Comments on: Forex Treasure Map Community Discussion

By: jay

jay — Sat, 19 May 2012 20:41:47 +0000

Each of us falls victim to our endorphins. We sometimes get sloppy drunk with euphoria when things are going our way. Our mood lifts like an elevator. This is what happens to most currency traders when the numbers fall right and they’ve now won 8 trades in a row. So prudence and caution fly out the window. The next 4 trades are entered with 4 times too much capital. And if they all lose, it’s like a baseball bat over the knees.

The most successful traders follow an ancient blackjack player’s strategy. Maximum 3% of your available capital in any one trade. NO MORE. If you follow that with grit and determination, eventually 3% of your available capital will become a big number. That’s a secret to getting rich in currency.

As we know, major corporations and governments all trade currency. They, in fact, are the ones who launch the trends we love. But a huge bank would never use 3% of it’s overnight money into a currency trade. It would be more like 3/4 of 1%. To a European bank, that could still represent $350mm USD. Well, you get the idea.

By: jay

jay — Sat, 19 May 2012 20:21:08 +0000

Haven’t purchased or used it, but I may. I do like the simplicity of the analysis, meaning the graphics, that is presented. Keep it simple stupid is a nugget of wisdom that has great value, IMO.

What I don’t like is the name. I wish they’d come up with something that didn’t sound so much like a video arcade game.

One of the wonderful things about currency trading is the liquidity. The liquidity stems from the millions of retail traders who lose all their money. But I don’t believe much of this the fault of the market. The essence of trading currency is managing one’s account money. YOU know better than anyone if you are a money manager. If money goes through your fingers like water through a colander, then do yourself a huge favor: STAY AWAY FROM CURRENCY TRADING.

A savvy money manager using any good tech software can start with $500 and have a 7 figure account in 3 years. It is similar to gambling in a few, but not all, aspects. If you insist on using your currency account LIKE a slot machine …the results will be identical.