YOU ARE ALWAYS BUYING OR SELLING THE FIRST CURRENCY LISTED
EUR / USD
USD / JPY
GBP / USD
USD / CHF
EUR / CHF
AUD / USD
USD / CAD
NZD / USD
EUR / GBP
EUR / JPY
GBP / JPY
CHF / JPY
GBP / CHF
WELCOME TO THE 4XGENIE'S STEPS TO SUCCESS
Creating a Successfull Trading Environment
Your trading environment can have a significant inpact on your trading success. IN GENERAL, SUCCESSFUL PEOPLE SURROUND THEMSELVES WITH A SUCCESSFUL PLACE TO WORK. For successful trading, your tradestation and work environment could probably use some minor enhencements that will encourage and motivate you to make more effective trades.
Personally, I like trading from a quiet room with plenty of space around me and classical music on. For some reason classical music helps me. You can try 4xgenie's JukeBox in FUN PAGE or listent to you favorite music.
"A Cluttered Desk is..." messy and mentally frustrating. Keep your desk area as clean as possible. At least keep your primary trading area clean of all clutter, and put all your papers on another coffee table or on the floor; anywhere out of your line of sight. Put the TV behind you (or off to a side behind you); do not distract yourself. I like watching it too. Start over now and then, move your desk around, put mirrors on the walls, try new layouts and combinations to get one that you feel most comfortable with. Experimentation is useful. RUN IT LIKE A BUSINESS. Sure, trading for a living is fun; but it's also hard work. Remove all non-trading/non business like artifacts from your trading area and workspace (or at least most of them). Perhaps keep a family photo, or a photo of a tropical place you'd like to live, or other incentive, in view as a reminder as to why you're doing this. Add the encouraging reminders and trading metrics/graphs to keep track of your activity as a trader.
CHOOSING AN ONLINE BROKER
It is very important that you carefully select a FOREX BROKER. Different brokers offer different pip spreads on the currency pairs. For example, some offer 5 pip spreads for GBP/USD, others offer 2 pip spreds on some of the majors, but some of those brokers don't have their spreads "FIXED", meaning that they can widen during volatility,(but it is not a problem for most of the time). There are more issues to be AWARE of in choosing a Forex broker. Personally, I wouldn't recommend any particular broker. All have their strengths and weaknesses. Before dedicating your funds to any in particular one, it is wise to get demo accounts with several that you might use to give them a test drive. Once you've gained some experience, create some real accounts with other brokers so that you can take advantage of the stuff that is better with them. When we feel good about some broker, we will provide a recommendation.
Search for a FX BROKER
To TRADE All 6 STRATEGYS you have to have 2 REAL ACCOUNTS and 2 DEMO ACCOUNTS
ALL THE TIME.
ACCOUNTS are FREE (Usualy DEMO expires in 30 days. After 30 days sign for a new DEMO. You can have is many you want for FREE).
Treat DEMO ACCOUNTS as they REAL! PAPER TRADE!!! PAPER TRADE!!! You should Paper Trade at least 10 profitable trades in a row before you use real money when you learn a new strategy.
Remember, if you can't make money in a demo account you won't magically become successful just by transitioning to real money.
PERFECT PRACTICE MAKES PERFECT.
In Account #1 (real or demo), we just want to take BUY ORDERS.
In Account #2 (real or demo), we just want to take SELL ORDERS.
WHY? Say we're in the longer term trade (strategy #1) BUY EUR/USD, if a new trading opportunity is identified, shorter term trade (strategy #6) SELL EUR/USD, we can not place second order on same account. SELL WILL CANCELED BUY ORDER. (Same Brokers trading Platforms gives clients the ability to HEDGE, Hedging allows the trader to be both LONG and SHORT in the same Currency Pair at the same time).
Please note that the following images show XPRESSTRADE'S FX trading software.
Guide how to Download DEMO Trading Station software, News and FX Charts Plug-in's,
how to use the Software, and how to sign up for a DEMO ACCOUNT.
This is not my Broker recammendation! Personally I have 2 DEMO ACCOUNTS ALL THE TIME with XPRESSTRADE FX. I like XPRESSTRADE'S FX Trade Station the best. Software is very simple(i like everything simple), and i like the NEWS PLUG-IN.
It is by far the easiest and best choice for a novice & average trader to start trading with.
(They aren't my primary broker, but i wouldn't recommend my primary broker to novice trader as they are one of the more "complicated" ones. XPRESSTRADE FX is my primary DEMO). You can try XPRESSTRADE FX, I'm sure you going to like them too.
FREE DOWNLOAD AND INSTALL
FREE DEMO ACCOUNT SIGHN UP
SIGN UP FOR TWO MINI OR TWO STANDARD DEMO ACCOUNTS.
Usually DEMO ACCOUNTS expire in 30 days.
Every 30 days sign up again.
VERY SIMPLE XPRESSTRADE FX TRADING PLATFORM
The way to enter a trade is to click on the "BUY" or "SELL" side of your desired currency pair in the ADVANCED DEALING RATES window.
Once you clicked on either BUY or SELL a particular currency pair the ""MARKET ORDER" window will appear.
You set your "AMOUNT(K)" to however many lots you intend to trade (we trade in incriments of 3 lots), and you check the check-box to activate a stop(ALWAYS).You will be able to correct your STOP
immediately after your trade has been activated.
When you are ready to place the trade you simply click the OK button.
After you entered a trade you want to reset your STOP and LIMIT. In the OPEN POSITION window RIGHT- CLICK over the STOP OR LIMIT and select the "STOP/LIMIT" option.
Now you are able to change your STOP or LIMIT (TARGET PRICE).
You can change your STOP or LIMIT at any time during the trade.
PROTECT YOUR GAINS!!! OR LOSSES!!!
When you want to exit a trade manually as opposed to exiting by getting stopped out or limited out, simply RIGHT-CLICK on the trade in the "OPEN POSITION" window will appear. Select "CLOSE POSITION" option.
Clicking on "OK" will close your open position at the current market price.
It is useful to have this window open during your active trade (strategy #6) so that you can click OK instantly, when you need to get out of your trade ASAP. If you are trading multiple lots (3, 6, 9, 12,...) then you don't have to exit all of them by selecting the "AMOUNT(K)" to be less lots than your original order. You can select how many of the lots you want to close. This is useful to scale out of position (to pay yourself), while letting a portion or your position remain active so that you could potentially make more pips. Usually you reset your stop at breakeven or at a profit, when you use this technique (stress free). You can add same lots on you position to. Remember that if you have any questions about how to do any of this you can contact your broker.
FX STATION USER GUIDE AND HELP
If you have ANY questions about how to use your FX TRADING SOFTWARE, then contact your BROKER, even if you have only a DEMO ACCOUNT. Don't be scared. They will gladly answer ANY questions you have.
It is VERY important that you know how to use your trading software proficiently.
NOTE: LIVE HELP ABOVE IS ONLY FOR A XPRESSTRADE FX ACCOUNT HOLDERS (REAL OR DEMO). IF YOU HAVE ACCOUNT WITH A DIFFERENT BROKER YOU HAVE TO CONTACT YOUR BROKER.
Follow the installation instructions on your computer screen. Once the program is fully installed on your personal computer, an FX Trading Station icon will appear on your desktop. Click on the FX Trading Station desktop icon to launch the application.