TradeProfits

Chat Room at TradeProfits

Posted on 26. Jan, 2010 by Jakob.

Yesterday I launched a new chat room here on TradeProfits, as attempt to improve my signal service. I sent a short email to all my subscribers, telling them about the room. The response was amazing, and although there are some small issues with the room, it seems to be working pretty good. The main reason for the new chat room, is both to share my signals and hopefully have some interesting discussions about forex trading, but also to get to know my readers better. If this chat room will be a success, I will probably change to a “better” one in the future. But this way, I can get an idea, if people like it or not. I have been talking to some of my readers and it has been really interesting! As for now, the room is password protected, since I still need to test how things work. One problem is, that I will not be in the room at all times, and obviously people would like to be informed about this. I plan on adding a calendar, so you can see when I will be in the room. I have been posting my trades on twitter today, and I will do so for the rest of the week, but my plan is, to move this into the chat room. If you would like access to the room, and help me test it, simply send me an email, and I will reply with the password. Any feedback is highly appreciated.

Continue Reading

USDBOT launching in 30 minutes

Posted on 26. Jan, 2010 by Jakob.

The new expert advisor USDBOT will be released in 30 minutes, at 9 AM EST. I wrote a short preview of the USDBOT before. As mentioned earlier, I have spoken to Mark Trenton and he seems like a cool guy, and he is very excited about the launch. They have added real time results on the sales page, and a short manual which you can download for free. I will probably be testing it in the upcoming days, to see if there is anything to these claims. Check out USDBOT here.

Continue Reading

The bankruptcy of GFX Markets

Posted on 26. Jan, 2010 by Bryan.

This is a guest post by Bryan from www.forexfraud.com

Forex trading has more than its fair share of scandals, yet the average newcomer is hardly knowledgeable about the great dangers involved in the process of choosing a broker. In this article we take a brief look at the case of GFX Markets in order to remind you how bad things can go in this flourishing business.  Read more... (470 words, estimated 1:53 mins reading time)

Continue Reading

Optimize Trading Strategies

Posted on 26. Jan, 2010 by Jakob.

Traders often tend to look for highly complicated trading strategies, and end up with a cluttered screen which might make things more complicated than they truly are. Keeping things simple can be beneficial in many ways, but often simple trading strategies needs to be tweaked one way or another to be profitable. The owner of No Brainer Trade has written a great post, which shows you exactly how to go about, optimizing a simple strategy and how astonishing the results can be. The simple use of a trading log, and analyzing the details of it, can obviously be very rewarding. Check it out here.

Continue Reading

14 Cool Forex Freebies you should Know About

Posted on 24. Jan, 2010 by Jakob.

I have posted about most of these before, but I thought I would sum it all up in one post. These are great resources for forex traders, and they are free. Check it out and throw a comment. Do you have any additional ones we should know about? Feel free to share your thoughts.  Read more... (1065 words, estimated 4:16 mins reading time)

Continue Reading

The End of Retail Forex Trading – Part 2

Posted on 22. Jan, 2010 by Jakob.

Yesterday I wrote a post about the new regulation proposal from the Commodity Futures Trading Commission, which you can read here. Today I stumble upon two posts related to this topic, one of them from John Forman, the author of The Essentials of Trading; he basically states that leverage on retail forex trading will not be cut down to 10:1, due to the following: (take a look at his post here)  Read more... (546 words, estimated 2:11 mins reading time)

Continue Reading

The End of Retail Forex Trading?

Posted on 21. Jan, 2010 by Jakob.

I am sure you have read about this already. It seems like every forex trader out there is talking about it. The new CFCT proposal which was made public last Thursday, suggests some radical changes which, if approved, definitely will affect the retail forex industry. Basically there are three different suggestions, namely; registration requirements for all Futures Commodity Merchants, Retail Foreign Exchange Dealers, Introducing Brokers, Commodity Trading Advisors and Commodity Pool Operators. The second aspect is related to minimum capital requirements, where they propose that all Futures Commodity Merchants and Retail Foreign Exchange Dealers need to maintain a net capital of at least $20 million, plus 5% of any amount of retail customer liabilities that exceed $10 million. The last part is probably the most interesting, as they suggest stronger leverage restrictions for retail traders, which should be modified down to 10 to 1 in leverage. This basically implies that you would now need $1000 to trade one mini lot or $10,000 to trade one standard lot. If these regulations are approved, it will definitely affect both the retail traders as well as many of the new brokers out there. It will be interesting to see how things turn out. If you want to read more details about this, then take a look at this article, which is posted over at Forex Peace Army.

Continue Reading

USDBOT – Another Upcoming Expert Advisor

Posted on 14. Jan, 2010 by Jakob.

USDBOT is a new expert advisor which will be released on January 26th. There are almost new expert advisors out every single day, and the majority of them are not worth the price you pay. Now I have not tried the USDBOT, so I cannot say anything about its performance, but I have been talking to Mark Trenton, one of creators of this new EA, and it seems that they feel pretty comfortable with this launch. Mark is a cool guy, and he was willing to share a lot of information about USDBOT. Although the performance of USDBOT’s back and forward testing will not be disclosed before the launch date, it should, according to Mark have to pretty good results. The USDBOT will be trading two pairs, namely the EUR/USD and USD/JPY and you will be able to follow real time results on the website. The EA will come with a manual and videos on how to install and setup it up properly. Now one thing which is different from this launch compared to other ones, is that they will offer live chat support, so you will be able to get all your questions answered, and get the exact same setup which they use to generate the results posted in the live performance record. I am not a big fan of expert advisors, but I will be checking this one out, especially because that Mark seems to be an honest guy. As the USDBOT will be sold through clickbank, you will always have the option to get a refund, so it might be worth to check it out.

Continue Reading

Sean Joins TradeProfits Forex Signals

Posted on 13. Jan, 2010 by Jakob.

As I mentioned some time ago, I have been planning on bringing in a couple of guys to help me post forex signals. Today I am finally able to announce that one of my close friends, Sean will start posting forex signals for TradeProfits. In the beginning he will take the same approach as I have done, by posting the trades through twitter. Sean has a better educational background from a financial perspective than I do, and I am sure he can contribute with some winning trades. In order to give you guys a better understanding of Sean and his approach to forex trading, I made a short interview with him, posted below. All the trades Sean will enter will be posted in real time on twitter and the results will be posted here in TradeProfits (Trades (Sean)). Follow Sean on Twitter here. Be sure to subscribe to our newsletter and get more information about upcoming changes to our signals.  Read more... (674 words, estimated 2:42 mins reading time)

Continue Reading

4xMillion – A 4xProject

Posted on 13. Jan, 2010 by Jakob.

4xMillion is a new website created by the founders of 4xProject. 4xProject is a website devoted to testing new expert advisors; they are testing a large number of different EA’s and the page is a good source of information, if you consider buying one. 4xMillion is a new project, where the goal is to turn $1000 into one million, only through the use of expert advisors; a rather ambitious goal that is! 4xProject is the foundation of it, in that they will be using expert advisors which have passed 4xProject’s criteria’s, especially in terms of forward testing. The way I understand it, is that they will use a portfolio of different EA´s with customized settings, and change them over time when needed. Currently they use two expert advisors, namely MegaDroid and Forex Nuke. Although I don’t have much faith in the project, it should be interesting to see what the guys from 4xproject can pull off. I will be following them from time to time. Check out 4xMillion here.

Continue Reading