[FxST] Consistent-Profits & Emotion-Free Trading System

Welcome Message


Hey Welcome Traders,

Matt here, FxST™ Certified Sr. Trader and project leader at ForexSuccessfulTraders™. I'm excited to share a NEW experimental Training Course that teaches how to trade Price Action like an Inter-Bank Trader to achieve low risk Consistent Profits through Emotion-Free Trading. We've re-engineered, and condensed the core training material used in our professional Forex System. We call the System the FxST Platinum Plus Trading System.

You Can Watch More In Depth Videos On Our System Here ---> CLICK HERE FOR VIDEO SERIES

We are looking to enhance the next generation of our course material through feedback/suggestions from traders at ForexFactory who can critically evaluate and provide constructive comments.

We have a new method of training professional traders through an interactive video course. The roll-out plan is to provide continuous course content through ForexFactory and our FxTrader Blog.


Solving Traders Biggest Problems

The FxPriceAction Multiplier course is specifically designed to solve:

1. Eliminating account-blowups
2. Dealing with Shattered-Confidence
3. Eliminating feelings of gambling and guessing
4. Identifying market manipulation by Inter-Bank traders
5. Identifying Broker and dealing desk shenanigans

How We Do It...

The FxPriceAction Multiplier Course is designed with specific objectives:

1. Consistent Trading Profits
2. Emotion-Free Trading
3. 82%+ Win Accuracy
4. Protecting Account Profits
5. Defining a 52 Week Forex Business Plan
6. Creating and Optimizing Effective Trading Rules

Who We Are

FxST is an Online Forex Scalping Certification Trading School where you will discover real Theories, Methods, and Tools of Professional Forex Account Managers!

ForexSuccessfulTraders is a Forex Community based site offering education and training, with exclusive premium training available for those seeking breakthrough trading performance and personal 1-to-1 and/or small group support.

FxST is dedicated to providing Forex traders off all levels including beginner currency traders to professional Forex account managers the highest quality Forex Education, Training and Mentorship.


FxST Trading Philosophy

The following assumptions form the core trading principles to achieve Consistent Profits and Emotion-Free Trading:

 

1. Price Action is the primary and ONLY TRUE Leading Indicator
2. Small profits can grow into significant profits when defined in a proper business plan
   (i.e you do NOT need to hit homerun trades to make a lot of money)
3. Accuracy is best achieved by anticipating vs. predicting price movements
4. Protecting Profits is a traders highest priority for long term success
5. Consistent winning is best measured by Trading Efficiency Quotient:
   (T.E.Q = Total PIPS/Hours Trading)

These 5 assumptions lay the foundation for the 3 core areas of competencies that a Successful Trader must achieve.

3 Pillars to Successful Trading

So what does it really take to increase your chances of becoming a Successful Trader? The problem for many traders is expecting success by learning only 1 or 2 competencies. Some traders believe all they need to learn are technical charts (trade setups), others believe it’s all about getting the fundamental news (market conditions), and others are just happy to roll the dice (personal mindset).
Think about the Trading Zone as a 3 legged stool. You need all legs to support you and the FxST training system is specifically designed to give you just that.

1. Market Conditions
2. Trade Setups
3. Personal Mindset

http://forexsuccessfultraders.com/as...ading-zone.png

Refer to FxBusiness Manual for details.(pg.16)
[see PDF download below]

How To Start...

Step One: Download 52 Week Business Plan - CLICK HERE


Step Two

Download Forex Business Manual attached PDF to this thread.

Thank You, we invite all comments, questions or concerns!

Matt Miller
On behalf of the FxST Training Center

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www.ForexSuccessfulTraders.com

Forex Risk Warning Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN

An important element in any successful business is a core plan or step by step series of actions that can be easily executed.

The same underlying structure is no different for creating a Forex trading business. Infact some of the benefits from a Business plan can actually be indirect benefits such as:

 

1. Increased Confidence
2. Consistent Account Growth
3. Avoiding Account Blow-Up

Increased Confidence

One of the positive side effects of having an easily accomplished business plan is that it indirectly increases your over all confidence in your trading. As a trader it is very important to be confident for many reasons such as, eliminating hesitation, jumping out of trades too early, not taking profit, etc…

By defining exactly what you are going to do on a day to day basis, you can eliminate indecision when your caught in the heat of the moment. The less decisions you have to make as a trader the less emotions can get involved when placing trades. This “un-emotional” state of mind can help you become a better more confident trader that can generate consistent profits.

Consistent Account Growth

Having a Business plan allows you to focus on the day to day activity in your account while maintaining that long term outlook of how you want to build your trading account over time. When focusing on each trade and knowing the different outcomes to expect whether negative or positive on a micro level helps you maintain the equity curve on your account. For example what sounds easier to you, making 500% return in a year or 15 pips a day?

I would think you answered making 15 Pips per day sounds easier. Well what if I told you that 15 pips a day (With a 5:1leverage working up to 10:1) can result in over 1,000% return in a year. I think by now you can realize how gaining clarity on the small details and Micro planning can simplify what you are trying to do and ultimately reinforce the small consistent account growth leading to increased profitability.

Avoiding Account Blowup

If your like most retail traders you have experienced at least 1 heart wrenching account blowup. I know in my beginning days of trying to master this enormous market, things can turn against you fast. I learned this the hard way and I know many others can associate with me on that. So how does one avoid this?

A great business plan requires an exit plan when things go bad. Furthermore, when your trading strategy is not working with what the market is presenting, what do you do?

How many strikes are you allowed to take before you step away from the computer?

All of these questions need to be answered based on your tolerance level, trading style, and what is appropriate for your account.

Please Download The Attached Business Plan

If you would like to watch the full Video Click Here

Hey There, I took at look at your videos and found your business plan rather interesting, I am just starting out in the Forex market, I was wondering if 15 pips is something achievable that will give me the lifestyle I am use to living. Approximately how long does it take to make 15 pips, and will you show your strategy to make these pips..

Jessica, I personally think an average of 15 pips a day is achievable. whether or not It will allow you to live your lifestyle is up to how much capital you are starting with. In the video we outlined what kind of growth potential there is with a small amount of pips on an account starting at $5000 with a 4:1 Leverage working up to 10:1.

Based on our strategy we may get the 15 Pips in a matter of seconds or a few minutes (while in the actual trade)
However we may have to sit at the computer and stay focused for close to 3 hours to find the right opportunity. It can vary from day to day. Because we trade price action we are just looking for volatility. I will go into much greater detail in future posts.

Are you currently trading?

I have just started, i found intereset a couple months ago and started reading about it and now Im just getting around to opening a demo account.

you mentioned above your only trading for 3 hours... what time of the day do you trade?

Thats great, Jessica

I was just writing an post about starting in forex, ill defiantly share that here with everyone.

I mainly trade the New York session from about 7:30am to 11:00am. After I'm done trading Ill usually take an hour or so to do my homework etc... More of those details will be posted soon!

Cheers!

I wanted to quickly outline why I love Forex and some of the dangers to beginning traders...

I think most traders I talk to will confess that their main motivation in starting to trade the Forex market was driven by the thought of making a lot of money. Forex Is the largest and one of the most lucrative financial markets available to the retail trader such as you and I. Although the ability to make a lot of money is a very valid and an enticing reason to start trading Forex, I wanted to talk about some other aspects of trading that is the true driving force of why I am passionate about Forex.

First and foremost I am 100% convinced Trading currency is the most exciting, addicting, and lucrative business in the world. There is not a single day that I haven’t gotten out of bed and been excited to see what was going on in the markets. Part of this I believe is due to the fact that you will NEVER have two days that are the same. Each day trading is completely unique and dynamically evolving. Furthermore your personal feelings, emotions, and surroundings will directly effect the outcome of each day.

So let me start by listing the “pleasures” of trading Forex…



Work From Home – Although many professional traders choose to trade out of an office or sometimes called a “trade Floor” it is completely up to you as to where you conduct business. There is no need for renting/leasing out office space to start your Forex business.

No Employees – Unless you are planning on managing a large fund with outside investors, you really won’t have to go through the headache of dealing with managing any employees.

Very Little To No Over-Head – Because you can work directly off of your laptop or desktop computer you literally have no extra expenses or over head. There may be fees for using professional platforms or paid news services that you may see value in. However even at that, lets say its $500/month tops in overhead, where else are you going to run a business for that small amount of money?

Freedom To Travel - All you need to start trading Forex is a high speed internet connection, that’s it! depending on the style of trading you choose you can literally travel the world and still trade on a small laptop. As the mobile market expands we are now seeing more and more cell Phone applications allowing you to trade directly off of them. However I personally would not recommend people to trade off of a phone just yet.

You Set Your Schedule – The Forex market is open from 5:00pm EST Sunday evening all the way through Friday 5:00pm. The Forex market is open 24 hours a day during the week, allowing you to choose when you want to work. Depending on your strategy there are certain times that are better than others but that is a whole other subject in itself.

Leverage Your Money - If your unclear on leverage let me explain. Because exchange rates may only move a couple of pennies per day the broker gives you something called leverage. With out getting into too much detail it is simply like a loan. When you want to buy dollars because you think the value will increase, you may put up $1,000 in margin and the broker will allow you to purchase $50.000 of that currency. Now those penny fluctuations in the exchange rate are worth a lot more, allowing you greater profit or loss potential! Leverage can be a double edged sword if used recklessly.

No Inventory - Unlike other business there is virtually nothing that you would need to get started trading besides a computer and an internet connection.

Scalability – In some businesses it can be difficult to scale out your operations without taking on a whole bunch of headaches and additional costs. With trading you literally scale out your business with the click of a mouse. When your account grows all you need to do is change the size of the position that you trade. You simply select a larger amount of volume to trade and your business is scaled out larger.

Answer To Nobody – This is another main reason that attracted to trading. When you decide to take on trading it is literally you and the computer. When things are going good, you owe it all to yourself, and if things go bad, its nobody’s fault but your own.

You Can Start Small – Over time retail brokers have now reduced their minimum account size to as little as $25 (not that I recommend that). I recommend starting out on a Demo account. This means you can practice and get comfortable with your skills before you risk a single penny of real money!


There are many other great reasons and advantages to trading Forex. When you sum it all up it really boils down to freedom. It gives you complete control over your financial future and allows you to produce income while having time to enjoy the things you really love.

So what could possibly be “painful” about trading Forex…

I will say this, YOU can be your own worst enemy when learning how to trade currency. Human emotions can be the single biggest obstacle between failure and success as a trader. In most cases I believe 90% of traders will tell you their biggest hurdle was to overcome their emotions of fear and greed when trading. Let me explain some of the situations you may encounter as you begin your trading business.



Looking For Quick Cash – Ill be the first to say I made this mistake as a rookie trader. I came into trading thinking that I was going to make a ton of money in a very short amount of time. Although in some situations it can play out like that, more often than not the odds are stacked against you. There are many different aspects to learning how to trade and become consistently profitable. This is a process that takes time, think about it for a second, you are entering an arena where brokers do not necessarily have your best interest in mind. Until you can get proper education, tools, and strategies it can be very difficult to become a consistently profitable trader. I have seen people come in and do really, really well however they ultimately giving it back because they were trading off of luck, not a plan. Bottom line is you can make a lot of money fast. However if you come in with the mindset that you will make quick cash, your establishing expectations that may not necessarily be realistic.

Attached To The Money – If you really need the money that you are going to be trading to pay bills or other living expenses then you should defiantly consider trading a demo account until you have enough capital set aside. When you start trading you need to disconnect yourself from the money and focus on making Pips not dollars. I will be the first to tell you this is a difficult process for many, but it comes down to being able to excepting the risk. Losing money is never fun, but it is part of the business. Learn how to control your losses and keep them to a minimum, and that helps keep your emotional attachment out of the equation.

Gambling Mentality – By gambling mentality I am speaking about someone who is not looking to have a distinct advantage or put probabilities in their favor when trading. They are literally there to roll the dice and see what happens. This form of trading is reckless and results usually will not be sustained for any period of time. Some may argue that trading is a form of gambling. My answer to this comment is this, if your not educated properly and don’t clearly define and except your risk than anything is a gamble. It is no different than any other business or investment.


So in closing, if your currently trading Forex or thinking about getting into Forex, it takes time. It is no different than any other business or profession in that manner. Often times people do not look at trading as a business, and that mindset needs to shift if your looking for long term success. In order to attain long term success one needs to have a business plan combined with the necessary education, mentorship, tools, and strategies to achieve the greatest success in the shortest amount of time. I’ve seen many successful traders emerge, and the one thing they all agree on is they are glad they took the time to learn how to trade for themselves and enjoy the lifestyle that this business can provide.

To Read Original Article Click Here

Is 15 pips a day adequate to build a REAL forex business?

Interesting article. Hi SamF. I personally think depending on your level of experience, if you are starting up, or even if you are an experience trader, 15 pips is very reasonable. Make the Math 15 pips a day times 5 days is about 75 pips per week; or 300 pips per month or 3600 pips per year.

I would not overwhelm myself so much with the amount of pips, as sometimes it may be a little more, or a little less.

Good Luck,

The Forex Prophet

We are looking at the amount of pips as a baseline average. The business plan helps one understand the how your money can compound over time, allowing you to focus on long term goals.

One of the hardest things for many traders is closing the account after they have made points. That alone is such a huge reminder of when to shut down and go enjoy your day.

Trade of the Day: June 07, 2011

Chief Trader Armando Martinez takes 2 long positions on both the EURUSD and GBPUSD, for 9-10 points each. Armando is able to take an Appetizer Entry on the GBPUSD after a retracement left it 10 points below the 1 minute PMD's, as expected this trade came back to gain 10 points. Additionally Armando is able to hold the EURUSD as it continues to trend upwards. Learn how to consistently profit in the Forex market and understand how to anticipate market direction with FXPM and Forex Successful Online Training School.

http://www.forexsuccessfultraders.co...06/6-07-11.png

Happy Trading,
-The FxST Team

Hello I am a beginner, finish getting into the Forex industry. I was wondering what software is this that your using and is it connected to a broker? I was thinking of using Meta Trader 4 is that any good in your opinion?

Trade of the Day: June 08, 2011

Today’s recording was interrupted by a power outage causing it to be lost. Today we will show you a trade from last week where Certified Trader Matt Miller takes a short position on the EURUSD for 9 points. Matt is able to get a solid 30 entry point by anticipating resistance at the black 15 minute PMD level in addition to taping the first sell zone on the FxPM Matrix. Learn how to consistently profit in the Forex market and understand how to anticipate market direction with FxPM and Forex Successful Online Training School.

http://www.forexsuccessfultraders.co...06/6-07-11.png

Happy Trading,
-The FxST Team

Trade of day,
What do all the triangles mean?

Jessica,
This software is the FxPM Software (Forex Price Movement). It is connected to a broker, receiving quotes via currenex.

Meta Trader 4 is a great starting point, It really depends what kind of trading you are looking to do. If you are going to trade longer term and speed is not a crucial then I think MT4 is okay. I used MT4 when I got started and it was a great platform to learn on. For my style of trading it is too cumbersome to execute very quickly, and I generally don't like using to manage several accounts.



GbpEur,

The triangles represent direction/momentum within a respective time frame. You will notice at the bottom you can see 1m, 5m, 15m, 1hr, and 4hr. Those indicate a time frame that is being plotted and the "PMD's" (triangles) indicate direction within that time frame.

Trade of the Day: June 09, 2011

Today Chief Trader Armando Martinez takes a long position on the EURUSD after a quick decline puts this currency pair deep into the buy zone on the matrix for 8 points. Several moments later Armando is able to use the matrix to identify a support level at 80 to scalp another 8 points. Learn how to consistently profit in the Forex market and understand how to anticipate market direction with FxPM and Forex Successful Online Training School.
http://www.forexsuccessfultraders.co...4-00-37-PM.png

Happy Trading,
-The FxST Team

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Trade of the Day: June 10, 2011

Today, Chief Trader Armando Martinez explains how to use the matrix's Price Movement Direction Indicators (PMD's) to predict market movement. Being able to see a potential price reversal before it happens allows members of the online trading community to scalp 6-7 pips. Learn how to use the FxPM Matrix to spot trading opportunities to consistently profit in the Forex market with FxPM and Forex Successful Online Training School
http://www.forexsuccessfultraders.co...4-00-37-PM.png

Happy Trading,
-The FxST Team

Alright thanks, trades look pretty good do you trade off that software or use it as a tool and trade with another broker?

Gbpeur,

We trade directly off of the software via our InstantBrokerDirect attachment. It is fed by Currenex which provides great spreads and execution.


Thank You,

Matt

Trade of the Day: June 13, 2011

Today, Certified Trader Matt Miller takes a long position on the EURUSD for an average of 9 points. Matt scales in his position after this currency pair hits a 1 minute black PMD, and gets the majority of his fills after it breaks lower to bounce near the PMD levels on the 5 minute, 15 minute, and 1 Hr time frames . Matt is able to get such precise entries by utilizing the FxPM indicators to target price levels that are most likely to provide support or resistance in the Market. Learn how to pinpoint your entries to maximize profit using FxPM and Forex Successful Traders Online Trading School.
http://www.forexsuccessfultraders.co...4-00-37-PM.png




Happy Trading,
-The FxST Team

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