A Trading Post Blog
Commentary on Trading Post and the Online Trading Industry

May 31 2008

When Not to Blog

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I smile when I write this, because is there really a time NOT to blog?

One of my rules to blogging is - "when you most feel like NOT blogging, it is when you need to blog the most."

Kind of like if you go to church and they tell you when you most feel like NOT praying, that is when you need to pray the most.

In the Forex world, because she's written books, writes articles, has had association with FXCM, among other things, everyone seems to know Kathy Lien. Well it seems Kathy is in Asia for and for some odd reason she is not blogging once while she is gone.

I figure, YOU'RE in Asia, your readers would love to hear some insight from you on the road!

When I hit the road for the Traders Expo later this month, I can't wait to blog "on location."

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May 30 2008

Reaching Out ... Regularly

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I want to do things differently. Do things that no one else will do.

Last night for the first time we had an online Townhall meeting with our clients. It was done mainly to share our evolution with the Online Training Rooms but also to gather feedback.

Execution of a perfect session takes a back seat to actually getting out there and sharing/listening. The recording of the session cut off the first 10 minutes or so, but you can watch the proceedings.

Raymond in our office made a comment to me tonight that it would be a good idea to hold these Townhall meeting on a regular basis - and I think it's a great idea. It's a great way to share and gather feedback.

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May 29 2008

Trading Post's Online Training Rooms

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More than what traders want, I guess it's more a question of what traders need.

I think about it often, and love receiving feedback on how we can do things better. Tonight, we had a townhall meeting regarding our Online Training Rooms. It was open to all - subscribers and non-subscribers alike. The purpose?

To share the new evolution of the OTRs to deliver a better service starting immediately - which is June 1.

I have no problem putting myself and Trading Post out there. We need to be held accountable for what we do, and we need to always seek to do things better. Forex trading isn't for everyone, but we can be more aware to traders' needs.

Some great comments were received and I'm grateful for the trading coaches, Nikhil Patel and Pierre Charlebois who contributed their thoughts.

Undoubtedly there is always feelings involved when the status quo changes. In our case, the status quo needed to change radically because clients were telling us, though feedback, and the ultimate feedback of all - subscriber levels - that we weren't doing good enough.

What I say now is come take a look at us in June. Come see if there isn't a difference, and be part of something new - as an active participant.

  

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May 28 2008

When You Have a Bad Trading Day ...

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Perspective is a word I love. When it comes to trading there are so many key principles to keep in mind. Perspective, discipline, commitment, (add our key term here).

We all have bad days, and we ought to. Nothing good ever comes out of something that is easy.

Tonight I read an article about a woman who spent almost 60 years living inside a 7-foot-long tube. She died tonight. A power failure cut the breathing device's electricity.

When things go against you, don't worry. When you have a bad day, don't dwell on it. Like life, everything in trading is a learning experience. Few people have the will to see success through in their trading.

Wednesday a woman lost her life, not because of her will, but probably because it was time. Her spirit moves on, yet to me it provides an example that if we put our mind to it, we can do anything.

May 27 2008

Forex and Money Laundering

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I get a call today from Karen in the office and she asks me if I have seen "the" news from yesterday. It seems like I am continually missing the big news here in the local Vancouver scene.

Blame it on the global nature of the Internet and the big American networks we are subjected to on TV here.

The particular incident happened in Langley, which is a suburb of Vancouver. Police units from four agencies (FOUR!!!) arrested four men (one agency per arrestee) at a place called Global Tourist Centre (GTC) - a currency exchange operation. Another operation called Capital Forex was also raided. Both supposedly have connections to organized crime.

I have to chuckle about the coincidence, but to be clear, GTC has nothing to do with our GTC Group (the Online Trading Advisory) and there is a distinct difference between what Trading Post does and what brick and mortar currency exchange companies do.

Trading Post makes it possible for individuals to trade in the spot Forex market, and so money is never actually physically exchanged. Meanwhile, at currency exchange operations, you walk in with a particular currency with the intention to exchange it for another currency. You'd usually do this preceding a trip somewhere.

We don't handle client funds unless it's being used for a subscription service or a product.

The funny thing about this particular article, other than the dearth of true information that is presented - it seems like the reporter operated off a press release, rather than actually being "on scene" - is that no one is named.

Now for the head-shaking part of this whole story.

Today we got a call into the office by a former Associate of Trading Post who called and asked us if we knew about this incident where those associated with Trading Post were involved.

And I guess to a certain extent it goes to show how some can get caught up in their "World of Make Believe."

With so many currency exchange operations sprouting up, though, especially here locally, it's always better to do your homework of where to exchange your money. Trading Post does its currency exchange through Vancouver Bullion.

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May 26 2008

A Cutting Edge Trading Analysis Tool

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It seems everyday I come across a great trading solution. By solution I mean, any course, strategy, system, tool, etc.

I'm always reaching out to broaden my network. I guess maybe one day I might be known as one of the hardest working guys in the trading industry - or perhaps not, but it's a lot of fun coming across great solutions, and more often than naught - great people behind those solutions.

Recently I met Ingvar Grimsmo who has created a fantastic application called Forex Trade Analyst. Directly from the website "...FTA is designed to give you an easy, concise view of your overall trading potential. (FTA) helps you view your past trading records efficiently and gives you tools to analyze them for an improved strategy in your future trading."

Not only that but if you have an FXCM account, FTA will allow you to upload account data to the program so you don't have to manually input any information.

The plan is to allow the program to automatically extract trade information directly from FXCM. With the potential that this has, compatibility with other trade platforms is sure to follow.

Best of all? You can dump the spreadsheets and notepads that you jot down your trades in hoping that you can somehow make some sense of what you have been trying to keep track of.

Go and download the demo of FTA and see what I'm talking about.

May 25 2008

Fund an FX Solutions Account for Two Bonuses

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I should have outlined this earlier, but it's better to be late than never.

Through Trading Post, FX Solutions is currently running an exclusive deposit bonus promotion, and Trading Post has combined to add free months of its Online Training Rooms subscription service as well.

So, just for opening or funding an existing account you receive free services.

Full information can be found on the Trading Post website.

For those of you who are wondering, why FX Solutions? Well since its $100 million financing last year, and subsequently being acquired by City Index in February, it has been one of the most progressive brokers in North America.

FX Sol has its GTS Pro and Web GTS, and is set to release its mobile platform this week.

Also, we now are hosting the FX Solutions Chart of the Day.

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May 24 2008

Working for Peanuts

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Amidst the recession talk, we're surrounded by rising costs all around us. To various extents traders are traders to create additional opportunities for themselves.

I was speaking to a friend of mine who is looking for a job after moving back to Vancouver from being overseas for a few years. He's bright, a hard worker, has a university degree, and is looking for a human resources job.

He mentioned a job that he interviewed for at a local Wal-Mart that's going to be opening up.  They told him that their HR positions were filled, but offered him a department manager position. Because of his past managerial position they offered a bump in what they usually would offer - $11.50 an hour.

Suffice to say he was beyond insulted, but that left him demoralized.

I have another family friend who is a pilot, and has been for 4-5 years. He just moved back to Canada and caught on with a local airline here for $16 an hour. They told him that he could be promoted to captain shortly, along with a pay raise, but that figure was fodder for conversation at a few family functions.

Perhaps it would all be fine in another area with a lower cost of living, or if there weren't spouses and children to support, or if commuting costs weren't rising by the day.

We can't always have everything exactly the way we want them, but in the meantime what can be done to retain hope that tomorrow will be better than today or that next year will be better than this year?

I think about things like this a lot. I think about it because the vast majority of those who have started to trade are seeking some sort of alternative. Whether it's a part-time or full-time alternative, there are lots of folks looking to do lots of different things. 

One thing I have noticed a dearth of, though, above all is a plan, or a set of goals. Why are you trading, and what do you plan to get out of it? Those are two answers you should have branded to your mind.

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