes to give my students everything to become successful. If you are interested in really learning forex trading, if you are really serious about taking your trading to a whole new level and finally become a successful, competent and consistently profitable trader than go to SuperchargeYourTrading.com Over the years I have done many many interviews and talked with countless people that consistently ask me how I became an overnight success. Well… Only Took 16 Years I say that it only took me 16 years to become an overnight success. You see, when a person has never heard of you before all of a sudden learns about you and sees that you are successful, they assume it happened yesterday. They don’t see everything that came before that. They don’t see the years of struggle, failing businesses and sleepless nights. They just see you in a suit with nice watch on and a nice car, and all the money in the world thinking that it just happened overnight last night. Things don’t work that way. HARD F%@&^# WORK I had to bust my butt for 16 years to become somewhat successful. I would wake up (and still do) at 4:30am - 5am every morning even on the weekends, start doing everything I could do that day to further my goals, and end up going to bed at 12:30 - 1am in the morning then getting up the next morning in a couple hours to do it all over again. And there were countless nights that I didn’t even sleep. I would be worrying about something, or just thinking about work and not be able to sleep, even if my body was tired, my mind was still awake. I busted my butt over 100 hours per week every single week, and still continue to keep a schedule rather similar to when I started. You see, I want to be successful. I want to be Rich. But not just rich. I’m rich now. I want to be insanely wealthy. I’m talking about in a few years from now having more than $400 MILLION in the bank. My own private jet. A Dassault Falcon 7X to be more specific. And be able to give millions away to charity constantly. That type of success is what I’m after. And I refuse to except less. And because I have my goals, I have to do Whatever It Takes to achieve them. So if you combine the 16 years I already have given to be where I am at today and the other 11 years it will take to achieve my goals, that is a total of 27 years it took to become successful. No one becomes an actual overnight success. Even if it appears that way. Show me one so called overnight success and I will show you the endless hours, months, and years that person busted their butt to make it happen. Just try and show me just one person. You couldn’t do it. It takes hard fricken work man. HARD WORK! I think I’ve busted my butt more in this business than any other. But I’m ok with that too. You know why? Because this is my passion. I breath Forex. I want to talk about trading 24/7/365. So it is not work for me. I love trading and I am really good at it. I am in the top 2% of traders in the world. You know why, because I figured out what I have to do to be successful and I stick to it. But It didn’t happen over night. And it won’t happen for you overnight either. I know a ton of people think that they are going to be super successful at trading in 3 hours because some “guru” told them they would be. It doesn’t work that way mate. Find out what you need to do to be a success at trading, then follow it until you are successful. It will take time, but it will so be worth it. Again, if you want to become a true success, Go over to SuperchargeYourTrading.com and join the course that starts this Saturday. Don’t wait until you loose more money. Do it right now. You can’t afford not to do it. So until next time, I encourage you, to take everything you do in trading, to the next level. Good Luck & Happy Trading Links and Resources Mentioned in this Episode: The Ultimate Forex Trading Master Class Online Coaching Course The ThinkTank Grant Cardone Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/50

iTunes Android RSS Show Notes: ** Diversification is for idiots - Mark Cuban** Yes that was said by Mark Cuban the Billionaire. I know that most of you have been sold this idea of diversifying your investments for nearly all of your life. At least those of you that had some sort of financial background whether it be from your parents or schooling. But it is a lie, a myth propelled on you by Wall Street, why, because Wall Street benefits when you diversify. You see, if you have 100 or more investments, you need a professional. And that is why wall street has sold you on diversification. That is the basis that all these big funds are built on. And why Wall Street continues to get so rich. You see, the rich, and I’m talking about the truly wealthy, the top 1%, they go all in on one or two bets. They don’t have a thousand investments. At least not in the beginning. The way they created wealth is they pushed all in. - Grant Cardone I completely believe this and it is what I am doing as well. I am not diversified in 500 different investments. I have two. Multi-family real estate investing and Forex. That’s it! And 99% of my time and my money is spent in forex. And due to not diversifying, I have made an incredible amount of money. I’m not in Stocks, bonds, or options, or commodities like buying gold or silver, and I certainly don’t have any of those crappy mutual funds out there either. I went all in with my currency trading business. And if you want to get ahead, and get ahead fast, then you are going to have to do the same. Cut out all of those other investments that you are doing. You have 30 different stocks, 10 mutual funds, bonds etc, trade those in for your Forex account. Now, I can hear people screaming at the podcast right now. “Whhhhhaaaaattttt????? Is this guy crazy?? Maybe I am. But after studying the truly wealthy people and finding the commonalities between them, and even being personally mentored by a few ridiculously wealthy individuals, I have learned this is what they all do. And if you want to be like them, you have to do what they do. Don’t listen to all these people that have just as much as you do or less try and tell you how to run your life or money. I actually had a conversation the other day with someone that had less than $100 to their name try and talk to me about what I should be doing with my money. This conversation of course sparked this episode. Now don’t get me wrong, I can learn something from anyone. But when someone with no money and no idea about how to get money tries to tell me how to make money and what to do with it, I’m sorry if I don’t fully pay attention to you. I am not being rude, but, well, yeah ok maybe I will be a bit rude. That’s just me. I listen to those that have more than me. That have whatever it is that I want. If I want a billion dollars I need to go associate myself with billionaires and learn from them how to make a billion dollars. Not go to the guy at the quicky-mart to discuss financial topics. If you want to learn something, like forex, since this is a forex podcast, you need to seek someone out that knows about forex that can teach you. But not just someone that knows about it. Someone that is currently doing it and is successful at it. There would be no point in learning forex from someone that was in it 10 years ago that is no longer trading, or someone that was in it that quit because they weren’t successful at it. You have to learn from those that are where you want to be. So getting back on the topic at hand, most of the really successful and wealthy people that I know, and know about have all said the same thing. Don’t diversify. Go all in. So I don’t want you to diversify. Go all in with your education of forex. Learn everything you can from the best people. Then trade and make your wealth. You CAN do it. I know you can. And if you need help with the whole Forex education, I am here for you. In fact, I am going to be holding a personal Online Coaching Group Course starting on October the 1st for those that are interested in learning the forex market and really wanting to become consistently profitable traders. This is going to be an 8-week course designed to walk you through every aspect of forex trading and give you the exact methods I use to make a full time living at trading the currency markets. You will learn everything from Forex 101 information to advanced technical analysis and harmonic patterns and everything in between. Not only will you get the 8-week course, but you will also get access to our daily live trading room, access to our live 24-hour chatroom. And you will even be able to partake in the coaching from your smart phone or tablet on the go. And so much more. This course is extremely limited though. Only 25 people will be able to be a part of it. So if you really want to learn how to trade forex like a professional, than go right now to SuperchargeYourTrading.com and sign up for the class. I look forward to seeing you become a success. That is the show for today my friend. So until next time, I encourage you, to take everything you do in trading, to the next level Good Luck & Happy Trading Links and Resources Mentioned in this Episode: The Ultimate Forex Trading Master Class Online Coaching Course The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/49

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: So yesterday I got a rather funny email from someone asking me how to tell the difference between a consolidating market and a trending market. The question itself wasn’t funny, but the email in whole was actually very amusing. Now one of the very first subjects I teach most new students of mine when it comes to analysis is actually how to tell a consolidating market from a trending market. I usually cover this either within the structural analysis section of our training, or in a completely separate section all together. This is an incredibly important aspect of trading that I see people get wrong all the time. I see trader after trader, trade the markets thinking that they are in a trend when in reality, they are in some sort of sideways market. They wonder why they are loosing money in a trending market, while using a trend following system just to come to the realization later that they were not actually in a trend in the first place. But why is it so difficult for people to see that. I think one of the major reasons it is difficult for some is based off of the timeframe they are trading off of. Every broker under the sun and 90% of the so called “gurus” out there talk about scalping and trading timeframes like the 5 minute and 1 minute. The problem is that you can’t know if you are trending or in consolidation within those short timeframes. It may look like you are in trend for those timeframes, but in reality you back out to a 15-minute timeframe for 1-hour, or daily and come to find out you are actually moving sideways. So let’s do an example here. you are trading off of the 5 minute timeframe with your entry actually off the 1 minute. You are in a downtrend on those timeframes so you place a trade to go short. Not two seconds afterwards the market rallies right through your stop. Why? What happened? Well there was a strong daily support level right at the area you placed to go short. And you didn’t know because you were down on those short timeframe levels only. Now I am not saying not to trade on those timeframes. Although, I can in no good conscience actually recommend to trade those short timeframes. I have yet to meet a single person, ever, that has made a substantial living from scalping. But what I am saying is that if you are going to trade those timeframes to look on the higher levels for support and resistance levels that could affect your trade. So the first recommendation to help you distinguish a trend from consolidation is to look at the higher timeframes. The second recommendation is to look at price action. Really I guess this should be number one. But darn it, I’m different and I changed it up. HA! So essentially what you are looking for is when you believe their is an uptrend, to look for higher highs and higher lows. And when in a downtrend you are looking for lower highs and lower lows. Now a big question I often get is how to know when the trend could potentially be over. Well, if you are in a bullish trend, look for at least one, preferably two, occurrences back to back of lower highs and lower lows. And the opposite in a bearish trend. This will immediately tell you if the market direction is changing. The third way is moving averages. Now I’m not saying here to use the moving averages as some sort of entry signal or exit signal in order to get into the market. Just as a guide to show you if the market is trending or not. If the market is in trend, the moving averages will be moving side by side in that direction. If not, the moving averages will be moving horizontally. This is a great way to visually see if the market is trending or not. Now I will say this, everything needs to be used in combination with everything else. Especially if you are using moving averages. You can not rely on the moving averages alone to determine trend. So that’s the basics of how I identify if the market is truly trending or not or in some state of consolidation. If you are interested in learning a lot more about the subject and every other subject within Forex trading, go right now to SuperChargeYourTrading.com and sign up for our next Ultimate Forex Trading Master Class Online Coaching Course. I will personally be your coach for 8-weeks and take you by the hand through every aspect of trading and how I find some of the best trades that most people wish they could find. You can ask whatever question you want, have access to our 24-hour chatroom. Take part in our Daily Live Trading Room and even get some really awesome extras, ON TOP OF the already amazing material you are going to be learning. So again, that website is SuperchargeYourTrading.com. Go there right now and check it out. So until next time, I encourage you, to take everything you do in trading, to the next level. Good Luck & Happy Trading Links and Resources Mentioned in this Episode: The Ultimate Forex Trading Master Class Online Coaching Course The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/48

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: Ok, so I am not sure if I have covered this topic before, but I keep getting questions on 1. If I provide a copying service or 2. Should anyone partake in a copying service. And if I am still getting loads of questions about it from people, and it is important for them to know, then it is vitally important for me to discuss. Now for anyone that doesn’t know about what a Trade Copying Service is, also called a mirroring service or AutoTrade, it is where when I or another person places their trade, and you are set up with a copying service, that trade that they placed in their live account, now gets automatically placed into your live trading account. Simple right? So you sign up for this copy service and then find a trader you really like. You have looked at their stats and find that they have a good record and make a pretty decent return. Then you just set it up to copy all of their trades. Wow, your done! That’s it for you. No need to learn how to really trade. No hard work needed. Just set it and forget it. Rake in all the profits without doing any of the work. And the best thing is, you can start making money in as little as 30 minutes. Sounds amazing, Yeah? No. No it doesn’t. To me this sounds more like a scam than anything. Maybe the trader you are following is not making money from you, but you are scamming yourself. If you think that great profits are in your future by copying someone else’s trades, you are greatly misled. If you are one of those people that wants to just have someone else place your trades for you like that, turn this podcast off. I don’t want you to listen anymore to the show. I teach people how to be a trader. A profitable trader. Not tell you how to go about copying someone else trades. That type stuff seriously aggravates me. And these people that offer these copying services irritate me even more. They are preying upon the weakness of people to make a buck. If you have to prey upon peoples emotions just for you to make money, you don’t deserve to have it in my opinion. Unfortunately, to many people fall prey to scams like this. And maybe scam here is not the right word. Maybe rip-off is a better word here. Or deception. These business owners know that there are plenty of people out there that they can exploit so they can see their dreams fulfilled. But it just ticks me off. I have never and will never play dirty tricks like that to make money. And I do not offer any type of copying service either. So don’t ask. The closest I get to a copying service is I post each of my trades that I take in the Thinktank chatroom for the community so that we can discuss topics on that particular trade. Why I took the trade. What was my analysis of the trade that led me to the conclusion I should enter. Where and why are my stops and targets where they are, etc. I believe every single person that gets into trading should, without a doubt learn how to trade for themselves. No copying service or even a signal service. Learn the language of the markets. Learn to read structure and patterns. Learn about fundamentals. learn and make your own decisions on where to enter. Maybe you have a coach. And I believe every single trader out there should have a coach. But have a coach to help you with determining if that particular trade is a good trade to take and WHY. Don’t fall victim to these crap copying services and even worse signal services. All that will happen is you will loose your money and not learn a thing about trading. So, to reference Forest Gump “That’s all I’ve got to say about that.”. So thats the show for today, and before I go, I want to remind you to go right now and check out SuperchargeYourTrading.com. That will take you to our Ultimate Forex Trading Master Class Online Coaching Course where you can learn how to trade like a professional and constantly profitable forex trader. You will learn everything you need to know from the very basics of Forex trading to advanced analysis. And everything in between. Wether you don’t know the first thing about Forex or you are already trading, we can accommodate everyone. The seating is extremely limited, so get in now before all spots are gone. Again the website is SuperchargeYourTrading.com. Go there now. So until next time, I encourage You to take Everything you do in trading, to the next level. Good Luck & Happy Trading. Links and Resources Mentioned in this Episode: The Ultimate Forex Trading Master Class Online Coaching Course The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/47

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: Wow, guys, I am a bit upset, a tad miffed about an email I received the other day by a now previous member of the Thinktank. They had signed up for the Thinktank a while back and then of course once someone signs up I always personally send them a welcome message to their email. I also send a very brief questionnaire for them to fill out so I can get to know them a bit more personally and know about how they trade, if they have ever traded before and all that stuff. The Idea behind the questionnaire is to help me help them. So I know what level they are on and I can do my best to explain something on their level. Then once in the Thinktank, they have the ability to ask anything they want about trading to me and others on there and start wonderful discussions on Forex trading. But it is a community chatroom guys. If you do not participate in it, ask questions, or try to start a topic discussion or something, you are not going to get anything out of it. And this person emails me asking for a refund for THEM not using the chatroom. I was like “Are you serious?” My assistant was the one to actually emailed them while I was on vacation, and she kindly told them that we do not give refunds for the Thinktank, which we don’t, and that they needed to partake in the Thinktank to get something out of it. And even offered to extend their membership in the Thinktank for another month. This person came back with an email that I don’t even want to mention the words they used. But it was very childish, rude and had no reason for being like that. Calling us a scam and whatever, all because they didn’t want to partake in something that they signed up for. So to me this is like you buying a car from a dealership, taking it home, and letting it sit for a year on the driveway without driving it. Then taking it back to the dealership and asking for a full refund because you did not drive the car. Why would they do that? Now in the Thinktank, I will bend over backwards for my members. I will personally answer every single question that is asked, be part of others discussions and put my two cents in and even personally call you sometimes to help work out a problem or two, without ever asking for another dime than what you pay for being part of the community. But it is Your Job to ask the questions. To start a discussion or be part of an already existing one. Not mine. I will from time to time pose a question for people to start a topic of discussion from time to time. But that is because I am thinking about something and I know I had not seen it discussed on the chatroom in quite a long time. But you need to be a part of it too. What good is a community chatroom if you are not going to talk in it? What I really think about this person is they are a person that takes advantage of others. Meaning they are consistently signing up for things, and then asking for refunds once they have whatever it is they got out of it. “Oh, this looks good, let me check it out because I can always get a refund”. Well, I don’t play that game. Let me be 100% crystal clear and transparent with you. I DO NOT GIVE REFUNDS, unless it is a problem on MY part. I also do not offer discounts to anything or offer trials to anything either. I think this devalues whatever it is that is being offered. I WILL however provide extra value to those that are loyal to us. Like we have the “Ultimate Forex trading Master Class Online Coaching Course” starting on October 1st. For those that want to partake in it, you can go to superchargeyourtrading.com and check it out. But for those that have been loyal listeners and followers and especially those that have already partaken in things like the Thinktank , you will get a special introductory price. But once the price goes up, it will NEVER come back down. So you will have to get in when the price is low. Again we are starting the “Ultimate Forex trading Master Class Online Coaching Course” on October 1st so go to SuperchargeYourTrading.com right now and sign up. I can promise you it will never be any cheaper and the price will be going up on September 1st and then again on September 20th. We also have very limited seating available for the coaching course as well. Class size will be limited to just 25 members. After that, I’m sorry but that is all we are going to take. So that is my rant of the day as well as letting you know when everything will start for the training course. I am sooooo excited about the course it is driving me crazy. OH, and I nearly forgot to mention that we will also have a webinar series of videos for sale that I did this last month with a group of some really awesome traders. It is kind of like a fast start program and will teach you everything you need to get started in trading the way I trade. It is 5 videos and each video is roughly an hour and a half to 2 hours long. These videos are PACKED with information on how to be a successful trader. Now you can purchase these videos on our website separately, but every single person that signs up for the online coaching course, before September, will get these videos as an added bonus. Something extra from me to you just to say thank you for being loyal to us. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/45

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: So there I was at my friend Robby’s house having a drink and talking, once again about forex trading. But that’s ok because Robby is also a full time trader trading everything from currencies to stocks and commodities. He used to work for Goldman Sachs, but now trades for himself. He has been trading for over 20 years. Robby is also one of those people that likes to show off his wealth too. Always dressed to the nines. He was wearing some khaki chinos, a blue and white check, button down collard shirt and a cobalt blue blazer with an elegant white and blue paisley pocket square. He also wore a Cartier watch on his left wrist that probably cost more than most doctors annual salary. With some brown monk strap shoes. We were standing in just one of the bedrooms in his 8 bedroom Mediterranean villa styled house that he had set up as his office. It was quite a nice space. He had a beautiful walnut stained solid oak desk that was in the shape of an L, with exquisite detail work all along the edges and drawers. And also had beautiful and expertly carved legs to boot. The desk looked like it should be in a museum somewhere. And the chair behind the desk apparently cost him $6k. Although I have no idea why someone would ever pay that much money for a desk chair. The ceiling of the room was incredible high for a bedroom I thought, probably around 19-20 feet or so with large vertical floor to ceiling windows that covered nearly 2 entire walls. With gigantic oak bookcases on one other wall that had every inch covered with books. And I bet you he had read every single one of them as well. For some reason, every time I came into his office it smelled like he had been burning some incense of some sort. But that would not have been, because Robby couldn’t stand the stuff. Maybe it was just me. He invited me to have a seat and go over some charts with him. He wanted me to go over the charts I think because he is trying to figure out exactly how I get such a high winning percentage. He himself, although a great trader and a profitable one only sees at most 60% win rates. His computer was the type most traders only dream of having. Twelve screens set up in a very tight curved array and a computer that he had to have custom built because he couldn’t find anything on the market as powerful as what he wanted. It had a clear plexiglass side to it with some blue lights making the entire area around the computer glow. We sat there going over chart after chart after chart. Nearly 18 different currency pairs and 3 different timeframes before we came to the CADJPY currency pair. “Hold on a second” I said to him. “Go back to the 1-hour timeframe. You see right there, that W-shape? That is a Gartley pattern I bet you” I had him take out his fibonacci retracement tool and measure the potential pattern. I was spot on. It was a perfect Gartley pattern. The B-point of the pattern was a crisp 61.8% retracement of the XA-leg and the C-point was another perfect 61.8% retracement. “So should I just place the trade on that one? Is that what you would do?” he asked. “Hell no! You need to analyze it now” I said. “First thing we have to do is look at the fundamentals. Is the direction we are hoping the pattern moves in, going with the fundamentals or against them?” I already knew it was not inline with the fundamentals so I just came out and told him it wasn’t. No need to do a ton of fundamental analysis right then and there if I already knew. “Ok, next we need to check trend.” I said to him. He drew out a few different trend lines to see if it was moving with the trend or going against the trend. The entry point was sitting right at the top of a trend line right in the middle of a downtrend. “That’s great!” I told him. At that point I went around to the other side of the desk to grab my drink and while I was doing that he said, “It’s also is at very good resistance level. And has some fib confluence as well” You see, he knew what he was doing. He had been in this game much longer than I have been. We went through a few more of my requirements for analyzing patterns and then I came to the conclusion that it was a pattern I would take. “That’s it!” he said to me. “Thats it buddy” “So you are telling me, the only thing you do is find these patterns, go through your little checklist that took all of 60 seconds and you get a what percentage win rate?” “70% -80% win rates.” I told him. “Holy crap!” he said as he put his hands on top of his head like he had just seen the greatest thing in his life. I went over and sat down on an incredibly conformable chair opposite the desk so I could look at him. The chair looked like one of those vintage chairs you might see in a magazine. It was a Victorian style accent arm chair with a padded floral print and an antique red oak finish. He sat there, no kidding, for around two to three minutes just staring at his screen trying to process everything we just went over. Then without a word he started to click a few things on his screen and then hit a few things on his keyboard and said “There! Done!” “Whats done? What did you just do?” I slightly shouted. “I just sold 50 (standard) lots of the CADJPY” “I jumped up from my chair,WHAT! Are you crazy!” I roared loud enough that his wife heard me from across the house and came running to check on us. “I didn’t tell you to get into a trade. I was just showing you what I do. Is it in your trade plan to get into that trade? How did you decide on how much to sell?” “Yeah well, I only put a small amount of money into it. If it doesn’t work out, it doesn’t work out. No big deal” he said to me. I stood there thinking about what he just said. But maybe not what you might think I was thinking about. I stood there thinking to myself “Does he have so much money that he thinks that 50 standard lots is a drop in the bucket. Damn, I need this guys bank account” For the next 5 to 10 minutes or so, I went off on him telling him that by doing what he did he was acting like a newbie trader. But no matter what I said he kept the trade on. I left his house not to long after that. I was visually upset over the whole thing. I felt like my chest was going to explode with the rage that was building up within me. On the way back to my humble and miniscule house, I just kept replaying the event over and over making myself more and more upset. When I finally got home, I told my wife what had happened and she told me to let it go. And after four to five hours of making myself angry about it all, I finally relaxed. I said to myself that if he wanted to loose money, it was his money to loose. And Robby was the type of person you were not going to change his mind. Right about the time I had calmed down and had just forgotten about the whole thing, my cell phone rang. And I saw it was Robby calling. I answered the phone with a very unenthusiastic “What?” “You will never believe that the pattern I took when you were here, just worked out” he said. “But I know what you meant. I am so sorry I did that. You were right, it was not part of my plan. I got emotional and you know how I get. When I make up my mind, no one can change it” “Yeah, no kidding” I said. “But I did learn something” he said. “I learned that even after 20 years of trading, sometimes even us professional traders make mistakes. As long as we correct the mistakes we make and learn from them and do better next time, I guess it is alright” He was right. Even after years and years of experience, even the pros do something they shouldn’t do from time to time. We are human after all. So the next time you make a mistake in your trading, don’t go and beat yourself up over it. Learn from your mistakes. And do everything you can to correct them. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/44

Update Here is a link to our Meetup.com social page https://www.meetup.com/Central-Florida-Forex-Trading-Social/ Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412]

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: So today I wanted to share with you a few things that have changed and that I am doing for you all. As most of you are aware, I have been filming a ton of videos for my forex trading course entitled The Ultimate Forex Trading Master Class Course. And while in the process of filming one day, I literally stopped what I was doing to ask myself “But what if they have questions?”. You see, normally when you purchase someones Forex training course, you get it and then you sit at home to watch it all on your own. Maybe you might get a little bit of email correspondence to ask a could of questions. But generally that is about it. Well this question, this thought sparked an entire day of thinking about what I was doing and all the ways that I could make things better for you all. So in the end I decided to somewhat scrap the project and do it a different way. Instead of having just a course for you to purchase, sit down at home and go through the course all by yourself, like every other person out there provides, I want to do things differently. Instead I am going to turn the Ultimate Forex Trading Master Class Course into an Online Group Coaching Course. It is an 8 Week Training Program that will equip you with everything you need to know to be a successful as a Forex Trader. And consistently profitable! This is actually the same course I already have held many times with my Mastermind students and private 1-on-1 students. And many of the students that have participated in previous sessions have become incredibly successful within a very short time span. And those who need a little more help with creating a trading plan, understanding the market, or what-have-you, will get all the help you need. This course will give you a complete step by step set of instructions that will make trading as easy as possible. Here’s how the course works At the beginning of each week, you will be given an outline that will walk you though the new training materials available for that week. These training materials will be online and will be available for you to go through at a time that is most convenient for you. This means that the course materials actually work around your schedule, rather than you trying to fit your schedule around the course. And, you won’t be alone. One of the benefits of this course is that this is a group study. You will be participating with a small group of others who are working towards the same goal of becoming a profitable forex trader. So not only will you get answers to the questions that you ask, but you will also benefit from seeing the answers to the other questions that other participants think to ask. Your interaction with me and others within the course will happen within a discussion forum format, where you can post every question you have along your journey. And I will personally respond to every single question you ask during this 8 week course. — Each week I will hold a conference call type webinar to teach the material for that week and to make sure everyone is on the same page and to answer any lingering questions that may have arisen during the weeks training materials. The webinars are held via GotoWebinar where I will share my personal screen with each of the students that are able to make it to the live call. This is perfect for answering questions where a video, live demonstration is better than a written response. Now, You do not have to be present during these live conference calls although I would try to be there if at all possible. If your schedule will not allow you to participate live, it’s not a problem at all. ALL conference calls will be recorded. And for those unable to attend the live conference calls, will even be able to submit questions for me to answer on the call ahead of time. In previous sessions of this training. We have had participants in SEVEN different timezones participate without a single scheduling issue. And like I said all the calls will be recorded and you will also have a ton of other videos that I have already previously recorded that you can also watch. The benefit of this is extraordinary. Because rather than having me share information with you one time in a live session and then expect you to remember it all from your own notes, I have spent months creating the information that you can view over and over again, as often as you like. And it is incredibly comprehensive information that you will get a chance to learn. And everyone that registers for the coaching will also receive free access to the ThinkTank as well as access to our Live Trading Room that is held 4 days per week during the entire 8 weeks of the course. Now registration is not yet opened for the next Live Coaching session, but when it is I will definitely let you know. I just wanted to get this out there and let you know exactly what we are doing, and be very transparent with all these changes happening. I just want to make everything perfect for you to help you in every way that I can. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/43

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: Today I would like to talk about a challenge that I have seen in a few of my students that I would like to share with others. And that is the problem of thinking that an open trade is either a profitable trade or a losing trade while it is open. I mean, how many of us have done that? I know I have done that in the past. You see a trade up 25, 30, even 50 pips and your mind automatically starts to put that in the profit category. But it is not profit yet, it is simply an open trade. An open trade is just that, an open trade. It is not a winning trade, and it is not a loosing trade….yet. This point has more significance for open “in the money” trades because psychologically, inexperienced traders tend to think of those positive pips as booked profits. And It is very rare that the market runs straight to our profit targets.sometimes it happens and thats great But Normally we see pullbacks, rallies, pullbacks, rallies, etc. Now with this thinking in mind, when price starts to have those pullbacks with the normal ebb and flow of the market, your mind starts to tell you that your open “in the money” trade is now losing money. But it is not actually losing money. You are still in the money, we are just looking at the normal ebb and flow of the market. But in your mind psychologically you’ve started to book those positive pips. Ok so now your mind is switching to dear mode. And now your losing money with those pullbacks. And what will happen is you will start closing your trades early and you will never hit your profit target. And the market almost always pullback before getting to your profit target. And what will happen is you will see this, and start telling yourself that you need to bank that profit and get out of the trade now because oh my god, it is moving in the opposite direction now. So you close your trade early, and then you will watch how the market then goes all the way to your target. This is one of the most frustrating things I have ever done. And I am sure it is with you as well. Taking that money off the table and then watching price go all the way to where you thought it was going to go. And then thinking to yourself, “Man, I could have made all that money had I just let the position ride. And normally if the trade started out a bit negative, you would not count those negative pips as a loss yet. So don’t count positive pips as a profit until the trade is closed. We need to start learning and training our minds to understand that a trade is not a profitable or losing trade until it is closed. You want to let your trades play out. Now sometimes you can lock in profits by adjusting your stops or what have you. But let the trade play out. This is one of the reasons that I decided in my own trading to not look at trades once they are on. Because I would sit there watching the trade move, and when I saw the pullback coming after I was in profit, I would either think about getting out and drive myself freaking crazy, or I would actually get out just to watch price ht my target afterwards. This is not how a professional trader trades or thinks. It is not over until it is over. Do you get that? You are going to have losses. This is very important to understand and to accept. It is just a fact of life when trading. But to have losses or very small winners due to your inability to control your emotions and mindset is incredibly vacuous. Stop doing that. Place your trade. And then once you have it on, go look at something else. See what is happening fundamental wise. Or go for a walk or something. But don’t just sit there and stare at your trade and start banking profits in your head because you are up a bit just for you to start panicking right afterwards on a pullback. So anyways, I think you get what I am trying to say here. Leave your trade alone and don’t bank profits or anything until the trade is actually closed. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/42

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: First off, let me say that I am so sorry the podcast did not come out on Tuesday. We have been having some massive technical issues after a squirrel fried itself on the power lines which also fried my computer, microphone and other audio equipment. So if you were wondering what happened to an episode on Tuesday, thats why. I didn’t even have a chance to record due to it. Ugh. But that is life. At least I got some new equipment out of it all. I had to go buy a new mic and everything else. So I guess that is something good that came out of it eh? So anyways, today i want to talk about why most traders fail. To me this really comes down to just a few things. Yes most traders, 90% of them never learn these things and from talking to a bunch of traders, most never even care about learning these things. They just want to push a button and see what happens. They want to gamble. Remember the 90/90/90 Rule? 90% of traders loose 90% of their money within the first 90 days. That is so freaking sad. And then they turn around and say this system doesn’t work, or trading in general doesn’t work. Except maybe if you are one of the big guys like Warren Buffet or George Soros. This bugs the hell out of me, and i’ll tell you why. They say stupid crap like that and then get other people to stay out of trading and investing that would otherwise potentially do very well in it. but they are turned off by these people shouting trading doesn’t work or this system doesn’t work from the rooftops. Sometimes, I just want to go around making people. lol Unfortunately, that would also land me in jail. So why is it traders fail? What are the main reasons behind their inability to be successful? 1. Laziness (Holy Grail Syndrome) The first one is sheer laziness. They are always looking for the path of least resistance. These are the people that want to follow signals, or have a magical indicator or software, without ever doing any hard work. They don’t want to take the time and learn everything they need to know about trading. They don’t want to sit for hours and hours backtesting manually to see if something works or not. They just don’t want to put in the work. Trading is a HIGH POWERED PROFESSION with unlimited earning potential. And just like any other high paid profession out there, you need to put in the grueling time and effort to learn what you need to know and do the things you need to in order to be a trader. You are not going to get it cutting corners or having some miraculous software do the crap for you. And you also have to have realistic expectations when you start as well. Don’t think for a second that you are going to be turning in your $10k account into $1 million this year, just because you heard someone else do it or at least say they did it. It just isn’t going to happen. it is like an attorney graduating law school thinking that they are going to jump right out and start making $100k or more. It’s not going to happen. In fact, do you know what the #1 job is for those individuals who have graduated law school is? A Bartender! Yes you heard that right. A bartender. Why, because they can make more money bartending they they can with a starting salary at a law firm doing grunt work. They don’t want to put in the effort, time and crap work to make it. They want there $100k NOW. They are LAZY. And most traders or wannabe traders out there anyways, are just as lazy. They just don’t want to put in the effort. It is sad, really sad. 2. Lack of Knowledge and understanding Most people that start trading simply want to be adding indicators to their charts and picking a system from no where and just start trading it without ever understanding the scope of the market. They have no idea about fundamentals, or understanding of market sentiment or inter-market perspective. You have to know these things. How does oil play a role in the currency market? What should happen to the markets should the FED just up and decide to raise interest rates by 2%? These are things you have to know. You remember the 90/90/90 rule right? Well 90% of traders don’t know this stuff. And only trade with technicals. So is it any wonder why they fail? 3. Failure to implement proper risk and money management This will include not placing stop loss orders, over leveraging your account, and in every other way, not being smart about their trading. Even placing stop loss orders to close and constantly being stopped out is an issue with loads of traders. In my opinion, Risk management and money management are the most important aspects of trading besides a good trades mindset. It doesn’t really matter what system you use to trade. Or what winning percentage you get. If you have flawless risk and money management and a good head on your shoulders, you will clean house and bank a whole lot of money. 4. Not Being Consistent No being consistent can take on a whole host of things. From the absence on being constant in sticking with your trading plan, to waking up at various times every day, to how you enter and exit trades. There is not one single successful person that I have ever talked to that was not consistent at what they do. They have checklists, and task lists and a whole host of other things to keep them consistent. You see, making money isn’t hard. It is just being consistent. Making money should be boring as I have heard many times. That is how all these massively wealthy people have made their money. By being consistent. Write a trading plan. That is your business plan in the trading world. And stick to it like glue. If you need help understanding what goes into a trading plan check out episode #2 of the podcast. You can go to fsttrading.com/2 and have a listen. 5. Not having a Professional Traders Mindset And last but not least is having a good professional traders mindset. This is basically thinking in probabilities. Which means once we enter in the market we understand that anything is possible. No matter what happens, the outcome will not effect our psychology at all. We understand and accept (that is the key word here) that that trade could be a looser. Now this goes completely against the conventional way of thinking which is why it is harder to grasp for most people. Whether I win or I loose a trade, makes no difference to me at all. What I care about is did I follow my process precisely. So there you have the main reasons why most traders fail. Recap Laziness Lack of knowledge and understanding Failure to implement proper risk and money management Not Being Consistent Not having a Professional Traders Mindset Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Episode 2 - Trading Plans Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/41

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: The other day I got an email from a really nice guy, Robert that wanted to know more about leverage. So I thought I would bring up the topic here to help educate others on the use of leverage to benefit everybody. So, what exactly is leverage? We hear this term a lot in the forex market but some people don’t know what it is exactly. It is like hearing a foreign language term to them. The textbook definition of “leverage” is having the ability to control a large amount of money using none or very little of your own money and borrowing the rest. Leverage allows a trader to control a larger position than what they have as equity in their trading account. Now leverage is very commonly used in real estate transactions like when buying a home by acquiring a mortgage. I do this when I purchase real estate. Now I buy very large apartment communities, but when I do I get a loan from the bank to actually buy the property. Let’s do an example. For instance, let’s say Lilly wants to purchase a home in a nice part of town. And that home is going to cost her $500,000. But Lilly only has $100,000 of her own. So Lilly has only 20% of what the house actually costs. Lilly needs to now go to the bank to borrow the remaining money to purchase the home. And the bank gives Lilly the remaining $400,000 to buy the house. What Lilly is doing is using the bank as leverage with her $100,000 in order to control a purchase of $500,000. Or actually saying she has $500,000 of purchasing power. The exact same principle applies in Forex Trading. The leverage amounts offered by the broker vary according to their requirements. For example, most brokers here in the US will offer up to 50:1 leverage. And in many places overseas offer much more than that. Some even allow up to 500:1 leverage. That’s crazy! So sticking with the 50:1 leverage idea here in the US, this means that if you want to purchase a 100,000 unit lot, or a standard lot, on let’s say the EURUSD pair, You will need $2000 of margin that your broker will set aside from your account balance. This is kind of like a deposit or good faith money, in order for you to place the trade. So in essence, you have now controlled 50 times what you have deposited. So for every $1 you have, you can trade $50. You can make so much more money using leverage than you can without it. With more buying power, you can increase your total return on investment with much less cash outlay. Now I know some of you are saying “that is fantastic”. But hold on here. Just because you can make a tremendous amount of money using leverage, you can also loose a tremendous amount of money due to using leverage. Leverage is a double-edged sword. It magnifies your profits, but it also magnifies your losses just the same. I have gotten into BIG trouble in the past using to much leverage. As most new traders have in their humble beginnings. You want to do everything possible to avoid blowing your entire account like most new traders do. I personally have never blown an account, but I have lost a lot of money utilizing to much leverage. Now there are some people out there that will tell you to not use any leverage. Now while I see there point of views, I don’t necessarily agree with them. I do recommend using leverage in your trading, but you really want to be careful and not use to much leverage. You will flatten your trading account faster than a cheetah pouncing on a limping sloth I can promise you that. Just because you have access to a higher amount of leverage in your account, doesn’t mean you should use it all. How much leverage should I use? I recommend using somewhere between 5 - 12 times your effective leverage. Effective leverage is easily calculated by using the formula Total Position Size / Account Equity = Effective Leverage So this means that if you want to trade a single standard lot (or 100,000 units) and you only have $10,000 equity in your account, this gives you an Effective Leverage of 10. But please be careful here. Think about it like driving a Lamborghini , Just because you can go 225mph doesn’t mean you should go that fast. The faster you go and the more you drive at that speed, the more risk you have of crashing. Similarly, the more leverage you use, the more risk you are of kissing your money goodbye. So to sum it all up, be careful using leverage. Ok, I think I beat that message into your head. Don’t you think? lol Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/40

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: So yesterday I was out with the family eating dinner and at some point in the meal my little girl Lilly wanted to go to the restroom. While my wife took her to the bathroom I quickly checked my phone to see what was going on in the world and also check my email really quick while I was at it. And I received an email from Tim from Baton Rouge, simply asking me what my weekends were like and what I actually do on the weekends. First let me give a shout out and say Hidey Ho Tim and say thank you mate for listening to the show. I truly appreciate it. If you ever were a Tim Allen fan and watched his show Home Improvement, then you got that reference. If not, you just have to go watch the show. It was awesome. So anyways…. Now the way the email was all worded I think Tim expected an answer like I work all weekend or something like that. And while that used to be very true. It is not anymore. So what DO I do during the weekend? My Weekend Well let’s start by talking about Friday. On Friday I do trade and look for trade set ups, only on the 15 minute timeframe, But I close out of all my trades before the market close NY time. After the market closes I first look over and analyze my trading for the week. How well did I do this week? Was I profitable this week? Did I stick 100% to my trading plan, and if I didn’t why did I not? Are there any patterns emerging in my actual trading? I am not talking about harmonic patterns or candlestick patterns here. More along the lines of personal trading style type patterns. Stuff like that. After I conclude my analysis and jot down any notes I may want to write about, I move on to getting a grip on everything that happened in the world that week as well as hear other’s thoughts on where things are headed. I might listen to Bloomberg for this or I might just call up some of my friends and have a nice chat. Here I am just trying to get some sort of overview on everything that happened that could potentially have some significance on the foreign exchange market. Then around 7pm on Friday, I take the rest of the night off and spend the evening with the family. Now comes Saturday. Now Saturday is the absolute only full day that we have off of trading. At least for us retail traders. I used to work all day Saturday, digging deep into Fundamental analysis for each and every major currency. But now, I don’t. Now I take the entire day off and spend it with my family. That is my family day. We may go to Universal Studios for the day, or go to the park to let the kids play. Or maybe even just lounge at home watching movies all day. But the entire day, I leave trading out. I won’t get on my computer to look at a chart, I won’t talk about trading, I don’t work with my private 1-on-1 clients, I won’t even read a book on trading. Nothing! Sometimes we really need a break from everything trading. And I have found lately that this is a great way to recharge for the upcoming week. My mind feels so rested and ready to jump back into work after I have a single day off. I recommend you do the same. Then on Sunday I rest until around 2pm. This might be things like chilling with the family or going out to do a bit of shopping. During this time I will start paying attention to various news sources to see what happened during the weekend and what is coming up for the current week. But it is light. I am not too focused on anything unless something big happened in the world like a Tsunami hitting somewhere, or a terrorist attack or something like that. But come 5pm and the market opens, I am 100% back at work for a couple hours. Sitting at my desk for a couple hours doing some in-depth study on the market. I am also looking at my charts for potentially upcoming harmonic patterns in the market, plotting out support and resistance levels, and other forms of technical analysis. But this will only last for a couple hours. I usually break from work at 7pm - 8pm unless something big is happening or I am in the middle of a large backtest or something. But usually I break at 8pm at the latest. And that is my weekend. Nothing exciting as far as trading stuff goes. I’m sorry. I seriously recommend taking Saturday off of everything trading related. This has honestly become a highlight of my week. And I really value it. Come Sunday, do what you want. But at least take one day off of trading. And if you do your analysis of your previous weeks trading on Friday, even if you didn’t do well that week, don’t beat yourself up over it. It happens, and you don’t want it to ruin your mindset on your one day break. Spend the time with family and friends. Or get out and do some rock climbing or other activities. Work out, go hiking. Be adventurous. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/39

Podcast: Download (Right click, Save as) Subscribe: iTunes | Android | RSS Show Notes: Ok so I got a question today from one of our Thinktank members that I thought was a really good question for those that are already profitable traders. The question was on whether or not they should take money from friends and family to trade. Kind of like a friends and family fund. I didn’t answer the question right away, instead I thought about it for a while before answering it Because I have quite a bit of experience with it. And here is why. I’m going to be really honest with you here and talk about something that happened to me a while ago. A long time ago I took money from a very good friend of mine in order to trade for them. But due to having to travel a lot and doing so many other things, I was not able to keep an eye on the account and literally lost everything over a period of time. It was horrible. I now had to tell one of my best friends that I lost all of their money. After a bit, I gathered up my nerves and finally told them. But I was not expecting what happened. I was met with so much anger. I expected them to be mad, but not like this. I received emails and threats that they were going to sue me and that I was pretty much the most horrible person in the world type stuff. I did not expect this from this person. I mean, they were one of my best friends after all. I came to them with my head down, tail between my legs and was honest with what happened. I even told them that I would do everything I could to pay them back, but was met with an attitude I had never seen from this person. Needless to say, they unfortunately are not my friend anymore. They won’t talk to me anymore, and I am not sure if I want to talk to them anymore either. For someone to treat me like that simply over money is not cool with me. I mean, this was not their life savings and they didn’t need this money to live off of. It was a very small amount of money. And they gave it to me to trade for them knowing full well that, like any investment could be lost to the market. And even after me saying to them that I would pay them back out of my own pocket, didn’t help the situation. Uggghh, I still don’t know what to think about it all honestly. I am sorry that I had so many other things going on at that time that I lost their money. And I hate not having my friend in my life. We used to talk for hours every single day. But moving on from this, my recommendation to you is this. If you can afford to loose a good friend or family member, then go ahead and take their money to trade. Now I am not a licensed investment advisor or an attorney. I am not giving you legal advice here. Just talking about choices. Opening up a discussion on the topic on should we take others money. If you are a really good trader and you decide to be a hedge fund manager or something along those lines and you want to take other peoples money and trade with it, that is fine. Do it if that is what you want to do. But be very cautious whos money you take. I now have a rule that I will never take money from a friend. No matter how much money they have, no matter whatever, I will not do it. I don’t want to loose any more friends. So I guess I am just telling you to be careful. Now after I told them the story they asked: Do I take other peoples money now? Now -a-days, since trading is my only real job, I will manage money for others. But I will only take money from accredited investors who are not long time personal friends of mine. Our relationship is business based. Not personal. And now-a-days, I am so much better at my trading and money management than I was back then, there is no way I am going to loose someones money now. And I haven’t since then either. Links and Resources Mentioned in this Episode: The Traders Chatroom The ThinkTank Thanks for Listening! Leave a Review on iTunes If you would like to support the show, please leave a 5-Star Review and an honest review for The FST Trading Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. You might even hear your review talked about on one of the podcast episodes. Don’t forget to subscribe to the show on iTunes to get automatic while you are there as well. It’s free! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post. And if you have any questions, please email me. Until next time Good Luck & Happy Trading! SUBSCRIBE TO OUR MAILING LIST: If you’re new to trading and you’re looking for information on how to get started then you have come to the right place. Join our mailing and get First Class Trading Information. [convertkit form=4915412] Shortlink to this episode: http://fsttrading.com/38