How to start trading Forex - A Beginners Guide

How to start trading Forex

2010-10-14T03:46:00.000-07:00

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Net Earnings Paid Out: $

4261.90

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When you want to start a new business (yes, this IS a business, because it´s YOUR money!) you need to do your homework
before jumping on to the train. This will save you money, time and frustration down the line. Believe me on this.

This is where I come in. I am by no means a "super-trader" making tons of money every day, i still have my full time work
to attend to, but i believe i have made most mistakes that can be made since i started learning about Forex.

When i first heared about Forex, i was searching for something to do in my sparetime. As an intercontinental airlinepilot
i found myself sitting in hotelrooms in god-knows-where doing absolutely nothing with my time. Why not learn something new,
something that will generate a second income, and something that will keep my brain occupied while learning it from the ground up.

I found it, and I am hooked.

Because of the nature of the market (24/5, no liquidity problems, fully online managed) i can now
trade pretty much where ever i am, and whenever i have time to spare.

Now - how do I start?

Let me first explain something to you. Something very important.

My job as an airlinepilot might, to some people, seem like incredibly complex and complicated work. And it is.
To some people.

I´m sure you all met these people. You know the guys standing at a party, bragging, trying to make it look more difficult
than it really is, and talking about how hard it is to become a pilot, the enormous responsibility, the massive aircraft
travelling SO fast through the sky, and so on.... My god. I bet they are sleeping with their captain-hat on too.

On the other hand, im even more sure that you have met the other kind aswell. You know, the Neil Armstrong kind of guy,
who doesn´t say smack about anything unless asked about it, and even then don´t really like to talk about work, because
it´s just work, and who the hell wants to talk about work on their days off anyway?! Besides, the job is so easy, so
why would anyone possibly be interested about it in the first place?!

The same can be said about Forex. You will find an unlimited number of systems, autotrading robots, gurus, indicators
and so on, all promising that their way of doing it is the only profitable way. As long as you pay them 97$ for their
latest software first...

You will also find the tech-junkies. These guys are like the over the top pilot i talked about before. They have tons of
indicators and lines on their eight full HD screens at home, with alert signals beeping, Bloomberg news on 24/7, and so on.
If someone asks them, or even better - come to visit them, they will be more than happy to showoff all their gadgets,
telling the story of how hard it is to trade, and how complex all systems are, what all multi-colored lines do (if they even know that themselves). You get the picture.

At some point, you might hear a story about a guy trading daily charts only, with his four year old laptop and an old
roll-style mouse as his only tools. He fires up the pc, goes through all his charts and his very few, simple, indicators,
does his trades in a few minutes, and then shuts off the pc and gets another cup of coffee while thinking about what to do
during the rest of the day.

Now, who, if anyone, of these guys are actually making any money on their trading?
I don´t know. Maybe both, maybe none of them. The point is that you don´t need fancy equipment to be able to trade.
You also don´t need to buy the latest 149$ tradingsystem from a vendor on ebay. All you actually need is a normal computer
and to educate yourself before you start putting your hard earned money in play.

For gods sake, i have colleagues that hardly knows how to copy a folder on a pc! MP3? What´s that? Iphone? No way.
Thay have their old Nokia 5110 from ten years back or whatever. -"It does all i need, make calls and send sms to my wife so
that she knows i´m still alive". And these guys are still airline captains with tons of experience and knowledge. They just
figured out whats important to them.

So, keep it simple. That will keep your frustration to a minimum, and your bank account to a maximum. Period.

Now - The "How to start"- guide

I have summoned up a few steps that will take you from a complete newbie into a -"ok, i know what it´s all bout now. Now i can
make my own mind up about where to go from here".
These are things that i wish someone had told me when i started, because i had to learn all by myself, i didn´t have any
friends trading forex.
It´s definetely NOT rocket science. It´s just a few simple steps to get you started. All my suggestions about brokers, systems
indicators, education and so on, are according to my own preferences. You might wanna change your approach later when you have gathered
some more knowledge about the market, and more importantly - what kind of trader you want to be, and what timeframe to trade on.

So, let´s get started!

1 - Open a DEMO account with a broker. If you have friends trading, check with them which broker they are using, i´m sure
they will assist you in this matter, giving you all pros and cons. Otherwise i can recommend TadawulFX.
This will give you a feel for what the interface and platform look like, and you can play around as much as you like with
the demo-money. Here is a good beginners video tutorial on how to use the platform-

2 - Go to Babypips.com. There you will learn all the basics and more about Forex trading. When you "graduate"
from the Babypips school, you will be well on your way to open a real money account.

3 - When you have demotraded for a while (don´t do this TOO long) and you got a grip on how it all works, then it´s time to
open a real money account. First,let me explain a few things to you. The broker gets his income from the spread, the difference
between the ask and the bid price. This is why you always starts with a negative profit when you execute a trade. The broker
has already taken his money! Fair enough. It´s up to you to trade in such a way that you get your money back. But, it would sure
help if the spread was as small as possible, right? In that way you don´t need to be that much into profit to break even on your trade.
Remember, the broker is already happy!

Now, in this case the broker keeps ALL spread (profit) to himself which is good for him. But what if there was a way to attract
more customers, and only give up a small part of the spread as an incitament? I.e. - reduce the spread, and therefore the profit for
the broker, but on the other hand get more customers, and by doing that also generating more profits.
This is where CashBackForex comes in. They also act as a kind of broker, but for the customers benefit. For every customer that
CBF generates for the broker, CBF will get paid a part of the spread as a "thx for giving us a customer". A % of this part is then
being sent back to the customer as a bonus, straight to the customers PayPal account. So, everybody is happy - the broker gets
more customers, CBF gets paid for helping the broker get customers, and in the end the customer himself gets payback on all
his trades. Man, i wish i knew this from the beginning. I wonder how much money i fed the broker with because i didn´t know this.

So, go to CBF, and sign up for their services. Then, select a broker from their extensive broker comparison
list. Again, i recommend Tadawulfx.com, but it´s up to you to select a broker that suits you.
Open a real money account, following the online instructions, provide some paperwork, fund the account online, and before you know it
you are ready to go! The nice thing now is, that you will be paid back by CBF on ALL your trades, win or lose. This will greatly
improve your total equitycurve, both as a beginner, but also later when you are trading larger volumes. As an example, i get between
$250-550 cashback every month with my hobby-based trading style only. If you have more time to dedicate to trading, or trading larger
volumes, the cashback will of course be higher. AND, remember - this is money that the broker would have kept to himself otherwise!

4 - So, here you are now, with a fresh real money account and a cashbackscheme ready to go! What now?
Well, be prepared for the fear and greed-race to begin! It really sucks to see your money go because you took a bad trade. On the
other hand, when you execute a profitable trade, life is good! The reason we trade in the first place is to get more money, right?
But, the trick is to focus less on the money, and more on the analysis and money management. Try to learn from all trades, especially
the losing ones. -"hmm...that´s interesting, why did it go the other way, what was it that i didn´t see?".

5 - Continue to educated yourself. I can highly recommend FPA as a good start for all your Forex
related questions. Another good forum can be found at forex-tsd.com
Go to the forums, read, ask questions and learn. This is like any other profession. You wouldn´t expect to be a
brainsurgeon after reading a tutorial online would you? There are some really talented people out there, working with Forex fulltime
and they want your money! Make sure you read up on all available material you can get your hands on.

6 - Trading systems, indicators and Expert Advisors (automated trading). Big subject.
Like i mentioned before, this is where all the "fun" starts. Be prepared for the big hype. Every now and then, a new guru comes
along, claiming that he invented a "never before seen" system that is more or less fool proof and has a winning ratio higher than
everyone else. Well, he might have it actually. At least for some time. It´s not really a big problem to design a system that works
for a specific time, ranging markets, trending or whatever. The problem is to create a system that works in ALL markets!
But they won´t tell you this of course. So, you end up paying 97$ and trying it out, just to be disappointed a few weeks later,
because the market conditions have changed.

So, what do we do? What´s the "solution"?

I am a strong believer in trend following systems. Because if there is no trend, i don´t do anything. If there is a trend. i jump
on to it, after it has revealed to me that it infact is a real trend, and not only just a false breakout.
If you Google for this, you will find tons of different systems, made for different timeframes or times of the day. It´s just a
matter of flavour and taste from your side. Find below some of the systems i am using/ have been using. They all have their pros
and cons, but generally speaking, trendfollowing systems have the highest chance of successfully growing your equity. They do have
their losing periods, of course, but in the long run, they will come out on the right side.

PROFX v2.0 - Highly ranked system for the 30min timeframe.

Sniper Forex - Trading System for the 1H timeframe.

FX Child´s Play system - any timeframe, simple is better.

4X Pip Snager - multiple timeframes, only a few indicators.

SrS TrendRider - Another very popular and easy trendfollowing system.

That should be enough to get you started on Your Forex Journey! I do hope that you found this short guide useful, remember to keep
it simple, and good luck with your trading!

Brgds/ Pilotlife

New EA from Forex-Goldmine

2010-09-20T08:57:00.001-07:00

The team behind "Robominer" has released a new grid-bot, the "Pipstrider".

More info after the click.

Don´t trade without a Cashback scheme!!

2010-09-11T04:19:00.000-07:00

My Rebate Account

Account Overview

Account Balance (Unpaid Earnings): $

0.00

Net Earnings Paid Out: $

1330.73

Please note you will be paid no later than the 25th of the month following the month your rebates were earned in. Credits are calculated once per month and therefore do not accumulate in real time.

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Above is my accumulated total payouts for the last year. Even with my very time-limited, hobby-based trading, i still manage to get around 100USD cashback every month, straight to my PayPal account.

Click here for more info!

Brgds/Pilotlife

4xlounge Trade Alerts and indicators!

2010-08-13T02:01:00.000-07:00

One of the highest ranked Forex Signals on FPA is "4xlounge.com". They provide trading signals, indicators, systems and live trading sessions! Try them on the link below. And - they have a Cashbackforex offer aswell :)

Brgds/Pilotlife

CashBackForex Bonus Offer!

10Kto1MM

2010-08-03T07:38:00.000-07:00

...is the name of Henry Liu´s new product, due for release on the 3rd of Aug. It is a signal service with training videos attached. Henry´s trading style is fundamental trading and he has been running his website for quite some time now. Maybe you have heard of "Newsprofiteer", that Henry created.

There is a one-time fee, plus a monthly fee to receive his signals.

Check here for more info on the standard package.

Click here for info on the package that includes "Mastermind Mentoring" DVD-set.

There is also a video explaining the concept.

Email from Henry just in, the Final video explaining it all.

It sounds really interesting with a more or less strict fundamental approach to trading.

Brgds/Pilotlife

Inactivity....

2010-07-02T09:22:00.001-07:00

..lately, sorry about that. Up and running now, new broker, all manual trading with my own home-cooked system. Follow me via MyFX book to the right.

Brgds/P

Cashback!

2010-04-30T21:47:00.000-07:00

Fellow Traders! Please, please, please......

If you haven´t already done so, now is the time to sign up for Cashbacks on your trades!
If you don´t, you are basically giving away free money. I am trading very seldom these days, as you can see on this blog, but still it manages to give me some 50-100USD cashback every month. It won´t make you rich, but it feels good to get those money back, money that the broker would have kept for themselves otherwise. Have a look at the table below for more info!

Brgds/Pilotlife

ProFX v2.0

2010-03-17T02:45:00.000-07:00

Just a reminder - ProFX from Forex EA Systems is one of the highest ranked indicators in the market. DonnaForex have a very active forum about this system. ProFX has been on the market for years now, and is still holding ground towards more expensive, and more important - more complicated systems. The rule is - keep it simple!

Have a look for yourself here!

Brgds/Pilotlife

Cashbackforex...

2010-02-24T09:27:00.001-08:00

...yet another monthly payout to my PayPal account.

111 USD payback just for doing trades i would have done anyway.

Free money! Sign up here!

ADT updated

2010-01-24T17:32:00.000-08:00

Benjamin Cook has once again updated his "Advanced droid tactics".
Link to the right.

Week 17Jan-22Jan Results

2010-01-24T06:18:00.000-08:00

Had a really good week this time. I wish all weeks were this good, +5.85% equity gain when the market closed at friday evening.

Brgds/Pilotlife

Friday coming to an end...

2010-01-08T08:15:00.001-08:00

Came in late to the market due to my work, but managed to sneak some pips on the downmove after the NFP announcement. + 2.5 % equity growth today is good enough for such short work :)

Have a nice weekend folks!

/Pilotlife

Two winning trades kicks off 4X Pip Snager!

2010-01-05T05:58:00.000-08:00

Bought 4X Pip Snager from Jason Sweezey, and already had my 1st two winning trades. I really like this system - simple to understand, not tons and tons of indicators and useless stuff, just straightforward, easy rules. And with forex - simple is better!

Try it here!

Brgds/Pilotlife

4X Pip Snager information...

2009-12-29T11:22:00.000-08:00

Jason Sweezey has made an impressive start on the Forex arena with his newly released "4X Pip Snager" system. It is a really simple system to understand, and judging from reviews (http://www.forexpeacearmy.com/public/review/www.4xpipsnager.com) so far, it has been very well accepted by traders.

It is a Clickbank product, so the usual refund is available for risk-free tryouts.

Brgds/Pilotlife

Back online again!

2009-12-05T09:13:00.000-08:00

Hi all!

I have been "offline" from trading and many other things for quite some time now, but now im back! It feels good to be able to focus more on trading again.

Stay tuned!

Brgds/Pilotlife

Vacation coming up...soon...

2009-11-05T11:51:00.000-08:00

Hi all.

Time is not on my side at this moment. I'm trying to sit down and focus, but other things are bugging me right now. Anyway, the few things i have done lately, includes my usual indicators - ProFx, Sniper, Robominer and OAN System. They give good indications, but since i don't really have time to follow through the trades, i don't take them at this moment. Vacation in two weeks will give me more time to focus and trade properly :)

Brgds/Pilotlife

Still here....

2009-10-20T16:23:00.000-07:00

...but still out of time. Get back soon when i have something to share. Need time, badly.

No time to trade....

2009-10-03T08:43:00.000-07:00

Seems like im in a bad streak now. No time for trading at all recently. Work and family/ friends activities needs to be taken care of, naturally. Then, when i finally have some time, as right now, the market is closed. Anyway, more updates will follow as soon as i have something relevant to tell.

In the meantime, Robominer keeps my accounts growing, even if i dont have time to do it myself rightnow. Highly recommended.

Brgds/ Pilotlife

Advanced Droid Tactics updated again

2009-09-30T11:58:00.000-07:00

ADT for the Megadroid has been updated again. Make sure you use couponcode "5dollarsoff" for discount.

In this update:

Bad Timing
MDv1.21 Settings & Results
Forum Moved
Forex Bling Update / May Sell Out

/Pilotlife

Cashbackforex.com monthly payout

2009-09-25T02:37:00.000-07:00

Another payment straight into my paypal account from Cashbackforex.com.
This time 104.79USD found its way back to me as rebates from my last month trades. Click the link to sign up if you havent done it yet. Free money. Easy.

/Pilotlife

Advanced Droid Tactics updated

2009-09-23T10:57:00.000-07:00

Benjamin Cook has once again updated his ADT for the Forex Megadroid.
Use coupon code "5dollarsoff" for discount.
In this update:

FOMC / Consider Shut Down
MegaDroid v1.2
New Profile Reset v3
Forum is Back
Bonus Tools Available

Brgds/Pilotlife

Manual Demo Account added

2009-09-23T03:50:00.000-07:00

Until i get my new live account up and running, i added a new mt4live from my Alpari UK Demo account. I trade it using Sniper 1H, ProFx V2 30M and OAN 5M. Pics below of my setup.

Specify/ present live trading results...

2009-09-19T02:23:00.000-07:00

Got a hint from a reader that i should post some actual trading results on my blog, instead of just having a lot of pros/cons and affiliate links. Fair enough, explanation follows :

This blog was started with the intention of comparing Megadroid and FAP Turbo, hence the blog adress. I was brand new, uber forex rookie when i started doing this, and looking in the backmirror, i shouldnt have done that. I just started some robots and presented some percentages during a short two-three week period, which was way too short to actually be able to tell anything whatsoever about any longterm performance about these robots.

Anyway, i continued my forexjourney by doing a lot of reading, videocourses, blogs, forums and tutorials, and i quickly realized what a complex world this was and how little i knew about it. This is when i started to "write off" myself on this blog. I figured there must be more rookies out there looking for information, and to be honest i was hoping for more interaction on this blog. I wanna learn from you, and hopefully i can point you in some good direction when you look for info. So, is my info credible? Is Copy/pasted/curvefitted/datefitted backtests and live results credible?

I have, since the blog started, to this date, spent almost all my free time learning about forex trading. I have lost money, and i have made gains. I have been frustrated and euphoric. I almost gave up at some point, but decided that "how hard can it be??" and continued. Yes, i have links on my page. Most links on the internet are some kind of affiliate connected, some hidden, some open (like mine) - you see that it is an aff link when you hover the mouse over it. I dont see any problem with this.

So where are my live trading results then?? Well, to be honest i havent kept any exact logbook on every single system. I have tried many many more systems than im showing on the blog, and i can promise that only the best ones are used by myself - i dont wanna lose my money!
The manual trades i have done so far is kinda impossible to backtrack since there is no magic number as there is with robots. But from now on, i will start to write a personal trading journal, something that i should have done long time ago. I will publish the results on the blog, raw as they come out of the MT4 history, with screenshots if possible. Bear in mind tho, that i am still doing a lot of experimentation with different systems, and i only demo for minimum time since i believe that once i understand a system, u should go live with it. I am not a big fan of forever demo approaches, for good and for worse....

Also, we are all only humans, which i proved to myself the other day, when a misplaced decimalkomma caused me to lose almost one-third of my live capital! It was an expensive learning experience, to say the least....

Anyway, money comes, and money goes. This is the nature of this business. I am not in anyway sleepless over this, but it only proves that mistakes and misjudgement happens to all of us, and the only way to go is just to go out there again!

Finally, Robominer still saves my day. I immediately started a new session after my decimalkomma debacle, and i expect Robominer to catch this up in time. It produced safe and small gains all the time before, and it will do it again. ProFX still runs solid on my account, no change. SniperForex has surprised me during the demo period, and i am confident it will continue to perform when i go live with it. Also, OAN/Mahmoud Amer system is the most exciting newbie right now. I will give this one a lot of work to find out whats it all about.
S26 and MACD-X is still playing hide and seek with me. Im doing everything by the book, but still they only seem to produce occasional profits. I see on other forums that people are making good money with these two (if they present credible results!), and would highly appreciate if someone could help me out here.

To really minimize my social life, i am also experimenting with creating a personal manual system by combining indicators from all over the world. How this will turnout, nobody knows...
My goal has been, and will always be to find a good solid system that works for me and my working hours. All systems are not for everyone. Trading styles, working hours and other personal preferences plays a big role here.

Happy trading to all of you!!

Brgds/Pilotlife

New systems....

2009-09-17T03:39:00.000-07:00

Been trying out SniperForex and OAN FX System. Sniper is well known by now to be a solid indicator, most fx forums have tons of happy users and i can only agree. Easy to follow, simple rules and high success rate gets this indicator into my "hall of fame". I will go live with this in a near future.

Stumbled upon OAN the other day. It's a 5M scalper system that seem to generate a lot of good trades. Will demo for a few weeks before making any conclusion, but so far so good! Pic below.
Google for it and you will find a lot of useful information. (I don't want to put up a link because there seem to be "free" versions around internet, and also a paid version on the creators homepage.)

Happy trading!
/Pilotlife

New week....

2009-09-12T22:50:00.000-07:00

...after some time with heavy workload and a lot of time away from home, i am now ready to give this coming week my full "forex-attention"!
Focus will be, as always, on ProFx and FDM.

* S26 and MACD-X will be put back online again. MACD-X ended in red numbers while i was away, guess i would have needed to optimize more often. New updates plus some more info on how to optimize better should help.
* Lotsize reduced on Robominer, some trades stayed open for weeks, causing the margin to decrease drastically. Accounts topped up to remain in my comfortzone.

Happy trading!

/Pilotlife

Forex Bling Package

2009-09-11T00:01:00.000-07:00

Been reading up on this package. Its a collection of robots designed to be able to trade in any market condition. Sounds exciting, but the system is too new to tell yet. Have a look for yourself at Forexbling.com.

Brgds/Pilotlife

VPS...??

2009-09-09T16:38:00.000-07:00

Anyone knows of a reliable and somewhat cheap VPS?? I´m kinda tired of not being able to follow up on my trading while being away from home. I had 3dgwebhosting.com before, but after a one week downperiod i decided to cancel contract. Still waiting for my refund tho...

Happy Trading!
/Pilotlife

Advanced Droid Tactics updated!

2009-09-07T15:48:00.000-07:00

Benjamin Cook has updated his ADT for the forex Megadroid.
Some of the changes below.

In this update:
1. New ADT v5.0
2. August Performance
3. ForexVPS
4. Forex Bling Bonus
▪ MegaDroid Default - Loss (-7.2%)
▪ ADT Overlap Setup - Profit +16.2%
▪ ADT Unified Setup – Profit +16.9%
▪ ADT Hybrid Setup – Profit +7.4%

Brgds/pilotlife

Labor day tomorrow...

2009-09-05T20:33:00.000-07:00

....which means a slow market. Time for some relaxation or consolidating thoughts maybe ;-)
Hope that mt4stats will be back online soon. It´s really annoying being away from home and not being able to follow up on your trading (im not using a vps for the moment...)

Hope you all had a great weekend!

Brgds/Pilotlife

ProFX Promotion!

2009-09-02T10:21:00.000-07:00

If you ever wanted to try ProFX, now is a good time to do that! Right now there is a promotion for the next 7 days where you will get 30% discount and also a 14day moneyback guarantee!

Brgds/Pilotlife

Robominer stats and more...

2009-09-02T01:25:00.000-07:00

Morning all!

Robominer stats since 07-31
+1121USD

(as expected, pace is slowing down since start of account due to many open trades. I use the technique suggested by the manufacturer to change magic numbers to get more trades, but now i wanted to catch up and reduce my number of open trades.)

* ProFX still performs, i haven't seen any drastic changes with the new update.
* S26 performed badly last week. I am running optimization as instructed, but it seems to lose constantly. Can anyone provide me with a good strategy?
* MACD-X performs really good tho! Did some tweaking to begin with, but now it seems to have stabilized nicely.
* Forex Day Monster gives a lot of signals, just remember to do the manual checks before entering a trade.
* For you Megadroid users out there - pls remember to try the "Advanced Droid Tactics" by Benjamin Cook. He shows some really good results using his strategy. If you use my link you will get 5 dollars discount by using the code "5dollarsoff".

Brgds/Pilotlife

ProFX v2 out now!

2009-08-30T19:28:00.000-07:00

My favourite indicator, ProFX, has now released version 2! The new version says to improve the trading logic and to be even more exact in its predictions. Testing continues.

Brgds/Pilotlife

Robominer LIVE numbers

2009-08-27T02:13:00.000-07:00

Did a summary of my Robominer trades and was very positively surprised! I haven't really made a summary before, just some round numbers, but this was great!

It's from two accounts, FXCM UK and Forex.com UK. 1st trade was 31st of July 2009.

Both accounts founded with approx 2300USD each, and i trade Robominer at higher risk than recommended in their manual.

This gives a neat profit of 1068.30 USD in less than one month! Pictures below.

Brgds/Pilotlife

Who should you believe???

2009-08-26T21:49:00.000-07:00

Some thoughts about being a noob/newbie/rookie in this wonderful world of Forex...

On every homepage where another "super" EA is sold, they claim to finally have found the key to the market. -"Hurry up, timelimited offer! Never before seen intelligence in an EA"....and so on.
On most forums, people tell stories about them losing money with these "super" EA's.
Also, from many forums - most brokers seem to be either corrupt, scammers, working against you, or a combination of all. Indicators come and go in regular intervals. Some are better than others, but how can you know?? Back to the forums again, do your homework, trying to get some decent info.
"This EA/indicator sucks!!", -"Have never made so much money before, highly recommended!"..

At the same time, the "manual" traders, talks about money management, risk, trading plans and so on. -"Rule #1, have a trading plan - and stick to it!!", -"If you have a solid money management plan, you cannot lose. EA's/indicators doesn't lose money, poor money management does!". -"All you need is raw data candles, pivots, some MA's, macd and a cup of coffee...".

Confusing, right??

Question comes up - how can you write and follow a trading plan or a workflow when you even haven't started to get some insight/knowledge about how this whole thing works??? It's like asking a caveman to explain how to land an aircraft! Impossible!

So, where to begin then? Well, babies learn to walk by repeatedly trying and trying, they fall a lot, tries again, might even get some help from eager parents, and suddenly one day - simsalabim! Code cracked, and the baby thinks -"this was so easy, how come i didn't realize that before??".

I think we all have to realize that there is only one way to go here - we will lose money sooner or later, probably sooner if you are new to this. I don't know about you guys, but asking someone to demo for months and months, just to find "your way" and be sure you have a somewhat realistic system, just doesn't work. People are here for one reason mostly, they want to make money.
Buddha said -"Ambition is like love, impatient both of delays and rivals". Once you went through a couple of guru-video tutorials, a number of candlestick books, some mental hokus-pokus guidance, you want to get out there! -"This was not difficult, i can do it!".

Now comes the exciting part. Either you belong to a very small group of people who actually have cracked the forex trading code, or, you are going to lose and win on a regular basis. Im not saying that you will never lose if you cracked the code, but even in hell there are different levels of professionalism ;)
We have to remember that this is a business. Professional people that has been trading for 20 years make a living out of this! I don't know what your work is, but i doubt that anyone could come in from the street, read a few books, and then take over your work??!! Of course not!
This is just as serious as any other work, it takes time to get into the comfort/knowledge zone.

Reading forums is a good way of getting info. But, no matter which forum you read, which ever work you have, forums tend to be clattered with either noobs or whiners. Noobs trying to get info, whiners trying to blame all and everything for their own failure. So, where are the pros?? The ones that actually have some really good info to share?
Well, with very few exceptions (i believe Donnaforex and FPA is two of them) you wont find pros on a noob/whiner forum. To put it simple - why should they write there?? They already have a good system, it works, they don't need more info, they are just happy and confident with their own trial and error system they found suitable for themselves. Me, as a professional pilot, don't read forums about people trying to get their first PPL (Private Pilot Licence) for flying around in a Cessna or Piper. I've been there, done that many years ago, and it simply enough doesn't interest me anymore. Got my point?

So where do we go from here? I believe there is just one way to go - continue to educate ourselves, and also get out there! No matter how small amount of real money you are dealing with, it "feels" different than playing around with demo money. Demo is good to a certain extent, but don't get stuck in there. You have to go out in the real world at some point anyway, right?
Read all you can, look over all info with critical eyes and start trading! You will lose, for sure, but you will also win! This is like any other stuff you want to learn, it takes time, failure and devotion. Two steps ahead, one step back, and so on. Learning in a nutshell.

And, because i still haven't cracked the forex code, i still claim that Robominer is the one and only reason that my accounts still looks somewhat decent. Love this robot. Believe me or not.

Brgds/Pilotlife

Cashbackforex monthly payout

2009-08-24T21:52:00.000-07:00

Just received "free money" from Cashbackforex.com. They give a rebate on all your monthly trades, and for last month it came up to 32USD for one of my accounts. If you haven´t signed up yet, pls use link to do so. It´s free money for doing your normal trades. A nobrainer basically :)

Brgds/Pilotlife

Another update to "Advanced Droid Tactics" for Megadroid

2009-08-22T18:14:00.000-07:00

Benjamin Cook has released another update for his successful E-book "Advanced Droid Tactics" for the Forex Megadroid. Use coupon code "5dollarsoff" for discounted buy. Some changes/update from previous version:
----------------------------------------------------

In this update:

Launch Madness
New Member's Forum
Performance
Profile Reset Problems
Some MT4 "Errors" when running Unified or Hybrid
VPS and EA Installation Service

Here is the weekly demo account performance of each of the various ADT setups that I am currently testing:

MegaDroid Default - Loss (-2.9%)
ADT Overlap Setup - Profit +4.8%
ADT Unified Setup - Profit +5.7%
ADT Hybrid Setup - Profit +3.5%
ADT Hyrbid Override - Profit +2.8%
(+9 pip Take Profit, 35 pip fixed stop)

------------------------------------------------
Brgds/Pilotlife

Robominer saves the day, and.....

2009-08-21T23:37:00.000-07:00

....we have passed 1000 visitors on the site! Thanks all of you visiting! The testing continues.

I am determined to find a stable and sound system i can work with long term. And for this reason, Robominer has climbed up as my favourite, all trusted money machine. On my demo account, i got between 30-50USD profit/day, and this continues now on my two live accounts. This little robot is just unbeliavable, ticking in small profits all the time. I am using this on a higher risklevel than recommended, but i have room for trades staying open a long time. For those of you that don't know about Robominer, read on.

It never loses. Trades might stay open for a long time, but it never close a trade for a loss.
It uses the full historical range for the currencypair, selling when its high, buying when its low.
It's not a get rich quick machine, small but steady profits is the way it works.
Demo it for as long as you like before decide to buy. (link)

Ramadan Kareem from the Middle East (No, i'm not going to fast, i'm not muslim... :))
Brgds/Pilotlife

Bad day, Bad day.....

2009-08-20T10:48:00.000-07:00

Lesson learned today: Stick with your plan!!!

Don't mess around trying to outsmart the market or jumpstart some indicator. The indicators work allright, they just don't give you the whole picture. You still need to THINK before putting in an order. Trying to take shortcuts or being "right" will cost you. And it did....

How many times have i read about the emotional side of trading? How many times did i say to myself -"sure-i get it, stay focused and non-emotional and things will be fine..."?

Well, i guess most people fall of their bicycle a few times while learning to ride the bike, but today was a big fall.

Lesson learned. Find a system that works and then STICK TO IT!!
Don't try to invent the wheel again.

KISS!! (Keep It Simple Stupid)!!

Brgds/Pilotlife

P.S.
The indicators did just fine.... This is my own fault, and noone elses....
D.S

Forex day Monster

2009-08-17T02:10:00.000-07:00

Purchased this indicator a few days ago and will try this as a complement to my already well performing ProFX. The creator use this indicator on 15M charts, and ProFX runs on 30M.
I know there is much going on here now, many new ideas and EA's, indicators coming and going, but the whole idea is to find a nice setup that will work for me in the long run.

I think it might be worth doing some fieldwork now, in order to be able to "rest" later having faith in a solid system that works satisfactory. Updates to come.

Brgds/ Pilotlife

Robominer demo test...

2009-08-13T21:15:00.000-07:00

I have been demoing Robominer from forex-goldmine.com for a few weeks now, and I'm really impressed!
I know Donna had excellent results aswell, and I can only agree.
My Robominer has produced approx 500USD net during two weeks trial, and this is on a 2000USD account!
I'm expecting to go live with this one shortly.

Brgds/Pilotlife

---Advanced Droid Tactics Updated---

2009-08-12T02:25:00.000-07:00

Benjamin Cook has updated his E-book "Advanced Droid Tactics" for the Forex Megadroid.
----------------------------------------------------------------------------------
Summary of changes in ADT v4.1:

New Aggressive and Recovery Mode settings based on a new ranking methodology. These new settings should give us more profit per unit of draw down.
New section describing the MegaDroid trading time windows.
Updated Risk Tables. These new tables are based on back test data going back to 2005 for the Conservative table, and back through Feb. 2009 for the Aggressive table. Both the Aggressive and Conservative risk tables are much more conservative.
Details on how to trade the ADT Unified and ADT Hybrid setups using the Profile Reset Indicator. I also offer installation instructions for this new indicator.
Quick Setup Tables. At the very end of the document there are some quick setup tables for each setup with all of the relevant setting.

------------------------------------------------------------------------------------------------------
Use coupon code "5dollarsoff" for 5 USD discount when checking out from cart.
I haven´t tried his new settings yet, but he claims that they should be more updated with the current situation on the market. Feel free to send me feedback if you decide to try it.

Brgds/Pilotlife

ProFX Continues to perform!

2009-08-11T22:08:00.000-07:00

Yesterdays trading turned out very well. ProFX gives signals quickly and accurately. What you need to do is to wait a little bit (i know, it might be hard to just sit there and watch) to really confirm if the signal has found a valid (profitable) signal or not. The reason is that ProFX gives you an audio alert on the very first sign of a possible trade. Some are just shortlived, others are very much worth going for, so a wait is always justified. I'm very happy with this system, and i also use it as an extra source of confirmation for my manual trading on same pairs. This is where it shines the most, you dont have to sit around staring at the screen all the time when you are home. Just turn the volume up and wait for an audiosignal. Check the screens for validity, and enter the trade.

Highly recommended!
The test continues, stay tuned.

Brgds/Pilotlife

Added another MT4stats.....

2009-08-08T02:33:00.000-07:00

...from one of my demo accounts. Made a crazy testrun with EA "Grail 23" on a 2pipsforex.com demo account. Results speaks for itself, but some forums on the internet indicates that this broker is somewhat less reliable.

Anyone got info on this brokers live account?? Pls share in that case.

Brgds/Pilotlife

Busy week.

2009-08-05T18:50:00.000-07:00

With a lot of work and other stuff, so trading has been resting. More days off to come - stay tuned!

Brgds/Pilotlife

Weekend thoughts...

2009-08-02T04:24:00.000-07:00

Sunday afternoon and not much going on in the Forex world, so i was thinking about sharing some thoughts about my work for those who might be interested. I work as a Pilot on a major carrier in the middle east. All flights have one captain and one first officer (me). We are of course both pilots, but the captain has the responsibility for the whole flight being performed according to all regulatory and company descriptions.

My aircraft is a Boeing 777 in different models, the biggest one being the 777-300ER which loads 442 passengers and 18 crew. Max takeoffweight is around 350 tons, including some 130 tons of fuel. (i stay away from talking about environmental matters when i go to a party...). The routes flown range from 30min to 17hrs, and on the long flights we are always 4 pilots. Two pilots rest, and the other two fly the aircraft. We have "crewbunks", small compartments in the aircraft where there are 10 beds suited for resting/sleeping.

Most of our flights start between 1-4 am local time, and sleeping before the flight might be an issue for pilots with small kids at home. When we arrive at our destination a bus drives us to our hotel which is usually in the city centre somewhere. We stay there minimum 24hrs, and typical 27-48 hrs, so there is plenty of time for touristing, relaxing, working out or whatever. This is the best part of my job!
The problem surfaces when you have to deal with different timezones, sometimes 11hrs diff from your home city. Your body screams "sleep", but for you, the sun just rose for the 2nd time on the same trip and your shift just started, putting some 5-7 hrs of work ahead of you. Eventually you come home to your own bed and your family, who of course have missed you and want to go out and about to do all kind of different stuff. One or two days off, and then - off you go again - in the opposite timezone direction! Some pilots never gets fully used to this, and it takes experience to make a sound awake/sleep pattern that suits you. Not two people are alike, so what works for you might not work for me.

The fascinating thing is that you learn to make full use of the WHOLE day, all 24 hrs. If i'm hungry at 3.30am, then i cook! If i want to go to bed for the night at 1pm, then i sleep!
No rules apply, except that you have to show up at check-in fully rested.

That was some sidetracked info for being on this blog, but what the heck! Life is not all about forex, right?!

Enjoy the rest of your weekend folks!
Back tomorrow.
/P

Weekend coming up...

2009-07-31T06:55:00.000-07:00

Not much time for ProFX today. Managed to get in one trade tho, +20 pips, my trailing stop was too narrow. Profit anyway, lesson learned :)

FIFO starts in the US after the weekend. Let's see what kind of implications this will have on the trading community.

Rest well, back on Monday

Brgds/Pilotlife

Change of plan...

2009-07-30T04:31:00.000-07:00

Requested refunds for both MD and FAP Turbo today. It doesn't seem to be my style of trading, not the way i want it. The robots definately have some pros, but for sure some cons aswell.
Anyway, the whole purpose of this site was to test them out, and thats been done now!

Will focus entirely on ProFX from now on.

Man - my site name makes no sense at all now! ;-)

/P

More losses again

2009-07-30T00:12:00.000-07:00

Goodmorning all!

Woke up just to see some more losses. Basically 1 big drawdown for FAP destroyed it all, because there were some small profits being made otherwise.

Today i will continue playing around with ProFX and LMT.

I wish u all happy trends!

/Pilotlife

Disregard MT4 Stats....

2009-07-29T15:07:00.000-07:00

I'm still having problem with the mt4 publisher from my vps, so stats presented at mt4 right now is from some random demo accounts.

/P

ProFx performing well...

2009-07-29T12:11:00.000-07:00

Evening all.

ProFx gave me some good signals today, +35 pips net result. I'm getting more and more confident with this one. Just make sure u do all the manual checks before entering a trade and u will be fine for most indications.

LMT been quiet all day on 4 pairs...

Brgds/Pilotlife

More Losses....

2009-07-28T10:34:00.000-07:00

First Losses on MD now. Megadroid went into the red with 5 trades and a net loss of 23.10 USD.
This is with 4 charts running on different timeframes.
FAPT 1 trade only, GBPCHF, -3.36 USD.

Even tho its only been a few weeks of testing, i slowly start to feel the clickbank refund coming closer for both robots. I will make up my mind after this weeks result.

Having said that - it seems to me that "no one" is getting any good results now with MD and FAPT. Maybe the market is in such a period that doesn't suit these robots working profiles? Who knows.

Anyway, i'm continuing to educated myself with books and video courses.
I think i am more interested in manual/ semi-automatic indicator trading.
I have two days off now, so plenty of time to play around with LMT and ProFX.

Until next time

/Pilotlife

Advanced Droid Tactics

2009-07-26T07:37:00.000-07:00

Purchased "Advanced Droid Tactics" by Benjamin Cook.
It´s very interesting, and i will try his setttings and strategy to improve my Megadroid.
Results will be published here accordingly.

Brgds/Pilotlife

ProFX....

2009-07-24T09:09:00.000-07:00

Friday, so no trades for the EA's today. Instead i been playing around with ProFX from ForexEaSystems. It's an indicator that are supposed to give signals for trading. Todays result was mixed, a few wins and a few losses, but the system seems to give mostly correct signals. It cannot be "trusted" completely tho, you still have to make a few manual checks before entering a trade. Todays losses was probably due to the fact that i was a little "trigger-happy"....

I compare it with LMT that i received from a friend. LMT just gave one or two signals today,so i don't have much to compare with yet. Might be a good complement to ProFx, since LMT runs on 4H or daily charts, whereof ProFx runs on 30M charts. Nice for checking up trades on a higher timeframe. More to come later.

Happy Weekend!
/Pilotlife

4 new trades..

2009-07-23T22:14:00.001-07:00

Small wins tonight by FAPT. MD did not have any trades.
/P

Back home...

2009-07-23T04:10:00.000-07:00

...just to find FAPT making losses. USDCAD and EURGBP seems to be the big losers this week.
MD just 3 trades total, small gains, but at least no losses.
So, my changes from now on - MD will trade my Forex account. I want to see if it will perform differently on another broker. FAPT stays on FXCM, but only trades EURCHF and GBPCHF for now. The other pairs seems to unstable at the moment.

Im waiting for my PROFX to arrive from ForexEasystems. Im beginning to feel that i want "more control", manual intervention, over whats going on in my accounts, and i decided to try PROFX as an indicator.
I will keep you posted. My feelings now about FAPT is that is must shape up drastically next week, otherwise my clickbank refund is around the corner...

Happy Trading!
/P

VPS up and running.

2009-07-22T07:23:00.000-07:00

Loaded one MT4 so far, Alpari UK demoaccount. Will load the rest when i get home.
Setup was straightforward. No fuzz. If this one turns out to be good, its a bargain compared to 35$++ that other providers charge. Time will tell.

/P

Ordered a VPS...

2009-07-21T20:05:00.000-07:00

Being out travelling a lot, means being disconnected from the trading if you, like me, have a 24/7 pc at home running all your MT4´s...

Therefore, i signed up with a VPS. I found a cheap one that i´m gonna try out.

http://www.3dgwebhosting.com/forexvps.html

My trading stats will be updated tomorrow when i get home again.

Brgds/Pilotlife

Another day....

2009-07-18T02:55:00.001-07:00

...quickly home after a few days work, just to go away for short vacation.
Will post exact statement when i come home later, but saw that USDCAD had a major loss of about 50USD....
There was some other small trades there aswell, but only small profits.

Btw, my MT4 does not publish my stats to mt4stats anymore. Same problem on all my 3 pc´s.
I tried the MT4 FAQ but nothing helps, it just keeps coming up with "ftp:statement.htm failed"...

Anyone??

----updated-----
I tried to publish from my hotelroom now, same problem - "ftp:statement.htm failed"....
Problem with the mt4 stats server???
-----------------

/Pilotlife

One trade only..

2009-07-15T01:59:00.000-07:00

....this night. FAPT scored +18.51 USD on the EURCHF pair.
Stay tuned...

Trading started.

2009-07-13T22:24:00.000-07:00

Tonight was the 1st night of trading with my robots. Megadroid made one trade, a win of 1.9USD.
FAPT made two trades, one zero-result and the other a loss of 0.74USD. Total for the night +1.16 USD.

PS.
I attended the FAPT Evo webinar last night. It gave me a kinda "fumbling" feeling. Dog barking in the background, not very structured presentation, sounded like they were broadcasting from someones garage or dorm room. Not impressed at all. Hopefully their product are better than their presentations.
DS.

Free time, so.....

2009-07-10T22:51:00.001-07:00

...started going through some FX trading courses. I am highly sceptical about these robots, so i might aswell begin to educate myself.

Accounts active.

2009-07-09T20:50:00.000-07:00

...but today is Friday, so no trading. Get back to you after the weekend when/if things starts to happen. Still waiting for my Forex.com to be funded, hopefully 1st thing monday morning?

Have a nice wknd!

Blog starts now!

2009-07-02T21:40:00.000-07:00

Hi all.

I'm going to keep this short.

I always been a bit curious about this whole moneytrading-thing, so I bought one license each of the top two ranked Forex robots available on the market, Forex Megadroid and FAP Turbo, and i will show their live results here on the blog. I have ran them on a demo account for some time now with interesting results and i am now waiting for my live account to be started up, that should be within the next few days.

I am using FXCM UK broker, and i will run the robots on their default settings, as they are when installed. If i get a reason to alter these settings, i will let u know why and when. My starting deposit will be 2000 USD. They will run on a single account, but the results will be shown separately for comparison, because that's what it's all about! I will run the MT4 platform on a computer at home, it will be online 24/7.

For further "free" money, i have decided to give Caschbackforex.com a go. I understand they will basically refund you some of your money spent, based on the volume of your trade.
It's all free to use, so why not?!

** Updated - I created a micro account (250USD) with Forex.com. Megadroid only will run on that account. And, of course, more "free" money from Forexcashback.com.

So, wish me luck (or call me crazy!), time will tell. You can follow my progress on this page. It will be updated as soon as there is something relevant happening on the account.

See You soon!