Hello 4X Traders,
I hope you are all doing well on the 1 Week Anniversary of Forex Live September 2007. I was very impressed with the caliber of attendees and I thought this was one of our best classes yet. As discussed during the class, I have attached the electronic version of the risk reward calculator (courtesy of ConceptForex). While we spent a great deal of team talking about “trading”, I cannot emphasize enough the importance of sound money management to your long term success as a currency trader.
I would like to leave you with a few parting thoughts based on the feedback from the class.
1. Remember that you have been given the keys to the trading equivalent of a 2007 Lamborghini Murcielago. Take your time to make it your own. Ease the seats back, adjust the rearview, change the idle if needed. Most importantly, you need to make it your own. Go back and look at past charts to solidify your knowledge. We covered a lot of material. Things that we discussed will float into your consciousness as your do your backtesting. Continue to look at charts until they become second nature to you.
2. Remember to take the time to fill out the trading checklist. If you recall, a few of the trading plans that we put together failed to materialize. But the time we spent on the spreadsheet working on the charts gave us the information we needed to trade the move and take pips which is the most important. If I have to point the finger at one single thing that would improve your trading, it would be to learn the checklist and fill out it religiously. One checklist per trading day. There’s a lot of information there and the reason I put it there was because I found it be things I couldn’t afford to ignore.
3. Remember to find a trading partner. I have found that the people who are successful with the software seem to consistently be those who have networked with others and are trading on Skype and Yahoo. Distance is not a detractor when finding a trading partner. Rather it is the willingness to share the same trading style.
4. Remember that patience and discipline are your watchwords. To catch the swing trades of the market, you have to wait for the setup. Instead of lurching at every twitch of the market, get into the habit of waiting for a textbook trading setup to develop.
5. Remember to set daily, weekly, and even monthly pip goals. You need to be able to objectively monitor your progress as you advance as a trader.
We are planning on a short followup Hotcomm session for all the Forex Live attendees to review any information and answer any questions.
As always, feel free to send me any snapshot of trades or update me on your progress. I always like to see how everyone is doing. If I don’t answer immediately, don’t give up hope. I tend to answer a lot of emails in batches.
Good luck on your trading,
Best regards,
Corey Lazinbat (corey_lazinbat@yahoo.com)
Willie Guevara (free-willie@juno.com)
October 6th, 2009 
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