rapidforex.com

Back to School for Forex Freedom

Rapid Forex — Tue, 07 Sep 2010 15:12:41 +0000

This is the time of year when many people are going back to school. It’s also the final week of the first 90 day forex trading bootcamp, where we’ve followed the forex market for the past 3 months. This is a great time of year to focus on new goals as there is just enough time to achieve something amazing before the end of the year.

Forex Freedom Live

During the past 90 days I’ve enjoyed sharing an ongoing forex market analysis with over 300 forex traders. Many traders have scored some awesome pips & I’ve gotten a lot of positive feedback. I’ve also developed a better way of teaching…

Once this bootcamp ends next week, there will never be another 90 day forex trading bootcamp…there will be something better: Forex Freedom LIVE!

Over the next 2 weeks I’ll be getting ready to introduce a new forex trading mentorship program. This program has one goal:

Forex Freedom LIVE will show you how to become a professional forex trader so you can work less than 5 hours a week and have enough time & money to do whatever else you want to in life!

It’s actually fairly easy to learn online forex trading. In Forex Sailing, you can learn the BASICS in 75 minutes. I can show you how to use these basics, plus the advanced concepts needed to actually trade in 1-3 months. Turning that skill into your dream lifestyle involves just a few more steps. It’s readily available to you, and I’m going to show you exactly how to do it starting in about 2 weeks!

Freedom is Yours This YEAR!

A few years ago I made a few million dollars. I then went flat broke after a few bad business deals!

I followed the Forex Freedom LIVE process from NOTHING to total financial freedom within 6 months! I’ll be sharing this plan with you in the next 2 weeks.

What You Need to Succeed

I want to keep this as simple as possible. I work less than 1 hour a day & I have EVERYTHING I want! I’ve got plenty of MONEY & plenty of TIME to do anything else. Here’s what you need to succeed on that level as a forex trader:

Clear-cut trading plan that allows you to clear identify opportunities & place trades without babysitting them
Money management plan so you manage your risk properly
Way to manage your personal finances so you draw income from forex trading
Have something else to do in the other 23 hours a day so you don’t go crazy…

Forex Freedom LIVE will show you how to do this. You’ll be able to see what’s happening in the forex market at any time. I’ll have all opportunities identified for you at all times. You’ll know what I’m watching for, you’ll know every trade I make before, during and after I make it. You’ll know everything as if you were sitting in my living room on Maui with me.

Get Mentally Ready

Forex Freedom LIVE is happening soon. If you’ve been waiting to learn how to trade, there’s never been a better time than right now! I’ll be sharing more about this unique new trading program soon…

Think & Grow Rich with Forex

Rapid Forex — Wed, 01 Sep 2010 00:28:40 +0000

Understanding how to trade forex online successfully is an important component to becoming wealthy through forex trading. But there are also certain things you need to know in addition to just trading profitably. Today I’m going to share you a lesson from the ultimate success bible from Napoleon Hill called “Think & Grow Rich.”

Classic Success Literature

Think & Grow Rich is probably the most popular book on becoming wealthy ever written. It was originally an idea that Andrew Carnegie had for a young writer named Napoleon Hill to interview the wealthiest people of their time and discover the secrets of their success.

But what does Think & Grow Rich have to do with Forex trading?

Alot!

The Importance of Specialized Knowledge

One of the key traits of wealthy people was that they all contained specialized knowledge. Only by knowing something that “not everybody else knows” can wealth be achieved. In the forex trading world approximately 98% of traders lose money. To be in the top 2% of profitable traders, you need to have “specialized forex knowledge.”

But specialized knowledge of forex isn’t enough, you also need the power of the mastermind…

The Mastermind Principle of Wealth Creation

Another key component of the “Think & Grow Rich” wealth creation formula is the mastermind. A mastermind is when 2 or more minds come together to produce a greater benefit than if they had worked separately.

You’ve probably heard that 2 people working together can do the work of 3 men or more working alone. This is the mastermind principle in action.

For forex trading a mastermind involves learning from a real trader. The only way to learn how to trade is to learn from a trader. This makes perfect sense. Doesn’t it?

A Burning Desire for Forex Success

I actually went out of order. This was the very first principle in “Think & Grow Rich.” Without a burning desire for success in anything, whether it be online forex trading, losing weight, or finding a romantic partner, you will only stand a meager chance of success.

By having a burning desire & committing to success in trading, you’ll ultimately guarantee your success. This won’t happen until you decide to devote yourself to achieving your goal. If you want to be a successful forex trader, I can certainly teach you how…but you’ll need to look at the charts & find the trades yourself. Nobody will do it for you…

I highly recommend that you read “Think & Grow Rich” in it’s entirety. You can buy a copy at any bookstore, it’s a classic.

If you want to learn how to trade forex successfully, watch for my announcement on the new “Forex Freedom LIVE” online forex trading course to learn from a real life professional currency trader (me), coming soon to rapidforex.com.

Lazy Forex Trader Goofs off – 2 Week Maui Birthday Bash!

Rapid Forex — Mon, 30 Aug 2010 21:44:51 +0000

I might be the laziest Forex trader in the world. It’s been awhile since I had to work for money, because I’m a forex trader. After working a few weeks at 2 hours a day, I can take a month or two off if I want to. I frequently do so. This is possible because I not only trade forex, but also manage my money properly (read my post “What to do with Money so You Get Rich” for the full plan I follow)

How Can I be such a Lazy Forex Trader?

I simply follow the Forex Sailing trading method, which I teach on the rapidforex.com website. By following this trading method for the past few months, it allowed me to totally goof off in Maui for an entire 2 weeks for my 31st birthday.

Snorkeling off the coast of Maui

The highlight of my spontaneous 2 week vacation was a snorkeling trip to the island of Molokini, off the coast of Maui. We went out on a glass bottom boat to a location with 50 foot deep crystal clear water & swam with tons of tropical fish and sea turtles. After a few hours of snorkeling, we enjoyed a deluxe BBQ on the ship with an open bar. It was tons of fun!

2 Weeks Without Trading Forex

For the past 2 weeks, I didn’t open a single forex chart. I completely took off from trading because I wanted to celebrate my birthday & my brother’s together before he moved to Texas. During this time, we circled Maui several times on our mopeds, went hiking in tropical rain forests, went to nightclubs at night & just had fun!

Living to Trade vs Trading to Live

Although forex trading online is incredibly interesting to learn and can be incredibly lucrative, once you know how to do it, it’s actually kind of boring. I place trades so I don’t have to work at a regular job. I’d much rather be out snorkeling on the reefs of Maui, cruising on my moped, hiking in the bamboo rainforests, or doing whatever I feel like doing.

I actually get to the point where I have “enough” money and lose my motivation to make more. I can do whatever I want, whenever I want because I trade forex. I normally do this with 20-60 minutes of looking at charts daily. 3 days out of 5, I don;t even have an active trade placed.

Having fun in the sun is simply what I like to do. Other people enjoy doing various activities such as golfing, skiing, cycling, travel, spending time with their family, and a million other things.

What Do You Want to Do?

In my early 20’s I was making over $1 MILLION a year. I never took the time to think about what I wanted. I chased money for money’s sake. I ended up working really hard, but never “getting there.” Now I do whatever I want and have more than enough money to do everything I want to do. I can teach you how to trade forex in 75 minutes, but only you can decide “What do You Want from Forex Trading?“

My 7 Year Anniversary Teaching Forex!

Rapid Forex — Wed, 11 Aug 2010 10:06:49 +0000

Today marks a special occasion for me. It was 7 years ago today that I officially began teaching forex trading online. There’s some interesting lessons that I’ve learned since then…

My Start With Online Forex Trading

I got involved with online forex trading in 1997 when I got a letter in the mail explaining that for the first time ever it would be possible for average people to trade forex. Before 1997, only banks could do forex transactions. I was previously interested in stocks, so I started applying those ideas to forex.

I played around for a few years. I went to college & majored in math. I learned a lot about forex, but very little was published at the time.

4xtrend.com

On August 11th, 2003 I registered 4xtrend.com. I had already written a manual on how to trade forex a few months earlier simply called “Forex Education Manual.” The eBook was an instant hit. I sold about 100 copies the first month, and ended up selling over 10,000 copies of it before retiring it for more updated forex trading methods.

Back in 2003 there were very few websites teaching Forex. I was one of the original 3-5 sites that had any type of course teaching forex trading. Jared Martinez from MTI was one of the original forex trainers, but this cost around $2,000. Peter Bain from Forexmentor.com had been around for about a year when I got started. I was basically the third forex trainer online. I looked for others, there simply weren’t!

An Ugly Website

I didn’t know anything about web design, so I decided to make the website myself. Although this site got a daily scathing criticism for poor design, it sold HUNDREDS of copies of my forex trading manuals each month. Here’s a screenshot of what the website looked like:

Rapid Forex is Born

4xtrend.com looked like this for 2 years. On October 13th, 2005 I changed from 4xtrend.com to rapidforex.com. Since then, Rapid Forex has taught HUNDREDS Of THOUSANDS of people how to trade forex online. The Rapid Forex Supreme Trader Package sold THOUSANDS of trading packages for $597 each.

Online Forex Trading Legacy

Today there are THOUSANDS of online forex trading websites. You can easily get lost with all of them. I got into this industry at a great time. I’m proud of being one of the pioneers of online currency trading. Although it’s only been 7 years, it’s practically the entire history of forex trading online. It’s kind of like dog years, I’m a grandfather for online forex trading.

New Enthusiasm

I’m enjoying forex trading now more than ever. There was a time when I was burnt out from it due to bad business partnerships & naive attempts at managing a multi million dollar business. I’ve learned lot about trading in the past 7 years & I’ve got more wisdom to share now than ever before.

Many readers of this blog can remember 4xtrend.com. If you’re one of them, I thank you for hanging around since those days. If you’re new to this website, I look forward to sharing an even better next 7 years with you!

My new mission is for you to be able to Live the Fantasy Life of a Forex Trader, like I am now. Forex trading has changed my life forever. It brings me great joy to share it with you on this website

Living the Fantasy Life of a Forex Trader

Rapid Forex — Wed, 11 Aug 2010 05:55:40 +0000

I’ve been talking to some friends lately & I’ve had an interesting realization… I’ve been taking some things for granted lately, so it’s been helpful to learn that…

“I No Longer Have to Work For Money”

You heard that correctly, I don’t work for money. In fact, for the first time in my life I’m truly wealthy. I’m not just doing ok, I’m extremely wealthy! Oddly enough it wasn’t that hard to achieve.

Before you get bent out of shape that I’m bragging, I need to clarify what I mean by wealth. There’s a difference between how much wealth you have, and how much money you have.

A Real Definition of Wealth

True wealth only has a fraction to do with how much money you have. While it’s true that more money will empower you in a greater way than less, just having more money doesn’t automatically make you wealthy. Since many people have a vague notion that amassing more money will create wealth, I’m going to define wealth for real.

“Wealth is having enough money to do whatever you want, whenever you want.”

This definition is relative. It’s different for everyone. It has to be because we all have different desires. We’re all different people.

How Can I Claim I’m Wealthy?

This is an easy question to answer.

I’m living my ultimate fantasy every day. I’m currently on Maui, which is undoubtedly one of the most beautiful places in the world. I love to ride my moped along the coastline for hours. I go snorkeling & swimming in the ocean all the time. I hike through the rainforest in a number of hidden valleys & have amazing experiences doing so.

I live across the street from the beach. I’m not restricted by finances. If I want to go to Italy, Thailand, Australia, China, or South Africa tomorrow I can easily do so.

I love music. I listen to 6-10 albums a day. I have time to play my ukulele for hours. I’ve been writing new songs, which I haven’t done in about a decade.

I’ve also started writing poetry again. This was a major passion of mine as a teenager. I’ve been published in every literary magazine in every school I ever attended, usually with only a single submission.

Across the Street from where I live on Maui!

I’ve got time for people who are important to me. My relationships with people are getting more meaningful every day. I have time to do nice things for others.

I don’t answer to anybody. I don’t have to apologize to anybody.

Every single day that I walk and breathe on this planet is the BEST day that I’ve ever lived! I walk around with a smile constantly. I can’t tell you how amazing my life is. If I did, you wouldn’t believe me. It’s awesome & I love every second of it!

How Do I have Enough Money?

Simple answer again.

I’m a forex trader AND I manage my money properly. It doesn’t matter how much money you make, if you don’t manage it properly, you’ll never be wealthy. Fortunately, I’ve already shared this secret in a prior post called “What to Do With Money So You Get Rich.”

My “work” involves me looking at an open window on my computer screen a few times a day. Then I just wait to collect money. It’s not work by any stretch of the imagination. I PLAY for a living doing the things I enjoy in life.

The New Rich

I’m not unique in any way. There’s a new class of people who are living this lifestyle. Timothy Ferris, author of “The 4-Hour Workweek” calls us the “New Rich.” If you haven’t read this book, it’s already become modern day classic on creating your own ideal lifestyle. I HIGHLY recommend you read it.

My friend John Reese is one of the most successful entrepreneurs ever online. I got to know John when he became famous online for making $1 million in 24 hours. He was the first person to do so. He’s also living this lifestyle.

But you don’t have to be John Reese to have it made. We’re starting a revolution. I’ll be sharing more about this in future blog posts.

CLOSED Trade EUR/USD 15min Forex Surf +20 pips

Rapid Forex — Thu, 05 Aug 2010 23:58:34 +0000

Here’s an archive of a closed trade from the LIVE 90 day forex trading bootcamp. Below you’ll see the unedited analysis that was given in real time for a 20 pip gain on a forex trading opportunity on the EUR/USD. This trade was originally posted on July 29th, 2010 in the private LIVE forex trading bootcamp member’s area. More current LIVE forex trading opportunities are posted 6 hours daily in the private member’s area.

Trade Archive EUR/USD July 29th, 2010

Here are the trading opportunities to watch for today during the London/New York session.

EUR/USD

The only pair that I’m watching this morning is the EUR/USD. By looking at the recent market snapshot, we can see the EUR/USD moving in a clear uptrend on all timeframes: On the 15-min chart we’ve got a recent extension up, so we just need to wait for a 38.2% retracement, which will happen around 1.3055 (see image below):

Trade Entered

I had actually had two waves in my previous picture. So here’s the info for the trade: Here’s the fibonacci calculator worksheet: Here are the numbers: I: 1.3021 II: 1.3091 III: 1.3065 entry price: 1.3065 stop: 1.3021 (risk = 44 pips) limit: 1.3134 (reward = 69 pips) reward/risk: 156.82% *note I entered a market order and got a price 1 pip lower than what the fibonacci calculator recommended for the trade. It’s only a pip, so I’ll stay in the trade. Here’s the etoro screen showing the settings for this trade:

Channel Ratchet

If you look at the chart price are in a fibonacci channel. A fibonacci channel is the channel formed between the 38.2% retracement and the peak of the wave. Since prices oscillate within the channel, I’ve set a limit order to sell at 1.3085. This isn’t the peak of the channel, but is close. I chose this price because there were a few candles with highs at this point, I basically ignored the extremes and went with the next group of highs. After this limit is hit, I’ll try to buy back into the trade in the lower part of the channel. See the image below:

Ratchet Log

The first ratchet was successful. I grabbed 20 pips in 23 minutes. I immediately set an order to buy at 1.3070 to buy back near the bottom of the channel. Since we’re in a channel, I can be more extreme with the ratchet. I still chose a slightly higher price to buy back than my previous entry price in case prices don’t come to the very bottom of the channel before going back up. I cancelled the order to buy back at 1.3070. Since the price reached a newer high then retraced back down into the channel, I need to watch the 1-min chart more closely. If the 1min downtrend is broken with a candy cane & I can get a price lower than 1.3070, I’ll re-enter this trade. But I have to be careful because of the potential double top just formed. Here’s that I’m looking at on the 1min chart: A few minutes later the trendline was broken, but not at the price where I was willing to re-enter the trade. Here’s the trendline break with a 1min candy cane (have to use imagination, a candy cane can be 2-3 candles on this small timeframe): That’s the end of this trading session. I’ll be happy with my 20 pip profit today!

Double Channel Entry Strategy

Rapid Forex — Wed, 04 Aug 2010 21:33:44 +0000

During the LIVE forex trading bootcamp new strategies are discussed that haven’t been fully explained on the rapid forex blog yet. Each new strategy makes it’s way to the blog.

This post shows you two ways to trade a channel with examples from the USD/JPY & AUD/USD. A trade wasn’t entered that day, but it still shows you the criteria for dealing with a fibonacci channel trade.

90 Day Forex Trading Bootcamp Watchlist Archive

It’s going to be another great week of trading. Today I’m watching the USD/JPY. The AUD/USD has a mixed signal with a possible downtrend emerging, but the daily trend is still up, so I don’t want to go against it.

USD/JPY

It started with looking at the snapshot. Although the USD/JPY doesn’t have all the regions shaded, the charts show a more promising opportunity. The snapshot is merely a tool to track what’s happening with various timeframes and have a place to look for opportunities. Here’s the snapshot for today with the USD/JPY circled in red: Then we start looking at the charts. First, the 1hr chart has a nice downward slope. Near the bottom, you’ll see that prices have flattened out into a small (but short lasting) consolidation: If we zoom into the 15-min charts we’ll see this consolidation in more detail:

What to look for?

There’s two ways to enter this trade. We’re looking for short opportunities. You’ll also notice in the image above that there’s a tighter channel (thin blue lines) within the larger channel (thick red lines). To go short we’ll look at the 5-min trend. We’re looking for possible entries:

Prices move to top of channel, then bounce down. Ride the trade to the bottom of the channel going short.
Prices move down and break the lower channel. When prices retrace back up to form an umbrella handle below the channel, get in and ride a fibonacci wave.

I’ve illustrated these scenarios in the image below: Sooner or later, prices will have to leave this channel. Since it’s an 80 pip channel, this could easily happen in a few hours once Tokyo opens at 11 pm GMT. I’ll be watching this casually all day…

Closed Trade USD/CHF – Failed Surf

Rapid Forex — Thu, 29 Jul 2010 21:20:26 +0000

This is a closed trade that was placed on July 28th, 2010 as part of the live forex trading bootcamp.This trade happened after a getting stopped out on the USD/JPY & two successful trades, a 55 pip gain & a 31 pip gain on the EUR/USD. So far my overall success rate with trades during the bootcamp is 63.63%, with a 14% average gain.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

USD/CHF Archive Trade

The trades to watch for for today’s Sydney/Tokyo session are listed below:

USD/CHF

I’m just entered a 1-hr Forex Sail on USD/CHF Forex Sailing opportunity that I discovered during the the London/New York session earlier today. During the last session prices trended up slightly, making the trade just out of range to get in at fibonacci retracement. Today prices have retraced back down to a better entry price. Here’s the order screen with the settings for the order I have placed: Here’s the 1-hr chart used for entering the trade (the circle is the entry price): Here’s the filled out fibonacci worksheet: Here’s the numbers for the recent wave. It’s a double wave, but since they’re both the same size, I just used the 2nd wave for entry (so the numbers below go with the worksheet): I: 1.0479 II: 1.0640 III: 1.0565 entry: 1.0564 long stop: 1.0479 (max risk = 85 pips) limit: 1.0739 (potential profit = 175 pips) reward/risk = 205.88%

Stopped Out

At 09:37 am GMT on 7/29/2010 this trade hit it’s stop for a loss of 85 pips. It basically went straight down after placing the trade. It happens with some trades.

Closed Trade USD/JPY – Stopped Out!

Rapid Forex — Thu, 29 Jul 2010 02:50:24 +0000

This is a closed trade that was placed on July 22nd, 2010 as part of the live forex trading bootcamp.This trade happened after two successful trades, a 55 pip gain & a 31 pip gain on the EUR/USD.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

USD/JPY Archive Trade

The New York market is about to open on July 22nd, 2010. After looking at all the currency pairs, only one cool opportunity strikes me this time. The London session a few hours ago created opportunities as soon as I took a break from the screen (it happens – we can’t be there for all of them). So during this session, I’ll only be watching one pair:

USD/JPY

There’s a strong set of patterns for a downtrend for USD/JPY. Looking at the 4-hr chart (notice how the trend went lower than the previous double bottom): And the 1-hr chart confirms it: The 15-min & 5-min charts show a small uptrend. Here’s the 15-min chart: And the 5-min chart:

What To Look For?

Wait for the 5-min uptrend to break and form an umbrella handle going down. Then ride that wave short! You could also wait for the 15-min forex candy cane to reverse. We’ll have to see what the market does.

Trade Entered

I entered this trade early because the opportunity presented itself. Here is the info: currency pair: USD/JPY short timeframe: 15-min I: 86.87 II: 86.32 III: 86.68 entry: 86.68 stop: 86.87 (19 pips risk) limit: 86.13 (55 pips possible gain) reward/risk: 289.47%

Variable Ratcheting

On this trade I’ll try to do some variable ratcheting so you can see how it works. We do this with a 1-minute trend. As soon as we see some type of profit, we take it. Then let it retrace to 38.2% of the movement and sell back in… You’ll see…

Variable Ratchet Set

In this trade a good place to choose to do the first ratchet is the previous low from the last wave at 86.59. This is the first step in the variable ratchet. When that limit is hit, we’ll look at the umbrella handle formed by that movement & use our fibonacci tool to find the 38.2% retracement to re-enter the trade…

Stopped Out

Sometimes the trade doesn’t work out. I got stopped out for a 19 pip loss. It was a good setup, but in hindsight the 5-min chart didn’t fully break the micro-uptrend.

Closed Trade EUR/USD – 31 Pip Gain in 3 hours!

Rapid Forex — Tue, 27 Jul 2010 23:11:04 +0000

This is a closed trade that was placed on July 21st, 2010 as part of the live forex trading bootcamp.This trade happenes a few hours after another successful EUR/USD trade, which I posted on the rapid forex blog yesterday.

This trade was placed in a real forex trading account & was posted as it happened. Below you can read the unedited log of this trade to see an example of Forex Surfing in action:

EUR/USD Archive Trade

In this trading session, I’m watching the USD/JPY. On the 5-min charts, there’s an up trendline break. We’re very close to the fibonacci retracement for a short wave: I’ve drawn a picture of what needs to happen on the 1-min charts to enter this trade. Basically, we have to cross the 38.2% retracement line at 86.89, then form a 1-min umbrella handle where we can get in above 86.89 short. If that happens, it’s a decent trade opportunity. To support this trend direction look at the 4-hr chart below which shows a nice umbrella handle: So I’ve entered the trade, I’ll take this as a 1min trendline break down: Here’s the eToro settings: And Here’s the other details: currency pair: USD/JPY timeframe: 5-min short I: 87.08 II: 86.77 III: 86.92 Entry: 86.92 Stop: 87.08 (max loss = 16 pips) Limit: 86.61 (gain = 31 pips) reward/risk = 193.75% Here’s a screenshot of the fibonacci calculator filled out: And a screenshot of the 5-min chart by the numbers (entry price at arrow):

30-Min into Trade

If you were looking at the 1-min chart below during this trade, you might have gotten worried about the small uptrend (red line), but you could take consolation in the fact that a head & shoulders formed (red circles). This is a reversal signal, for the little 1-min uptrend. This is exactly what we want! Of course the trade can still succeed or not work out, but this is the type of stuff you look at…

Trade Closed for Profit

At 01:28 pm GMT this trade closed for a profit of 31 pips when the limit was hit. I was out riding my moped along the ocean, so this was a smooth surf! This added 1.96% to the $200 forex trading account. That’s almost 2% in under 3 hours!