Our goal is to provide you a wide range of information on wealth psychology, education, tools & techniques, financial planning and management. We sincerely hope you find this website useful.
As 2008 draws to a close and we enter the festive season, the team at MyWealthMastery.com would like to take this opportunity to thank you for your friendship and support, and to wish you a very Merry Christmas, and a safe and prosperous 2009.
Reflecting on the past year I think it would be fair to say that 2008 has been a very interesting year indeed, with 2009 rumoured to become just as interesting, if not more so.
It’s sometimes good to take a step back to take stock of everything that has, and is going on around us, but most importantly, to focus on and appreciate what we do have, rather than what we think we don’t have.
Here is some food for thought as we reflect on 2008, contemplate 2009, and simply reflect on life in general…………..
• Live life with energy, enthusiasm and empathy
• Work hard, play hard, and love those close to you like there’s no tomorrow
• Understand that we are not on this earth for a long time…….so lets make it a good time
• Enjoy, cherish and spend time with your family and friends
• Realise that life isn’t always fair - but it’s still good
• Failure is not falling down, failure is not getting up when you fall
• No matter how bad things look, realise that things will get better…..if not…..make them better
• Stay in control of your own happiness and destiny
• Spend your money wisely, and save some for a rainy day …….and if you can, leave some on the table for the next person
Fap Turbo was launched on 25 November 2008 and there was so much buzz around this product launch that thousands of copies were sold on the very first day. Why all the hype ? The answer to this is simple - Fap Turbo is different from all other Forex robots available on the market today. Does it really work ? Yes it does! So far I am very happy with the performance and would definitely recommend that you check it out..see my full review below for more details.
1. Short Term Scalping Strategy
2. Long Term Advanced FAP strategy.
Each strategy is designed for its own timeframe & currency pairs. For example Long term strategy works only on EURUSD. The scalping short term strategy works on 4 pairs: EURGBP, GBPCHF, EURCHF & USDCAD, M15 Timeframe.
Both strategies are built inside one FapTurbo expert advisor and can be switched on and off easily. Each strategy uses its own designed timeframe and currencies so be sure you use the strategy on proper currency pair and timeframe. You will find full details on each strategy and its parameters in the Fap Turbo Guide and Video Tutorials. The FapTurbo System is our Top Pick. A system that can make you money, rather effortlessly.
The forex market is the biggest market in the world with trillions of dollars changing hands everyday. This truly is the most fluid and liquid marketplace on earth. This market trades 24 hours a day, 5 1/2 days a week and it is traded by every major bank in the world.
One of the cool things about forex is the fact that markets tend to trend very well and therefore they are very suitable for technical analysis and the use of trend following techniques such as MarketClub’s “Trade Triangle.”
Today, we will be focusing in on the EUR/USD exchange rate. As of right now, the dollar continues to be gaining for the year against the Euro. However, we still have about another week left to trade in 2008 and we could see the USD end up being flat for the year.
This gets back to a point made earlier…never buy-and-hold a security or a currency as events are constantly changing in the financial arena.
The new video runs about seven minutes. In the online video, which you can view step-by-step exactly how we approach both trends and market timing in the forex markets.
Posted by admin | Posted in Forex Trading | Posted on 14-12-2008
Who is the best Meta Trader Forex broker? is probably one of the most recurrent questions in every Forex trader’s mind. You have probably gone around that question yourself a number of times, and rightfully so because choosing the right broker is crucial for your long term success as a trader.
Today we will look at 12 things you should consider before choosing a forex broker.
Tight spreads: As you probably know, the spread is the difference between the bid price and the ask price of any particular currency pair. It’s the cost of doing business in the Forex market because that spread is effectively what you pay up to your broker in order to open a position. You’d be surprised the wide array of spreads we’ve seen among the different brokers reviewed. For example: GBPJPY is quoted all the way from 5 pips to 12 pips of spread depending on the broker. That’s 7 pips you can potentially save!
Execution speed: How fast your order is sent to the market. Why is it important to trade through a fast broker? Here’s why: imagine you clicked your entry/exit order for a GBPUSD trade at 1.9720, but the order takes few seconds to actually hit the market. A fast-moving currency pair like GBPUSD can easily move lots of pips within seconds, so by the time your order is filled the current price is no longer 1.9720 and you may never enter the trade.
Number of currency pairs available: How many different currency pairs are available for you to trade through each specific broker. Some of them offer as little as 12 pairs while others offer 30+. The more, the better.
Dealing desk honesty: Some brokers actively hunt traders’ stop losses in order to cause them an “artificial” loss. Moreover, some brokers also pass systematically-successful traders to “manual execution”, meaning that a side dealing desk filters his trades to lower the trader’s overall performance.
Length of demo accounts: Goes all the way from 30 days to unlimited. We feel that 30 days is not nearly enough to practice your Forex trading skills, so the longer the length of demo account, the better it is.
Safety of funds: How comfortable would you be if you knew your broker is in fact incorporated in a tax heaven location such as Belize, Panama or Cyprus? These countries usually don’t require corporations to present their accountancy books to any governmental regulatory bureau, if there is indeed any to begin with! Forex brokers, like any other company, may go belly-up and if that ever happens to your broker you don’t want your trading funds to be located in an unregulated, shady corner of the world.
Spread-widening: Some brokers widen their spreads significantly around news announcements. The problem with widening the spreads is that your stop loss could be automatically taken out just because what it used to be a 5 pip spread few minutes ago, has just multiplied 5-fold artificially knocking your stop loss out! This is, of course, a big negative point.
Market data reliability: Have you ever opened your MetaTrader4 platform just to find a very confusing and unexpected huge price spike out of the blue for no particular reason? Yup, we all have… Some MT4 brokers are notorious for the poor stability in their servers, and whenever their server burps you get to see those unreliable price spikes that usually end up messing your charts.
Responsive customer service: it is astonishing how often a customer needs to dial three or four times the customer service department number in order to get someone at the other end of the line, and even then you often encounter someone who knows very little about Forex and trading as a whole, adding up to your frustration.
Price re-quotes: The nightmare of every news trader! Have you ever tried to enter or exit a trade at a high-volatility time such as news announcements? If so, you have probably suffered from the dreaded “price re-quote” error message pop up window, which basically keeps you away from entering your position while price takes off without you.
Institutional accounts: Are you a pro-trader with a larger than-most account? If so, some brokers offer what they call “institutional accounts” which usually offer larger liquidity pools, much tighter spreads, wider options for account management, etc.
And few other elements we’ve bundled into the “Other” category: For example: some brokers donate a portion of their profits to UNICEF, some others allow PayPal funding/withdrawals, some others provide a brief introductory course to Forex, etc. You know, little sweeteners that are always nice to see.
Here is how Trading Psychology can affect your decisions in the market. This is very relevant in trading in the current market conditions. Your biggest enemy, when trading, is within yourself. Success will only come when you learn to control your emotions.
1. Caution.
Excitement (and fear of missing an opportunity) often persuade us to enter the market before it is safe to do so. After a down-trend a number of rallies may fail before one eventually carries through. Likewise, the emotional high of a profitable trade may blind us to signs that the trend is reversing.
2. Patience.
Wait for the right market conditions before trading. There are times when it is wise to stay out of the market and observe from the sidelines.
3. Conviction.
Have the courage of your convictions: Take steps to protect your profits when you see that a trend is weakening, but sit tight and don’t let fear of losing part of your profit cloud your judgment. There is a good chance that the trend will resume its upward climb.
4. Detachment.
Concentrate on the technical aspects rather than on the money. If your trades are technically correct, the profits will follow.
Stay emotionally detached from the market. Avoid getting caught up in the short-term excitement. Screen-watching is a tell-tale sign: if you continually check prices or stare at charts for hours it is a sign that you are unsure of your strategy and are likely to suffer losses.
5. Focus
Focus on the longer time frames and do not try to catch every short-term fluctuation. The most profitable trades are in catching the large trends.
6. Expect the unexpected.
Investing involves dealing with probabilities – not certainties. No one can predict the market correctly every time. Avoid gamblers’ logic.
7. Average up - not down.
If you increase your position when price goes against you, you are liable to compound your losses. When price starts to move it is likely to continue in that direction. Rather increase your exposure when the market proves you right and moves in your favour.
8. Limit your losses.
Use stop loss orders to protect your funds. When the stop loss is triggered, act immediately - don’t hesitate.
The biggest mistake you can make is to hold on to falling stocks, hoping for a recovery. Falling stocks have a habit of declining way below what you expected them to. Eventually you are forced to sell, decimating your capital.
Human nature being what it is, most traders and investors ignore these rules when they first start out. It can be an expensive lesson.
Control your emotions and avoid being swept along with the crowd. Make consistent decisions based on sound technical analysis.
These guidelines should be internalised and if you are uncertain of which way to turn with a particular trade, re-read these statements and your answer should become clear.
I can honestly say that 30 years ago I learned how to trade the markets in the pits of Chicago. It was there, in one of those sweaty, tumultuous, in your face trading pits, that I learned one of the most valuable trading secrets in the world.
This one trading secret opened my eyes to why things happen in the markets.
This trading secret, which is over 800 years old, is one of the most monumental mathematical discoveries of all time. The publication in 1202 of the “The Book of Calculation” was never meant to be a road map to success in the markets. However, it turned out to be an extraordinary blueprint for how modern day markets work. The number sequences contained in this amazing 800 year old book, is like having a virtual DNA for every stock, futures and foreign exchange market.
No one knows for sure why these number sequences work. Some traders believe them to be mystical, others, like myself prefer to call them one of life’s little mysteries. I have been using this sequence of numbers to trade the markets for over 30 years. I have to say that after all this time, I am still amazed that these numbers still work!
My new 8 minute educational trading video that remains true to core principles of the “The Book of Calculation.” Show you step by step, exactly how you can benefit from using this trading secret.
Once you view the video and absorb this valuable educational trading lesson, you can apply the exact same principles you learn to your own trading. What could be better than that.
We do not require you to register to view this video.
Subscribe to an eligible INO.COM product* for a chance to win US$50 every month till March 2009.
Please Click Here here for more information.
Good Luck!
One of the easiest ways to determine the trend in any market is simply to connect the dot’s. In this five minute video, you will see how you can connect the dots in any market to determine its trend. The vide will show you three examples of connecting the dots…
1. How to determine a downtrend.
2. How to determine an uptrend.
3. How to determine when a market is making a change of direction.
One of the key components to look for is how a market closes on a Friday or the last trading day of the week. This is when traders have to decide what they want to do with their positions. It also tells you with a high degree of probability which way the market is headed for the upcoming week. Adam Hewison (President, INO.COM; Co-creator, MarketClub) learnt this trading secret on the floor of the exchange in Chicago and it is one he would like to share with you today. He feels that this technique has a lot of validity, particularly in light of today’s volatile markets.
Subscribe to an eligible INO.COM product* for a chance to win US$50 every month till March 2009.
Please Click Here here for more information.
Good Luck!
Simply go to that web page and the video will play automatically for you.
IT’S IMPORTANT YOU WATCH THIS NOW.
The reason why is because I know you’re getting bombarded with messages of fear, uncertainty, and negativity right now. We can’t turn on the television or walk by a newspaper stand without seeing yet another story of doom and gloom.
How did a dead mathematician pinpoint the downturn in the market?
In this new video, you will see how a mathematician who has been dead for several hundred years, pinpointed today’s downturn in the market (1-Dec-08). You’ll find this short video informative, educational and above all practical.
With the 2008 trading year rapidly coming to an end, we think it’s diligent to look forward at what and how you’re going to approach the markets in 2009.
As mentioned earlier, there are going to be some fabulous opportunities to make money in the New Year. However, it’s going to take discipline and a structured approach to take advantage of those opportunities.
Enjoy the video, and let us know if you found it helpful.
At its meeting today, the Board decided to reduce the cash rate by a further 100 basis points, to 4.25 per cent, effective 3 December 2008.
Statement by Glenn Stevens, Governor Monetary Policy RBA
Recent actions by governments and central banks to stabilise their respective financial systems have begun to take effect. Nonetheless, financial market sentiment remains fragile, as evidence accumulates of weak economic conditions in the major countries and a significant slowing in many emerging countries. Commodity prices have fallen further. This, combined with the likelihood of below-trend growth in the global economy, suggests that global inflation will moderate significantly in 2009.
The Australian economy has been more resilient than other advanced economies, but recent data nonetheless indicate that a significant moderation in demand and activity has been occurring. With confidence affected by the financial turbulence and a decline in the terms of trade now under way, more cautious behaviour by both households and businesses is likely to see private demand remain subdued in the near term. With that outlook, and with capacity pressures now easing, it is likely that inflation in Australia will soon start to fall. Global disinflationary forces will assist in this regard, though the depreciation of the exchange rate means that the decline of inflation to the target could take longer than would otherwise have been the case.
Weighing up the international and domestic developments of recent months, the Board judged that a further significant reduction in the cash rate was warranted now, to take monetary policy to an expansionary setting. As a result of today’s decision, the cash rate will be at its previous cyclical low point. Given trends in money market yields, most lending rates should fall significantly and will also reach below-average levels.
There has now been a major easing in monetary policy over the past few months. Together with the spending measures announced by the Government, and a large fall in the Australian dollar exchange rate, significant policy stimulus will be supporting demand over the year ahead. The Board will continue to monitor developments and make adjustments as needed to promote sustainable growth consistent with achieving the 2-3 per cent inflation target over time.
