Forex Brokers... An introduction to a common Forex traders headache...
Forex trading has it's ups and downs. When you are winning, Forex trading feels euphoric. When you are losing, you are eager for the next winning streak. When your Forex broker stops you out for no apparent reason or has technical issues, trading can become frustrating.
To be honest, I have not had Forex broker issues for years. I feel that this is mainly due to the fact that I know what I am looking for when opening an account with a Forex broker - I have had my period of trial and error.
I often receive emails from people who have opened Forex trading accounts with Forex brokers that I have never heard of and that are based somewhere fairly exotic. These emails usually go something like this...
'Have you heard of [insert broker name]? I opened an account with them and deposited [insert amount of money] and now I cannot access my account or withdraw my funds. Their customer service team are not responding to my emails... I think I have been scammed'.
After I read an email like this, I often feel sorry for the scammed individual. I do often think to myself though 'what were you thinking?!'.
You should never give money away so easily. You should do some research before using the services of any company . You should not trade live until you are profitable trading demo - always open a demo trading account first. Once you can make a consistent return trading Forex on a demo account, then go live.
Only trade using a Forex broker that is registered and well-regulated by a recognised financial body/regulator. When I have checked the websites of scammer and fake Forex brokers that are withholding client funds, there is often no detail about regulation. If there are details about regulation, the Forex broker is usually regulated somewhere exotic that is not a recognised financial centre. I suggest that you only trade with Forex brokers that are registered and regulated in the UK, the US, Australia and Cyprus.
Forex Brokers - The Bad
Some brokers are well-regulated but still offer a negative trading experience. These Forex brokers are those that are generally market makers. This does not mean that all market maker brokers are bad and not worth using, but from my experience this is generally the case.
Why do Forex market maker brokers offer such a bad trading experience? I believe this is usually down to the spreads. Market maker brokers (spread betting brokers and CFD brokers) may boast that they offer commission-free Forex trading but spreads are usually very wide and extremely variable. During news events, I have seen 3-4 pip spreads widen to 30-50 pips, even with the most popular spread betting and CFD Forex brokers. This results in terrible entry prices, orders not triggered and stop-losses unexpectedly triggered.
When choosing a Forex broker, some traders take into consideration the platform(s) supported by the broker. With free chart analysis websites like TradingView and so many brokers now offering free unlimited demo accounts, the trading platform(s) offered by a Forex broker should not be a priority when deciding your Forex broker. Nowadays, you can use a Forex broker for execution only and find a third-party website or free trading account elsewhere for chart analysis - having a Forex broker that offers a great platform for analysis is no longer needed.
Forex Brokers - The Good
So, what do I consider a good Forex broker? For me, it is a broker that I can trust with my funds, who will execute my trades as expected and provide tight spreads, even when markets are volatile due to high impact news events. The Forex brokers that meet my personal criteria are often STP and ECN brokers. It is true that these brokers charge a commission per trade but spreads are extremely tight - sometimes 0 pips on major pairs - and overnight/swap fees are minuet (quite often they are positive - meaning you are paid to hold positions overnight).
The 2 brokers I have been personally trading with the last couple of years have been Darwinex and IC Markets. I don't have a complaint about either broker. Below are some details that you may find useful...
Forex Trading - High hopes followed by deep feelings of failure...
I have been in the Forex trading industry since 2012. I have met so many people enter the Forex trading industry with high expectations; financial freedom, working from home, doing something they love, etc. I would say that 99% of those I have met never fulfilled their Forex trading dreams and gave-up on their Forex trading ambitions.
Most retail Forex traders can relate to feelings of discouragement and disappointment and have blown at least one Forex trading account. Why does this happen and why is it so common for Forex traders to lose?
Why I believe so many Forex traders fail...
The most common characteristic that I have seen amongst unprofitable Forex traders is false expectation. Let me tell you some truths about Forex trading...
1. You will not be a profitable Forex trader within a few weeks or within a few months. I suggest you have a goal of becoming profitable set at a few years. Yes, a few years! Obviously the road to successful Forex trading can be shortened if you learn from someone who is already a successful Forex trader but successful Forex trading takes time - just like most things in life.
2. You will unlikely to make triple-digit returns and grow a small trading account to a professional trading portfolio in a short space of time. For example, it is very unlikely that you will turn a $500 Forex trading account to $50,000 within a few months or within a year. I recently opened a new trading account with the goal to make at least 10% per month (you can follow this account at Forex Factory and myfxbook). I have been trading Forex for several years though - newer Forex traders should expect a smaller return.
3. Once you are a profitable Forex trader, trading no longer provides an adrenaline rush that requires your absolute time and attention. Trading becomes more of a relaxed office job. Of course there is still excitement when you have a fantastic trade but this may not be a daily, or even weekly, occurrence.
I don't mean to come across negatively. The purpose of my words is to help you lower your expectations in order to have a much more realistic view of what profitable Forex trading is and what becoming a Forex trader can provide. I love trading Forex and would do nothing else. I have the ability to work from home and earn a fantastic income but it was not an easy journey. I don't own a Lamborghini and I don't spend most of my time on holiday - I have to trade to pay the bills!
Why does expectation determine Forex trading success?
So, how does unrealistic expectation lead to Forex trading failure? A Forex trader with unrealistic expectations is never satisfied with his or her Forex trading strategy, his or her Forex trading results, his or her Forex trading mentor and so on... I recently uploaded the following quote to my Instagram, which suits this post nicely...
"I feel that too many rookie traders put too much pressure on themselves - if they don't win big today, this week or this month, they feel like they are failing. Trading successfully is not about winning big or doubling your account balance every few weeks. Successful trading is about doing something you love whilst making a consistent return.
Do you know what percentage return the most successful hedge fund gained last year? Most of you are trying to beat hedge fund performance 5 times over... Have a long-term perspective. Trading will only make you rich once you can make a consistent return, you have experience, and are confident in what you are doing. This cannot be achieved within a few months"
- Samuel Morton
When a Forex trader becomes unhappy with his or her Forex trading performance, they ditch their current trading style, trading strategy or trading mentor. They then find a new one. Guess what? The same thing happens again... and again... and again...Unrealistic expectation is at the heart of Forex trading failure and is the fuel of the never-ending cycle of Forex trading failure...
1. Create or learn a new trading strategy
2. Trade the strategy
3. Hit a draw-down
4. Give-up due to unrealistic expectation
5. Create or learn a new trading strategy, and so on...
How about Forex trading psychology?
Yes, the challenges of Forex trading psychology and a lack of emotional discipline are to blame for failure too but trading psychology routes from unrealistic expectations. Let me give you an example...
Jimmy has developed a Forex trading strategy that is going to make him rich
Jimmy has back-tested the strategy and even tried trading the strategy on a demo account
Jimmy has recorded that the trading strategy has a win-rate of around 70%
Jimmy places his first live trade. It's a small win. Great, roll in the money baby!
Jimmy places his second live trade. It's a loser. Now in a slight loss.
Jimmy places his third live trade. It's a loser. Starting to get frustrated.
Jimmy places his fourth live trade. It's another loser. There must be something wrong with the strategy?! Jimmy gets frustrated as once again he has hit another losing streak.
Jimmy gives-up and orders a large pizza, which he eats all to himself while crying to some uninspiring show on TV.
What has happened in this story? The obvious answer is that Jimmy has become victim of Forex trading psychology. Let's look a little deeper though. Let's consider a different question, why has Jimmy become a victim of Forex trading psychology? It is because of his unrealistic expectations. For some reason, Jimmy did not expect that he would have a losing streak, especially so quickly. Even with a 70% win rate a Forex trader is going to experience losing streaks, losing days, losing weeks and even losing months. Jimmy had not accepted this though and thought that his road to pip mountain would be plain-sailing with his super new Forex trading strategy.
Change your mindset
It is time for me to finish this post as other trading and non-trading demands are calling. I think the following quotes may help to conclude this post well...
"If you change the way you look at things, the things you look at change"
- Wayne Dyer
"There is nothing as powerful as a changed mind. You can change your hair, your clothing, your address, your spouse, your residence... But if you don't change your mind, the same experience will perpetuate itself over and over again, for everything outwardly changed but nothing inwardly changed"
For those of you who follow my price action trading YouTube channel or my Forex price action website, you will know that I am big on price action trading. I love it and it works - a great combination :-)
Price action shows a Forex trader where price has been in the past and where it could be in the future. It consists of analysing price charts, identifying areas of market support and resistance, identifying price consolidations, market trends and recognising patterns formed by price. In one of my favourite trading books (Reminiscences of a Stock Operator), Jesse Livermore states 'I learned early that there is nothing new in Wall Street...Whatever happens in the stock market today has happened before and will happen again'. This is the principle used in price action trading - what has happened in the past will likely happen again.
Perhaps it is the Forex geek in me but price action has appealed to me from the beginning. I love seeing support and resistance respected and clear patterns that hold and signal big moves - probably because it builds my confidence in price action trading and my belief that it is a great way to predict the market.
Even though I am a price action convert and use it religiously to trade Forex, I have never been tempted to debate my beliefs or to shoot other types of traders down. But there are certain questions that I would like to pose and then answer; is price action the only way to make money when trading Forex? Do indicators work? Is fundamental analysis reliable?
Is price action the only way to make money when trading Forex?
The answer is obviously no. Price action is not the only way to trade Forex successfully. There are plenty of Forex traders that make a profitable return each year that are not price action traders. Saying this though, I have yet to meet a trader that does not use an element of price action as part of their Forex trading strategy. Even traders that rely heavily on fundamental analysis, usually use some form of price action analysis to enter or exit trades.
Price action may be the only way that you (as an individual) can trade profitably though. We all have our own trading beliefs and personalities. Price action trading may be the "holy grail" for one trader but not for another. The same could be said for fundamental analysis and for using technical indicators.
Do technical indicators work?
In short... Yes! From my experience, trading with indicators can be beneficial. But there is a big difference between trading technical indicators as a confirmation of price action and trading solely indicators. For example, an RSI signal is a great confirmation that price may start retracing, but it should never be the only reason to buy or sell a particular currency. Relying on solely indicators will lead to Forex failure. The same could be said for aspects of price action trading - price being at support is never a good enough reason to go long, but recognising that price is at support can be a great part of analysis.
How about fundamental analysis?
Same answer as above.
How price action trading has helped me
I have been a Forex trader since 2012. All of my Forex trading strategies are based on price action. I have seen my trading accounts grow using price action strategies - I am a true price action convert.
Price action helps me to know which direction I should be looking to trade, where to enter a position and where to exit a position.
I recently started a trading account that pushes my price action strategies to the limit (I am currently up by over 30% in just 6 weeks). You can follow the account on Forex Factory and myfxbook. The strategies and techniques used for this account are covered in my price action trading course.
You can learn more about me and about price action trading by following the links below...
My name is Sam Morton, I am an independent Forex trader. I have been trading Forex for nearly 7 years. I love what I do. My career has been very rewarding. It has allowed me to earn a decent living and has allowed my to work from home.
The purpose of this post is to outline the steps you need to take to become a full-time Forex trader and also let you know of some aspects of Forex trading you need to consider before committing to trading Forex as your main career. I have been there and done it. I consider myself an expert in this field - please give special attention to my advice.
Step #1 - Learn as much as you can (for free)
Believe it or not, you can learn a lot about Forex trading and how to trade Forex for free. There are countless websites and YouTube channels that offer free courses, free blog posts and free training on learning how to trade Forex. There are not many careers that require no qualifications and no payment for formal training but becoming an independent Forex trader is one of them. It does not matter who you are or what your background is, you have the potential to become a Forex trader!
The best thing about free online content is that you can learn in your own time. No matter if you are a student, employed or self-employed, you can learn in your spare time and go at your own pace. By browsing the web, you will be able to learn the basics of the Forex market, the basics of chart analysis, the basics of Forex brokers and how to profit from the market. To help you along the way, here are some sites that may help you...
Technical Forex - www.techncialforex.com - their free Forex 101 courses are perfect for beginners. They also have a trading Forum and other features that you may find useful.
BabyPips - www.babypips.com - another site that offers free courses and a free forum
My YouTube Channel - www.youtube.com/user/lovethepips - I have a range of basic trading videos to more advanced content. Perhaps start by checking-out my free Forex videos page.
Note: If you would prefer purchasing and reading Forex books to online content, Amazon UK and Amazon US have a wide selection of Forex trading books for beginners. Perhaps try eBay if money is tight.
Step #2 - Trade demo. Only demo
A demo or paper trading account allows a Forex trader to analyse charts and place trades as if he or she was actually trading. The money is virtual though - all losses and wins are imaginary/practice.
One of the most regretted mistakes made by Forex traders is that they decided to open a live trading account and fund it far too early. Don't do this. Listen to my words, you will lose your money. There is no rush. If you do not have the patience to trade a demo account for a season, you will not have sufficient patience to make it as a full-time Forex trader.
Once you have a demo account, you can practice what you have learned. Use your time with your demo account to learn how to execute trades, analyse charts, watch how markets react to news events and learn from mistakes.
The following brokers offer free demo accounts for aspiring Forex traders...
Darwinex - click here - for all traders outside the US. I personally use this broker and highly recommend them.
IC Markets - click here - for all traders outside the US. I personally use this broker and highly recommend them.
Once you have gained some experience and feel more comfortable analysing charts and making trading decisions, you need to develop a trading strategy and a set of trading rules (trading plan).
A trading strategy and trading plan will give you an edge. Trading is very much a numbers game. You win by leaning chance in your favour. Trading strategies can be based on price charts, technical indicators, news events and other aspects of the Forex markets. All successful traders have a trading plan and a trading strategy. A trading plan gives direction to managing your capital and ensuring that you are not taking too much risk.
My trading strategies and plans all came with experience. With time you will notice things that repeat themselves in the markets. You will notice money-making opportunities. These things need recording and compiling into a set of guidelines for trading Forex.
Step 3 is where most traders start to struggle. If you need help developing a trading strategy or with any other aspect of trading, please consider the following...
My Forex Mentor Program - learn from me directly. The programs consists of 6 online training sessions with me. The aim of the program is to make you a profitable and self-reliant Forex trader. You will also receive access to my course.
My Advanced Trading Course - learn my personal trading strategies and how I profit from the Forex market.
Step #4 - Start-off small
Once you have a trading strategy and trading plan, I suggest you then start trading with real funds. You will need to start with just a small amount of capital though. You will likely make mistakes - going from a demo account to a live account is a steep learning curve - but it is best to make mistakes with a small amount of capital rather than with your hard-earned savings!
Things to consider
Have a 2nd income
You will earn so much more if you can re-invest profits (compound trading). You will need to keep some profit in your account as a buffer against losing trades anyway. It would not be wise to draw all your profit each month. You will also have months where you will make no profit. You will have good months, mediocre months and bad months. Until you have a large trading account, Forex trading will not provide an income like a salary.
I strongly suggest you have or create another source of income so that you are not solely reliant on your trading income only. If you don't, the pressure will be too much and with a smaller-sized account it is just not practical. Why do you think so many Forex traders offer training and run trading related businesses?!
Forex trading will not allow you to get-rich-quick
Too many traders have unrealistic expectations. Forex trading will not provide 100% returns each month. Some of the best Forex traders in the industry gain anywhere from 20-80% per year.
Don't allow this to put you off though. Once you can make a consistent return and are a profitable Forex trader, many options will be available to you. You may have the chance to trade with investor capital, add to your own capital or even trade for a hedge or proprietary fund.
Don't let a lack of capital get you down. Focus on becoming profitable first and then focus on how to expand your capital from there. Having a large amount of capital is not a prerequisite to become a Forex trader.
You will receive criticism
If you choose to be public with your trading ideas and your Forex trading in general, you will receive criticism. Internet trolls and other viewers will put you down and call you a scam. Unfortunately, this is part of any industry when dealing with the public (especially online). Just a thought.
Trade to live, don't live to trade
Don't make my mistake. I love trading and being a Forex trader but I do feel that perhaps I have taken it a little too far and may need to reign myself in a bit. There is a lot of enjoyment in keeping trading simple i.e you trade by yourself, for yourself, in your own time. In recent years, my trading career has really grown. Until recently, I managed numerous trading accounts and a trading room, whilst also being a Forex technical analyst for a Forex broker and having my own personal trading account. Most people trade because of the freedom it provides. If you are not careful, trading may glue you to your office desk and try to take over your life! Please don't misunderstand me, I love what I do and am always looking for new students and the opportunity to grow love-the-pips. Just don't get to the point where you are no longer working toward your Forex trading vision.
There is a lot to consider when becoming a Forex trader. At some point, you will need to decide which of the many Forex brokers you will have a trading account with. You may ask yourself questions like; which Forex broker should I choose, what is the difference between Forex brokers, will my money be safe with this broker, is this broker trustworthy, is this Forex broker price competitive... Becoming a profitable Forex trader is hard enough without 'broker worries'. To help you choose a Forex broker a bit more wisely, let me offer some Forex broker advice...
What I look for when choosing a Forex broker...
When I need to open a new Forex trading account, I have criterion that the broker must meet before I decide to open an account with them. I have listed the criterion below in priority order...
If a broker is not well-regulated then I have no interest whatsoever in trading with that broker. Regulation helps to keep your funds safe and your trading experience legit. There is no guarantee with regulation - you can still lose your money if the broker goes bust and you can still have a negative trading experience - but regulation helps to prevent these things from happening.
All of my Forex trading accounts are with brokers that are registered and regulated by the FCA (regulatory body for the UK), the NCA (regulatory body for the US) or the ASIC (regulatory body for Australia). However, there are some very reputable brokers that are regulated by CySec (regulatory body for Cyprus).
I have a list of FCA regulated Forex brokers. You can view the list by clicking here.
By products I just don't mean which currency pairs are offered by the Forex broker or if the broker offers commodity and index CFDs. I am interested to know if the broker offers positive swap rates and how much the negative swap rates are (overnight fees), how tight the spreads are and how much commission is charged by lot/trade. All of these things are important to me - they all have an impact on my trading profitability. I see Forex trading very much like a business - the lower my overheads, the higher my potential profit.
ECN type brokers generally have the tightest spreads and best swap rates but there are some spread betting brokers that offer very competitive spreads.
#3 Trading Experience
Execution and how wide spreads widen during news events have a huge impact on my trading experience. I always open a demo account first and get a feel for the Forex broker before committing to a live account. Once a live account is open, I fund the account with just a small amount of capital first and then add gradually.
It is very frustrating to have a trade that is stopped-out by over-widening spreads which would have been profitable or a position that is not stopped-out and price continues past the stop-loss order! All Forex brokers can make mistakes and have technical difficulties but these things should rarely happen.
#4 Type of Broker
I am not interested in trading Forex with a market maker (most retail Forex brokers in the UK are market makers) but that doesn't mean that you shouldn't (I'll explain more about this later). 99% of my trades are with STP or true ECN Forex brokers.
My recommended broker...
My main trading accounts are with Darwinex. They tick all the boxes for me and are by far the best retail Forex broker (in my opinion). You can open an unlimited demo account by clicking here.
What I don't look for when choosing a Forex broker...
There are some things about Forex brokers that are just not important to me. These are...
Leverage / Margin
If your choice between Forex brokers is down to leverage than you either do not understand risk and money management or you don't understand the importance of margin when trading Forex. If a broker offers at least 1:33 leverage (and they all do) then you'll be fine. If does not matter if a broker offers 1:50 or 1:500 leverage, this has no impact on my trading, hence no impact on my broker choice.
If you need a Forex broker with a minimum of 1:200 leverage then it sounds like you are underfunded and need to save for a bigger trading account.
The Trading Platform & Charting Package
There are so many good Forex charting packages nowadays that there is very little need to use the package offered by the broker. If you hesitate to trade with a certain Forex broker because they only offer MT4 or they own bespoke package, then use the Forex broker for execution only. I use my Forex brokers for opening trades, managing trades and closing trades - anything else is a bonus. TradingView offer a great charting platform. Oanda's fxTrade platform is also very good (just open an unlimited demo account).
New York Close Charts
Just as above, if a Forex broker does not offer New York close charts who cares?! Just look at the alternative charting packages. New York close charts should not be a determining factor when choosing a Forex broker.
I don't mean to contradict what I said earlier regarding only trading with STP or ECN brokers. I do only trade with these type of brokers but if you are new to Forex trading then I think trading with a market maker broker (CFD broker, spread betting provider, etc) is a good choice. This is how I started. Going straight to an ECN type broker could have been too overwhelming for me at first. Market maker type brokers usually offer quick and simple ways to open and manage trades, ECN brokers typically do not - there is a lot more jargon.
Don't hesitate to open an account with market marker. You should be trading on demo at first anyway, if not, you are going to lose your trading capital nonetheless. Once you are consistent with trading profits and understand the Forex markets better, then is the time to make a transition to a STP or ECN broker.
My recommended broker is Darwinex. To open an account with them, please click here.
BrokerNotes is a Forex broker comparison site. You may find the website useful. Please click here to visit BrokerNotes.
Access to the Forex market offers the opportunity to be your own boss, work from home and make a lot of money, IF you are profitable. According to the statistics that are often shared online, around 90% of traders do not make money long-term and are not profitable. The dream of living a Forex traders lifestyle is often replaced with discouragement, frustration and disappointment.
So, how do I make money trading Forex? What is the 'secret' to profitable Forex trading? Why am I in the lucrative 10% of winning Forex traders? What do you need to do to become a successful Forex trader? Well, let me share with you how I make money from trading Forex...
How I make Money Forex Trading
It is all about having a trading system/strategy or having a trading plan
I have been trading for several years. I started by trading stocks and shares but later moved into European stock index trading and then to Forex trading. No matter what I have traded, I have always had a systematic approach to trading the market.
Having a clear set of trading rules in the form of a trading plan or a trading strategy or trading system is essential to trading success. Without these trading rules, traders are often left to trade their emotions, this almost always results in losing money. Fear, greed and boredom are the enemies of profitable Forex trading. A set of rules allows you to focus on a planned, back-tested and logical method rather than trading on what you believe you see or feel about the market.
These set of trading rules can include things like when to enter a position, when to close a position and how much to risk per trade. Trading rules for Forex can be based on technical analysis, fundamental analysis or a combination of both.
A trading strategy or trading system not only helps to minimise the psychological and emotional challenges of Forex trading, it also provides a trader with an edge - putting chance in the favour of the trader.
It is then about sticking to a trading system/strategy or trading plan
Once you have a set of trading rules, you then have to stick to the trading rules. There will be periods of draw-down, periods of consecutive losing trades and periods when you are not taking any trades. These times can be challenging and facing these obstacles is inevitable, no matter what your Forex trading strategy is. No Forex trading strategy will provide a 100% win rate (no losing trades) and offers numerous trading opportunities on a daily basis.
I am a price action trader. Analysing price charts, Japanese candlesticks and moving averages makes sense to me. I love studying charts and identifying patterns and other price movements. My trading rules are always based around price action and include things like candlestick set-ups, horizontal support and resistance, trend support and resistance and dynamic support and resistance. This is how I trade. It is simple and very methodological.
Something that a lot of YouTube channels and Forex educator websites lack is transparency. Questions that are often thought (if not asked) are...
Is this trader really profitable?
Does his/her trading strategy really work?
Is this a scam?
From the beginning of love-the-pips.com and it's associated Forex YouTube channel, I have tried to make honesty and integrity a major theme. If I were to have a slogan, I guess I would have something like 'Transparent Price Action Trading' or 'Honest Forex Trading'. To help support my goal of absolute integrity, I recently made a few changes that will help you to see my actual Forex trading results and get a better feel of my trading performance and what you can expect. I have listed these changes below...
Real Forex Trading Results
Up until now, my trading performance has been posted to my Forex trading results page. I understand that these figures could just be made-up and imaginary, so I have made the following changes...
Darwinex - I personally trade with Darwinex. They are not just a great STP Forex broker but they offer some social trading features that make it simple for you to view my Forex trading performance in great detail. I have created a public account that tracks all my Forex trades that are provided in my Forex trading room as of February 2017. The trading results are updated every 24 hours. You can view my performance per month and per year.
Click here to view my Forex trading results with Darwinex
Myfxbook - To add greater transparency and to answer the requests of a number of my followers, I have added my Darwinex account to Myfxbook. This site provides a lot of detail about my trades and is updated pretty much as I open and close my positions. You can also view the performance of my other Forex trading accounts, namely those held at SM Capital.
Technical Analysis - I am one of the head technical analysts at Truimph FX. Triumph are a Forex and CFD broker based in Asia. I have been part of their team for over a year now. I guess sharing this does not provide any added integrity to what I am doing at love-the-pips but it does boost my credentials.
Technical Forex - To echo my words above, I am also part of the Technical Forex team.
Click here to visit Technical Forex and to see some of my work.
Other works - I have been involved in other projects too. Some of these are listed on my Forex trading website home page.
The question is "are you looking for a Forex trader that shares his/her results and offers a honest service?". If you are, this is the place. I suggest your next step is to learn more by using the links below...
Free Forex Trading Videos - please view my free content on my Forex YouTube Channel or by visiting my Forex Video Archive Page.
Advanced Price Action Trading Course - learn my Forex price action strategies and gain price action insights by taking my Advanced Price Action Trading Course.
Forex Trading Signals - follow my trades by subscribing to my Forex Trading Signals. All of my trades are signalled by email and also in my Forex trading room.
Forex Mentor Program - learn from me directly no matter where you are in the world. Learn more on my Forex Mentor Page.
Over the years I have accumulated a small library of trading books. I have read all of the books that I have purchased and now that are just cluttering my trading office. Instead of trying to sell them, I thought it would be fun to run some competitions and give them away - my clutter can become your clutter!
I will be running a competition each time I upload a video to my Forex trading YouTube channel. Simply watch the ending of each video to know how to enter.
If you win, choose one of the trading publications below and I will post it to you free of charge. Books that are in red are no longer available...
My Trading Book List
In no particular order...
How the Trading Floor Really Works, Terri Duhon - recommended
Naked Forex, Walter Peters
The Collapse of Baring's, Stephen Fay
More Money than God, Sebastian Mallaby
Economics in One Lesson, Hazlitt - recommended
The Greatest Trade Ever, Gregory Zuckerman - recommended
Pit Bull, Martin Schwartz - recommended
How to make Money Trading, Lex Van Dam
Reminiscences of a Stock Operator, Edwin Lefevre - recommended
Baring's Bankruptcy and Financial Derivatives, Peter G. Zhang
Wall Street: The other Las Vegas, Nicholas Darvas
Inside the House of Money, Steven Dropny
Options, Futures and other Derivatives, Hull
A Beginner's Guide to Short-Term Trading, Turner
Going for Broke, Judith Rawnsley - recommended
The Naked Trader's Guide to Spread Betting, Robbie Burns
Hot Commodities, Jim Rodgers
Come into my Trading Room, Alexander Elder - recommended
The Market Maker's Edge, Lukeman
Following the Trend, Clenow
Trading in the Zone, Douglas
Trading beyond the Matrix, Tharp - recommended (UK postage only)
I recently uploaded a new mini-series to my Forex trading YouTube channel. The videos are in a question and answer style format. Each answer is unscripted and each question was submitted to me via my YouTube channel, email and my social media accounts by content subscribers and followers.
I appreciate all the submitted Forex trading questions and hope that my answers were adequate. I am happy to answer any additional trading questions, just send me an email - email@example.com.
Forex Trading Q&A Part 1
The questions include...
What are the Forex pairs you trade and which indices do you trade?
How do you plan your exits?
Do you value fundamental analysis?
What type of Forex trading strategy do you recommend for a person who can only trade mornings and evenings?
Which technical indicators do you use?
Which time-frames do you trade?
Do you have any suggestions on how I can learn the basics of fundamental analysis?
How many trades do you open in a week/month?
What is your win rate?
How much capital do I need to make a full-time income?
Forex Trading Q&A Part 2
The questions include...
If you were a novice/new trader, what Forex trading strategies and topics would you recommend?
What leverage do you use and recommend others using?
Do you add to positions if they are winning?
What are your thoughts on trailing stops?
Why don't educators and traders share their trading results?
What is your trading day like?
Can you describe your transformation into a professional trader?
Is there a future for market makers?
How unpredictable and random is the Forex market?
You may enjoy my other interview-style videos. You can watch them all on my Forex trading video archive page.
Without a doubt, some of my most viewed and 'liked' YouTube videos are my interview-style recordings with myself (Samuel Morton) and my live Forex trades. In this post, I will share with you some of my most viewed live Forex trading videos and also offer a brief insight into live Forex trading.
What is live Forex trading?
Live Forex trading is when a trader shares a trade from opening the position to closing the position at the time of occurrence. This is usually done by recording the trading platform with the open trade visible on the screen. Live trading videos can include audio and often include the analysis or reasoning of why the position was opened and why it was closed.
Why is it important to watch live Forex trading videos?
Watching live Forex trades can be important and beneficial for a number of reasons. I have listed 3 reasons below...
Reason #1 - Current price data is more challenging to analyse than historical price data
Identifying patterns, levels of support and resistance and Forex trading set-ups can be easy when studying historical price data (price charts). Identifying theses these things while they are being formed by price action is a whole other game. Who can spot fully formed head and shoulders patterns on their price charts? Lot's of hands go up. Who can spot potential head and shoulder patterns when only 1 shoulder and the head has been formed? Not so many hands this time... While watching live trading videos you will be able to see price action patterns, support and resistance and set-ups in the making, as often the trader recording the live Forex trade will trade the price action early (before most others can spot what is happening).
Reason #2 - Live Forex trades are educational and inspiring
It's a thrill to see someone make a great trade. It inspires those who are struggling to make profits from the Forex markets. They are also very educational - you get to watch an actual Forex trader open and close positions and hear his/her reasons why. Unless you are looking to learn Forex trading basics, live Forex trading videos are the best way to learn how to become profitable (in my opinion).
Reason #3 - Live Forex trading acts as evidence that your trading mentor knows what he/she is doing
Let's face it, there are too many "profitable" Forex traders that provide very little proof of their "success". Transparent live Forex trading can help wipe away doubt and give you more confidence in the trading mentor/teacher.
Examples of live Forex trading videos
I have uploaded a number of live Forex trading videos to my Forex trading YouTube channel. You can see a full-list of these videos on my Forex video page. Below I have listed some of my most popular live Forex trading videos and some of my personal favourites...
EURAUD Part 1
This was a Forex trade that resulted in a 1:8.5 RR - I am glad that I recorded this one!
EURAUD Part 2
A continuation of the video previous. An unexpected GBPUSD long trade is included in this live Forex trading video.
AUDJPY & EURAUD Trade
Some trades taken using my triple top and triple bottom trading strategy (covered in my Advanced Price Action Course).