Here's Dad's advice on Forex:

Advice to my son.

Since my son has just expressed an interest in the fascinating world of forex, my first piece of advice to him was;

"If you can't consistently rack up profits using a demo account, don't put a nickel into live trading."


Small speculators have a fear of the unknown and can be spooked out easily by the market movers by twisting the market a bit. Trading with a live account can add a nervous twitch to your eye. It creates apprehension and is known to make your fingers shake on the mouse button.
Depending on how much you need any particular trade, your stop out level is correlated to allow you to jump out at the slightest shake of the market. Professionals know this. The only person who doesn't know the market moves back a bit before moving forward again is the hugely leveraged speculator watching their money drain at 400 to 1.

"If the broker you are thinking of using doesn't offer lower leverage, get rid of them!"

Pretty images and colours on your charts, serve no practical purpose. Leverage of 200 and more is crazy talk. You don't stand much of a chance getting ahead on the occasional hunch or feeling. Keep in mind you lose at a rate of 200 or 400 to 1. If your live account is a few hundred bucks and you need that kind of leverage to make a living, get out now or lose it. Work out a system that matches your personality and prove it works on a demo before jumping into a live trading account with lower leverage. When you have proven yourself, then put the petal to the metal and make real pips.
Read the fine print in your borker agreement before signing up. There are some cheesy brokers around.

Also, the radio station launch will be delayed for another month since I have a full plate ahead. For these reasons, I needed something that worked when I could.

The ForexGrail, (website by that name) did the trick. It serves the ultimate purpose. As with any trading, use a demo until you have been making consistant profits. Then, and only then, should you put in a little money to get used live fills. Use big stops, lower your leverage, and give trades lots of time to work if you are trading quiet times. Never be in the market during wild and crazy periods like FOMC and NonFarm Payrolls unless you know exactly what the meaning is behind these massive market moving reports.

The market is exciting lately and huge moves are making people lots of money. Keep removing your profits and don't keep more than you should reasonably need to trade. Withdraw often.

The ForexGrail trading system uses a few simple rules and a fantastic "currencies tool" to produce outstanding results for anyone. I am working on the website and I have been working on a dialup modem for a few days.. Gee, I can't believe that I was impressed with 56K when it first arrived..oooch.

Tom-

Click Here for More Info on the ForexGrail