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Old 07-07-2005, 05:07 AM   #20 (permalink)
Lewis
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Location: Ireland
Quote:
Originally Posted by Merlocke
Regarding Foreign Exchange, it's an excellent way to move into the "I" Quadrant for those of you that read Kiyosaki's work (Rich Dad Poor Dad). It's from the 2nd book, Cashflow Quadrant.

<a href=" http://www.amazon.com/exec/obidos/redirect?link_code=ur2&camp=1789&tag=wealthcreat06-20&creative=9325&path=external-search%3Fsearch-type=ss%26keyword=Rich%20Dad%20Poor%20Dad%26index=blended">Great Financial Literature</a><img src="http://www.assoc-amazon.com/e/ir?t=wealthcreat06-20&l=ur2&o=1" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />

I'm part of the FX Trainer group myself, and although it's a great introduction, there is so much more to learn out there. Like many people I look upon the network marketing part of the program with disdain because of companies in the past *ahem* "Quixtar" *ahem* that sell overpriced products, etc. I'll be the first to admit that although FX Trainer charting is nice, there is a lot of Free charting software out there that you can find easily with a simple Google search.

History wise - in the beginning I was rather reckless, but got lucky and managed to double my account in a matter of months. After learning a thing or two - there are much easier and safer tactics to follow that ensure a decent level of growth with minimal risk. For those of you that want to get started, the only advice I have to offer is to keep your eyes and mind open, and to pick a trading system that suits YOUR personality and mindset. Don't just be a sheep and follow the crowd because that's what gets your account emptied very quickly. Set a target, and go for it. Have an exit strategy ready at all times because used properly, or improperly, the market will give you what you are looking for. Playing with fire for too long always leaves the propensity to get burned, but straying too far you get cold.

In any case, I wish you luck in your trades.

If you're looking for some good reading as far as best practices without a specific system being held above the rest, I've found this book to be an excellent source:

<a href="http://www.amazon.com/exec/obidos/redirect?link_code=ur2&camp=1789&tag=wealthcreat06-20&creative=9325&path=external-search%3Fsearch-type=ss%26keyword=The%20New%20Market%20Wizards%26index=blended">The New Market Wizards</a><img src="http://www.assoc-amazon.com/e/ir?t=wealthcreat06-20&l=ur2&o=1" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />

Happy Trading!

Hi Merlocke! Good to hear from you again after such a long time. I agree totally with all that you are saying, and I'll check out those books.

I agree about following the crowd in particular. I have a new maxim: 'Listen to others but learn on your own'. Your own personal goals are much more relevant to you than trying to follow others, and finding the way that works for you is key.
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