Your Questions About Successful Trading System

Linda asks…

Could you teach me a manual forex trading systems that can work best on marketiva platform?

I trade forex on marketiva platform, and I am looking for a good trading manual system I could use to get more pips trading on marketiva mini forex account

John answers:

First of all you must have good trading discipline. Without it you are destined to fail. And you’re right you need a good trading plan. Many successful traders have a very basic signalling system and with forex you get trade it either by fundamentals or by technical.

A Trading plan using fundamentals would be using news and economic releases.

A trading plan using technicals would use a charts. Start of using EMA’s. Try a MACD or RSI. But remember to keep it simple.

Laura asks…

I am looking to start trading in Forex, can you give me advice?

I am looking to start trading in Forex with a friend. What should I know? Where should I look? And most importantly, what should I try to avoid?

Thank You!

John answers:

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Sharon asks…

How is the Dynamic Trading workshop by Robert Miner?

Im going to purchase the Dynamic Trading workshop by Mr.Robert Miner. is it good? whats your review?

John answers:

1. From the coverage, it looks like a good e-workshop.

1.1 It is an advanced e-learning trading course with comprehensive and practical trading education.

2. The under noted site provides for ‘Free’ Download of “Robert Miner – Dynamic Trader Workshop”.

3. The workshop will be taken step-by-step through trading approach, including Dynamic Fib Price Target system, simple pattern analysis, multiple time frame momentum strategies, multiple unit trade strategies and more.

4. Then you will learn how to develop a complete trade plan including entry, initial stop-loss, profit targets, multiple unit trading and more.

5. It will also tell how to make objective trade decisions day in and day out.

6. The second reason traders don’t reach their potential for successful trading is the lack of a trading plan. By the end of this course, one will have experienced a specific, objective trade plan and how to apply it bar-by-bar for any active market.

7. For details, please read at:

http://ebookee.org/Robert-Miner-Dynamic-Trader-Workshop_1138211.html

.

Jenny asks…

Is currency trading a good viable field to get into?

I’d just like to hear your opinions on currency trading and need a good beginner book/website to read.

John answers:

I’ve read a lot about Forex, but I’ve never seen a proven profitable forex strategy, despite the claims of some scam web sites.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347” is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347” gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Thomas asks…

What is Switzerland’s Current stand on the voting system of the European council?

Switzerland isn’t a member of the European council, but does it have any opinions regarding the voting system and weightings that it uses? Please cite your (preferably online) sources.

John answers:

An excellent question.

Switzerland has a very long and successful history of ‘direct democracy’; a form of government in which people collectively make decisions for themselves, rather than having their political affairs decided by representatives. Direct democracy is also known as “pure democracy”.

The European Council was established as an informal body in 1961, it only became an official institution of the European Union in 2009, following the Lisbon Treaty (the EU Constitution). In contrast to the ethos of direct democracy, it comprises the representative heads of state or government of the EU member states, along with the (unelected by the people) President of the European Commission and the (unelected by the people) President of the European Council and the (unelected by the people) High Representative for Foreign Affairs.

While the European Council has no formal legislative power, it is charged under the Treaty of Lisbon with defining “the general political directions and priorities” of the Union. It is thus the Union’s strategic (and crisis solving) body, acting as the collective presidency of the EU. It’s decision making is on a consensus basis (horsetrading) and none of it’s decisions are legally binding on the real holders of power the unelected EU Commissioners.

Switzerland has limited integration with the EU, as Switzerland sees joining the EU as infringing upon its tradition of direct democracy.

Given Switzerland’s devotion to direct democracy, I would expect Switzerland to regard with some disdain, the European Council’s combination of representative heads of state and unelected bureaucrats, mixed with consensus based decision making, and Switzerland no doubt finds how the EU law is actually made, totally incompatible with it’s direct democracy ethos.

How the EU law is made:

All laws are proposed in secret by the unelected European Commission, which has the monopoly power of proposing new legislation (neither the EU Council nor the European Parliament nor any parliament or other institution of member states has the power to propose EU legislation).

There is one Commissioner per country, so 27 in total. Commissioners and staff of the Commission are contractually obliged to act in the interests of the EU, not in the interests of any member state. So British voting power, along with every other country is zero. The Commission is intensively lobbied by trade associations & NGOs; those favoured by the Commission are often rewarded with Commission subsidies.

Given that the Commissioners are unelected by the people of their respective countries and are contractually bound to represent the interests purely of the EU as a whole rather than their home country, it is clear that no country has any influence over what legislation is proposed.

Once the legislation has been proposed in secret by the unelected Commissioners, it is then subject to negotiation in secret by COREPER, the unelected Committee of Permanent Representatives (i.e ambassadors to the EU) of the member states. The UK delegation is known as UKREP & its representative is one amongst 27 representatives. Britain’s influence here at this negotiating stage, like every other country, is a negligible 3.7%.

Those negotiated laws are then decided in secret (sometimes after consultation with the European Parliament) by the Council of Ministers, where Germany, France, UK and Italy each have 8.4% of the vote, with the other EU countries having a diminishing share of the remaining vote according to their respective population size.

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