The Four Levels of Forex Traders

The Four Levels of Forex Traders

There are four levels of forex traders, new traders start at level 1 and progress to level 4.

Level 1 - Unconscious incompetence -- You don’t know that you don’t know, you don’t know enough about the spot forex to ask someone with experience good questions. You are staring at indicators and they make very little sense. We were all there once. You are in the first grade of the forex, swallow your pride and start learning and paper/demo trading.

Level 2 - Conscious incompetence -- You are now absolutely positively sure that sure that you don’t know how to trade the forex, read charts or trends, or have any mastery any of the techniques we use at Forexearlywarning. The realization and frustrations of needing to “do the homework” and demo trade to learn the forex is in front of you, it is somewhat of a make or break moment. You had better decide to enjoy the journey, because if it is work you will never get there.

Level 3 - You make pips paper trading and trading with small amounts of real money like micro lots but you still get stopped out occasionally and have some lingering residual questions. It still doesn’t make complete sense but you have a lot of learning behind you and you can clearly see the forex opportunity in front of you and the potential. Reviewing certain portions of the homework lessons and continued micro lot trading is still necessary.

Level 4 - Automatic positive trades time after time, you have no emotion when you make a lot of pips and you can now laugh about it when you get an occasional stop out, your account is building and the future it very bright. The forex is a strong positive force in your life and part of your overall balanced life.

Make sure you clearly identify who you are. If you are seeking a trading partner be willing to admit who you are and you can learn the forex together with your partner.

Forex traders at Level 1 and 2 get taken advantage of with expert advisors, robots, terrible information on forex websites, scalping, 150 different technical indicators, trading methods not backed by logic, expensive forex training, weekend boot camps, expensive DVD courses, gurus and general forex nonsense which is everywhere on the internet.

The techniques we teach at Forexearlywarning are very different and there is a huge adjustment period. The information and resources of Forexearlywarning will allow you to get to Level 3 if you are willing to learn it and paper trade.

Being disorganized, lazy, taking shortcuts or not enjoying the journey will kill you. All you need is diligence and determination. These are the only two qualities you need plus some paper trading

 

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CashBackForex , Is It a Scam ?? I guess not

CashBackForex are arguably one of the biggest and most popular companies that offer forex rebates, with other 14,000 registered members at the time of writing. They have been around for a few years now, but it is only recently that they have established themselves as a market leader in this area.
If you're not aware of forex rebates, they are basically a way of getting some cash back on every single trade you place, regardless of whether you win or lose.

The way it works is that the forex rebates company, ie CashBackForex in this instance, has working relationships with all of the major forex brokers. So therefore they are able to offer you rebates on every trade that you place (and receive a commission themselves) in return for sending them customers.

All you need to do is to open a free account with CashBackForex and choose from one of the many different forex brokers that they work with. Then you will automatically receive cash back on every single trade you make, which can be quite a tidy sum if you are a regular trader.
The commissions vary from broker to broker but here are the current forex rebates offered by some of the more popular brokers:

Dukascopy: 40% of commissions
FXCM UK: 0.7 pips per round turn lot traded
InstaForex: 1.3 pips per round turn lot traded
AvaFx: 0.6 pips per round turn lot traded
FX Open: 0.7 pips per round turn lot traded
Forex Yard: 0.7 pips per round turn lot traded
Alpari UK: 0.25 pips per round turn lot traded

So the point is that you are much better off signing up to a forex broker through a rebates company such as CashBackForex rather than going directly through the broker itself. The spreads are still exactly the same (which is not always the case with other rebates companies) and you can earn some extra cash every time you trade the forex markets.

Therefore even if you only break-even with your forex trading during the last week or month, for example, you will still come out ahead. Plus if you are someone who places several trades every single day or trades quite a few lots at any one time, then you stand to earn quite a lot of money.
Anyway if you would like to find out more about CashBackForex, you can do so by clicking here.
 

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Cash Back Forex Review

  Cash Back Forex Review:

“Does your broker actually pay you to trade?”
This is a question that every forex trader should be asking themselves. If your answer is no, then you should be asking yourself why? The fact is that if you’re an active forex trader and you don’t know about websites like CashBackForex.com then you are clearly missing out on what is virtually       ‘free money’.

WAIT!

Before you close this page in disbelief (and probably disgust) you should know that I am fully aware that there’s no such thing as a ‘free lunch’, especially within the forex trading industry. However, please suspend your disbelief for just a couple of minutes because what I’m about to tell you is as close as you’re going to get to ‘free money’. It’s real, it’s legit and it’s happening every single month for thousands of happy forex traders throughout the world, including myself.

What is this so called ‘free money’?

Put simply, forex brokers need clients like you and me in order to be in business and make a profit. Thing is, there is such brutal competition between brokers these days that acquiring new clients is very expensive. Brokers need help to attract new clients and in recent years a number of them have started offering what are called ‘Introducing Broker’ programs.

What’s an ‘Introducing Broker’ ?

An introducing broker (or IB for short) is any authorized person or business (whether it be a website owner or offline business) that sends or refers prospects to the forex broker. For every new prospect that opens up a live trading account with them and places trades, the forex broker will pay a commission to the introducing broker (usually on each ’round lot’ traded) for referring them. It’s not unlike many of the affiliate programs you see online e.g. Amazon.com where you get paid a commission for each purchase that is made by people who arrived at their website via your affiliate link.
So how do I make money with this?

Well, I’m getting to that but first I need to tell you about a website called  cashbackforex.com  cause this is where the ‘free money’ comes in. These guys are one of the largest Introducing Brokers (IBs) online and they refer lots of new prospects to the various forex brokers that they partner with. The thing that sets them apart is that if you visit their website at CashBackForex.com and open up your forex broker account by going through one of their referral links, then they will actually pass on to you a big percentage of the commission they receive from the broker (on every single trade you make) for referring you. Hard to believe but it’s 100% true.

Is Cash Back Forex a scam?

To be honest, I was extremely skeptical. I mean, it all sounded too good to be true. However, as I looked into it further (trying to find the ‘catch’) I saw the business model behind it and I actually concluded that it was a smart, affordable way for the forex brokers to bring in new clients. A true win-win-win situation for the forex broker, for CashBackForex.com (the referrer) and most importantly you and I, the clients / traders.
I also thought, “What have I got to lose?” I’m going to be placing my trades anyway and the worse case scenario is that CashBackForex.com don’t pay me my ‘cash back’. I’d be no worse off than had I not tried out the program at all. So I gave it a go and I’m pleased to report that at the time of writing this I have been getting an extra $2000-$3000 cash back each month from CashBackForex.com into my PayPal account. The payments have been 100% accurate based on my trades (I check my trading log thoroughly) and have been on time or early.

NOTE: I personally trade hundreds of lots each month (making my broker rich, lol) and so you may not make the same amount of cash back as I do. Most traders I speak to are making on average an extra $300-$500 cash back each month, which is still really great money, and that’s regardless of whether you make a profit or loss on your trades.

All I can say is that I can wholeheartedly and with total integrity recommend the Cash Back Forex program. It’s money that is there for the taking. Best to grab some while you can. You’re going to be trading anyway, why not pick up a little extra along the way? It’s a no-brainer as far as I’m concerned.
Anyway, I hope you’ve found this Cash Back Forex review helpful and that you make some extra cash on your trades this month.
Click here to visit CASHBACKFOREX.com and learn more about this innovative program…

 

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Is the US Economy Really Slowing?

Today we received the US Advance GDP Estimate - and it was a shock. This report was expected to be lower than the previous quarters 3.1% gain, but a negative 0.1%, down from an estimated positive 1.1% was indeed a surprise. The report claims the negative number was caused by a decline in company inventories, and reduced military spending. Granted, this is the original GDP estimate, and there will be two more GDP reports for the 4th quarter that will revise the numbers.

Consumer spending in the quarter was strong, up 2%, but can we expect this going forward? There has been a 2% increase in the amount of Social Security taxes that reduces the take home pay of all those that collect a check, and the cost of gasoline in the US is up more than 10%. This combination of inputs probably caused the US Consumer Confidence Index to drop from 66.7 to 58.6, as announced yesterday. This is the lowest the Consumer Confidence has been since December 2011.

It is interesting to note that last quarter's deficit spending in the US did not produce the Keynesian multiplier effect. During the 4th quarter of 2012, the US added $312B to the debt, and the GDP was reduced by $4.9B.

Later today, we get the notes from the FOMC meetings, and it is expected the report will show the intent to continue to expand the money supply. It is becoming more evident that the QE policies of the Fed are helping the banks and brokers, but the citizens on Main Street continue to lag behind.

The USD continues to lose against the euro, which easily conquered the 1.35 handle on the way to higher ground. Lost, perhaps, in today's trade was the Spanish 4th Quarter GDP which came in at a negative 0.7%. Considering they have 27% unemployment and are suffering from a heavy dose of Frau Merkel's austerity plan, the -0.7% reduction does not look too bad.

Today there was an opinion article by Matthew Lynn in Market Watch, "The real euro crises is just starting." It is his opinion that solving the bank crisis is the easy part, and that is over. I do not agree with that totally because there is also still a debt crisis, and this has not been solved. I, however, digress. Lynn says:

"In reality, the real euro crisis is only just starting. It began as simply a financial crisis. The second phase, however, will be an economic and social crisis, and that will be a lot harder to solve."

Currently, unemployment in Spain and Greece is about 27%, Portugal 17%, Ireland 14.6% and France and Italy about 11%. The austerity demanded by the EU and the IMF means that companies are still shedding jobs. Youth unemployment is much higher, and they have the potential for being a catalyst for social unrest.

Lynn contends when this happens Spain and Greece will leave the euro, and there will be " turmoil in the markets. January rallies in Europe stocks are very common. In 11 of the last 15 years, share prices have been up significantly in the first month of the year. But in the face of a deepening recession, and mounting opposition to the costs imposed on societies, it will be impossible for the rally to be sustained."

The rally in the euro has been going on for a while and notice on the weekly chart that the market has rallied to the 200 week SMA, and the RSI at about 67 is high. This is not to say the rally cannot go further, usually it will go until we get the last bear out. We note in the futures market the open interest has grown from around 200K contracts at the beginning of the year to 238K, currently. In time, the peripheral countries will be hurt by the higher euro. Currently, we prefer to watch this pair from the sidelines.

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Pip rebate affiliates

PipthePip partners programme – Join, promote and earn!

Join our affiliate programme TODAY and you will earn 10% of all commissions made by your referrals, and a further 5% of their referrals (2 tiered). Please note: Your referrals will always still earn the same level of advertised rebates on PipthePip, their services and rebate levels will not be reduced in any way!

Activate your new affiliate account below.

Joining up is free and easy. Simply register an account with PipthePip and your ready to start promoting our services and earning as you go, remember to activate your user account as an affiliate account once you have signed up, by filling in the form on the right!
Referring customers is just as easy, simply use your unique referral link/url, which is displayed at the top of this page as soon as you login! You can of course choose to link to other pages/urls on PipthePip, to do so, simply swop your desired URL for the one listed above, making sure to leave your referral ID in place.
Referral tracking online: Feel free to use your unique affiliate code in your site and wherever else you so wish, online referrals are auto tracked through your unique Affiliate link, so you can rest assured your referrals will always be tracked and tagged to your account.
Referral tracking offline:If you would like to promote PipthePip offline, simply quote and promote your username, as long as the new users fill in your referral ID/username on registration they will be tagged to your account.
Promotional Materials: You can find some banners for use below, either right click>save the images and create your own links using your unique affiliate URL, or simply copy and paste the corresponding code for your chosen banner into your web page. Please note: you must put your unique affiliate URL (found at the top of this page) in place of the text “YOUR UNIQUE URL GOES HERE”.
You will also find a free Pip & forex rebate calculator that you may want to use on your site.

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