Hi, I'm Peter Rose, Founder of Longwood Currency Trading, and welcome to my LCT Currency Trading Blog. Click on the Catalog of Posts menu option for post listings.
The first post I made to this site, 04/12/20: From FOREX Trading Failure To Success is probably a good place to start if this is your first visit.
In addition, whether you're a new or a returning guest, please take a look at 05/12/20: Importance of Learning FOREX Currency Trading Skills There is such critical information in here about trading currencies that if it's the only post of mine you decide to read, I'll feel that all of my work reaching out to folks is worth it.
Post topics range from almost all aspects of the trading experience, though there is little here for the beginner looking for the definition of a pip, or how to place trendlines on a trading platform chart.
Currency trading is not for the faint of heart, or conservative investor. These markets are huge, and represent the economic conflict between the two countries represented in each currency pair.
It's Oliver Stone's Wall Street on steroids. Except these markets make the combined stock markets look like dust on the floor. The FOREX market is a $6.6 Trillion Dollar a day economic battle.
If you know what you're doing, you can make $250 a day with an account size as little as $25,000. You can also very easily lose several thousand Dollars on that same sized account if you act foolishly, or don't know what you're doing.
That's why when I agree to take on a private mentoring student, I teach them first to get successful on a $1,000 sized account trading in a simulated account, and be happy making $5 a day.
When you go to a live account with real money at stake, you'll probably lose several hundred dollars until you accept that what I was telling you about trading in a no risk simulated account is living in fantasy land.
But you can fix that....
Once you step into the real world of FOREX trading in the real markets with real money you learn very quickly who's the dog and who's the tail getting wagged by the dog.
And that's when I can really show you how to trade — all anyone can do before that is show you what to do.
But unless you have a mentor to show you how to implement the 'what', you're either going to run that account to the wood, or you're going to have to figure it all out for yourself like I did.
I didn't have a mentor, and tried to learn it on my own. It cost me $50,000. That was the price of my education. Why not let someone help you so that you limit that to only a few hundred dollars? Zup to you....
Rather, my focus is for those who have some experience in these markets, and can thus better benefit from what I discuss.
I'm also particularly interested in reaching out to the the 21 to 34 year old age group who can see trading the FOREX currency market as an alternative investing methodology. There is so much information out there that it can be confusing.
I'm older, have seen it all, and can filter out what's important to look at as opposed to trying to sift through all of the clutter and hype by yourself.
That's not to say I discriminate against those 50 years old and above. Heck, I'm over 70 myself as I write this in 2020, and didn't start looking into FOREX until I was well into my 60s. But what I've found in talking about currency trading to 'older' folks is a resistance to changing the way that they think in order to accept the enormous potential that the FOREX currency market offers.
I'm not writing all of these posts, or doing videos for the heck of it to try to convince someone that these markets offer unbelievable opportunity. I spent 40 years as a real estate investor, and think FOREX offers a far better vehicle for wealth enhancement. If you understand this, and are willing to do the work to learn a new skill, then regardless of if you're 20 or 70 years old I hope you find what I have to say enlightening and beneficial.
Of note, however, is that I need to mention here that all of the analysis I do of pip distances, timing, trading process, etc. are based on most major pair characteristics. So, when I say my minimum scalping profit target is 5 pips, that's based on a pair daily ATR of 80 to maybe 120 pips. If you're trading a currency pair with a 5 minute ATR of say 30 pips, none of anything that I say here, or in any work that I produce whether that be in person, written, or video would make any sense.
And yes, like anything else in life, there is risk that must be embraced. Sometimes as we age, we become more resistant to risk. I think that this is because we misinterpret 'taking' a risk with that of 'assuming' a risk, i.e. 'taking' a risk crossing the street by jumping out between parked cars vs 'assuming' the risk by waiting at the corner for the light to change.
And, as I discuss in detail about all of this in my post FOREX Currency Trading For Adults 21 to 34, as we age we have more life responsibilities that we feel don't allow us to consider taking on anything unknown. I get that, I'm just not accepting that for myself.
Having said that, I also address the 50+ age group both in this blog, as well in a video I've done: FOREX Trading Advantages of the 50 Plus Age Group.
I hope the entries in this blog, and videos I've made help you in some way toward your goal of trading successfully in the FOREX markets.
The currency markets offer — to my mind — the absolute best, most straight forward way to bring your skills to bear on making not only a living income, but net worth enhancing growth from your trading.
I made over a Million Dollars in real estate, and I see no reason I can't do that trading currencies.
Could you make a $1,000,000 from your trading?
I... don't... know....
Why don't you try?