Your Questions About Successful Trading Forex

Sandy asks…

I want to be succesful in school and life???? help?

Hi im 19 and i want to be successful. I am a high school dropout with a GED. I plan on going to community college next eyar at age 20 for 2 years then transfer to PITT to major in finance. I am going to try very very very hard in college its going to be my number 1 thing. I can do good. Then i hope to get a job at a hedge fund or something. Get my MBA possibly. i want to money money and the cars cars and the cloths the hoes.. i suppost i just wanna be i just wanna be succesful. HELP? advice? right now im working hard at mcdonalds. trading forex and stocks.

John answers:

I think I answered this question before. You have evidently wised up and now have a good plan to make a success of yourself. Follow your plan, work hard to earn good grades, and you will do well.

MBA programs accept students in any undergraduate field. They prefer students who do not have a business background because they give you the business training but they cannot provide the broad background that managers should have. I have taught MBA students with degrees in Music, Medicine, Dentistry, Law, Psychology, Political Science, Chemistry, Biology, Engineering, and many other fields. Most MBA programs prefer students with 2-3 years work experience after the first degree., Some accept students right out of college if they have good grades and a high GMAT score. Some MBA programs are designed specifically for new college graduates without work experience. But in those programs you don’t get the benefit of learning from other students who have work experience. A lot of valuable learning takes place through class interaction.

Before you decide on an MBA program explore the Internet for information on available programs. There is a lot of information available. Some sites are limited to specific countries, such as Germany, UK, or Australia. There is a comprehensive free public service with more than 2,000 MBA programs listed worldwide. The nice thing is that it allows you to find the program that best fits you. It allows you to search for programs by location (US, Europe, Far East, etc.), by concentration (finance, marketing, aviation management, health management, accounting, etc.), by type of program (full-time, distance learning, part-time, executive, and accelerated), and by listing your own criteria and preferences to get a list of universities that satisfy your needs. Schools report their accreditation status (look for AACSB accreditation or at least AACSB membership), tuition cost, number of students, class sizes, program length, and a lot of other data. Schools provide data on entrance requirements, program costs, program characteristics, joint degrees, joint degrees such as MBA/JD, and much more. You can use it to contact schools of your choice, examine their data, visit their web site, and send them pre-applications. You can see lists of top 40 schools ranked by starting salaries of graduates, GMAT scores, and other criteria. Some of the other sites are less comprehensive, but all are useful.

Joseph asks…

Is eToro Forex Broker Forced Stop Loss a Scam Feature?

eToro has the worse platform ever. Their casino-like platform includes an option of forcing you to put a stop loss to your trade.

While, it’s always good to set a SL you should also know that SL must not be fixed but must be relative to the market conditions for example using the ATR indidicator as most successful traders do. Otherwise, the SL will do the same job as if you didnt have put a SL. And this is exactly this “trick” eToro uses to be sure you won’t be profitable especially if you’re a new trader.

All brokers leave this function free to each trader but not eToro which however is a new company. There should be a reason to this and you should know it.

It’s idiot to trade without a SL as it’s also very idiot to leave your broker do it for you. Actually, who makes money when you lose? Your broker…I have personnally left this broker until they remove this unbiaised feature which is not for now as it’s their bread and butter! Don’t let you blind with their shiny trading platform as you will lose faster as you would have never think of…

John answers:

Absolutely a scam, which is why I use a mental stop loss AND never let a position out of my sight. If you need sleep, close your position. Professional traders don’t sleep, so they don’t need S/L

Paul asks…

ATTENTION PROFITABLE FOREX TRADERS: what type of indicators do you use (fibbonacci, bollinger bands, Elli…?

… ot Wave Theory, etc.)? What timelines do you trade on (are you a day trader, or long term trader)? What kind of analysis do you find better; technical or fundamental? What are your thoughts about a trading platform/site that uses a pip spread vs. one with a set fee comission? Have you ever taken a course, or are you familiar with any good ones (no solicitors please!)? Etc., etc., etc.

I just want some insight into what successful traders are doing.

Thanks!

John answers:

I normally use both fundamentals and technical indicators.

However lately I see a lot of the new software programs that can generate signals for you even on autopilot.

I was very skeptical initially but I have tested 3 of them and I am very impressed. Would be really useful for new comers. Even if you know nothing of fundamentals or technical indicators you can still trade.

Forex trading has really become much easier than what we had to go through in the old days.

Nancy asks…

Meta trader 4 question?

Is Meta Trader 4 exactly like real trading in the forex market? I have been very successful and I was wondering in virtual trading and live trading are the same other than fees, taxes, real money, and emotions.

John answers:

The psychology in trading will set you apart, it’s totally different mentality when you trade using your real money. How you discipline yourself is the keypoint to win when you trade using your real money. Here a good reading about it.

Http://www.118forex.com/

Good luck.

Susan asks…

Why will Nobody tell (most) College Students that MOST of what they are doing is a WASTE of TIME?

I ask this question because the sentiment is true. Our educational process is seriously defunct in so many ways. It is pathetic. We have reduced education to be some ridiculous silly little game. Students KNOW this but are not supposed to admit that they know it. ALL education should have true and direct value and benefit to the student and to their ultimate goals …otherwise it is time wasted. Valuable time.

I hate the fact that 2nd grade teachers wasted my time teaching me French which I had/have NO use for. 12th grade biology teachers wasted an entire semester teaching me about plants and another teaching about atoms and the molecular structure. I completely memorized the atomic chart …Completely useless stuff …for ME.

I’ve taught myself Computer Programming; Graphic Arts; Corporate Law; Speed Reading; Web Design; Book Publishing; Audio Production; Spanish; Forex Trading; Psychology of Combat; Commodities Investing; etc. I am very successful today as a direct result of my independent research and self-education so yes… I believe in education. It is fundamental to life success but our educational system is inadequate and …again, WASTES a lot of precious time in both elementary school, high school AND college because it subjects students to rote memory expectations rather than truly challenges them with relevant and applicable knowledge.

I say ask yourself this simple question about every aspect of your education: HOW will this knowledge …once I fully grasp it actually BENEFIT me in my life? …and… WHAT will be the negative consequence on my life if I don’t get it or forget it after I’ve passed the class (as most students will).

John answers:

Because no matter how many times you post this rant, most of college is not a waste of time. Are a few people wasting their time? Sure. Are most of us? Nope. College sounds like a waste of time for you personally. That does not apply to everyone. And self-study in most topics won’t get you a job. You need some proof you actually learned something. Just try self-studying medicine or astrophysics and see where that gets you.

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