Houston Seminar in May

I'm going to do a two day seminar in Houston, Texas, on May 23-24. We'd love to have you join us. Seating is limited for these smaller seminars, and the spots go very quickly, so if you're interested, let me know soon.

The Houston Two-Day Seminar

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A Blog You Shouldn't Miss: ForexProject.com

RP is a dedicated blogger who tells you his real experiences with his real trading life, his successes, failures, bones to pick, books he likes, advice he wish he'd gotten a long time ago (including the time when we were in touch), and I think that overall, it's hard to find a blog that is as well written from the hear about the pains and joys of trading. I jump over there as often as I can, and I always find myself wishing he would write more often.

You can click over to the blog here:

http://www.forexproject.com/

It's worth bookmarking. RP doesn't always say things the way I would say them; he always leaves me better off for having spent the time on his blog.

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March Trading Contest

The March TraderRadio.net Contest is ready to go -- and you can register for it here:

https://fx2.oanda.com/mod_perl/fxcontest/fxcontest.pl?rm=contestDetails&contestId=553

And discuss the contest here:

http://www.forexfactory.com/showthread.php?t=64310

Happy trading!

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The Trading Contest Nears an End

The trading contest at forexfactory.com (thanks guys!) is almost over and you can read all about it here:

http://www.forexfactory.com/showthread.php?t=64310

And you also get information about next month's contest, with a prize of $500.

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The Free Atlanta Seminar

I am going to do a free seminar in Atlanta on Saturday, March 1. Seating goes super fast for the free Saturday seminars, so register right away if you want to come. It's really free, and we'll spend at least three hours (and probably more) talking about trading, systems that I use for trading, the psychology of trading, risk management, and more.

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Swami Vivekananda

I've received an email from a kind trader who suggested we give you more background on the image above. Swami Vivekananda was one of the most influential spiritual leaders of Vedanta and Yoga. He taught that each individual is divinity (I am paraphrasing here and not an expert), and I think that if we each treated other people as if this statement were true, it would change the world for the better. There are some great web articles about him:

http://en.wikipedia.org/wiki/Swami_Vivekananda

Original Public Domain Image: http://en.wikipedia.org/wiki/Image:Vivekananda.png More Info: Advaita Ashram

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$20 Million Dollar Requirement for FDMs?

The business of forex currency trading is going to change dramatically in the next 6 months.

Read this post from Francesc's blog at FXStreet.com.

And here's an excerpt from the president and CEO of the National Futures Association to Congress in September:

Congress should amend Section 2(c) of the Act to require FCMs acting as counterparties to retail forex transactions to maintain minimum capital of at least $20 million.

That means that most forex dealers that you do business with are going to have to put up a significantly bigger amount of money to stay in business. The only pure forex-dealing firms that could survive right now under this requirement would be FXCM, Oanda, and GFT.

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The Forex Reviewer

I think this guy is doing the review thing right:

The Forex Reviewer

It seems that the site is just getting up and running in a few areas (the link above will point you to the book review section). But I like the premise, and the tone, and the format -- especially because there are articles and a forum as part of the site.

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Live Training | Barcelona, Spain

Live Forex Training, Barcelona, Spain

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Forex Poster

Our friend Frank Torres made a cool forex poster. You can click on the poster to get one.

Forex Pairs of the World

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Another Drawing at WinForexStuff.com

The cool website winforexstuff.com is doing another drawing. They even made a video for youtube about it:

I've said it before, but I think the idea is cool. Take a look!

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Fibbles in Metatrader

A week ago or so, we did a webinar for FXCM and talked about channel trading and fib retracements of the inside of channels. Many of you asked for a way to draw these "fibbles," as they are called, in Metatrader.

Here is how to draw Fibonacci channels (with fibbles) in Metatrader:

1. Click Insert->Channels->Fibonacci

2. You can now choose which (fibonacci) levels you want by right clicking on the channel, choosing "fibo channel properties" and then choosing "fibo levels".

Thanks to Vincent for helping me remember how this is done.

If you find that you don't like the way this looks, or that MT doesn't do as good of a job as xtick does at producing these fibbles, then you might have to switch to xtick.

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International Traders Conference

I will be speaking at the International Traders Conference in Barcelona Spain, in October. I hope to see you there. It's one thing to have a cool Expo in the states. It's another thing entirely to do an expo in one of the most beautiful cities in the world. Click below for more details:

ITC.png

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“No bank…would survive the promised return of Christ”

In one of the strangest statements about the financial world that I have ever seen, it is reported that Ken Costa, the vice-chairman of investment banking at UBS, said:
"No bank - Swiss Bank or the Bank of England - would survive the promised return of Christ. Strong as they appeared, their apparent security would be broken in an instant."
First, I find it odd that he would have to point that out. Second, it seems odd to me that if someone saw Jesus Christ coming through the clouds, that they would stop and ask, "I wonder if this will affect my online banking?" Third, I wonder what in the world he believes the connection between Christ and banking is. Fourth, I wonder what he is suggesting -- that his own bank isn't safe? That making money (which Mr. Costa has done a lot of) is evil?

Last of all, I thought that there must be more to what he says. So I dug a bit deeper into the subject and found this more insightful quote from Mr. Costa:

"As an investment banker in the City of London, I have read the Financial Times and the Bible almost every day for the last 30 years. People often ask how I reconcile being a banker and a Christian. There is a widespread view that God and business simply don’t mix: the competitive, cut-throat demands of the marketplace are seen as the obvious enemy of Christian compassion and love. But I have found that the God who created and sustains the world is also the God of the workplace. If the Christian faith is not relevant in the workplace, it is not relevant at all . . ."
Now that sounds a lot more like someone who realized that God isn't against man being rich. He's just against man being a jackhole while at work.

NOTE: Please note that I'm not saying here that being religious is bad. I'm just trying to say that there are a lot of people trying to reconcile making money with their religious beliefs. And it's not an easy thing to do.

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Obviously Prudent Investment Advice

“Prudent investment,” she said, “is like prudent experimentation: it sticks to the obvious.”

Spoken by Dr. Renata Felloni, in Luke Reinhart’s The Dice Man.

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Free Event in Dallas, Texas

I hope I will be able to meet you at the upcoming FXCM Expo in Dallas, Texas. Click here for more information. I am speaking on July 14 at 12:30pm. Here are some additional details:

1. I'll have free copies of my new book, Adventures of a Currency Trader, for the first 60 people.
2. I'll have bonus CDs that contain extra material, including trading systems and new ebooks. Free again.
3. Some t-shirts and other cool things.
4. An all-new hour-long presentation, and copies of the slides.

See you there (I hope).

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Trading Upside Down

I am sitting in the Phoenix, Arizona airport, waiting for my delayed flight to Pittsburgh to pick me up and take me home. I've been on planes and in airports for 20 hours so far today, or more. And I've had a lot of time to think about the seminar this week and the amazing traders that attended.

Traveling to Japan and Australia -- and everywhere else recently, for that matter -- has taken me to new places and people. This change in scenery and in personalities gave me a push to start thinking about teaching (and trading) in different ways. Every night this last week, I turned to Ben (who helped out with the seminar) and said, "being in all these different places is screwing up my time zone, changing my diet, altering what I see, and putting me on the other side of the planet. I am seeing things differently because I've gotten out of my comfort zone."

Breakthroughs in trading (and in teaching people to trade) have come when I have allowed myself to get out of my comfort zone. And maybe "comfort zone" isn't the right phrase. What I mean to say is that a trader can do herself a lot of good by not just reading new books or watching trading videos, but actually going outside and getting fresh air, taking a drive out of the area, meeting new people, and just changing the scenery. The change in surroundings can help one to start thinking differently not just about the world and people, but about trading.

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Live Training in London: For 5 Students

I am going to do a "live for five" training - live training, in London, for just five students.

If you're interested, let me know. Send me an email by clicking here.

More details to come tomorrow.

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Room 2602

Tokyo is an amazing place. Hope to see you here on Saturday (see post below) if you can make it.

I'm in room 2602, which I think is cool because it has the numbers 6 and 2 (62). Surely a coincide. Here's a photo from my hotel room:

More updates (and trade ideas) coming this week.

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Free Presentation in New York

I will be in New York for the FXCM Expo, and I am speaking on Saturday, May 19. I am giving a brand-new presentation there. I'll have a few free copies of my books, CDs, and more stuff to give away.

Click here to register now.

Hope to see you there.

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Free Presentation in Tokyo

I am doing a free 2-4 hour presentation in Japan next week (Saturday, May 26). If you are in the area, please come by. There are 60 spots available and 52 places are already taken. I will have free copies of my book, CDs, and fun stuff to give away. And a brand new presentation. And a translator.

Click here to sign up.

I hope to see you there. I will be doing a similar presentation in Australia the week after. More details to come.

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Fun in Vancouver

It was great to meet some of you in Vancouver last night. Photos of the get together can be seen by clicking here.

We are going to hold an open house at the Piptopia office in Mesa, Arizona, on Tuesday, April 10, at 7:00pm. We'll have light refreshments and plenty to talk about. No need to RSVP. Just come. If you do not already have a copy of my new book, we'll have a few free copies of the book there.

Here's a Google Map for the address of the Piptopia office in Mesa.

I hope to see you there!

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CFG Trader Shut Down by NFA

Many of you probably haven't heard -- because CFG trader was quite small compared to other firms -- but the NFA shut them down, and forced them to liquidate all positions on March 21. You can read more about the facts of the case, and FXCM's offer to take over all the accounts for CFG Trader clients, at this Forex Factory link:

http://www.forexfactory.com/showthread.php?t=22410

It's a shame that this happened. One of the big issues will be whether there is any money left in these customer accounts. Hopefully there is.

UPDATE: Click here for some additional thoughts on the meltdown of CFG Trader.

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Time and Profits Slope Revisited

Thanks to Greg who pointed out that my last entry with this slope had the x and y axis transposed.

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Boom!

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For Those of You Who Hedge

FXCM now allows hedging.

That's a big development for the largest retail FX dealer in the world. The tactic of buying and selling the same currency at the same time (that's hedging in retail FX) has become more and more popular. I hear about more people doing it every day. I am not sure it will ever be a part of anything that I do, but it's interesting to me that more dealers are offering it.

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