Building a winning trading plan

Date: September 22, 2005 14:00GMT

Expert: Jay Lakhani, Professional trader author of The way to trade Forex

Topics:
- What is a Trading Plan?
- Benefits of a Trading Plan
- Building the Perfect Master Plan

Who is Jay Lakhani?
Who is Jay Lakhani? Jay Lakhani is a professional trader and has been involved with markets since his early twenties. He has extensive experience of both the US and UK stockmarkets - trading in derivatives, forex, index and stock futures, and commodities. Jay uses Technical Analysis in his trading, and believes that successful trading is based on your strategies and techniques, psychology and having a disciplined money management.

Speech Material:

What is a Trading Plan?
90% of traders fail, and the common factor amongst these failed traders is that they do not have a trading plan. In my book The Way To Trade Forex, apart from strategies, I also focus on trader psychology, and especially creating a winning trading plan. I offer a free evaluation report. A trading plan is a complete set of rules that covers very aspect of your trading life. A trader with a plan starts with an edge, as he will perform a lot better than someone without one.

A Trading Plan will not guarantee you success, but when things go wrong you will be able to react to possible outcomes. It will enable you to respond positively and will measure your success. This is why a plan is essential. You control the only thing you can control yourself.

Benefits of a Trading Plan
- It will make trading simpler as you have rules to follow before you pull the trigger.
- It will act as a road map for your trading journey, so that monitoring of your trades becomes easier.
- If you are having a string of losses, it could be either that one of the component of trading plan is not working or you are not following the plan, it is time to review
- Relaxed and emotional free trading.
- The plan will instil a measure of discipline in your trading.
- The plan will enable you to control yourself!

Building the Perfect Master Plan
The trading plan should be tailored to suit your personality, ability and resources. It should be your plan and unique to your style of trading.

Take into account your emotional and psychology side of you. Do not pretend to be some one you are not; be honest with yourself when creating your trading plan.

What are the components of a good trading plan? During the Q & A Forex Showroom, I will give you a step-by-step guide, on how you can organise a winning plan.

Session Transcript:

FXstreet Moderator (Sep 22, 2005 10:06:42 AM)
Thank you for joining today’s Live Q&A Session. We will begin with the pre-registered users’ Questions inapproximately 5 minutes. Meanwhile please read the text speech that you will find on the left of this chat window

FXstreet Moderator (Sep22, 2005 10:08:07 AM)
Thank you for your participation.

FXstreet Moderator (Sep 22, 2005 10:08:27 AM)
Our guest host will first start answering a selection of the pre-registered user’s questions.

FXstreet Moderator (Sep 22, 2005 10:08:40 AM)
When reading the speech please jot down any questions you may have so you are ready to post them live

FXstreet Moderator (Sep 22, 2005 10:08:53 AM)
Our guest will answer live Questions sent to the FXstreet Moderator during the course of the session

FXstreet Moderator (Sep 22, 2005 10:09:11 AM)
For those who are unfamiliar with chat sessions like this, please feel free to ask questions at anytime to the moderator

FXstreet Moderator (Sep 22, 2005 10:09:35 AM)
At the end of the session, the link for the transcript and the PASSWORD will be posted.

FXstreet Moderator (Sep 22, 2005 10:10:22 AM)
Today I am delighted to welcome our guest speaker Jay Lakahani Professional trader & author of The way to trade Forex

jay (Sep 22, 2005 10:10:57 AM)
Good morning, afternoon and evening to everyone across the world and thank you for joining us in the in the FXSTREET Q & A session

jay (Sep 22, 2005 10:11:15 AM)
I take this opportunity to thank Claire Flaherty for providing me this opportunity to be a guest again on the Q&A Chat session.

jay (Sep 22, 2005 10:11:28 AM)
I hope that your participation will be enjoyable and educational. Feel free to ask questions at anytime

jay (Sep 22, 2005 10:11:41 AM)
Most traders don’t have a Trading system or a methodology, and if they have one than they do not follow a plan!

jay (Sep 22, 2005 10:11:54 AM)
In today’s Q&A session I have a step-by-step guide on how to design a trading plan that is yours, and is designed to profit.

jay (Sep 22, 2005 10:12:09 AM)
There is no easy money – You have to work hard, if you can work hard than free money is awaiting you! Simple.

jay (Sep 22, 2005 10:12:26 AM)
Trading is business, and to succeed in business you should have a well thought out plan All professional traders have a trading plan, so if you have a plan and a discipline to apply it, the business is likely to succeed

jay (Sep 22, 2005 10:12:47 AM)
A trader with a plan starts with an edge, as he will perform a lot better than someone without one.

jay (Sep 22, 2005 10:13:01 AM)
Many amateur traders do not have any plans at all, and when they enter the market they have absolutely no clue whatsoever what they have done and why?

jay (Sep 22, 2005 10:13:23 AM)
There is an old saying in business: “Fail to plan and plan to fail.” If any of you are really serious about succeeding in Trading than you should follow these eight words as if they were written in stone.

jay (Sep 22, 2005 10:13:52 AM)
Initially I will answer a few generic pre–registered questions. Then I will take you through a step-by-step guide on how to go about developing a trading plan. There have been lot of questions on the trading plan; these hopefully will be answered when I go through a template.

jay (Sep 22, 2005 10:14:16 AM)
I will now start with a some of the pre registered questions;

jay (Sep 22, 2005 10:14:30 AM)
Q.) Will GBP touch a new high before January nor will it reach 1.9500 within January? And Q.) Will USD become stronger or weaker against EUR?

jay (Sep 22, 2005 10:14:43 AM)
To a Forex trader does it really matter IF GBP will hit 1.9500 or indeed 1.6500? It does not, what is important is that there should be a movement and you as a trader should be able to benefit from this move, no matter which way.

jay (Sep 22, 2005 10:15:09 AM)
If it moves you make money, provided you have a plan in place

jay (Sep 22, 2005 10:15:20 AM)
Yes a PLAN - that is the keyword

jay (Sep 22, 2005 10:15:38 AM)
Many of you may recall that last Xmas, many Gurus were calling for GBP to hit as high as 2.20 and USDJPY to hit the 85 level. I wonder what are they saying now! Many amateur traders were burnt listening to these Gurus and have had their accounts wiped out. If only they had a plan they would have benefited from the US Dollar Bull Run.

jay (Sep 22, 2005 10:16:05 AM)
Most of my private clients whom I had mentored were short GBP in January

jay (Sep 22, 2005 10:16:19 AM)
Next question

jay (Sep 22, 2005 10:16:20 AM)
Q.) When is a good time to cut loss?

jay (Sep 22, 2005 10:16:53 AM)
Why does the word “profit” come in your question?

jay (Sep 22, 2005 10:17:14 AM)
Once again it is all about planning. If you have a well thought out trade with sound risk management you cant go wrong

jay (Sep 22, 2005 10:17:29 AM)
Loss cutting is important, but letting the gains run is equally more important

jay (Sep 22, 2005 10:17:43 AM)
If you have had a well thought out trade than often I am happy to go in with a stop loss of 60 pips for intra day trades and anything between 100 –150 pips for my position trades. Each trade will ONLY risk the maximum of 10% of my capital and no more.

jay (Sep 22, 2005 10:18:15 AM)
for some of the new traders they may wantto consider 2% to 5%

jay (Sep 22, 2005 10:18:23 AM)
untill you are more experience

jay (Sep 22, 2005 10:18:36 AM)
Once in profit, I make it a habit of closing half the trades and letting the rest run, till the signal reverses or I am stopped out.

jay (Sep 22, 2005 10:18:51 AM)
Much is written about cutting losses short, amateur traders are too hung up on this and have tight stops, and often their stops have been gunned out, the market reverses without your being on board.

jay (Sep 22, 2005 10:19:14 AM)
There are some articles on fear and risk management on my website, please feel free to download this. - http://www.4x4u.net/Education.asp

jay (Sep 22, 2005 10:19:36 AM)
Q.) How long does it take to work through your home study course if I learn on every day? I hesitate to subscribe, because my English is not so well. Would you be patient with my less good English? I am a German native speaker. Q.) What form does your mentoring take?

jay (Sep 22, 2005 10:19:49 AM)
My home study course is written in simple and plain English and you should be able to read this in a day, than I would advise you to demo trade the strategies which are taught. Also ensure that you have a trading system and a plan in place.

jay (Sep 22, 2005 10:20:10 AM)
There is a follow up mentoring service, as there is a regular member only posts, where I will not answer your trading related questions but will also email live setups as they occur, so that you can learn from this as part of your trading. Detailed reasons are given in this tutorial.

jay (Sep 22, 2005 10:20:42 AM)
For example in yesterdays GBPUSD 5 minute chart, you had at least 11 trading opportunities during a 24-hour period. Good opportunities during the Asian, European and US sessions so all traders could have benefited. I will go step by step what those setups were and explain how you could have pulled the trigger.

jay (Sep 22, 2005 10:21:12 AM)
As part of your training as a Forex trader, why don’t you look at this chart and see if you can spot these11 trades? Feel free to email me with your answers and I will respond where you went wrong or where you were correct

jay (Sep 22, 2005 10:22:23 AM)
you can email me on feedback@4x4u.net, and i will send you this newsleter, which is for members only, but it will give you an insight how easy it is to make money in forex

jay (Sep 22, 2005 10:22:27 AM)
PROVIDED

jay (Sep 22, 2005 10:22:33 AM)
you have a PLAN

jay (Sep 22, 2005 10:23:09 AM)
I will now focus on the trading plan, with a step-by-step guide. For you to succeed it is important that you start your thought process NOW! Do your brainstorming – I can give you ideas, but you have to do the hard work

jay (Sep 22, 2005 10:23:39 AM)
Creating a Winning Trading Plan. The trading plan should be tailored to suit your personality, ability and resources. It should be YOUR plan and unique to your style of trading.

jay (Sep 22, 2005 10:24:05 AM)
I will go through a template that I use as part of training Forex traders. Your answers should not be vague and a simple one liner, the more you expand with relevant information, the more it will help you in your trading. There is no room for ambiguity in your plan. Also where possible, always define and qualify your statements. This usually means posing questions – what, when, where, why or how. For example if you were trading the EUR. Why the EUR and not Cable?

jay (Sep 22, 2005 10:24:44 AM)
What are the components of a good trading plan?

jay (Sep 22, 2005 10:25:19 AM)
1. Have you got the skills to be a Trader? 2. Mental preparation - how do you prepare mentally to trade? 3. Set risk level – your attitude to risk 4. Set goals – what targets do you intend to achieve. 5. What research and homework you do before entry and exit? – Do you have a reason to trade? 6. Your entry and exit rules – have discipline to stick to your rules. 7. You should review your day, week, month and year – write your conclusions in your trading diary. 8. Record keeping – you should be able to compute your financial accounts, showing your net profits. 9. Trading journal? Do you keep a record of all your trades? With reasons?

jay (Sep 22, 2005 10:25:51 AM)
I will now go through a trading plan template; your plan may include the following;

jay (Sep 22, 2005 10:26:34 AM)
Trading Plan 1. Cover Sheet This page would contain your business name, the period that the trading plan covers. The date it was prepared.

jay (Sep 22, 2005 10:27:06 AM)
2. YOU – discover Yourself In my opinion it impossible to draw up a successful trading plan without getting to know your psychology make up of yourself, for example how you would react to profit or loss. What does success mean to you? How would you feel if you failed?

jay (Sep 22, 2005 10:27:41 AM)
Examine what motivates you and why do you want to become a trader, are there any other alternatives to you Trading, Trading is not easy as 90% of traders don’t make it, probably the highest failure rates in business. What are your strengths and weaknesses? How can you keep yourself mentally relaxed. What do you expect from Trading? Is it financial passion or some other reasons?

jay (Sep 22, 2005 10:28:22 AM)
3. Your Trading Name You should treat trading as a business, and operate exactly like any other business, so you should start off by giving it a name

jay (Sep 22, 2005 10:29:12 AM)
4. Your Business Philosophy The analysis of your beliefs for the way you trade, the disciplines comprising logic and ethics of your trading.

jay (Sep 22, 2005 10:29:47 AM)
Example – “ I am dedicated to make my business profitable using simple and sound trading strategies. From my business profits I would like to contribute to the culture, benefits and welfare of people throughout the world. I will contribute 5% of my profits to worthy causes”

jay (Sep 22, 2005 10:30:23 AM)
4. Mission for The Business Why not have a mission statement for your business? A mission statement helps to clarify what business you are in, your goals and your objectives. The mission statement reflects every facet of your business, for example the range and nature of the instruments you trade, growth potential, technology, and community.

jay (Sep 22, 2005 10:30:54 AM)
An effective mission statement should be able to tell your company story and ideals in less than 30 seconds.. For example the Bindal FX mission statement is “ developing a community of successful Forex traders”

jay (Sep 22, 2005 10:31:30 AM)
5.Business Goals A clear vision of what you want to accomplish will help you achieve your dreams. Every Trader should have goals. But do you know how to effectively accomplish them?

jay (Sep 22, 2005 10:32:11 AM)
Be honest, do you have a written goal? which you review on a regular basis?

jay (Sep 22, 2005 10:33:04 AM)
I see that lot of traders go to Seminars, workshops, to trading Expo etc etc, yet overall they are a loser, no trading profits, no career.

jay (Sep 22, 2005 10:33:15 AM)
It is not that they do not have skills

jay (Sep 22, 2005 10:33:44 AM)
But they do not know what they want! and the same applies for traders

jay (Sep 22, 2005 10:34:04 AM)
6. Which Markets will you trade Successful traders are clear on which markets they want to trade. Sometimes many traders trade too many instruments or in case of Forex, too many currencies, I am not saying that it is not possible to do it, off course it is, but firstly you must establish a track record of successful trading a few or maybe just one currency.

jay (Sep 22, 2005 10:35:20 AM)
initially just focus on one currency, become an expert on it

jay (Sep 22, 2005 10:35:56 AM)
and by becoming an expert you focus better and are succesful

jay (Sep 22, 2005 10:36:41 AM)
for example just yesterday trading GBP you could have easily banked 150 to 200 pips in a day trading just one pair

jay (Sep 22, 2005 10:37:03 AM)
7. Your Resources - technology, Put your goals in perspective by using quality software and data feeds and good computers with sufficient memory and ram. If you are serious about trading than you should consider subscribing to a package that provides you with all the tools. Also consider a real time data feeds

jay (Sep 22, 2005 10:38:22 AM)
8. Homework & Research Before you start you need to do your homework. If you were embarking on a journey, to a destination you have never been before, would you not plan the journey? So why should trading be any different? Plan your day, also be sure to factor in time for breaks, lunch etc. This should be away from the computer.

jay (Sep 22, 2005 10:39:19 AM)
this is also a key aspect of your plan

jay (Sep 22, 2005 10:40:17 AM)
very few traders do their homework and research, and blindly start the day expecting to pick up easy money

jay (Sep 22, 2005 10:40:36 AM)
there is no easy money, as i said it is hard work.

jay (Sep 22, 2005 10:41:54 AM)
Once again PLAN your day with enough reasearch and homework, eg review charts, see who is speaking today, what fundamental announcements are due, what are the major support/resistance levels, the key pivot points, fibo levels etc etc

jay (Sep 22, 2005 10:42:45 AM)
I have this all ready when i start to trade, so when the markets are moving fast and i am aware of these levels, than i am able to POUNCE when i get a signal

jay (Sep 22, 2005 10:43:08 AM)
9. Risk & Money Management In this section, You should identify how you would minimise loss and maximise profits.

jay (Sep 22, 2005 10:43:49 AM)
once again, feel free to download articles that I have written from my website, www.4x4u.net

jay (Sep 22, 2005 10:44:08 AM)
this is very important area

jay (Sep 22, 2005 10:44:34 AM)
10. Trading Strategies Strategies are a result of meticulous analysis – it gives you the upper hand.

jay (Sep 22, 2005 10:44:58 AM)
This section of my trading plan occupies 30 pages

jay (Sep 22, 2005 10:45:09 AM)
yes 30 pages

jay (Sep 22, 2005 10:46:00 AM)
I have gone in detail to discuss the setups and strategies that i use in my trading, with examples and charts. I read this weekly to remind me what i have to do

jay (Sep 22, 2005 10:46:12 AM)
What setups will you use? These are the set of characteristics that enables you to identify a highprobability trade, for example at the end of a downtrend, you could see a confluence of events, such as a Hammer at the end of a run, which bounces strongly of a pivot point and also a Fibonacci retracement level, forming a double bottom

jay (Sep 22, 2005 10:46:56 AM)
so in my plan i have charts with examples and real trades that illustrate the above setup

jay (Sep 22, 2005 10:47:14 AM)
How will you find the setups – most software has scanning features, and also alert system, you can also program in certain features i.e. a candle pattern, or an alert when a crossover happens.

jay (Sep 22, 2005 10:47:55 AM)
Detail these strategies, with reference to charts and commentary. One trader I mentored last year ended up nearly 25 pages in this section. Meticulously detailing each strategy that he will use with setups. For the past 6 months, this trader has managed to gain over 1,000 pips per month.

jay (Sep 22, 2005 10:48:26 AM)
without a trading plan he was struggling and losing.

jay (Sep 22, 2005 10:48:46 AM)
11. Follow Up & Review Always have regular ongoing reviews built in your plans. i.e. end of the day, weekly, monthly and annual for example. Did you record all your trades and have a detailed trading journal. How were the trades, did you trade according to your system? Having a trading plan enables you to discipline to a set off rules

jay (Sep 22, 2005 10:49:13 AM)
I think i will have to speed up as I am told that there are tons of questions!

jay (Sep 22, 2005 10:49:30 AM)
12. Financial Information Scared of numbers? I have rarely seen Traders having a detailed financial information. You should not be scared of numbers, but should maintain strict accounting records. Seek the services of a professional accountant in this matter. I strongly recommend that you main a set of books, which records all your income & expenditure for the business, and a ledger, which records the regular transactions taking place within the account headings.. Your accounting records should comprise of he following; - Actual financial statements - Balance sheets - Cash flow statements Before the year starts, most professional traders will have a projected statements for the above. They set themselves a set of goals.

FXstreet Moderator (Sep 22, 2005 10:50:39 AM)
Thank you very much for that, Jay

FXstreet Moderator (Sep 22, 2005 10:50:51 AM)
Please post your questions now and Jay will attempt to answer as many as possible.

jay (Sep 22, 2005 10:50:53 AM)
This is VERY VERY important, I have know many traders but believe it or not 98% of those DO NOT have financial statements

jay (Sep 22, 2005 10:51:11 AM)
and lastly

jay (Sep 22, 2005 10:51:22 AM)
13. Golden Trading Rules Have top strategies and rules, excitement alone wont guarantee success, so follow your golden rules to make your trading more bankable. For example one of your golden rules could be, Trade with the trend: No Trend, No Trade! Or Plan the trade – Trade the plan!, Buy at support, sell at resistance! The list is endless, but you should ideally get a short list of at least 10 rules. Display your golden rules in your office or trading area, and read it every day.

jay (Sep 22, 2005 10:52:30 AM)
before i take questions

jay (Sep 22, 2005 10:52:32 AM)
You can download a template from our website, www.4x4u.net, under the education section As a special offer, for a limited time period only, we will evaluate your trading plan for free, and will give you free guidance on how you can prepare a winning trading plan. We have assisted hundreds of traders with their trading plan, and the bottom line is the majority of these traders are making consistent profits

jay (Sep 22, 2005 10:52:55 AM)
If you do want to take this offer, please email me – feedback@4x4u.net, with your trading plan and we will evaluate it for you. There will be a cost though!

jay (Sep 22, 2005 10:53:05 AM)
You will have to make a contribution to any charity of your choice!

jay (Sep 22, 2005 10:53:41 AM)
Ok I will now take your questions

JSB (Sep 22, 2005 10:53:43 AM)
I'm trying to figure out which stops are best? Fixed number of pips, current or previous bar high/low, or previous day high/low. Which do us prefer? Does a good trading plan require selection of a specific stop paradigm or can the plan the plan be flexible in that respect?

jay (Sep 22, 2005 10:54:55 AM)
This all depends on your risk profile, capital that you have

jay (Sep 22, 2005 10:55:13 AM)
and how much you are prepared to risk on a trade.

jay (Sep 22, 2005 10:55:43 AM)
I tend to focus a lot on the Pivots and Fibo levels for my stops

jay (Sep 22, 2005 10:56:49 AM)
and I am prepared to have a slightly wider stops of at least 15/20 pips below a major pivot point ( for Longs) and vice versa

jay (Sep 22, 2005 10:57:01 AM)
next question

su25 (Sep 22, 2005 10:57:23 AM)
i open 3 lots of, say, EUR/USD, with s/l of 60-100 pips. i close 1 lot with 60 pips profit, another with 120 pips profit and the last one I let it run for 180 pips. would you describe this trading style as aggressive?

jay (Sep 22, 2005 10:58:03 AM)
wow! - thats exactly what I teach my students

jay (Sep 22, 2005 10:58:55 AM)
I tend to break my trades in 4 parts

jay (Sep 22, 2005 11:00:07 AM)
and I am gradually closing each 25% of the trade and let the final one run untill the signal reverses. Some of you may recall that I was covering a CHF trade in my newsletter, which was finally closed for 500 pips

harry (Sep 22, 2005 11:00:25 AM)
It's easy to fit technical analysis to a chart after the event has happened! How does you course/plan help us beginning traders to do this beforehand? Does you mentoring service give live buy/sell recommendations?

jay (Sep 22, 2005 11:01:38 AM)
At present I do not have a Buy/Sell alert service, but will be planning it in future

jay (Sep 22, 2005 11:02:31 AM)
however, I assure you that if you do do your homework, and have patience to ONLY pull the trigger if there is a signal then you are likely to suceed

jay (Sep 22, 2005 11:02:55 AM)
next q

Boykie (Sep 22, 2005 11:02:57 AM)
When you say focus on one currency, do you mean one pair/cross or all the pairs/crosses of that currency?

jay (Sep 22, 2005 11:03:31 AM)
sorry Yes I mean focus on one pair

jay (Sep 22, 2005 11:04:22 AM)
I personally focus mostly on Cable for majority of my trades, this pair on its own can easily make you over a 1000 pips per month

jay (Sep 22, 2005 11:04:34 AM)
Next Q

fixer (Sep 22, 2005 11:04:54 AM)
how many trades per day (5-15m chart\) do you recommend per day?

jay (Sep 22, 2005 11:05:05 AM)
Well just as charts have momentum

jay (Sep 22, 2005 11:05:15 AM)
a trader should have momentum :)

jay (Sep 22, 2005 11:06:00 AM)
so if you are winning and having good signals than go for it!

jay (Sep 22, 2005 11:06:12 AM)
and dont stop

jay (Sep 22, 2005 11:07:16 AM)
yesterday was a classic example, I started at 6.00am London time and did not stop till US close, cos momentum was there, But than there are those days where nothing is happening, so I close and have a day off

jay (Sep 22, 2005 11:07:25 AM)
next Q

IntInv (Sep 22, 2005 11:07:31 AM)
How can i be shure, my trading plan is a good plan before i trade it?

jay (Sep 22, 2005 11:08:51 AM)
Get a mentor, talk to other traders, exchange views.

jay (Sep 22, 2005 11:09:28 AM)
and off course you can take up a free offer which I have given to the FXstreet members, I will evaluate YOUR plan for free

jay (Sep 22, 2005 11:09:38 AM)
Next Q

traders4ever (Sep 22, 2005 11:09:45 AM)
Forex has not a unique style. for example; Forex can have a kind of trends for 2 years, then changes that kind of trends for the coming 2 years...that is also why we can see some traders success for 1 year then fail the other...how can our plan and strategy be the same for both 4 years?

jay (Sep 22, 2005 11:10:46 AM)
Well your plan and startegy should work in ALL market conditions

jay (Sep 22, 2005 11:11:23 AM)
cable is a perfect eaxmple of this,

jay (Sep 22, 2005 11:11:54 AM)
you had a bull run and since the peak it had lost nearly 2000 pips

jay (Sep 22, 2005 11:12:20 AM)
so if you have a system in place you would have beneffited in the uptrend last year and now the down

jay (Sep 22, 2005 11:12:23 AM)
Next Q

su25 (Sep 22, 2005 11:12:42 AM)
actually, if i long eur/usd with 3 lots, i leave a short order for 2 lots at 60 pips, and close this trade onretracement, and then leave another short order for 2 lots at 120 pips. that way i try to catch a few pips on retracement. i started this trading style in sep.

jay (Sep 22, 2005 11:13:22 AM)
ok so what your question?

jay (Sep 22, 2005 11:13:55 AM)
stick with something that works

jay (Sep 22, 2005 11:14:36 AM)
Next Q

FXstreet Moderator (Sep 22, 2005 11:15:05 AM)
last question:

Len (Sep 22, 2005 11:15:11 AM)
If you are entering a swing or position trade, do you take "Carry trades" into consideration ?

jay (Sep 22, 2005 11:16:04 AM)
Yes

jay (Sep 22, 2005 11:16:23 AM)
you have to look at the total exposure to the currency you have

jay (Sep 22, 2005 11:18:25 AM)
I think that is all we have time for today, thank you for participation in the Forex Showroom, and I hope that it will in some ways assist you in your Forex Trading. God Bless and Good Luck

jay (Sep 22, 2005 11:19:12 AM)
and as a final word - let me assure you IF you plan your trades than there is easy money to be made out there,

jay (Sep 22, 2005 11:19:33 AM)
But the problem is too many traders are simply too lazy to plan.

jay (Sep 22, 2005 11:19:47 AM)
so friends YOU have a choice to make

jay (Sep 22, 2005 11:20:04 AM)
I hope that you have found this session of help.

jay (Sep 22, 2005 11:20:07 AM)
many thanks

FXstreet Moderator (Sep 22, 2005 11:20:25 AM)
Thank you very much for that, Jay

FXstreet Moderator (Sep 22, 2005 11:20:36 AM)
If your question was not answered during the course of this chat, please contact Jay

jay (Sep 22, 2005 11:21:41 AM)
Any questions or feedback please email me on

jay (Sep 22, 2005 11:21:50 AM)
feedback@4x4u.net

jay (Sep 22, 2005 11:21:56 AM)
or visit my website

jay (Sep 22, 2005 11:22:02 AM)
www.4x4u.net

jay (Sep 22, 2005 11:22:05 AM)
thanks

FXstreet Moderator (Sep 22, 2005 11:22:30 AM)
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FXstreet Moderator (Sep 22, 2005 11:22:59 AM)
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FXstreet Moderator (Sep 22, 2005 11:23:39 AM)
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FXstreet Moderator (Sep 22, 2005 11:25:53 AM)
FXstreet’s Premium service will be launched on OCT 3rd Until then you can enjoy free access to our beta version, We need your constructive criticism to perfect it.. Enjoy and discover fxstreet.com’s premium service send your request for a password to me at claire@fxstreet.com Soon at Fxstreet.com Ed Ponsi will run two (hotcom) 30 minute sessions every day in the premium zone. One pre-open session from 8/8:30am 13:00GMT Tuesday and Thursday an open session from 9/9:30amEST 14:00GMT

FXstreet Moderator (Sep 22, 2005 11:28:30 AM)
Please try Password now