The Forex Warrior

Welcome to the Forex Warrior Podcast! This week’s show is a special video podcast. Today, Jason talks about Support and Resistance Forex Trading and what this means to you as a Forex trader. You can download the episode as an audio version but this episode is best viewed visually. Support and resistance has been around a long time. In this episode, Jason explains it, the history of it and what it can mean for your trading.  This episode talks about using this technique to improve your forex trading game with a better analysis of the charts. A lot of people understand support and resistance but they don’t understand the intricacies within it and how important it can be to being a successful longterm consistent and profitable trader. Support and Resistance Defined What is it? Support is defined as the level on a trading chart that acts as a barrier or floor in the price. It is an area that price has had difficulty falling below or moving lower than in the past. Resistance is the opposite of support. Resistance is a level on a trading chart that acts as a barrier or ceiling in price. It is an area that price has had a difficulty in rising above or breaking out higher than in the past. An Example of Support It’s important to see the visual at this point in Jason’s example of the Austrailian US Dollar one-day time frame. You can see that the support area does not have to be aligned. It can actually be a zone that proves to be support over time. Even though it’s not an exact line, it’s still very important as far as support is concerned. To hear the rest of Jason’s tips, download and listen to Support and Resistance Forex Trading! Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on iTunes if you enjoyed Support and Resistance Forex Trading. Thank you for tuning in to The Forex Warrior podcast!

Talking about Forex brokers is something that Dr. Jason can do for hours and hours.  On today’s show, he’s compiled a list of the most important points to consider on How to Choose the Best Forex Brokerage for Your Trading. Regulatory Compliance If you’ve been around the market for a while, you know there are regulations in the country of Cyprus, there is a regulating body in Great Britain, Germany, the US, Australia, Canada and the list goes on. They all have different names. Brokers that are regulated and licensed have paid fees, they have agreed to checks and balances, oversight and sometimes even protection from some of the countries that are regulating them. The brokers that Jason uses personally are not regulated brokers, but more about that in a moment. Some that the traders that he works with use brokers out of Europe that are awesome.  However, a lot of traders don’t qualify to trade with the big institutional brokerages that give great pricing fee structures. A White Elephant in the Room If you’re a USA resident or you want to trade with a USA broker, there are only a couple of them. There are forex.com and OANDA. Those are the two brokers that are left after the US government rules little by little kept raising the minimums and incorporated more rules and structure that pushed out the small brokerages. If you trade as a US resident, you have to follow the FIFO rule. First in, first out. That means you have to close trades in the order they were opened. Personally, for Jason, this is a ridiculous rule. To hear why Jason dislikes the FIFO rule and why he does not use a regulated broker, download and listen to How to Choose the Best Forex Brokerage for Your Trading. Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on iTunes if you enjoyed How to Choose the Best Forex Brokerage for Your Trading. Thank you for tuning in to The Forex Warrior podcast!

If you’re ready to become a consistent and profitable Forex trader, Dr. Jason has compiled a list of questions to ask yourself on this Forex Warrior episode, Quit Playing Games and Lying to Yourself. Why Are You Here? First, you should ask yourself why are you here and why are you listening to this podcast. You might be here to learn or to get rich starting out with little money. Maybe you’re here to learn Forex trading to manage other people’s money. You might answer you are here to start it as a hobby and maybe grow it into a part-time income. “With a thousand dollars in a Forex account, the world is really yours.” – Dr. Jason Gospodarek on Forex vs. Stock market trading Are you here with a pure goal of making a certain percentage gain every month or every year.  Some people might answer because they are sick of their current job. Those are questions you should be asking yourself. What’s Your Current Income Flow? Are you here because your current job can’t be scaled two-times, five-times, ten-times or more? Even if you’re making a good income, you might realize that what you are currently doing is a dead end. What happens to your income at your current job or business if you just stop showing up? If you want to take an extended vacation of a month or more? Where does the money come from? Does it continue to flow? Can you access it or grow your income while you’re not at the job. Some folks might be here because the entry into the Forex market is much less than entry into the stock market. Because of the leverage in the Forex market you are able to control larger lot sizes and larger trade results with a smaller amount of capital. To hear the rest of the important questions to ask yourself about the Forex market, download and listen to Quit Playing Games and Lying to Yourself! Episode Links: The New Forex Broker Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on iTunes if you enjoyed  Quit Playing Games and Lying to Yourself! Thank you for tuning in to The Forex Warrior podcast!

To be a successful Forex trader requires a lot of specific traits that need to come together synergistically to be successful over the long term.  Dr. Jason Gospodarek shares the traits necessary in Do You Have What it Takes to Trade Forex. Money You can learn to trade on demo accounts and without a lot of money. You can watch YouTube videos and take part in forums. When the rubber meets the road, you need the funds to start a trading account. Most brokerages will allow you to open an account with a small amount. These are sometimes called micro or mini accounts. Each brokerage has their own name. To obtain a lower cost per trade or spread or smaller commission on an ECN account, most brokerages require a deposit of roughly $2000.00 US dollars. This is a pretty good average across the board to unlock lower trading expense. Generally speaking, the higher your deposit the lower your trading expense. For a VIP account, some brokerages require about $10,000.00 US dollar deposit to get the best trading parameters. This will get you a very small spread or commission on ECN based accounts. Time If you don’t have the time to learn, trade and to monitor your trades, you might as well not trade. Put in the time to trade and to journal it. Much like continuing education as a doctor, you need to stay up to date on the newest technologies and the latest trends. If you stick with the same strategy over the course of your trading career, at some point that strategy is likely to stop working. Forex trading requires a long-term approach to trading and education. You have to have time to dedicate to trading. To hear the rest of Jason traits for successful Forex trading, download and listen to Do You Have What it Takes to Trade Forex. Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on iTunes if you enjoyed Do You Have What it Takes to Trade Forex Thank you for tuning in to The Forex Warrior podcast!

Dr. Jason Gospodarek has been a Forex trader for over 14 years. He could give you hundreds and pros and hundreds of cons. Today he gives us his take on a few of the top Pros and Cons of Being a Forex Trader. If you’re a seasoned trader, you may already know some of these. This podcast is for those that are new to Forex trading or are still doing it part-time. Trading is Stressful Let’s start with the bad stuff. Jason likes to end off on a good note so we’ll save the pros for last. Stress. Trading is a very stressful business. It can give you mental and physical stress. The physical stress can manifest itself as tightness in your back, neck and shoulders. It can even affect your stomach. Trading can be stressful for the large amounts of money or at other times, not a lot of money but a lot of time. Lack of Sleep It’s very difficult, especially in the US for people who work a regular 9 to 5 job. If you’re trading after work or before you go to beds, you’re trading the Tokyo Session. Tokyo Session is commonly a slower session. It can be quiet. You typically get into trades after dinner in the evening, do your research, make find their entry, take it a low and behold it’s [9:30] or [10:00]. Finally, some news starts to trickle in as the European markets begin to open and by 1;00 am the markets start to change and become more volatile. Overnight Ups and Downs That trade you made at 9 or 10 o’clock at night is finally starting to move. If it’s profitable, you don’t want to go to bed, you want to ride it out. Alternatively, if it’s negative, you might not be able to sleep and it starts causing you stress. Maybe you sleep just fine but you find yourself waking up several times through the night checking on the trade.  This is where you should let your stops and limits work for you. To hear Jason’s take on the good and the bad, download and listen to Some Pros and Cons of Forex Trading. Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on iTunes if you enjoyed Some Pros and Cons of Forex Trading! Thank you for tuning in to The Forex Warrior podcast!