20 forex guidelines

[ironman2000]

Here is twenty guidelines that newbie and seasoned traders should adhere to:

1. Emotional control is at the heart of good trading.

2. Cut losses with the strictest discipline
3. Make good decisions and winning will take care of itself.
4. When you lose, don't lose the lesson!
5. When in doubt, get out.
6. Keep your risk/reward profile in check.
7. Avoid scheduled news.
8. Consider your account size for appropriate trading.
9. Get a charting program that allows you to build watch lists, sort stocks, and draw trend lines.
10. Scale out of winning positions as they work for you.

11. Don't dig yourself into a hole early in the day or in your career.

12. Trade with a blend of anticipation and confirmation.

13. Evaluate your results at least monthly.
14. Finally (perhaps most important), always be patient.
15. Invest on the side that is winning
16. The objective of what we are after is not to buy low and to sell high, but to buy high and to sell higher, or to sell short low and to buy lower.
17. Capital is in two varieties: Mental and Real, and, of the two, the mental capital is the most important.
18. Markets can remain illogical far longer than you or I can remain solvent.
19. To trade/invest successfully, think like a fundamentalist; trade like a technician.
20. Grow Slowly But Strongly "Pip-Machine"

You keep these rules in mind and your well on the way to being a top Trader

Keith

[Maccke]

Some good advice there ironman2000!

Always make sure to cut your losses rather short and make your profits run. Try to not get involved emotional. Always have a fixed set-up plan before every trade.

[Shaun O'neill]

My favourite is let the trend be your friend.

Another tip to think about when trading forex, shares CFD's ect is that the market is not easy money, I worked as broker in the city and look a exams and studied hard to know when to strike, donot eneter the markets and think you will make quick money.

Happy trading.

Shaun

[TheGooner]

Another tip to think about when trading forex, shares CFD's ect is that the market is not easy money, I worked as broker in the city and look a exams and studied hard to know when to strike, do not eneter the markets and think you will make quick money

Probably the first sound piece of writing that I've seen in affiliate forex discussions.

99.5% of the affiliate bumpf spouted about forex - particularly promotional speak - is so generically mis-phrased to deceive that it's close to outright lies regarding the real risks to people getting involved.


I shudder with some of the snake-oil being poured onto these promotions. It's embarrasing - and this comes from an online gaming affiliate - we're hardly standing on rock-solid ground !!

FFS - put three qualified economists in a room and ask them the direction of ANY currency pair, and all three will point a different way!


I also do question the scale of commissions being earned by forex affiliates given the low end "pip" commissions charged - and the likelihood that newbie forex players will quickly be burned and drop forex altogether.


I'm not saying it can't be done - but I think for a site to work you have to have a deep understanding and a passion for the subject - which frankly probably isn't true for most gaming affiliates. But I don't know - has any affilaite made a success in this area? Was it your first choice as an affiliate? Or are you a converted gaming affiliate?

Come on - share the success stories and post your site link! Prove that this can be done legitimately - without falsely declaring the hard work, and risk involved.


Any online affiliate out there prepared to say that they're making a four-figure monthly cheque from any one program? Surely that's the minimum acceptable level?

[ironman2000]

Dear GOONER,


Here is probably the best reply you will get also about being an affiliate with eToro Trading Platform.

Probably the first sound piece of writing that I've seen in affiliate forex discussions.

99.5% of the affiliate bumpf spouted about forex - particularly promotional speak - is so generically mis-phrased to deceive that it's close to outright lies regarding the real risks to people getting involved.

The risk of becoming an affiliate for forex Trading is no more of a risk than promoting Casino or Poker. In fact as well as all the other skill gaming sites out there today.

I shudder with some of the snake-oil being poured onto these promotions. It's embarrassing - and this comes from an online gaming affiliate - we're hardly standing on rock-solid ground!!

I have no Idea what you are talking about here "Snake-oil being poured" All the promotions that I have posted here are genuine and I must say myself "Too good to be true".

FFS - put three qualified economists in a room and ask them the direction of ANY currency pair, and all three will point a different way!

That’s what is so appealing about becoming a forex trader because it has all the same aspects as playing poker……..read the book just out now by Aaron Brown and then come back to me. I am waiting for my copy now.



I also do question the scale of commissions being earned by forex affiliates given the low end "pip" commissions charged - and the likelihood that newbie forex players will quickly be burned and drop forex altogether.

I am not saying that you instantly become making thousands from the off, but in time you can start making into the 100's or with high rollers as in the casino world 1000's.

I'm not saying it can't be done - but I think for a site to work you have to have a deep understanding and a passion for the subject - which frankly probably isn't true for most gaming affiliates. But I don't know - has any affiliate made a success in this area? Was it your first choice as an affiliate? Or are you a converted gaming affiliate?

Again, you have to have a certain interest in forex trading to be able to understand what going on. We have so much training videos and seminars etc to teach the novice and also the expert.

Since I got into Forex trading from a zero knowledge background, I can say that today after 2 years of trading and studying the market from other traders, that I am doing pretty well myself and as an affiliate for eToro.

Have a great weekend to all

Keith

[TheGooner]

Thanks for the response Keith. But you're an affiliate manager for the product - and I was really looking for testimonials from GAMBLING AFFILIATES as to any successful ventures into FOREX.

In terms of my rant - it was the understating of risk to the punter (not the affiliate) that rankles - and the low information quality of many forex promoting sites set up by affiliates that I was getting at.

Although - posting six trading truisms and fourteen zen-like statements and packaging them as "forex guidelines" was probably enough to make me snap. Apologies.


Keith, I'm not a financial illiterate. Managing the company means I have to be aware of the forex trends as all our earnings are overseas funds (no-one pays in the NZD), and with significant cash surpluses we do use a lot of financial instruments to maximise returns.

However, even so, I'm not sure that I'd be prepared to set up a forex trading site and "advise" new entrants (players) into this market. It's a highly competitive dog-eat-dog world.

So, as this is the GAMBLING PORTAL WEBMASTERS ASSOCIATION (GPWA) so I wanted to hear from ANY AFFILIATE who's successfully crossed the divide from gambling into forex.

[ironman2000]

Hi Gooner,

I have been many years involved in the gaming Industry starting out firstly promoting Poker online then into Casino also.

I can fully understand that the World of Forex Trading may seem from the outside just figures and more figures.

As I started to take a closer at this daunting world of Forex, I began to realize that its not the complex mathmatical equations that I left back long ago at school.

When I think of the guys who can sit around a casino and work out the numbers etc. The World of Forex is not so complicated, but I am not saying that you don't need to study the market well before jumping in. Thats why I always advise a low risk start to feel what the forex market is all about.

Have a great weekend to all

Keith

[eaton2003]

Thanks for the response Keith. But you're an affiliate manager for the product - and I was really looking for testimonials from GAMBLING AFFILIATES as to any successful ventures into FOREX.

In terms of my rant - it was the understating of risk to the punter (not the affiliate) that rankles - and the low information quality of many forex promoting sites set up by affiliates that I was getting at.

Although - posting six trading truisms and fourteen zen-like statements and packaging them as "forex guidelines" was probably enough to make me snap. Apologies.


Keith, I'm not a financial illiterate. Managing the company means I have to be aware of the forex trends as all our earnings are overseas funds (no-one pays in the NZD), and with significant cash surpluses we do use a lot of financial instruments to maximise returns.

However, even so, I'm not sure that I'd be prepared to set up a forex trading site and "advise" new entrants (players) into this market. It's a highly competitive dog-eat-dog world.

So, as this is the GAMBLING PORTAL WEBMASTERS ASSOCIATION (GPWA) so I wanted to hear from ANY AFFILIATE who's successfully crossed the divide from gambling into forex.

Paul,

Being a forex affiliate is indeed hard, and some of these sites I am aware of make good money as a forex affiliate (unsure who owns them but I know they do well for severl forex brands);

babypips.com
forexrate.co.uk

I tried it myself when I was running a network of sites and made an average of 2k a month across four networks with the majority of the money coming from a couple of traders. My site received about 3-4k hits a day with over 2k uniques so I have to say it was tough.

My overall feedback from gambling affiliates who tried forex has been bleak so I to would be interested to hear success stories from some affiliates here.

[casinojack]

I Did out about 4 years ago...but 95% or more of the people lost and lost hard.

I personally do not market it anymore, i think it suck you open an account for 500 bucks but may loose $5,000. No program makes that clear...with gaming you loose what you put in,and is a gamble...

No offense to Keith, but that's why I stopped.

On a postive note, etoro great for noobs, but is a not a high level platform, so if you marketing this,make sure you know what you marketing and you will do well.

[ironman2000]

Thanks for your positive and unabridged comments.

eToro is not only for the newbie forex trading as you may think. Have you tried changing to the expert mode were you find all the graphs and stats that the expert likes to see etc.

From were do you get these figures of investing $500 and then loosing 5k?

You can start off trading in eToro for a minimum of $50 and once you feel comfortable with yourself and slowly start understanding the forex market. You can raise your stakes accordinly.

Almost the weekend & a new month,happy trading in October and keep an eye open for next months promotion.

Keith

[poole.gracie]

Well Very Nice forex Guideline.Forex is so risky so first of you have read all guideline and after you have enter the forex. Very informative guideline...

[ironman2000]

I would like to have the opportunity to answer all you questions about FOREX (Foreign Exchange Market).



Let's have an open discussion about the fears of becoming an affiliate for Forex and to eliminate doubts and put future Traders/players at ease.



The world of the Forex may seem a daunting area, but with etoro Forex platform has a particularly strong appeal to novice traders thanks to its simple intuitive interface and learning opportunities.



For you the affiliate we have data displayed reports in your affiliate account which is real time data, updated live.



Commission payments paid out at the beginning of every following month.



Marketing tools packed full of banners and landing pages in different supported languages, direct text links and widgets. You may use any and all of the available tools to promote eToro on your website/s.



Looking forward to the challenge



Also, regarding the up and coming affiliate conference in Budapest.



Who will be attending?



Keith - TEAMING WITH SUCCESS