FXstreet.com Live Sessions Archives: Recovering From Big Losses

Expert: Rob Booker, Independent Currency Trader of www.Robbooker.com
Start: April 12, 2006 - 14:00GMT 10EST
End: approx. 15GMT 11EST

Topics that will be covered for above session are:

Why they occur
The lingering effect of a substantial loss
How to recover and profit after a loss

Who is Rob Booker?

Rob Booker is an active proprietary trader, money manager and forex educator. Mr. Booker has trained hundreds of forex traders around the world, assisting them with developing their own trading systems, but more importantly, Mr. Booker focuses on helping traders deal with the mental, psychological, and discipline issues related to trading. Mr. Booker has authored Strategy:10, one of the most popular electronic books on currency trading, which has been downloaded over 100,000 times. He has also written The Currency Trader's Handbook, to be released in early 2006. Mr. Booker avidly employs technical analysis in his search for trading opportunities.

Speech Material:

Oh, crap! I just lost all of my money

5 reasons why it happened.
5 reasons everything is going to be okay.

Ouch

So you lost some money on the foreign exchange. You are now in good company. You’re also probably feeling, at least initially, three things:

Panic about: The Future
Desire to give up
Temptation to get revenge

Don’t panic.
Don’t give up.
Do get revenge.

I’m here to help! This ebook can help explain what happened, and set you back on the track of success. Please don’t listen to your deepest fears, and don’t listen to your desire to give it all up. It’s bad, yes, but it’s not as bad as you think. Losing money is the easiest (and hardest) way to learn the path to discipline and success in trading foreign currencies.

All of us – every successful trader I have ever met – had to learn the business this way. It does not make it right that you let your account dwindle to nearly nothing, but it does put you in some good company.

The unsuccessful traders are the people who stopped where you are right now.

So, if you want to join the ranks of the successful traders, read on – and determine right now that you are not going to give up. The next sections will tell you why it happened, and what you have to do next.

Why it happened: Reason #1

Why it happened: Reason #2
You didn’t set an appropriate stop loss.

Setting a stop loss is like zipping up your pants in the morning. It’s not required, but you can feel really embarrassed, really quickly, if you don’t do it. To tell you the truth, you could conceivably set a stop loss 100 pips wide just to get 10 pips. If you are not risking more than 1% of your account on the trade, it doesn’t much matter. I have done this before. I don’t do it any longer, because that is a dumb risk:reward ratio. The point here is that you must set some type of stop loss so that if the market really gets wild, that you don’t get crushed.

Why it happened: Reason #3

You traded on emotion, not on reality.

You and I sometimes get a good string of trades put together, and then we start walking around like we’re the Warren Buffet of forex (we’re not). A good thing to remember at a time like that is this: you are not the Warren Buffet of trading – and the longer you keep up that attitude, you’re more likely to end up looking like the ENRON of forex. Bring yourself back down to earth before every trade. Make sure you take your time before every trade. Make sure that if you’re making what you believe to be a “sure bet,” then you better not risk more than 1% of your capital and set appropriate stop loss orders. Especially at the beginning of your trading career. You can start to risk more when you learn more. When you have a track record.

Why it happened: Reason #4

You have just opened an account with real money.

Your first trades with real money are the most amazing opportunities to lose money. You and I both did it – one week after I opened my first live account, I lost 90% of my account. I felt like crawling under a rock. Or smashing my head with one. It’s like magic: open a live account, lose money.

Realize that no matter how good you were on a demo account, you’re going to trade on emotion as soon as you open a live account. Mostly, you’re going to feel afraid to follow the same hair-brained strategy that you used when you were on the demo account. Here are five ideas that will help you avoid this:

1. Open your next live account with $2,000 or less. Trade for less than $1 per pip.
2. If you built a strategy / system while on a demo account, use it! It worked then, right?
3. If you didn’t build a system already, use that new small account to build one.
4. Don’t be afraid of losing money. Be afraid of making stupid trades.
5. NEVER, EVER, EVER, EVER trade when you’re emotional. Email me if this is a problem for you and I can suggest some things that helped me: rob@robbooker.com.

You risked too much on one or more trades.

You probably started trading currency for the same reason I did: to make money. While that’s a worthy goal, and one that you’re likely to reach, it’s just not wise to try and make a year’s worth of profits in one trade.
Most of us, at one time or another, have risked 50% or more of our account on one or more trades. Most of us try that on our demo accounts, and then we start to feel invincible (look! See what I can do! I can double my money in just a week!). Of course, this led you to try something similar in your live account. That was a bad idea (but you already know that now).
Solution: Never risk more than 1-3% of your account on a single trade. Preferably less.
This is a money-management solution. If you don’t put a lot of money on the roulette table, you can have a lot of your money taken off the roulette table.

Why it happened: Reason #5
Something weird happened.

Well, it’s true: sometimes the market does things that it’s not supposed to do. Take Japanese intervention in the Yen – it’s not supposed to happen in a perfect world, but it does, and it can really throw off your perfect short trade. These are the unpreventables, as I call them, and they don’t happen as often as we suspect. When you get burned by a totally unpredictable movement in the market, just sit back, relax, and ask yourself: did you only risk a small amount of your capital? Do you have a stop loss? Is there any chance the trade is coming back in your direction?

It’s going to be OK.
(And here’s why.)

Why it’s okay: Reason #1
You’re going to learn why you lost money.

If you lost more than 10% of your account on one trade, then you did something wrong. You goofed. It’s okay, just don’t do it again. Take a day off from trading. Step back.

1. Write down why you entered the trade.
2. Write down why you exited the trade.
3. Write down what you should have done differently.

NOT studying your worst moments is like smashing your thumb with a finger, and then smashing it again. And again. I have worked with traders who have been making the same mistakes for more than a year – have blown more than one account – and then when they spend a week studying the reasons for their trades, they become profitable traders.

YOU HAVE TO STUDY YOUR BAD TRADES. YOU HAVE TO LEARN FROM THEM.
IF YOU DO, YOU WILL START MAKING MONEY.

Why it’s okay: Reason #2

Write down why you entered the trade.

Did you enter the trade on a spur of the moment, emotional feeling? Write everything down. If you feel like you did everything right, that you entered the trade for all the right reasons, then maybe you didn’t stay in the trade long enough. If you have NO IDEA what happened, maybe you should write me – or someone who has been trading longer than you have. Ask them to look at the charts. Ask them what you could have done differently.

You should get in the habit of keeping a trade journal. The journal should include the following information:

1. Time of entry and type of trade (Buy, Sell, Pair, Lot size). Stop loss and limit orders.
2. WHY YOU ENTERED THE TRADE. For example: “5 EMA crossed below the 30.”
3. Time and price of exit, and any gain/loss.

Why it’s okay: Reason #3

Write down why you exited the trade.

Many traders who give a reason for a trade entry don’t give a reason for the exit. The best reason to exit the trade is that it’s profitable and you want the money in your account. The worst reason to exit a trade is because it’s going against you and you don’t know what else to do.

You have to have a plan for the trades that go against you! Before you start trading as a career, or with any substantial money, you should make a plan for what you’re going to do if a trade goes south. Some questions you need to answer:

1. How far am I willing for this trade to go against me? Sometimes traders set a stop loss that’s too wide or not wide enough, and then they disregard it anyway.
2. What are the criteria for realizing that the trade was not a good idea? Here, it’s not enough to say, “I’m losing money.” I mean, if you enter trades on an oscillator or indicator, do you exit based on those tools as well? What signals are given for a trade exit?
3. Under what circumstances will you raise or lower your stop loss and your limit orders?

Why it’s okay: Reason #4

What would you have done differently?

I once got a bad haircut: at the end, nearly all of my hair was gone. I vowed to never let that happen again. Talk about (with a friend who trades) or write down what you would have done differently. Would you have avoided entering the trade altogether? Would you have waited longer – for example, if the position eventually turned profitable, you have learned that sometimes the only thing separating you from profits is time. Would you have double-checked the indicators? Would you have looked closer at candlestick patterns? Asked an expert?

Once you decide what you would have done differently, then find someone who can help you keep your goal to act differently next time. Find a fellow trader who will double-check your trades. Set goals and get someone to help you keep them. Trading requires discipline and you can increase your discipline by working together with someone.

Why it’s okay: Reason #5

Get revenge.
Now create a list of goals for your forex trading – make the list as short as possible, but you should probably include as one of your goals “Never make the same mistake I just made ever again.” Once you’ve written your goals, you should also consider making a complete trading plan. That plan would include rules that you follow on getting in and out of trades, indicators that you watch, and maximum losses that you are willing to withstand before exiting a trade. It would also include a method for follow up (including your trading journal).

Now, take those goals. And implement them. Get mad about your loss. I hate losing money. Hate it as much as anything else. Do you? If so, channel that anger and become more disciplined. Channel it and develop new goals. Channel it and commit to change your trading habits so that you can make money. Don’t be afraid to get revenge. But, as a good leader in battle, plan for it. Study it out. And then attack.

Conclusion

I’ve said it before in other places.

You can become a highly profitable trader. You can even support yourself and your family on the profits. And you don’t have to start with a lot of money. You can even start with as little as a few hundred dollars and build it up over time. Most importantly, it’s not how much you start with, it’s how well you take care of what you’ve got. If I can ever help, please email me at rob@robbooker.com. I always answer every email I receive. It takes me a while, but I do.

Session Material:

FXstreet Moderator (Apr 12, 2006 9:54:10 AM)
Thank you for joining today’s Live Q&A Session.

FXstreet Moderator (Apr 12, 2006 9:54:23 AM)
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FXstreet Moderator (Apr 12, 2006 9:54:39 AM)
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FXstreet Moderator (Apr 12, 2006 9:54:57 AM)
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FXstreet Moderator (Apr 12, 2006 9:55:19 AM)
When reading the speech please jot down any questions you may have so you are ready to post them live.

FXstreet Moderator (Apr 12, 2006 9:55:48 AM)
Our guest will answer live Questions sent to the FXstreet Moderator during the course of the session.

FXstreet Moderator (Apr 12, 2006 9:56:20 AM)
For those who are unfamiliar with chat sessions like this, please feel free to ask questions at anytime to the moderator.

FXstreet Moderator (Apr 12, 2006 9:56:30 AM)
Some good new I am pleased to announce that the full transcripts are back for all who would like to enjoy their contents.

FXstreet Moderator (Apr 12, 2006 9:58:17 AM)
Today I am delighted to welcome our guest speaker and very good friend Rob Booker, Independent Currency Trader of www.Robbooker.com

Rob Booker (Apr 12, 2006 9:59:09 AM)
Thanks! I am excited to be here today

Rob Booker (Apr 12, 2006 10:00:01 AM)
and I am interested to hear what questions you have. There will be a special audio/video version of today's presentation -- and i will send you a link to that audio/video presentation if you send me an email at rob@robbooker.com.

Rob Booker (Apr 12, 2006 10:00:11 AM)
Also, if we don't have time to answer your questions today, here are your options:

Rob Booker (Apr 12, 2006 10:00:19 AM)
1. Send me message in a bottle or by carrier pigeon.

Rob Booker (Apr 12, 2006 10:00:22 AM)
2. Send me an email.

Rob Booker (Apr 12, 2006 10:01:33 AM)
But we should be able to get a lot of questions answered today live. I look forward to that!

FXstreet Moderator (Apr 12, 2006 10:02:32 AM)
Lets go straight to Live questions start posting now

CM (Apr 12, 2006 10:03:45 AM)
For s beginner trader, openning a small account worth USD300. What should be my profit objective and risk amount? I believe the strategy apply and works in a demo may not be suitable coz of the fund size.

Rob Booker (Apr 12, 2006 10:04:29 AM)
You have a special challenge when you have a small amount of starting capital. But this does not mean that you cannot be very successful. I have some ideas for you.

Rob Booker (Apr 12, 2006 10:05:09 AM)
First, you should open a micro-mini account, which allows you to trade for less than $1 per pip. Many dealers will allow this now -- and this means that you will be able to reduce the risk associated with trading a smaller stake.

Rob Booker (Apr 12, 2006 10:05:31 AM)
Now, many traders in this position tell me that they are concerned that if they trade for less than $1 per pip, that they will not be able to make a lot of money. And that is true.

Rob Booker (Apr 12, 2006 10:05:52 AM)
But -- and here is the main point -- you CAN eventually trade for more than that, but first you need to prove yourself with the smaller amounts.

goldfish (Apr 12, 2006 10:07:32 AM)
I find it very hard to control my nerves in trades- I have read many books on trading psychology, but I still panic even if I am trading small lots, what is the best way to focus on the rewards and not the potential losses?

Rob Booker (Apr 12, 2006 10:08:15 AM)
This is a huge obstacle for many, many traders. It's not feeling emotions that is the problem. You cannot run away from your emotions. That is impossible. Your emotions are a part of you and it does not make sense to try to eliminate the emotions from your trading. However ...

Rob Booker (Apr 12, 2006 10:08:38 AM)
Just because you FEEL emotions does not mean that you can let those emotions govern your trade. Here are three ideas that have helped me immensely:

Rob Booker (Apr 12, 2006 10:09:19 AM)
1. Decide when you're going to trade. Time of day, certain economic reports, etc. And then do not turn on your computer to do anything except plan for the coming trades, answer email, and book flights to Bermuda.

Rob Booker (Apr 12, 2006 10:09:43 AM)
1. Write out your entry price, your stop loss, your move to break even number, and your profit target. When you take the trade, enter those numbers in and then walk away.

Rob Booker (Apr 12, 2006 10:09:52 AM)
That was supposed to be #2.

Rob Booker (Apr 12, 2006 10:10:13 AM)
3. Get a friend. Trade with your friend and have that friend hold you accountable to follow through on the ideas above.

JSB (Apr 12, 2006 10:11:59 AM)
Rob I've been trading live for 2 yrs and I seem to do alot better trading without stops. I think the key is to trade pairs in the direction of the currency with the highest yield. Would you consider that reasonable or will I eventually lose all my money?

Rob Booker (Apr 12, 2006 10:12:43 AM)
Trading without stops is like not wearing pants outside. Maybe it will work for a while, maybe in Los Angeles, but as soon as you get to Nebraska, someone is going to blow your brains out. There are many traders out there who are buying the GBPJPY naked, without any stops, and just earning interest and expecting it to go up.

Rob Booker (Apr 12, 2006 10:13:26 AM)
And the fact is that the GBPJPY just might go up a long way. But eventually, and you can hold me to this, that pair is going to fall 2,000-3,000 pips in just a few days. Maybe even one day. It is possible, and people trading without stops are going to get hammered.

CM (Apr 12, 2006 10:15:33 AM)
A trader is not to think while in the midst of trading. What does this actually means?

Rob Booker (Apr 12, 2006 10:15:41 AM)
This means you should chop off your head so that your brain cannot communicate with the rest of your body. After the trade is closed, if you are not dead, you should see what happened.

Rob Booker (Apr 12, 2006 10:16:17 AM)
Actually, what this means is that you should have your plan ready BEFORE your trade. You should know where you are getting in, where you are putting your stop, and where you have your profit target ... BEFORE the trade is open, not after. It is too difficult to plan a trade once it is already open!

JSB (Apr 12, 2006 10:18:21 AM)
I'm a very "emotional" guy. My palms sweat and I start to pace no matter what direction my trades move. My biggest problem is not waiting for all the great signals. The very biggest has been entering a trade and having that trade immediately go in the opposite direction for about 50-100 pips. I cured the problem by using a stop watch and waiting 5 minutes before I get in. Seems help alot. Does that sound reasonable to u?

Rob Booker (Apr 12, 2006 10:19:21 AM)
That is a fantastic idea! I love it! Most traders never have the discipline to do what you have decided to do -- to be patient. If your trades are still not as profitable as you would like them to be (read: LOSSES) then you might also consider planning your trades before you trade ... meaning, if you generally trade during the NY Session, then get up at 6am EDT and plan your strategy, and then when 7:00am rolls around, you will be ready to go.

jjay (Apr 12, 2006 10:20:23 AM)
You had a plan recently to go long NZD around .6150. I believe that trade would have been stopped out. The pair is now back around the same .6150 area. Would you still but the pair?

Rob Booker (Apr 12, 2006 10:21:11 AM)
I would wait for the pair to cross above the highest point that it has gone already -- above .6185 -- before I got back in that trade. It does appear that the NZD is finally ready for a bit of a turnaround, but we should also be on the lookout for the pair to fall below the .6000 barrier -- that could be terribly bearish.

dav (Apr 12, 2006 10:21:36 AM)
Trading news intraday with leverage 20, stop loss 30 pips max. and stop loss max. 5% of capital is too aggressive? Should I drop the leverage?

Rob Booker (Apr 12, 2006 10:22:36 AM)
Whether or not you should do this depends totally on your testing. How successful has this strategy been? What is your average gain? How many losers vs. winners? You need at least 50-100 trades in the sample set in order to know the answers. But generally, no this is not a problem -- your stop loss seems tight. I would just need to know more about your average gain, and how many trades you have taken,.

goldfish (Apr 12, 2006 10:25:31 AM)
I find worrying about news releases stop me from entering trades even though my system is giving me an entry signal- and waiting for the knee jerk reaction to news is not something I am good at trading- what should i do one days like that?

Rob Booker (Apr 12, 2006 10:26:24 AM)
The best thing that you can do is to practice ... and test. If you go back in time and play forward the last 10 major econ releases, and you test your strategy, and you find that in each instance, you would have been successful, then you need to stick to your plan and not deviate from it, and stop worrying. But it is ok to just avoid the news altogether if you find that you are unable to trade during that time.

JK (Apr 12, 2006 10:27:51 AM)
On entering a trade on USD/CHF and on GBP/USD where should I place my stop loss and if the trades are profitable my trailing stops?

Rob Booker (Apr 12, 2006 10:28:29 AM)
What time frame? What system? This is not enough information -- if you are trading around the news releases, then you need to have stops between 20 and 30 pips. And it would be good to move your stop to break even at approximately 20 pips of profit, or that is when you get out. But I don't know if this answers your question, because I don't know what time frame chart you are watching, or what system you are following.

gramps (Apr 12, 2006 10:30:56 AM)
Keeping other people out of my head becomes a problem. How to stay focused on the market entirely and ignore all others.

Rob Booker (Apr 12, 2006 10:31:07 AM)
Here is what a Web site I just found says about that:

Rob Booker (Apr 12, 2006 10:31:11 AM)
"Some people claim to hear voices inside their heads. Many others deem that such individuals are crazy, as it isn’t considered normal in most cultures to hear such voices. However, it can happen more often than some realize, and in many different ways. For example, the voices aren’t always inside one’s head; they may be in the background."

Rob Booker (Apr 12, 2006 10:32:16 AM)
"Some theories for these voices lie with ghosts of other spirits. It is thought that dead family members or friends may come back to guide the living through tough situations or other endeavors. This theory is a more “normal” explanation. It is paranormal, but it’s discussed more freely in general society, as many have had such experiences once or twice. Also, many do believe in ghosts."

Rob Booker (Apr 12, 2006 10:33:08 AM)
Ok, for real, here is what i think. I think that you need to focus on just one system, just one plan, just a couple of currency pairs ... and you will be ok.

CM (Apr 12, 2006 10:33:26 AM)
How often a trader have the descretion play when the system generate contradicting signals, on a ratio basis?

Rob Booker (Apr 12, 2006 10:33:34 AM)
If your system is generating conflicting signals, it really sounds like a good idea to take no trades at all.

Guest (Apr 12, 2006 10:38:04 AM)
what is the good sign to enter the trade? is it indicator at the chart ( like MACD) or the calculation (like PIVOT, Support and Resistance)?

Rob Booker (Apr 12, 2006 10:39:59 AM)
Next question: what is the good sign to enter the trade? is it indicator at the chart ( like MACD) or the calculation (like PIVOT, Support and Resistance)?

Rob Booker (Apr 12, 2006 10:40:10 AM)
Here is the answer: The short answer is that yes, the MACD can be useful and the pivots can be too. But the longer answer is that you MUST go back in time on your charts and test this ... whatever strategy you use, you must go back in time and play your candles forward, one at a time, and test to see if you are able to trade with the combination of indicators that you have chosen. I have found that most people do better when they trade with fewer, not more, indicators.

Rob Booker (Apr 12, 2006 10:40:46 AM)
Here is another question: ideally what should be the stop level for system based on hourly/4-hrly/daily/weekly?

Rob Booker (Apr 12, 2006 10:41:56 AM)
You at least need a 20 pip stop on any trade. Closer than that, and you are probably going to be stopped out. On the 4hr, a 30-50 pip stop is usually enough. On the daily, 30-100; on the weekly, 50-200. Remember that you have to test your stops and limits before you can trade. You cannot use the above numbers to live trade today. You need to make sure you test everything you are thinking of doing.

dav (Apr 12, 2006 10:42:16 AM)
What is the max. drawdown we should consider in our account in one year? 30% max. drawdown is too much?

Rob Booker (Apr 12, 2006 10:42:43 AM)
That is the very, very most you can accept. If you let your account go down that far, then you need to go out and get a job, and earn more money to put into your trading account.

traderchris (Apr 12, 2006 10:43:39 AM)
Even though my system works I keep finding I hesitate - as the market moves in the direction I thought it would - I then think - shit I've missed my entry - and then I don't know if to jump in or stay out - any advice to stop me hesitating

Rob Booker (Apr 12, 2006 10:44:39 AM)
The answer is more simple than you might think: you should set entry orders and then walk away. Let the computer open the trade for you. Or, trade with a friend, and tell your friend what you are looking for in order to take the trade ... and let your friend enter the trade for you.

jj8 (Apr 12, 2006 10:45:51 AM)
do you use any indicators to manage the trade ?

Rob Booker (Apr 12, 2006 10:46:28 AM)
Only the same ones I used for the entry. I use support and resistance, mainly -- and really, nothing else for my short term trades

Rob Booker (Apr 12, 2006 10:47:46 AM)
These are great questions! Keep them coming!

3rd-Point-FX (Apr 12, 2006 10:47:55 AM)
Rob...Whats your take on using 400:1 leverage?? How should this be used? Thanks RuFX

Rob Booker (Apr 12, 2006 10:48:32 AM)
The leverage is not important. I will teach you an equation, and it is the only one you will ever need: Stop Loss X dollar value per pip / total account value

Rob Booker (Apr 12, 2006 10:49:04 AM)
that gives you the percentage of your account value you stand to lose if your trade turns into a loss. that number, especially when you are starting out, should never be more than 1-3%, and 3% is super high.

Gerry (Apr 12, 2006 10:49:20 AM)
Do you think, trading with small margin is OK or just wasting money ?

Rob Booker (Apr 12, 2006 10:49:33 AM)
It is not a waste of time. It is important to risk very little, so use a micro mini account, and you will learn what it is like to trade with real money.

bin (Apr 12, 2006 10:50:52 AM)
What time frame in charts are good for intra day trading?

Rob Booker (Apr 12, 2006 10:50:57 AM)
I love the 15 min chart for intraday trading, especially around the major economic news releases.

tgf (Apr 12, 2006 10:52:06 AM)
On a range mkt. is it not better to wait and recover on the rebound rather than loose say 20-100 pips on a bad trade? loose some interest of course... and bigger paper loss.Any thoughts?

Rob Booker (Apr 12, 2006 10:52:53 AM)
I think that if you are taking 100 pip losses in short term trading, then you are taking losses that are too big. If you are trading intraday, then it does make a lot of sense to get out and then get back in when you have another chance.

3rd-Point-FX (Apr 12, 2006 10:53:14 AM)
Rob ...A lot of brokers are unethical and trade against your call and depend on attrition to make their monies....Is this a fair statement?? RuFX

Rob Booker (Apr 12, 2006 10:54:02 AM)
All dealers depend on losses by traders to make money, and anyone who tells you otherwise is a liar. But that does not make them dishonest. If you are trading a mini account, or a standard account and trading less than $1M per trade, it is imposssible for your dealer to match you up with another trader, so your dealer is ALWAYS taking the other side of the trade. That simply makes it possible for you to trade.

Rob Booker (Apr 12, 2006 10:54:23 AM)
People are so bad at trading, that any problems with dealers do not account for a significant portion of their losses.

Gerry (Apr 12, 2006 10:54:56 AM)
Mr. Booker, How do you think about paid signal services ? Is it wise to use their service for our daily trading ? How to determine the credible service ?

Rob Booker (Apr 12, 2006 10:55:11 AM)
Over the long term, I believe it is better for you to learn how to trade on your own and take your own signals. In the short term, it is ok worthwhile to follow a provider that has references and past results.

FXstreet Moderator (Apr 12, 2006 10:59:33 AM)
Last question:

goldfish (Apr 12, 2006 10:59:37 AM)
how many pips is it advisable to aim for a day?

Rob Booker (Apr 12, 2006 11:00:00 AM)
As many as your testing shows is reasonable. Remember, you don't have to make a lot of pips. You just have to keep the ones you make.

FXstreet Moderator (Apr 12, 2006 11:02:01 AM)
That’s all the time we have today Thank you Rob for hosting today we hope to see you back again for another session next month perhaps.

Rob Booker (Apr 12, 2006 11:02:18 AM)
Thanks for joining me today! I appreciate all of the questions -- they were insightful and really showed that you are serious about trading. I wish you all the best, and invite you to contact me anytime!

FXstreet Moderator (Apr 12, 2006 11:02:26 AM)
We also hope you enjoyed this Q&A, you found it useful, educational, and beneficial to your trading day

FXstreet Moderator (Apr 12, 2006 11:02:42 AM)
FEEDBACK: I cannot stress how important feedback is for the continued success of our Live Q&A sessions. Please email me any suggestions you may have topics for speakers anything that can make these sessions better and more enjoyable for all who attend. In order for us to continue providing informative and educational Q&A Sessions, feedback is vital. Please feel free to post feedback about today's session, topic ideas, & suggestions. We would appreciate this very much. I will be logged on for a while. claire@fxstreet.com

FXstreet Moderator (Apr 12, 2006 11:03:03 AM)
Some good new I am pleased to announce that the full transcripts are back for all who would like to enjoy their contents. Please check out our new web blog and post comments and make it a interesting educational place for traders to meet. Transcripts : http://www.fxstreet.com/chat/transcriptlist.asp Available in 1 hour

FXstreet Moderator (Apr 12, 2006 11:03:50 AM)
Thank you Rob and Thank you all for attending