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If you don't know what you're doing when trading Forex at 400:1 leverage or
higher, you could wipe out your entire account in a single trade. (OK, maybe two
trades.) Of course, there is risk in all forms of investing, even in a mutual
fund. That is why those who do not understand what they are doing probably
should not have been doing it in the first place. After all, who among us would
attempt to fly an airplane without knowing how the controls work? Yet every day
thousands of eager hopefuls the world over open Forex trading accounts and fly
them straight into the ground.
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The Greater The Potential Return, The Greater The Risk
If you want 1% per year, you can get a nice bank CD. At an estimated annual U.S.
inflation rate of 5%, that CD will start going backwards in approximately 72
days. If you want a potential return of 1% or better per DAY, learn how to trade
Forex. Just don't trade the
rent money.
Leverage
Forex trading offers extraordinarily high leverage. For example, when trading a
mini
contract in the euro/U.S. dollar (EUR/USD) currency pair, you are controlling
$10,000 worth of euros on a $200 margin. That's 50:1 leverage. Archimedes would
have given an eye tooth for that kind of leverage! However, leverage can be a
"double-edged sword." Leverage can work for you, or it can work against you,
meaning that any market movement, whether profitable or unprofitable, will have
an equally proportional effect on your deposited funds.
Yes, We Have No Insurance
Forex trading position investments are not FDIC insured. Nor, to our knowledge,
are they covered by any taxpayer-funded insurance program. If you manage to blow
up your entire Forex trading account, don't expect the President to declare your
home office a federal disaster area.
Opportunity
Trading in the Foreign Exchange market is a challenging opportunity where
extraordinary returns are available to educated and experienced investors who
are willing to take above average risk. In fact, you make so much money it can
boggle your mind. Which is a very bad thing. Because traders who make a lot of
money right away get sloppy and overconfident. So the market slaps them in the
face and reminds them who's in charge!
There Is No Magic To Trading Forex
There is no trading "system" that will always work, in all markets, under all
conditions, no matter what, forever and ever, Amen.
If you are the kind of person who is inclined to believe such things, we have
some lovely oceanfront property in Kansas to offer you.
If you want to make money trading Forex, you need to know what you are doing. No
expert is going to come over to your house every day, sit down at your computer,
grab your mouse, log in to your trading account, and put 'Magic Pips' on the
board for you. You're going to have to do that all by yourself.
If you find yourself tempted to spend several thousand dollars for a magic
trading system (advertised on TV!) that purports to alert you when to "BUY!" or
"SELL!", you are in for a big disappointment. If Forex trading were that easy,
J. Fred Muggs would be a billionaire.
No "safe" trading system has ever been devised and no one can guarantee profits
or freedom from loss. In fact, no one can ever guarantee to limit the extent of
loss.
Holding Us Harmless
This is where we get to the really juicy stuff. Any visitor using information
from this web site for trading purposes is responsible for his/her own actions.
The visitor to this web site confirms that there have been no promises, no
guarantees and no warranties that the trading of currencies will result in a
profit or will not result in a loss. Results can and do vary between
individuals. The information contained herein is subject to change without
notice and was obtained from sources believed to be reliable, but is not
guaranteed as to accuracy or completeness and in some cases may contain errors.
Any techniques or methods presented are those that have been found to work in
the past but may not be indicative of future results.
The visitor to this web site agrees to indemnify and hold The Institute of
Higher Earning (henceforth, 'IOHE') and/or any of its independent agents
harmless from any and all losses, costs, liabilities, or indebtedness arising
from any information they may share with visitor such as, but not limited to,
trading techniques, names of books, software programs, training courses,
brokers, dealers, money managers, ISP companies, and data feed companies.
The visitors is encouraged to perform his/her own due diligence on any company
they intend to do business with prior to any purchase or opening any account.
Visitors also acknowledge that they are aware that, at times, hypothetical
performance results may be posted on the web site or transmitted to the visitor
by another method and hypothetical performance results may have inherent
limitations.
No representation is being made that any account will or is likely to achieve
profits or
losses similar to those shown as hypothetical performance results. There is no
guarantee that readers of this document or our websites will make money. Readers
use the information and links entirely at their own risk. IOHE does not accept
liability in respect of any loss or damage arising from or in connection with
any use of the information on or accessed through our information or websites.
Who We Are And What We Do
The owners and staff of IOHE are graduates of The School of Hard Knocks where
the tuition is a lot more expensive than four years at Harvard. We are
investment researchers who have learned a thing or two about trading and
investing, and enjoy sharing our knowledge with others. We are in the business
of teaching the mechanics and the psychology of sound Forex trading and money
management. We teach. You learn. You trade. You either make money, or you lose
money. Life is all about taking personal responsibility. Subject to regulation,
of
course.
Who We Are NOT, And What We Do NOT Do
IOHE does not give advice, financial or otherwise, nor do we make specific trade
entry or exit recommendations. The visitor acknowledges and understands that the
parties providing the information on this web site are not CTA's (Commodity
Trading Advisors), Commodity Brokers, Financial Advisors or licensed persons of
any description, and further understands that IOHE is not a broker, dealer or
licensed investment advisor. No staffer or person associated with IOHE and
should be considered as permitted to engage in rendering personalized
investment, legal or other professional advice as an agent of IOHE.
IOHE will not be held responsible for the reliability or accuracy of the
information
available in any of our courses or materials. The content provided is put
forward in good faith and believed to be accurate, however, there are no
explicit or implicit warranties of accuracy or guarantees that readers will make
profits. The reader agrees not to hold IOHE and/or any of its affiliates, liable
for decisions that are based on information received from us.
The visitor further acknowledges and understands that we do not advise anyone
whether or not to take any particular position(s) in the market. We accept no
liability whatsoever for any loss or damage that may directly or indirectly
result from any trade(s) a student may take. All trades and investments that our
students may decide to take are understood to be based upon their own final
decisions.
No statement or expression made on this web site or in any of our printed
materials, or in any utterance uttered by our utterly terrific instructors is, or should ever be, construed as investment advice, or as a solicitation or
recommendation to establish any particular market position(s.) We are not in the
business of marketing or teaching a "system" hypothecated to guarantee any
specific performance or results.
Hypothecation
While every effort is made to evaluate the actual experience of our students,
all
performance figures must be considered hypothetical, and past results are no
guarantee of future performance. That's because the past is no guarantee of the
future. In fact, according to Einstein, there is no past or future; It's all an
illusion. So be careful out there. And remember, those who forget the past are
doomed to repeat it.
Your Are In The Drivers Seat
Investments in Forex trading positions may lose value and there is no guarantee
of a
positive return. Do not trade money you cannot afford to lose and live
comfortably without. In fact, a person who does not have extra capital that they
can afford to lose should not trade in any currency market. Forex currency
trading is a form of speculation where you are not depending upon a total
stranger to either make you rich or lose your money as is the case with mutual
funds. With Forex, you can lose your money all by yourself because YOU are the
fund manager. However, you can lower your exposure to risk by employing
risk-reducing strategies such as "stop-loss" or "stop-limit" orders. Or you can
trade without them. You can also drive without a seatbelt. It's your call. Your
hand is on the tiller. Your finger is on the mouse. Caveat Mercator (trader beware.)
Practice Makes Perfect
What you put into our courses is what you will get out of it. Mom always said
"Practice makes perfect," and Mom was wrong! That's right, because only
perfect practice makes perfect. Practice doing something the wrong way and you
can become an expert at doing it wrong. Correct practicing with your demo
account will turn you into the perfect demo trader.
Too bad you can't spend those demo dollars anywhere. So you decide to take the
plunge and go "live" with a real trading account. You sit down and make your
very first trade with real money. You've picked your trade carefully and are
absolutely certain that the market will agree with you and that the price will
go in your direction: Up. And you were right! It does go up, for exactly one
candlestick. Then it turns around and starts to plummet, straight Down.
Because you didn't know that you will always have a certain amount of losing
trades,
because you don't know how to set protective exit stops, because you don't know
how to get out of a trade immediately with a small and acceptable loss, and
because you risked far too much of your entire account on that one single trade
(... and you are starting to realize that), suddenly everything you learned goes
right out the window as sheer panic overwhelms you.
Your brain freezes, your forehead beads with perspiration and your eyeballs
bulge out of their sockets as you clutch the mouse and stare at the screen in
sheer terror, watching those horrid red candlesticks coming at you from the hard
right edge of the screen!!! Not really.
You see, you are a Student of the Institute of Higher Earning. You know that you
will
always have losing trades. No big deal. You know when and how to use protective
sell stops. You know how to exit quickly and safely. And you know how to
calculate how much risk exposure you should ever subject your account to on a
single trade (probably in the range of 2%). Because of all these things, you are
cool, calm and collected. You are a good student who paid attention to your
instructor. And to Mom!
It's Up To You
We believe that our students need to be taught how to be in charge of their own
financial future, and to know very clearly what they are doing. Which is why we
teach a "stick and rudder" approach to Forex trading. Depending upon others to
earn money for you is a passive attitude. We believe that when it comes to your
finances, no one is ever going to care about your money, or your financial
future, as much as you do. Taking an informed, proactive approach to your
finances is the only path to true financial stability. Those who pay close
attention to what we teach and put it into practice will very likely make more
money than they lose. If they do that consistently enough, they could even
become wealthy.
Other Potential Hazards
The possibility exists that you could sustain a total loss of initial margin
funds and be
required to deposit additional funds to maintain your position. If you fail to
meet any
margin call within the time prescribed, your position will be liquidated and you
will be
responsible for any resulting losses. Consider also the possibility of software
and/or
hardware failure. There are risks associated with utilizing an Internet-based
deal
execution software application including, but not limited to, the failure of
hardware and software, or, in the event of a major act of international
terrorism, the failure of the entire Internet itself! Also, consider market
volatility. Any transaction involving foreign currencies is exposed to risks
including, but not limited to, the potential for changing political and/or
economic conditions which may substantially affect the price or liquidity of a
currency.
There are even "acts of God" to worry about. A micrometeorite traveling through
Deep Space for eons could enter Earth's atmosphere and strike your computer
right in the middle of a profitable trade! For this reason and others we can't
even begin to imagine, every intelligent trader needs to have contingency plans
to minimize such risks, such as a well-developed habit of always writing down
every trade in progress on a sheet of paper, and knowing the telephone number to
the trading desk.
It's your Parachute. You Pack It
Now that we're all on the same page with regard to risk management, please allow
us once again to welcome you to the wonderful world of Forex trading -- the
world's absolute #1 most perfect home-based business -- where the prudent
student can trade his way to wealth and time freedom. And there is no reason why
that student cannot be you. |
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Excerpts from a 2007
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