Choosing A Forex Trading System – Things Every Beginning Forex Trader Needs To Know

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There are many different kind kinds of Forex trading systems. Of course, the most important Forex trading system is the one that is right for you.

As you search the web for Forex trading systems suitable to you there will be many seemingly appealing offers many promising to be so much better than the rest.

It can be difficult to compare some Forex trading systems due to the lack of performance information. You want to have enough information available to you for you to be able to make an intelligent decision. You need this valuable information prior to committing to purchase or lease a Forex trading system and before committing to the money necessary to properly fund a trading account.

Here are a few quick tips to help you hack your way through the jungle of available Forex trading systems:

Ignore the testimonials

Your first job is to ignore the typically glowing testimonials telling you how great a certain Forex trading system is. Remember that these are most likely not typical results obtained with the trading system.

Now I’m not suggesting that you ignore all testimonials about all products. I’m simply suggesting that when it comes to testimonials about money making strategies that we all need to be more objective.

Don’t forget that a testimonial about a vacuum cleaner is a lot different that a testimonial about t trading system. For one thing everyone knows how a vacuum cleaner works and what it is supposed to do. Not everyone knows what a Forex trading system is and how it is supposed to work.

Not looking at the testimonials will allow you to be more objective in your evaluation.

Also keep in mind that it is highly unlikely that you will buy your own private island based the few great trades you see in the testimonials.

Let’s take a look at a few other do’s and don’ts for choosing a Forex trading system. With that in mind here is “don’t” number 1.

Don’t be overly impressed by a high percentage of winning trades

Often times you will see Forex trading systems advertising a high winning trade percentage. The ad might contain information a line like the following: “Over 90% Winning Trades”

You might look at that and say, “Wow, with numbers like that I’ll be rich in no time!” Before you stop reading the ad to call your local real estate broker about buying that private island just realize that this one figure does not tell the whole story.

The fact is that most successful traders the world over have made their money with far smaller percentages of winners than many of the trading systems you will see advertised.

I would suspect that the reason the high winning percentages are advertised is to attract as many customers as possible. Many buyers believe that the closer the winning percentage is to 100% the closer the trading system is to being a “sure thing”. In the trading world there is no such thing and you would be well advised to run as fast as you can away from anyone who tells you otherwise.

Here’s a quick illustration of a losing trading system with a high percentage of winning trades:

Trading System A Performance

Number of trades = 1000

% of Winning trades = 92%

% of Losing trades = 8%

Average Winning trade = $180

Average Losing Trade =  -$2100

That’s just a quick illustration of how a Forex trading system can have a high percentage of winners and still lose money. We’ll go into even more depth in the next part of our series as we continue to explore choosing a Forex trading system.

The whole point of the exercise was to get you to take a closer look at the performance results of trading systems that you are interested in pursuing. Now that you know that it is possible to lose money trading a system with over 90% winners, you’ll be able to look at the next advertisement for a Forex trading system much more objectively.

Let’s take another look at our example:

Trading System A Performance

Number of trades = 1000

% of Winning trades = 92%

% of Losing trades = 8%

Average Winning trade = $180

Average Losing Trade =  -$2100

A few quick calculations tells us that this trading system had Total Net Profit of -$2,400

The Total Net Profit is an important factor in any trading system although it doesn’t tell the full story.

Here’s how the Total Net Profit is calculated:

Total Net Profit = Gross Profit – Gross Loss

In our example above these figures would be:

$165,600 – $168,000 = -$2,400

As stated above the Total Net Profit for this trading system is negative. This is important to note. As you can see, if the only information you originally had access to was the percentage of winning trades you would have started to trade a losing trading system. Now with a little more information such as the Total Net Profit we are clearly able to see that all the glitters is not gold.

Please note that it is unlikely that anyone would be openly advertising the fact that even though their trading system has a high percentage of winning trades that it is a losing system.

In the next part of our series we’re going to take the performance data we currently have at our disposal and generate a very important number to know in evaluating any trading system.

I promised you previously that we were going to “generate a very important number in evaluating any trading system”. Well now I’ll make good on that promise. This very important measurement is called the Profit Factor

The calculation of the profit factor is quick and easy:

Gross Profit =$165,600/Gross Loss=-$168,000 = 0.9857

Unfortunately for this trading system the profit factor is not attractive. A profit factor of 1 means that the trading system just breaks even. Any profit factor below 1 indicates a losing trading system. In other words our example trading system would not be worth trading.

Can you tell me how good a trading system would be based on the following simple calculation:

Gross Profit =$1,000,000/Gross Loss=-$1,000,000 = 1

So how good would that trading system be? After all it is showing a million dollar gross profit. If you answered that a trading system with a profit factor of 1 would not be appealing you would be correct.

Even though the million dollar trading system has tremendous profits it also has tremendous losses. Basically this is a break-even trading system. If you ask “What’s the point of trading a break-even trading system?” the answer would be “none. There is no point in trading a system that breaks even. The money in your mattress can break even without any of the risks associated.

We want a trading system with a profit factor great than 1 because that would indicate that we have positive net profit. Some people refer to a trading system with a positive net profit as a system with a positive mathematical expectation. Either way you put it the Profit Factor is a valuable measure for any trading system.

You don’t want to miss the next part in this series. Next up is some information that you positively must know before putting your hard-earned money and time into any Forex trading system.

No discussion of trading system evaluation would be complete without a discussion of drawdown.  We must always look at the maximum drawdown of any trading system as it is very, very important.

The maximum drawdown of trading system is defined as the greatest peak-to-valley drawdown in a trading system’s equity.  Let’s say for example that we have a trading system that reaches a particular equity peak of $100,000.  Let’s further say that two weeks later, the trading system equity is at $80,000.  In this example, let’s say that the $80,000 equity happens to be an equity valley.  In that case, the peak-to-valley drawdown would be $100,000-$80,000 equals $20,000.  This means that the maximum drawdown is $20,000.

So why is the maximum drawdown such an important measurement in our evaluation of a trading system? It’s because the maximum drawdown gives us a measure of the survivability of the trading system.  A simple measure, but a measure nonetheless.  Basically, when we look at the maximum drawdown we can say that this maximum drawdown can happen again at any time throughout the life of the trading system.  This is particularly important when it comes to evaluating starting account size.

As an example, let’s say that you started to trade the system using an account funded with $10,000.  Right off the bat, you can see that this would not be prudent, because as we can see from our maximum drawdown figure if we went into a drawdown immediately after starting our account our account balance would logically be wiped out.

We can see from this quick illustration that we definitely need to fund our account with more money than enough to cover the maximum trading system drawdown.  It makes perfect sense to have a buffer of some sort as well.

I would exercise caution, if you are looking a trading system and the recommended account size is the exact same size as the maximum drawdown.

The maximum drawdown is an essential measure that gives us a better idea of what to expect when trading a particular system.  A comparison of risk versus reward is an absolute essential in successful trading.

Here’s another measure who’s importance may not be immediately obvious to you. That measure is the actual length of time over which the trading systems results were achieved. Some of you may identify this as the length of the trading system’s track record.

Why is this so important? The main reason that this is so important is that the shorter the track record of the trading system is the less significant the track record may be. A trading system with a short track record may be only cherry picking and displaying the best possible period of trading. Don’t be impressed by some wording like “made 10% return this month”…so what. In my personal best month of trading I made hundreds of times more than the above example of 10%…again, so what. In trading, as in life, there are many things that are a flash in the pan…trading systems, get-rich-quick traders, etc.

Fortunately, you and I realize that success in trading is a marathon and not a sprint as so many would love for it to be. Your trading system needs to be one that at least displays the ability to weather the long-term storm. As we all know past performance is no guarantee of future returns. A longer track record may give you more insight into your trading system’s chances of survival than one without as much data.

You should plan to have a long and profitable relationship with your trading system. Like any relationship that you plan for the long term it makes good sense to have as much history on your potential partner as humanly possible.

So shy away from those trading systems that seem to selectively share only one or two months of hypothetical performance. Almost any Forex trading system can have one or two great months. Remember, even a broken clock is right twice a day.

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What Are Some Forex Trading Basics?

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The smart thing for beginning Forex traders to do would be to start with Forex trading basics. By starting with the basics you’ll create a solid foundation upon which to build your Forex knowledge, Forex trading skill, and success as a Forex trader.

Forex trading is speculation – The first thing that anyone who wants to trade Forex needs to understand is that Forex trading is speculation. Speculation entails entering into financial transactions in an effort to profit from short or medium term price movement. The one key factor to remember about speculation is that there are no guarantees. This means that just because you trade Forex does not mean that you are guaranteed to make a profit. Speculation also implies that there is risk involved.

Please note that just because I mentioned that speculation is risky that I do not mean to discourage you from trading in the Forex market. I mention this because the risks involved in Forex trading aren’t mentioned nearly enough. This has caused some beginning traders to enter the market with the bad combination of high expectations and low preparation.

Forex trading can be extremely profitable – Just because we’ve spoken about Forex trading as speculation and that there is risk involved does not mean for one moment that Forex trading cannot be extremely profitable. There are many who have learned to trade successfully and some have done so well that they have gone on to become wealthy from trading Forex.

Forex broker selection – It is important to select the right Forex broker or brokers for your needs. One alternative is to rely upon a recommendation from a friend or associate. It is recommended though that you do your own due diligence to find out more about the reputation and financial standing of your chosen brokers. It is also not a bad idea to open more than one account and then place the same trades in each account simultaneously. While this may sound a bit ridiculous as you may suspect that the profit in each account will be the same, it’s best to actually test this out and see for yourself. The results will sometimes amaze you.

Forex can be simple, but not always easy – At first glance that statement might not make very much sense. If you think about it though, if Forex trading were so easy then why aren’t all Forex traders trading successfully? There’s more to trading than having all the right tools in place. Successful traders have the discipline to follow through and do what needs to be done. Trading discipline is one of the toughest things for beginning traders to master.

We just covered a few Forex trading basics. There’s obviously a lot more to successful Forex trading than the few basics that we have touched upon. To get closer to successful trading it is suggested that you learn Forex trading to increase your trading knowledge.

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What Are Some Good Forex Trading Tips?

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It seems most people who are starting out are looking for some good Forex trading tips to help them trade Forex more successfully.

Here’s a collection of excellent Forex tips to help you in your Forex trading:

Never trade without a trading plan – “Be prepared” is a phrase frequently attributed to the Boy Scouts. Being prepared is also essential for successful Forex trading. This means you should have a Forex trading plan before you place your very first trade. Many beginners are unfortunately prone to shortcuts and miss this crucially important step.

Never trade with money you cannot afford to lose – Money that you cannot afford to lose is often times in the Forex trading world referred to as, “scared money”. There is another saying in the industry that states, “scared money never profits”. Why is that you ask? I would say the scared money never profits because it is the type of money that a trader cannot afford to keep in their trading account. The scared money trader is more interested in what money they can pull out of the account than how they can grow the account. This type of trader will often bail at the first sign of a losing trade or two. This has the effect of causing the trader to stop trading and consequently when you stop trading you miss all future profit opportunities.

Learn Forex trading – This is one of my top tips for beginning Forex traders. It makes sense if you plan to master anything then you must be a student of that thing. Some traders, no matter how successful they get, still remain eager students of the markets. You can easily start with some basic Forex trading training like a Forex trading course. This will allow you to get some Forex trading basics under your belt and build a good base of trading knowledge for you.

Learn to be patient – As the old saying goes, “Rome was not built in a day”. The same is true of your Forex trading success. You will be much better off in the long run if you view your Forex trading journey as a marathon rather than a sprint.

Being patient will keep you from over trading and trying to, “force things to happen” rather than letting them happen naturally.

Have realistic expectations – Beginning traders are unfortunately the target of pie-in-the-sky, get rich quick scheme ads which post unrealistic and utterly ridiculous levels of return on investment. Let me set the record straight and save you some time and effort all in one fell swoop. There is no such thing as a Forex trading system with a 98% winning trade percentage. Also, don’t expect to get 1000% return per month on your initial investment. Neither of these is even remotely realistic and especially not for the low, low price of less than $100 as some ads would have you believe.

Exercise good risk control – If there is any phase of Forex trading which isn’t talked about enough it is risk control. If you ask any experienced trader what they thought about risk control they would probably ask you this simple question, “how can you possibly expect to control your reward if you don’t control your risk?”. By controlling your risk you place yourself in a position of profit when the market moves with you. Risk control also gives you the opportunity to, “fight another day” when the market happens to move against you.

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Forex Striker – What’s Wrong with This Picture?

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I recently received an e-mail touting a new Forex robot called Forex Striker. The subject of the e-mail made an amazingly bold claim that stated, “The First USA Patented FX Robot Technology Is Here!”

Although I receive e-mails that make all sorts of claims I was still curious enough to go to the Forex Striker website just to see what the hype was about. There I saw a picture and underneath the picture there was wording to the effect of a, “government verified patent”. On the image itself there was a button that said, “click to verify”.

I clicked on the, “click to verify” button and was taken to what appeared to be a copy of a certificate of registration from the United States copyright office. Okay, that was all well and good, but I was interested in seeing the actual documentation to support the claim of, “The First USA Patented FX Robot Technology Is Here!”. I then spotted a link that said, “you can see patent here”. I clicked on the link and was taken to a document from the database of a “Copyright Catalog”. Once again that was all well and good, but I still didn’t see anything to support the claim that this technology had been patented.

After some additional searching I simply could not find any information for this supposedly revolutionary new Forex robot. As someone familiar with intellectual property and the documentation involved it does appear that Forex Striker has been registered with the US copyright office. As anyone familiar with intellectual property can tell you a copyright is not the same as a patent. In fact, even though both copyright and patent are designed to protect intellectual property they are extremely different forms of intellectual property protection.

Based upon what I’ve seen my assessment is that the claim of Forex Striker being the, “The First USA Patented FX Robot Technology Is Here!” is inaccurate as there is no patent information to be found. Now there is always the possibility that I simply could not locate the patent information as I do not claim to be an intellectual property expert. What I do know is that the patent information that is claimed leads to a page showing a copyright. The particular registration number that starts with, “TX” is a registration number from the copyright office.

In conclusion any company that claims that its product is patented when it is actually copyrighted is not a company whose product I would recommend. Whether the misrepresentation was intentional in order make the product appear more impressive or a mistake it is still a misrepresentation.

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Turn $1,000 Into $35,000 Without Risk – Really?

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Believe it or not that is actually the title of an e-mail I received trying to sell me yet another Forex trading robot. Let me ask you a quick question, if you received such an e-mail would you believe it?

Okay, let’s just say we want to give the sender of this e-mail the benefit of the doubt and consider the possibility that what they are saying is true. Turning $1000 into $35,000 is no small feat by any stretch of the imagination. I would think anyone would be proud to make 35 times their initial investment. This is amazing, but certainly not impossible, especially over the long term.

What was interesting about the title is that it states, “turn $1000 into $35,000” as if this is something that the robot will do again at some point in time in the future. I’m going on a limb here and imagine that the results are past results. One thing we all have to realize about past performance results is that they are in the past. This is important to understand because market conditions vary from year to year. I’m only mentioning that because when market conditions vary from year to year the returns on your investment will do the same. I know it would be less sensational, but it would have been more accurate to state, “this Forex robot turned $1000 into $35,000” (assuming that the statement is actually true).

In reality, it really isn’t the first part of the statement, “turn thousand dollars into $35,000 without risk” that disturbs me. It’s the last two words of the statement that are particularly disturbing…”Without Risk”. Merriam-Webster describes risk as, “possibility of loss or injury”. So based upon the definition of risk, the title the e-mail soliciting the Forex trading robot is attempting to tell us that there is no possibility of loss.

If you come as no surprise to you that I find that statement, “without risk” to the ridiculous when used in relation to anything in the investment or trading world. Unfortunately, there are many beginners who may read such an e-mail title and be drawn in by the words, “without risk”. I mean, really, in today’s economic environment who wouldn’t want to trade or invest without risk? Of course, you and I know that such statements are completely misleading. So to set the record straight for any would-be traders who might even remotely entertain the possibility that they can trade or invest without risk I would like to make the following statement: “There is no such thing as trading or investing without risk”.

So what should you do when you see a Forex trading product that is touting that you can trade it without risk? Simple, avoid it. I understand this may be difficult for some because it may be exactly what they want to hear. Simply keep in mind that no legitimate offering is going to tell you or for that matter even imply that you can trade Forex without risk.

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The Importance of Patience in Forex Trading Success

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There are number of important factors that go into making you a Forex trading success. Some of these factors include such things as a reliable Forex trading system, adequate working capital, etc.

While all of the factors mentioned above are important, I find that the importance of patience cannot be overemphasized. Why is that, you ask? If I had immediately answered that off the top of my head I would simply look at the facts. The facts show that all successful Forex traders have the patience to do what is necessary when it is necessary. Patience is a necessary part of the all important “trading discipline”.

One of the first concepts it is important for beginning Forex traders to wrap their heads around is that successful Forex trading is more like a marathon than a sprint. Regardless of the timeframe that you trade in, having a long-term outlook can help you be more successful.

So let’s look at an example of how patience may come into play in your everyday Forex trading.

When you first open your live trading account — This is a critical time for beginning Forex traders. Often times the anticipation of placing your very first trade can get the best of you. The last thing you want to do is to jump the gun and place a trade that your trading system does not dictate. In this scenario you simply have to have the patience or make yourself have the patience to wait until your trading system tells you to take action.

When your first few trades are losing trades — If your first few trades are losers, please keep in mind that this is not the end of the world by any stretch of the imagination. This simply means that your trading system did not trade profitably in that particular set of market conditions. For some, there’ll be an overwhelming desire to “do something” so that they can get their account back up to the amount of their original deposit. If you happen to feel this way don’t beat yourself up about it. It is very common amongst beginning traders. This is a time when you need to have faith in your trading system and understand that a good trading system will recover and move to higher equity.

When you are in a big drawdown — Being a larger drawdown is one of the toughest situations that the trader can face. More experienced traders realize that drawdowns are a natural part of trading. Beginning traders get more nervous and their lack of experience has yet to teach them what to expect. Don’t get me wrong, when I’m in a large drawdown I don’t jump up and down because I think drawdowns are a great thing. I do, however, understand that my trading system will recover from the drawdown and eventually move on to new equity highs. Having patience will allow you to ride out these inevitable pullbacks in your account equity. Not having patience can cause you to stop trading your successful Forex trading system and throw in the towel just before your equity would have skyrocketed.

As you can see, patience is of paramount importance in successful trading. As you gain experience in your trading you will also gain confidence and as a result of that you will be more patient as well. Simply keep in mind that successful trading is more like a marathon than a sprint and understand that you are in the Forex market for long-term success.

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Using Forex Signals – An Opportunity To Earn While You Learn

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Is it really possible to profit using Forex signals? Of course it is. Using a good Forex signal service can help you to profit from an experts years of experience and expertise. At the same time you can study Forex trading so that you can learn how to profit. In essence, you will have the best of both worlds.

So what does a Forex signal service do? A Forex signal service does the research and development of a particular Forex trading system or systems. The service then send the necessary trading information to its subscribers so that they can place the trades.

Having someone else do all the heavy lifting for you sounds like a dream come true doesn’t it? Well, it can be if and only if you have a good Forex signal service. You see, all Forex signal services are not created equal. That is because the level of expertise of those creating the Forex trading signals varies widely. The cold, hard truth of the matter is that there are many more Forex signal providers that don’t know what they are doing than there are those that know what they are doing.

Since the level of competence of Forex signal providers varies so greatly it makes perfect sense to do you homework prior to using such a service. You will definitely want to take your time and throughly investigate and service you are considering. Here are a few of the things it will be important for you to know:

Does the Forex signal provider have his own money in the system? While this is not always a dealbreaker, it can indicate the level if the signal providers faith in their own systems.

How much capital is needed to start? Subscribing to a service that requires $100,000 simply doesn’t make sense if you are planning on opening an account with $10,000

What is the system’s maximum historical drawdown?

How has the system perform on data outside of backtesting?

These are but a few questions you will need to ask in order to get a feel for whether or not the signal service may be right for you. Remember that the time you spend doing your homework

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Tips For Choosing Forex Trading Brokers

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Selecting your forex trading brokers can be a daunting task, there are so many to choose from. If you are new to trading, you will likely find that some of the brokerages recommended by old hands are not the best ones for you. They may become your best bet once you are seasoned, but when you are demo trading, different parameters apply.

As a new demo trader, you do not need five platforms and the virtual personal servers offered their big clients by many brokers.
What you do need is education and a simple platform, like Meta Trader. The MT4 platform is in the same standard form at almost every brokerage. The bells and whistles offered for your education, however, differ among brokers and are important for the new trader. Find a broker that offers a direct feed for the latest economic news and the forex calendar. Many brokers send messages with commentary on the latest news as it happens. These come straight to the screen where you are trading. Newsletters giving the day’s overview are common as well.

Another aspect to consider is how your trade is handled. If you are starting out with a small deposit many forex trading brokers use a dealing desk, meaning a human broker will place your trade.That broker may not have your best interest at heart by working against you with manipulations to increase personal commissions. There is software available like Broker Nightmare where you can input your trade and stops unseen by the broker until execution.

No matter how wonderful the customer service sounds in a broker’s promotions, test it with an email or phone call to see how fast they respond. A service oriented broker will leap at the opportunity to bring a new trader into the fold with careful service. Internet connections do go out sometimes and you can be left standing with a trade that has no stops. Find out whether you can get action quickly by phone, before the worst happens.

You will want to check the spreads, which is where most brokerages make their profit. On the major pairs, 1 or 2 points is what you look for in average market conditions. There are reputable firms that have a commission structure apart from the spread. They are known as ECN or Electronic Communication Network brokers and are also known as NDD (Non Dealing Desk) brokers. Human intervention is not supposed take place, but be aware that some brokers say they offer ECN but do not. It becomes evident to the savvy trader if this is the case. Until a few years ago, ECN was rarely available for individual traders with smaller deposits. That has changed and is a welcome feature to look for with forex trading brokers.

The location of your broker can be critical. There are reputable forex trading brokers all over the world. Ones in the UK, Switzerland, and Cyprus are some of the favored ones. Some U.S. traders are reluctant to send their money overseas where regulation may be unfamiliar to them. However, since the rules prohibiting hedging in forex accounts were implemented in May, 2009, accounts elsewhere may be more desirable. Many of these off shore brokers no longer accept U.S. clients, but there are still some very good ones. One of the reasons traders like them is for options like CFDs (Contracts For Difference) to trade oil and precious metals, not always offered by traditional U.S. brokers.

As an example, Dukascopy, a large bank and brokerage based in Switzerland, has a world of helpful platforms and education available. Until recently, a $50,000 deposit was the minimum for live trading so you only found recommendations for it from big players. They have now lowered that requirement to $100. Even though they offer Meta Trader, there are several other platforms, many of them for advanced trading, that are there to entice you. Keep in mind that forex trading is a process that takes time. Jumping into a complicated platform or trading system can be devastating to the growth of a new trader.

Be careful with the leverage offered by brokers. Dukascopy, interestingly, only offers up to 1:100. There are firms that boast a 300:1 leverage. These brokers are offering you to trade $300 for every dollar in your deposit. Seasoned traders generally recommend staying under 100:1 leverage as a new trader.

Stay away from spread betting, as enticing as it may be. Popular in the UK, the concept mimics the conventional system, but is still betting, and is illegal in the U.S.

As you progress in your knowledge and experience, options like advanced platforms, and VPS service will become more important. The right forex trading brokers can help you keep it simple as you grow in the trading business.

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Should You Use Automated Forex Trading Systems

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In order to make an educated decision about whether to choose an Automated Forex Trading System, you’ll need to know what one is. Automated Forex Trading System software is software that is designed to not only make trades for you, but to make decisions about those trades. The software is commonly referred to as a “Forex Robot” or “Forex Expert Advisor”. Sometimes it is also referred to by the abbreviation EA. Obviously you should choose software that is compatible with your broker’s system.

People generally choose a Forex Robot because it sounds easy. After all, who wouldn’t want to just put some money into a brokerage account and wait while it generates profit as they go about their everyday business. It seems like the lazy man’s answer to getting rich quick.

For starters, you should realize that you don’t have to to trade using a Forex Robot. Several of the software platforms actually require you to input your trades into your chosen online platform manually. Both large institutions, and individual traders have both been cashing in on major profits for a long time using simple manual systems.

If you are one of those people who must take a “hands-on” approach, being in touch with every step of the system you’re using, then a Forex Robot isn’t going to be a good choice. The way they make their choices is a closely guarded secret, hidden inside the software, so you will only see the system make the trade, but never know why it chose to do so. This puts the user at a disadvantage. You can’t see the logic behing the trade, and therefore you cannot evaluate that logic. You will never know if the software is forcing you to take risks to get even minimal profits that you would normally never take.

Since these systems may not meet your needs, it is vital you thoroughly check out the options before deciding to risk any real money.

The best choice you can make to maximize your chance of success in long-term trading is to learn to do it yourself. If you take the time to understand the workings of the system, you will ultimately develop a better feel and understanding of the process. This will give you a better understanding of the risks involved, and will allow you to weigh them against the prospective gains. This understanding alone will place you ahead of the competition in an environment where so many get involved hoping to make a quick buck.

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