I’ve wanted to cash in on the forex trade market for quite some time now. Spend time wheeling and dealing on the trade market to capitalize on the profit margins that any amateur can see are bound to pay off in huge numbers. However, the one thing that always held me back was the lack of know-how. I had no idea when to buy or when to sell, how to read market trends and make secure investments, or how to choose my investments to begin with. The highs and the lows of the trading market were just words whose significance I could not read. The first thing, as is inevitable in any field, I needed to achieve my goal, was a sound education in the business of trading.
So I began looking for traders with suitable experience and expertise in the field of forex trading. My search led me to Rob Booker’s Podcast and trading education business. My friends had talked about him, and one of my friends had built a strong portfolio in trading after taking lessons from him and by listening to his podcasts. It was a name that I found across the internet in the list of respected traders. Consequently, I looked through the trading courses and the most suitable options for me. The first thing I found was a lot of free information that was available from him to get a fair idea of how markets work. My main go-to space for the trader’s insight was the trading podcasts on www.tradingposts .com.
Interestingly, the first question the podcasts forced me to answer was whether I had the stomach for the risks involved. The Forex trading market offers considerable returns, but you need to put up your cash to make the investments and then make judgement calls based on the economic and political events and people’s reactions to it. As a high-risk investment, foreign exchange investments can pay well or bring you down really low. You have to wait to find out whether you’ve lost it all or you can afford to keep your head above water. To sustain such highs and lows, you need to be able to keep your head in a crisis and not panic when you lose.
The first word of caution, one finds on any and every trading website, including Rob Bookers, is not to invest what you cannot afford to lose, pretty sound advice at any time of day. Consequently, you need to have a sum of money in addition to the money you need to survive and to meet your daily needs and requirements.
Since Rob Booker trades exclusively with Robots designed to follow market ups and downs, the investments can be a tricky sort of investment, and you need to have an in-depth understanding of how trading techniques work.
As a beginner, I found it easy to follow Booker’s podcasts, although he did expect the listener to be familiar with some of the basic terminologies while listening to his descriptions of the available trading techniques.
Two recent podcasts proved to be quite insightful as I waded my way through the world of forex trading. One podcast focused on Options Trading and the second one covered the subject of Carry Trade. In both the podcasts, he begins by explaining the system and how he applied it in real terms. Real-time application, the available pathways and the terms to be negotiated while establishing your Forex Trading Currency Pairs and especially the need for a banking system that can help you capitalize further on your investments is the aspect of Forex Trading that majority of investors rarely focus on. Far more rare is the sharing of their personal systems that have evolved out of their experiences, market limitations, trends, and so on.
When I started out, I was such a rookie that I did not have any idea about traders relationships with banks. For instance, it was only after I heard Rob Booker’s podcasts that I learnt I would be paying interest to the banks on the currency I traded.
In the Options trading podcast, Rob Booker’s ideas about selling call spreads when the price hits the R3 pivot proved to be quite insightful. I followed his advice, stuck to companies with low profits and sold the call spreads near the money call and managed to get a decent return on my investments. The Carry trade podcast helped me establish my very own system for capitalizing on the interest rate differential between the New Zealand dollar and Japanese Yen.
Another set of podcasts I found helpful were the ones that focused on trading and trader’s psychology. Like getting stuck on a currency pair, simply because if I follow the analogy being drawn in the podcast between people getting stuck in an abusive relationship hoping for a change and being punched repeatedly in the face by a currency pair. Losing money continuously on a currency pair and still trying to win, hoping to reverse the tide, you become trapped by the idea of the investment and you stick to the investment because you feel you must get a return on the investment now, or it will be embarrassing. Yet, this is a time to leave or abandon the currency pair. This is part and parcel of the self-destructive impulse in the amateur as well as the veteran traders, who have been making money and yet they are struggling to control this self-destruction with a structured response.
It wasn’t just the podcasts that I have been listening to, to get the latest trending software. I followed the trends reports, blog posts and the particularly entertaining twitter posts. Booker has an extensive network, that’s spread over Facebook, Youtube, Twitter and his specific websites. His websites include robbooker.com, robtrends.com, and for those interested in the cryptocurrency, there is Robcoin.com. As a result, one can get in touch with Rob via any one of these networks and get his personal advice and a suitable response to your queries regarding market trends ad suitable investments. I have always found him to be helpful and supportive.
Chris Mcdonald has been the lead news writer at complete connection. His passion for helping people in all aspects of online marketing flows through in the expert industry coverage he provides. Chris is also an author of tech blog Area19delegate. He likes spending his time with family, studying martial arts and plucking fat bass guitar strings.