Forex Brotherhood Review
"UPDATE" IT HAS JUST LAUNCHED! PEOPLE ARE BUYING UP THE SPOTS AS YOU ARE READING THIS!
The Forex Brotherhood the new Forex Currency Trading System will be released August 19. It will combining trading software, the assistance of an expert advisor Jason Alan Jankovsky, daily web broadcasts twice daily once in the morning and another in the afternoon. He will be giving market guidance with live support forums.
Forex Brother hood is not your typical hyped-out software. Forexbrotherhood is education and so much more. Forex Brotherhood was created and is being run by Forex "guru" Jason Alan Jankovsky a trader with over 20 years experience. This is what sets the brotherhood Forex program system apart from others. Jason is not just an educator, Jason trades Forex in downtown Chigaco. He will be accessible to you by phone, email and webinars if and when you need him. The Forex brotherhood simply blows the competition away.
* Archive of constantly updated articles and videos
* Software
* Two daily updates and reports
* Two daily webinars
* Personal one-on-ones
* Forums
* Daily Newsletters
* Knowledgebase of top forex traders
* Meta experts
* Tech Support
* Trading perks worth almost as much as entire program
* Loyalty Program: Gifts/Bonuses/Perks
* VIP 20 year trainer hosting it all
* Much, much more
Only 1000 participants will partake in this venture so make your way over and be part of the best Forex strategies ever to hit the Forex Market.
Join The Forex Brotherhood & Sisterhood Now
Thank you Jason Alan Jankovsky, you are a genius.
August 20, 2008 Forex Brotherhood Updates!
I just got word the Forexbrotherhood is having positions filled left and right. There are many people out there getting in since there are only 1000 spots available.I have wondered why they were only giving out 1000 spots and I suddenly realized the reasoning behind it all. If he allowed more than 1000 spots this would mean so many Forex Traders could get in there and use the system leaving the market in a type of chaos. How it is right now, 95% of the millions of Forex Traders are making pretty much nothing and if that turned around it would be very difficult for us new traders using this system to get ahead of the crowd.
I applaud Jason for making this very important strategic move. Had he not I may have wondered about it later on after I bought in.
I am getting very excited as I know many people I have talked to are as well.
Here are some very important questions:
1. Why Trading With One Robot Doesn't Cut It Anymore
2. Why Trading Without The Aid Of A Pro Is Forex Suicide
3. Daily Documented Market Action/Reaction And How The Pros Exploit It
These are questions that can be answered in layman terms to the 1000 members who join the Forex Brother Hood. Not only that, you need to change the way you make money in the Forex market, if you don't then your going to continue on the same old path and allow us to profit from it. This is not what I or anyone in the Brotherhood want, we want you to succeed as well.
Learning To Trade Forex Within A Club & Family Will Always WIN!
See you there,
FOREX BROTHERHOOD
Part 1/3. August 21, 2008... Update : INTERVIEW with Matt And Jason Alan Jankovsky On The Forex Brotherhood
Jason is the one of the great mastermind behind the Forex Brotherhood.
ForexbrotherhoodMatt: Hi Jason this is Matt, I'm calling you today to ask you some questions about the Forex Brotherhood and about your personal experiences with Forex.
Jason: Sure, absolutely, good to hear from you and I'll be more then happy to answer any questions you have. Go ahead.
Matt: When did you first come up with the idea for the Forex Brotherhood?
Jason: The Forex Brotherhood actually is the sum total of all the things I've been doing over the past several years. I met with some good partners and these guys are bringing the technology of the web to us and the biggest benefit is we can lower the cost. See the concept of mentoring and coaching and stuff is an extremely expensive thing to do and most people would be really good at trading. They don't have access to those funds and instead of spending thousands of dollars on one on one coaching and mentoring, they might be able do that. But that money is maybe better spent in different areas, maybe when they're starting or just getting acclimated to the markets and maybe they don't really want to make an investment like that. Maybe that represents a good portion of their potential trading capital.
So putting all this together I'm like you know we're not using the technology of the web right is what I was telling my partners. We can get in front of more people if we use the technology of the web, put together something that's unique and isn't really available anywhere else, which I think we've done and give people who have a serious interest in trading a really good head start for a reasonable amount of money.
That's why we came up with the idea. So we've been putting it together for the past several months. If someone were to hire me for one on one, they're paying for my time. Whereas if we're doing, hey look let me just put it out there every morning and every afternoon so these guys can see what is going on and they can participate on a higher level if they choose to later. But for right now this is going to be a great way for them to get acclimated to how professionals think, how the market is structured, think if they went on their own and tried to learn on their own it could take them years and thousands of dollars and they could even lose money in the process.
And instead of Forex being what I think it is, which is an absolute golden opportunity, it could end up being really frustrating for them. So we put the Brotherhood together as a means to shorten that learning curve.
Matt: How important is a solid community to the Forex Brotherhood?
Jason: The Forex Brotherhood concept of education first. The community is good because its like going to school, you might not be able to talk to the instructor any time you want but you can hang out with guys in the same class, you're going to review things maybe, you're going to maybe get ideas that you hadn't thought of by listening to what other people are experiencing in the marketplace or the solutions they found for their trading.
So you're leveraging the experience of everybody who participates, everybody who participates becomes a source of education for you. Those chat rooms and blogs that we have for you, those can be a great way for people to stay more connected to other likeminded individuals. Its like anybody that has ever gotten really good at something will tell you they like to see what other people who are good at it are doing, maybe there is something they can learn.
So I think that the community is a great way for customers to stay focused on doing the right things. All you have to do is listen to one guy who tells a story of how he had an accident in the market and he handed himself a pretty hefty loss and what he did up to that point becomes an education. You can learn that and say that's something, I'm not going to make those mistakes. That's an educational process we may not have gotten until it was too late.
So the community I think is equally important to learning from just maybe a trainer like myself.
Matt: I know you've already partly answered this one but I'll go ahead and ask you anyway. Why are you providing such exceptional value and training at a reasonable price when you can charge so much more?
Jason: Its kind of the same concept, we're using the web. It's getting in front of much more qualified people. I'm not shy about admitting that I'm in this business for the money but I've noticed in my own experiences, my experience I started in '86 as a customer and I loved business when I got into it as a young man. I became a broker and boy there was nothing out there. The education you have today, what the current client has today for education that wasn't even invented yet. There wasn't any internet, there wasn't any email, there was no way to learn something in the market unless you went out there and beat the pavement. You would go to your local library or the bookstore and try to find information.
The information you have now is 100 times more available then it was when I first got started and I know that people want that information. Its like if you wanted to get started in real estate and Donald Trump said to you I'm available to talk to you for a couple of hours, wouldn't you pick that guy's brain? It's similar to that and I'm not saying I'm the Donald Trump of Forex, I'm not saying that. What I'm saying is to make it more available to people at a reasonable price, give people real value for their investment and in the long run that benefits me and it benefits the customer.
I think it's important to remember that providing good quality content at a price that's reasonable for people, we couldn't have done that without the technology that we have today. So really its just opening the door up to a bigger audience really is all we're doing.
Matt: Sometimes people who are just getting into Forex market can be intimidated by traders who have as much experience as you. Are you worried about complete Forex newbies joining the Brotherhood?
Jason: Well when you say a complete Forex newbie do you mean somebody who has never traded before ever in his life?
Con't...
Forex brother hood
Part 2/3 Interview with Jason Alan Jankovsky On The Forex Brotherhood
Forex Brotherhood
Matt: Right or they could have traded in other markets and just found out about the foreign exchange.
Jason: There are certain qualities about Forex that make it a unique marketplace that the new person has to get a grasp on right away. So those are provided as premiums at no cost, you just join and you get those educational benefits. We want to spend time on that first. If a guy is brand new and never traded before the most important thing I could tell him is that he has to have an account open and he's got to start trading. You can't be paper trading your way in this business past a certain point. That will kill you in my opinion.
You need to be at the point where you're confident that you will do the right thing for you, which is protect yourself, which is learn the skill of how to cut a loss and be okay with it and learn the skill of how to be a winner and be okay with it. Now if you've had no trading experience at all the benefit to that is we're going to start you on the path the way you're supposed to do this from day one. And the good news is you have no bad habits.
So there is no problem with a brand new guy doing this because his mind is probably open to learning how to do this right to begin with because he wants a shorter learning curve. A guy that has a lot of experience already in the market and in Forex maybe in particular what his benefit from all this is how to stay on track with all that. Any trader that has been around for any length of time will tell you that he's had blow outs, he's cut profits short that would have been huge wins and he wants to fix that problem. He might be making a consistent amount of money every month or every year but he knows he can do better.
So that pathway is the same for everybody. Its like if you start to learn how to dance you have to feel the music and then maybe as you go on you can learn different dances. The marketplace only functions one way and futures, Forex, options, stocks they all function the same way basically. The unique things about Forex, that's great and we'll help you get educated on that right way and get you on the right step right away but if you're a more experienced trader that's okay to because you're going to want the feedback to stay on course once you get there.
It's like any sailor will tell you this, charting a course and staying on course is like two different things. So charting the course we're going to show you how to do that and get you started properly and maybe help you get an account if you don't have one already. We can provide you that service. If it turns out you're a trader and you're very happy with where you're at, you've got some good experience, you're doing well on your own but you want to take it to the next level the Brotherhood can help you with that too.
What attracted me most to it was the scope, size and depth to it. It's the biggest marketplace in the world and nobody even knows how much money goes through the Forex markets every day. The estimates now are some people will say as much as $2.6 trillion a day. I mean that dwarfs every other market. That's huge and you can't even wrap your mind around how much money is involved.
Why is that important? Well in a situation like that when it's that thick, that deep the probability of that market being artificially manipulated is almost zero. That's not going to happen. Governments cannot control the value of their currency. The Federal Reserve, the European Bank they can't control the value of their currency and that means it's a free, pure market, its capitalism at its best. If you can understand and accept what is going on, get positioned on the right side I don't think God himself could move the market against you if it's the right thing to do.
So what attracted me was the size, depth and scope, how big it was and how important it was.
Matt: What was your most depressing moment in a Forex market?
Jason: Most depressing moment? I would have to tell you there isn't anything that is the most depressing thing. I don't really see the markets the same way anymore. When I had the light go on for me and I really understood what all this is about its more like a sense of personal responsibility. When I didn't have a sense of personal responsibility I would get depressed over what had happened in my account. My sense of personal responsibility now is probably as high as it's ever been in my life and so whatever happens in the market I own that responsibility.
So I don't see a loss the same way other people see a loss. I see that as me not seeing the market correctly and that's a solvable problem and I get on with the business of solving it and looking for the next winning trade.
Matt: What was your ultimate win moment?
Jason: Ultimate win moment? I would have to say I remember sitting in my office about 1 ½ years ago maybe a little longer, well almost 2 years now looking at the Euro going we're trading 117, 118 and saying this is the last chance to buy Euros under 120 for the rest of my life. I got long under the 120 area and some of my clients did too, customers who were listening to my broadcasts at the time and we rode that trade for months, of course, in and out but for the most part we were long Euro under 120 all the way up to about 160 off and on over the months. Sometimes short in between that but for the most part looking for that high print and then when we got it we were looking at the other side then.
So I would have to say my biggest win moment wasn't so much a particular trade but it was really getting in touch with the underlying conditions and structure the market so well that I could be accurately positioned at what would, in hindsight, look like the absolute best time in history.
Now we may never get a market opportunity that again, the currencies change on a regular basis. They may do something different in the next couple of months and we're looking for those clues but knowing at that moment that we were right where we needed to be on the right side, saw it accurately and perfectly, in hindsight you can't describe that feeling other then knowing that you're doing the right thing for yourself. And it was a huge opportunity. We got our fair share of it, I knew that the conditions in the market had changed favorably for the long side and that was the place to be from that moment forward until we could see it the other way.
Matt: With all of your trading success, how has that changed the lives of you and your family?
Jason: That's a great question, I'm single, I'm not married. What success I do have I put into my family differently, like I have brothers and sisters and I do my best to participate with them in their lives. I've been able to increase the time I spend with people. My point of view on money is a little different now. I see now that money is really the most replaceable thing on earth.
If you're focused on only money, the business is really about actualizing your potential as a person too. If you can win at the markets, if you know you have the skill to go in here and win consistently, think about what that would mean if you had more resources. That might mean more money that might mean more time; I like the lifestyle I live. I could probably afford a lot more but I'm comfortable with the lifestyle I have. I like having a sailboat and being able to go sailing. I'm a private pilot and I like to fly but I can't afford an airplane right now. You see the price of gas? But a buddy and I are pilots and we fly together a lot. He just sold his plane. He's in the mortgage business so you know he's been through a lot lately.
So that's really how I think my success has influenced me. It's helped me do more of the things that I want to do at a level that I'm comfortable with. On the news when there is something out there where some catastrophe has happened and they've got to send in people to help with the catastrophe it gives me a good sense of achievement to be able to say I gave those guys money this year for that problem, I'm helping with that. That's the kind of thing that made a difference to me.
Con't...
Forex Brotherhood
Matt: Right or they could have traded in other markets and just found out about the foreign exchange.
Jason: There are certain qualities about Forex that make it a unique marketplace that the new person has to get a grasp on right away. So those are provided as premiums at no cost, you just join and you get those educational benefits. We want to spend time on that first. If a guy is brand new and never traded before the most important thing I could tell him is that he has to have an account open and he's got to start trading. You can't be paper trading your way in this business past a certain point. That will kill you in my opinion.
You need to be at the point where you're confident that you will do the right thing for you, which is protect yourself, which is learn the skill of how to cut a loss and be okay with it and learn the skill of how to be a winner and be okay with it. Now if you've had no trading experience at all the benefit to that is we're going to start you on the path the way you're supposed to do this from day one. And the good news is you have no bad habits.
So there is no problem with a brand new guy doing this because his mind is probably open to learning how to do this right to begin with because he wants a shorter learning curve. A guy that has a lot of experience already in the market and in Forex maybe in particular what his benefit from all this is how to stay on track with all that. Any trader that has been around for any length of time will tell you that he's had blow outs, he's cut profits short that would have been huge wins and he wants to fix that problem. He might be making a consistent amount of money every month or every year but he knows he can do better.
So that pathway is the same for everybody. Its like if you start to learn how to dance you have to feel the music and then maybe as you go on you can learn different dances. The marketplace only functions one way and futures, Forex, options, stocks they all function the same way basically. The unique things about Forex, that's great and we'll help you get educated on that right way and get you on the right step right away but if you're a more experienced trader that's okay to because you're going to want the feedback to stay on course once you get there.
It's like any sailor will tell you this, charting a course and staying on course is like two different things. So charting the course we're going to show you how to do that and get you started properly and maybe help you get an account if you don't have one already. We can provide you that service. If it turns out you're a trader and you're very happy with where you're at, you've got some good experience, you're doing well on your own but you want to take it to the next level the Brotherhood can help you with that too.
What attracted me most to it was the scope, size and depth to it. It's the biggest marketplace in the world and nobody even knows how much money goes through the Forex markets every day. The estimates now are some people will say as much as $2.6 trillion a day. I mean that dwarfs every other market. That's huge and you can't even wrap your mind around how much money is involved.
Why is that important? Well in a situation like that when it's that thick, that deep the probability of that market being artificially manipulated is almost zero. That's not going to happen. Governments cannot control the value of their currency. The Federal Reserve, the European Bank they can't control the value of their currency and that means it's a free, pure market, its capitalism at its best. If you can understand and accept what is going on, get positioned on the right side I don't think God himself could move the market against you if it's the right thing to do.
So what attracted me was the size, depth and scope, how big it was and how important it was.
Matt: What was your most depressing moment in a Forex market?
Jason: Most depressing moment? I would have to tell you there isn't anything that is the most depressing thing. I don't really see the markets the same way anymore. When I had the light go on for me and I really understood what all this is about its more like a sense of personal responsibility. When I didn't have a sense of personal responsibility I would get depressed over what had happened in my account. My sense of personal responsibility now is probably as high as it's ever been in my life and so whatever happens in the market I own that responsibility.
So I don't see a loss the same way other people see a loss. I see that as me not seeing the market correctly and that's a solvable problem and I get on with the business of solving it and looking for the next winning trade.
Matt: What was your ultimate win moment?
Jason: Ultimate win moment? I would have to say I remember sitting in my office about 1 ½ years ago maybe a little longer, well almost 2 years now looking at the Euro going we're trading 117, 118 and saying this is the last chance to buy Euros under 120 for the rest of my life. I got long under the 120 area and some of my clients did too, customers who were listening to my broadcasts at the time and we rode that trade for months, of course, in and out but for the most part we were long Euro under 120 all the way up to about 160 off and on over the months. Sometimes short in between that but for the most part looking for that high print and then when we got it we were looking at the other side then.
So I would have to say my biggest win moment wasn't so much a particular trade but it was really getting in touch with the underlying conditions and structure the market so well that I could be accurately positioned at what would, in hindsight, look like the absolute best time in history.
Now we may never get a market opportunity that again, the currencies change on a regular basis. They may do something different in the next couple of months and we're looking for those clues but knowing at that moment that we were right where we needed to be on the right side, saw it accurately and perfectly, in hindsight you can't describe that feeling other then knowing that you're doing the right thing for yourself. And it was a huge opportunity. We got our fair share of it, I knew that the conditions in the market had changed favorably for the long side and that was the place to be from that moment forward until we could see it the other way.
Matt: With all of your trading success, how has that changed the lives of you and your family?
Jason: That's a great question, I'm single, I'm not married. What success I do have I put into my family differently, like I have brothers and sisters and I do my best to participate with them in their lives. I've been able to increase the time I spend with people. My point of view on money is a little different now. I see now that money is really the most replaceable thing on earth.
If you're focused on only money, the business is really about actualizing your potential as a person too. If you can win at the markets, if you know you have the skill to go in here and win consistently, think about what that would mean if you had more resources. That might mean more money that might mean more time; I like the lifestyle I live. I could probably afford a lot more but I'm comfortable with the lifestyle I have. I like having a sailboat and being able to go sailing. I'm a private pilot and I like to fly but I can't afford an airplane right now. You see the price of gas? But a buddy and I are pilots and we fly together a lot. He just sold his plane. He's in the mortgage business so you know he's been through a lot lately.
So that's really how I think my success has influenced me. It's helped me do more of the things that I want to do at a level that I'm comfortable with. On the news when there is something out there where some catastrophe has happened and they've got to send in people to help with the catastrophe it gives me a good sense of achievement to be able to say I gave those guys money this year for that problem, I'm helping with that. That's the kind of thing that made a difference to me.
Con't...
Forex Brotherhood
Part 3/3 Interview with Jason Alan Jankovsky on the Forex Brotherhood
Forex Brotherhood
Matt: I know people will be learning money management and techniques in the Brotherhood and also why the market moves the way it does and why the big players make the moves they do, so I'm pretty excited about learning how to do that myself.
Jason: Yeah and like I said that's something that education will help you with. See what most sites do and this is the thing I noticed is most sites want to impress upon you the quality of their system and nobody ever stops to ask who programmed that system and why are they doing it that way? And its not that systems are bad, its not that other people have bad products, its just that I think that will only take you so far. If you really want to hit the ground rolling right you need something more then just head knowledge. You need understanding your psychology and your make up and your emotional state and things like that and all of that is what the professional works against.
The pros already know that the average guy out there has no clue what he's doing. The pros know that, they know what that looks like in the marketplace; they know how to tell when dumb money is making a move, when smart money is making a move. They know what that looks like and they know how to read charts better then the typical average guy getting started. So all that boils down to the price action that we see and there are clues you have to look for.
Most systems approaches and most guys out there don't really teach you that as accurately I think. I mean they teach you good things, I'm not saying they don't have value for what they ask for it, it's just that at some point they're all pretty much saying basically the same thing I think.
Matt: Two more questions for you Jason. What makes the Forex Brotherhood different from other paid subscription sites?
Jason: I think that has to do with the information that we put out there every day. I do a morning briefing and an afternoon briefing live over the web. So when you're a member you go to the broadcast link and its 7:45 Chicago time every morning and 3:15 Chicago time every afternoon and I do a 45 minute to an hour broadcast on what is happening in the markets, where the opportunities may be developing, specific trade set ups that I think may work and also my point of view on why both sides may be at risk or in control at both the longs and the shorts and give you timely education and help that is in real time.
Most of the guys out there don't do that. They've got education, they've got charting services, they have newsletters but they're not getting online with you right now and saying hey this is what's happening right now, here is how to take advantage of it, here is how to protect yourself. I have tools that I use on the site that are instantaneous for communication. If I see something going on that I think my clients need to know about I send it out to them right now. And its not by an email, it's by a desktop to desktop link, it's a free piece of software I give to people so that we can stay in touch.
A lot of times we don't need to do that. A lot of times our point of view on the market is accurate and things are working beautifully and there is nothing to do but wait. So every couple of hours we look at it and its great and if something is going against us, I talk all the time about how you need to have stop orders working, how to place them, where to move them to, when to leave them alone and we do that all day long. And the reason we do that is because the market situation as its developing is not static, it's dynamic. If something, everything is working just beautifully for the positions we put on this morning if that changed in the next 10 minutes we would change with it or at least we would try too.
So you need to have that knowledge available. Just because you put a trade on Monday doesn't mean its still going to work on Wednesday even if you have a good lead on it. You need that information that is coming out regularly, timely at least a couple of times a day I think to be able to participate at the full capability you have, so that's what I think makes us different. I don't think there are too many sites out there doing live presentation right now on the web. You can sign in right now and listen to what is happening in the market right now. I don't know if anybody else does that.
Matt: I have to agree with you on that one Jason. My last question is someone is sitting on the fence regarding joining the Forex Brotherhood and they need that last bit of affirmation to join, what would you say to them?
Jason: I would say if you're sitting on the fence try it for 30 days. If you honestly really don't think it's going to help you then just cancel your membership. And if you honestly think you got no value Click Bank will refund the money. I would hate to see that happen but when it does I know its somebody who really doesn't find value in what we're doing and that's okay. But if you tried it for a month and you honestly don't think you got value there only you can make that determination and if you don't think it's going to work for you, you don't have to stick around. You're not making a lifetime commitment.
But if you do stick around I think you'll find there is a lot of value there. And I tell people all the time, if you're on the fence don't do it. The one thing I tell all the students I've ever worked with, I say you've got to have the commitment to do this; you have to have the commitment to trade. You can't poke it with a stick. If you make the commitment, making that commitment to yourself first it doesn't matter where you invest your educational dollar. You will get a benefit from that if you're committed on the inside first.
If it turns out that you want to invest that dollar here I think you're going to get more for the $1 you invest. But if you really don't think so that's okay and we'll refund the money and we'll take care of you. I hate working for free, nobody likes working for free but that's okay.
Matt: Thanks a lot Jason; I really appreciate the time you took to answer all these questions.
Jason: Oh yeah no worries man and I appreciate you giving me a few minutes. I don't know what more you might want to talk about but my door is always open and any time you want to give me a ring, please feel free.
Matt: Thanks a lot.
Jason: You too and have a great day.
Forex Brother Hood
Matt: I know people will be learning money management and techniques in the Brotherhood and also why the market moves the way it does and why the big players make the moves they do, so I'm pretty excited about learning how to do that myself.
Jason: Yeah and like I said that's something that education will help you with. See what most sites do and this is the thing I noticed is most sites want to impress upon you the quality of their system and nobody ever stops to ask who programmed that system and why are they doing it that way? And its not that systems are bad, its not that other people have bad products, its just that I think that will only take you so far. If you really want to hit the ground rolling right you need something more then just head knowledge. You need understanding your psychology and your make up and your emotional state and things like that and all of that is what the professional works against.
The pros already know that the average guy out there has no clue what he's doing. The pros know that, they know what that looks like in the marketplace; they know how to tell when dumb money is making a move, when smart money is making a move. They know what that looks like and they know how to read charts better then the typical average guy getting started. So all that boils down to the price action that we see and there are clues you have to look for.
Most systems approaches and most guys out there don't really teach you that as accurately I think. I mean they teach you good things, I'm not saying they don't have value for what they ask for it, it's just that at some point they're all pretty much saying basically the same thing I think.
Matt: Two more questions for you Jason. What makes the Forex Brotherhood different from other paid subscription sites?
Jason: I think that has to do with the information that we put out there every day. I do a morning briefing and an afternoon briefing live over the web. So when you're a member you go to the broadcast link and its 7:45 Chicago time every morning and 3:15 Chicago time every afternoon and I do a 45 minute to an hour broadcast on what is happening in the markets, where the opportunities may be developing, specific trade set ups that I think may work and also my point of view on why both sides may be at risk or in control at both the longs and the shorts and give you timely education and help that is in real time.
Most of the guys out there don't do that. They've got education, they've got charting services, they have newsletters but they're not getting online with you right now and saying hey this is what's happening right now, here is how to take advantage of it, here is how to protect yourself. I have tools that I use on the site that are instantaneous for communication. If I see something going on that I think my clients need to know about I send it out to them right now. And its not by an email, it's by a desktop to desktop link, it's a free piece of software I give to people so that we can stay in touch.
A lot of times we don't need to do that. A lot of times our point of view on the market is accurate and things are working beautifully and there is nothing to do but wait. So every couple of hours we look at it and its great and if something is going against us, I talk all the time about how you need to have stop orders working, how to place them, where to move them to, when to leave them alone and we do that all day long. And the reason we do that is because the market situation as its developing is not static, it's dynamic. If something, everything is working just beautifully for the positions we put on this morning if that changed in the next 10 minutes we would change with it or at least we would try too.
So you need to have that knowledge available. Just because you put a trade on Monday doesn't mean its still going to work on Wednesday even if you have a good lead on it. You need that information that is coming out regularly, timely at least a couple of times a day I think to be able to participate at the full capability you have, so that's what I think makes us different. I don't think there are too many sites out there doing live presentation right now on the web. You can sign in right now and listen to what is happening in the market right now. I don't know if anybody else does that.
Matt: I have to agree with you on that one Jason. My last question is someone is sitting on the fence regarding joining the Forex Brotherhood and they need that last bit of affirmation to join, what would you say to them?
Jason: I would say if you're sitting on the fence try it for 30 days. If you honestly really don't think it's going to help you then just cancel your membership. And if you honestly think you got no value Click Bank will refund the money. I would hate to see that happen but when it does I know its somebody who really doesn't find value in what we're doing and that's okay. But if you tried it for a month and you honestly don't think you got value there only you can make that determination and if you don't think it's going to work for you, you don't have to stick around. You're not making a lifetime commitment.
But if you do stick around I think you'll find there is a lot of value there. And I tell people all the time, if you're on the fence don't do it. The one thing I tell all the students I've ever worked with, I say you've got to have the commitment to do this; you have to have the commitment to trade. You can't poke it with a stick. If you make the commitment, making that commitment to yourself first it doesn't matter where you invest your educational dollar. You will get a benefit from that if you're committed on the inside first.
If it turns out that you want to invest that dollar here I think you're going to get more for the $1 you invest. But if you really don't think so that's okay and we'll refund the money and we'll take care of you. I hate working for free, nobody likes working for free but that's okay.
Matt: Thanks a lot Jason; I really appreciate the time you took to answer all these questions.
Jason: Oh yeah no worries man and I appreciate you giving me a few minutes. I don't know what more you might want to talk about but my door is always open and any time you want to give me a ring, please feel free.
Matt: Thanks a lot.
Jason: You too and have a great day.
Forex Brother Hood
Mistakes Trader Make #1 August 23 2008
Everyday I will add a new mistake traders make.
GREED, BABY-GREEDIt is unrealistic for you to believe you are going to make a killing on THIS ONE TRADE RIGHT NOW. Sure, you might be on the right side of a large move but that will take time and evidence to see. For this moment, any trade you have on has the potential to run the other way against you and if you are trading too large, your potential to lose a lot on only a few trades is huge. No matter your age, education, skill or experience level you are not going to make 100% winning trades. Therefore a certain percentage of your trades will simply not work. Those trades cannot be so large that you lose a significant portion of your equity in the process.
To beat the greed habit you need to make a few changes to both your equity management and more importantly to your thinking.
First, trading is a business. You need to treat it like one. There are certain things every business needs to run effectively and the first thing is liquidity. Simply put, if you run out of cash to play you can't remain open.
Second, if you had a reasonable plan in place already then it is a good guess that your plan calls for only a reasonable amount of percent gain on your equity regularly. If you were to use some basic mathematics while creating a sound trading approach one of the things you would be looking for was a realistic "risk-to-reward" ratio. That means for every dollar you lose you expect to make a certain number of dollars and out of every 100 trades a certain percent will be winners and some will be losers.
If you put this all together and asked the "what-if?" questions you get this base-line number that statistically will be a winning set of results:
42% winning trades out of 100 taken
Two dollars out for every dollar you give back
This is not my opinion, this is the Probability of Ruin Matrix and you can research it yourself if you have time. Of course, if you have higher percentages of winners and take more out on those winners you make money a lot faster but the point is if your results are at least this good consistently you are on your way to success. I teach more about that in Trading Rules that Work and in my Psychology of Trading course.
It's great to be on the high side of the matrix but most of us didn't start there and that is why you have to TRADE SMALL at first. To protect yourself from being greedy about your trading and to help you stay focused on long-term success it is important to make your trade size small enough so that it won't leave you in a position of not being able to play at all should you have a string of losses all at once. I found that limiting your risk/reward ratio to a factor of about 1.5% on any one trade is a great way to stay focused and not get greedy.
This means that for any one trade you take, no matter how you think of the trade or how certain you are of a win; you will not risk more than 1.5% of your account balance at any one time. This means that if you are trading so that your average loss is 3-5% of your account balance at any one time-you are trading TWO to THREE TIMES TOO LARGE for your account size. In that case, the Probability of Ruin Matrix will work against you and you will likely run out of capital before you make money with your approach.
If you are the greedy trader right now and you are guilty of making this mistake; If this means you have to drop your trading size down a few notches then you had better call your broker today and fix it-because if you don't you are an accident waiting to happen. It only takes making this mistake THREE TIMES IN A ROW to drop your account balance 15% or more in a heartbeat; especially if you are day trading!
HOW TO MAKE THIS MISTAKE WORSE: Convince yourself you are so good at trading that this couldn't possibly happen to you, convince yourself that your analysis is good enough to help you find 80-90% winning trades all the time, trade without a stop-loss order "just this once", double-up on the next trade after taking a large loss.
SOLUTION: Immediately reduce your account balance; take 20-30% of your cash home. Trade position sizes that are no more than 300% as valuable as your account balance. In other words, if your account size is $10,000, don't trade anything that has a total contract value larger than around $30,000. If that means trading mini's instead of big-board you had better do it.
Forex Brotherhood
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