FOREX REVIEWS

A few weeks ago I talked to you about a pending ebook update I had from almost January and the fact that I wanted to have a new ebook version ready for release to cover some recent developments and ideas which are not covered within the previous versions of the ebook. I have given it a lot of thought and think I have finally figured out what I want from the ebook, the place it will have, what the update will include and when this update will be released. On today's post I want to share with you my views about the ebook and the update, especially about what this update will include and what I want to achieve with it. Certainly the ebook has always been an important part of this website and Asirikuy since it features all the basic knowledge I believe someone who wants to be successful with automated trading systems should have. The ebook has covered important aspects of automated trading such as the psychology of using mechanical systems, realistic profit and draw down expectations a...

After a few months of testing and development I am glad to announce that the first release candidate for Watukushay No.5 is ready to be traded. Some days ago I talked about the first beta release and how I wanted to explore community based development before releasing the EA and after some limited success with this idea I have found enough profitable results for this system as to release the EA to all Asirikuy members. The release candidate of Watukushay No.5 will be ready for live trading featuring adequate error handling and functional decomposition with high-quality code that will allow us to have reliable and well-executed live trading results. During the next few paragraphs I want to share with you the importance of Watukushay No.5's achievements, a little bit about what I was able to achieve with this system and what it represents to the Asirikuy community. As I mentioned on the previous post about this expert's beta, Watukushay No.5 is a universal daily breakout system t...

Perhaps one of the most important aspects of currency trading - in my opinion - is the focus in realistic and accurate long term profit and draw down objectives. Nonetheless, through the past several years I have observed that people almost never focus on long term investment and - more often than not - their decisions are based on short term and meaningless results that give them extremely little information about the real trading characteristics of the system they are using. On today's article I want to discuss with you why most people have short term focus, why it is so dangerous to have one and why this is one of the chief reasons why most people will never reach the goal of living from either manual or automated forex trading. The truth is that in the beginning people want results and they want them as quickly as possible. Since people who are new to currency trading crave for fast results they often choose and run systems that have showed very high profitability during small ...

Have you ever dreamed about making money with absolutely no risk of loss in the currency trading market ? Did you think that such opportunities did not exist ? Contrary to most people's belief in the fact that there are absolutely no arbitrage opportunities in currency trading I have personally observed the contrary for perhaps the past ten years in a very weird occurrence that seems to be absolutely particular to the USD/COP currency pair. The COP - or Colombian peso - is the main currency unit of the Colombian government and some extremely weird arbitrage opportunities are presented within Colombia to make substantial profit from USD or EUR exchanges. On today's post I will share with you this very strange case and why it leads to a rare inefficiency which doesn't seem to be present anywhere else. The USD/COP is what many would call a "strange" currency pair. The pair's spread is usually around 0.1-0.2% of the pair's value and daily fluctuations can go f...

A fellow trader emailed me a few days ago asking me if I had ever used the Lindencourt daily trading system which he considered was a very good idea based on the daily time frame that could be used by those people interested in gaining profitability in the long run without dedicating too much time to forex trading. As the strategy was made freely available by the Lindencourt people, my friend was excited about it and asI like strategies that attempt to exploit long term trading opportunities I decided to give this system a shot and see if it was actually worth using in live trading. On today's post I will share with you my journey in the evaluation and use of this system and what conclusions I have drawn from this seemingly simple trading tactic. First of all, my friend was very excited about the system but he had no answer to any of my questions about the system's fundamental characteristics. What is the system's average risk to reward ratio ? What is the average compounde...

Can we build a system that trades successfully on all forex currency pairs ? This has often been a question of the automated trading system world that simply asks if there is a universal inefficiency, an inefficiency that is so common that it can be found an exploited on all different currency pairs. Up until now, the answer to this question has been a resounding and unequivocal NO. To the best of my knowledge no system has ever been developed to work on all currency pairs despite the claims of many system sellers who tell you that you can use their systems on all of them. But why has it been impossible to build such a system ? Why does trading all currency pairs seems like such a big challenge ? The answer lies within the very fabric of the market and the way in which the different currency pairs trade and react. Within the following paragraphs I will explain to you some of the basic aspects of these currency pair differences and why it makes the creation of any universal system extre...

It is very common for people new to forex trading to consider that forex trading can be traded with little or no risk when adequate precautions are taken into account. However these people often miss to understand that the forex market is a high-risk playground for many reasons beyond the thousands of rookies who wipe their accounts everyday. Trading in general is considered high risk because there is always the possibility to have a total account loss, regardless of the use of a stop loss or other mechanisms that may act as a way to protect you from the market. On today's post I will be talking to you about the worst-case forex scenario and why having an open position exposes you to an account wipe-out regardless of your protection mechanism and your money management. However you will see that such a scenario is - although possible - extremely unlikely. The first thing we are told when we start our trading journey is that the stop loss is our way of protecting our equity from furt...

During the past few months I have sadly seen a great increase in the number of Martingale systems flowing around on the internet and their use by new and inexperienced traders. I have also seen some people testing and using Martingale systems with great hope and some with what seem to be some very good results. Many of these people who use Martingales or systems with progressive money management seem to rely on backtesting results to test their theories and sometimes they claim that a 10 year backtest in which no wipeouts happen is "good enough" to consider a Martingale worth running on a live account since it is inherently "safe". Within the next few paragraphs you will see why this way of approaching Martingale trading is terribly dangerous and why people approaching trading in this manner are bound - sooner or later - to wipe out accounts and face the truth about progressive money management, in the end it never works. The argument here seems to be pretty simple....

In general I feel a little bit sad when I read every new expert advisor website because I know from experience that most of the things they say about automated trading are simply lies. I think that people believe these sellers due to their desire to find an easy and quick way to build riches but in the end when doing so they only achieve further frustration and financial loss. I feel that after having some years of experience with automated trading - particularly with the metatrader platform - I can now point out some of the "general myths" surrounding automated trading systems (both good and bad) and what I have found out to be the truth behind them and the actual reality behind all the hype or misinformation. Within the next few paragraphs I will talk to you about what I consider to be the most prominent five myths that have surfaced in automated trading, what is true about them and what is totally false. I will do my best to be bluntly honest in the hopes that my efforts w...

It is true that my posts regarding automated trading are generally focused towards the negative aspects of this way of trading and explaining why it is bound to be harder to achieve than simple manual profitable trading. However, there are a few advantages inherent to automated trading that have made it my operational way of choice and the generator of the majority of my current income level. Within the next few paragraphs I will be explaining to you one of the main reasons why I decided to use automated instead of manual trading systems to succeed in forex trading, especially why this is so beneficial for my trading style and personality. I will also tell you why this quality is also a double edged sword and why it does NOT mean that you can just "set and forget" trading systems. Yes, we have all heard the many "benefits" inherent to automated trading. Most EA sellers just tell you that you can make money while you sleep, trade like a professional without knowing a...

Last week while I was playing with a little hamster it came to my mind that there are several different levels of experience and development in forex trading that are much alike the positions of animals within the food chain. I gave this a little bit more thought and I came up with a small classification system that uses several animal figures to point out the main characteristics of the different phases a person goes through when starting a long term journey in forex trading. I realized that each different stage has its strengths and weaknesses and that evolving towards the next one is merely a matter of overcoming the problems that arise due to the nature of each particular phase. On today's post I want to share with you my "animal kingdom" classification system in which I attempted to give a "scale" of evolution within forex trading. Where are you on this "animal kingdom"? Keep reading to find out ! I have never seen any "trader evolution"...

On yesterday's post we talked about the disadvantages people have when they attempt to become full time forex traders or even simply successful traders when they have full time jobs and families that take up substantial amounts of their time. Near the end of the post I pointed out that patience and a long term look are bound to be absolutely important to the success of a person in this situation and I also said that exploiting strengths and reducing weaknesses was also an important part of this journey. On today's post I will elaborate on the more practical aspects of this advice and I will lay out a plan that you - as a person with a full time job and family - can follow to become successful in forex trading in the long term. Many of you may be asking how I came up with such a plan if I don't have a full time job nor a few kids to make my life a lot more complicated. The truth is that even though this is not the case my advantage is that I know what has to be done to becom...

From my perspective it has been absolutely clear for the past several years that being successful in forex trading is a matter of effort, dedication, patience and endurance, it has been hard for me but I have been able to achieve most of my goals in this aggressive and unforgiving market. However one of the things I often do not consider is that most people who want to become successful traders make this decision at a point in their lives where they have almost no time at all to trade. Sure, it wasn't as hard for me to do this since I took this decision when I had a lot of time and I was able to make the change from university graduate to full time forex trader with almost no break. However many of the people who want to become successful traders already have families and full time jobs. On today and tomorrow's posts I will talk about the problems of having no time, why this probably will lead to failure and how you can implement some ideas and tips to "change the balance...

This is a very special day for me since later today I will be leaving for my first fully forex-paid vacation (tomorrow is my birthday so I will be spending it there, yey !!). This is a very important achievement for me in the sense that it is a sign that my goal of "trading for a living" has become a sustainable reality and after a long time of constant effort I can now spend a few days to relax and enjoy with my girlfriend along a wonderful Caribbean island beach. Today I wanted to take some time to tell you about what will happen while I am gone with Asirikuy and this website as well as sharing with you some of the details of my journey and where I will be heading. - - I will be leaving from today till July the 23rd so those of you who are Asirikuy members should not worry about videos or newsletters since this week's material has already been uploaded and next week's will be when I come back (since I will come back on Friday I'll be able to get everything done ...

Certainly when people start to get into forex trading every little trade that doesn't go their way seems like a gigantic failure. Definitely the reasons why this is the case are many but perhaps the most important one is that new traders do not have an approach to trading that lets them make the distinction between what is a failure and what is a normal trade that simply went wrong when everything was done "by the book". On today's post I will be talking about the distinction between trades that fail and trades that lose, I will define each one and I will attempt to give you some guidelines so that you can change your mindset and start approaching trading from a more business like perspective. Hopefully after reading this post you will apply this to your trading and you will find out that most of your so called "failures" are just business expenses while many of your profitable trades, are just failures. Cataloging trades that go "wrong" and end ...

One of the things I consider the funniest about forex traders is that they seem to have a strong opposition against the removal of "hedging" from their trading capacity. However few of them do realize that the traditional hedging we have seen where you buy and sell a given currency pair at the same time is merely and illusion and that in reality it doesn't exist or -for that matter- make any real sense. On today's post I want to talk about the concept of hedging, why it simply doesn't exist in reality and why any strategy that uses this concept can be implemented without its use. After reading this post you will understand better that hedging a currency pair by having open long and short positions at the same time is not possible in the real market and you 'll see how you can actually understand what you are doing when you have this on your account and how it can be implemented within your strategy to have the exact same results without ever having more than o...

I believe there is some sort of obsession right now in the forex trading community with the lower time frames. Perhaps it seems more profitable or glamorous to trade within the minutes and to get very small profitable trades with high lot sizes but the actual reality of the matter is that lower time frame systems with higher frequency trading often achieve the same degree of success that higher time frame strategies with much more effort and time requirements (plus a LOT more commission paid up in spread). I for one believe that the use of the higher time frames is unequivocally one of the best tools people have to become successful forex traders with low stress levels, I personally absolutely love the daily time frame for my long term trading strategies and it is in fact the lowest time frame I ever use when personally handling an account. What is so great about the daily time frame ? What makes it such a great tool for anyone who wants to become a successful trader (using either manu...

When you want to get profit in a market where trading is hard and competition is extremely aggressive you need to take advantage of every tool you can use to reduce your trading costs. There is little you can do in forex trading but one of the most practical things almost anyone can do is to find a forex rebate service to reduce the cost of their trading a little bit. Even though this cost reduction does not make a system "more profitable" in any way it does allow us to reduce our trading costs to a significant degree something that may decrease the loses we get simply because of our net trading volume (spread costs). On today's post I will talk a little bit about this rebate services, why they exist, how they work and why you should definitely join one if you are expecting to trade the forex market for an extensive period of time. When you are using a forex system to trade the market you will inevitable get in and out of the market with a certain frequency. Some systems ...