PipStop

Recently I've come across a software program called Forex Tester that I'm intrigued by - enough so that I've engaged in dialogue with Alex and Mike who own it. It's a trade simulation software that I'm going to be testing and looking into myself - and of course the next step is seeing how Trading Post can work together with Forex Tester - which isn't free but the cost is reasonable.

I had a conversation with Mike on Friday, however and he introduced me to another one of his sites that lists various software programs he has written. Visit www.fx-metropolis.com and you'll see a Forex News Provider, MetaTrader Acount Copier (I'm not an MT4 trader, but Mike assured me this is his most popular "free" program that's available), and some MT4 indicators.

Alex and Mike are both great guys and so hopefully we can combine to help more traders be a little more successful.

Only a week or so after CMC Markets informed its US clients that it was closing its US operations drops an email in my inbox from Interbank FX about being named to the 2008 INC 500 (although curiously the news isn't posted on its website - Earth to Corbin Layton).

Interbank FX is actually a broker that has seen a fairly vertical climb since its $40 million infusion of funding last year. Out of the other brokers which received substantial funding or were acquired (FX Solutions and Oanda come to mind), none has been so visibly visible as IBFX. Led by Marilyn McDonald there is definite aggression when it comes to embracing awards and letting everyone know when it gets one.

Recently, I've had some good philosophical discussions with a contact at itradefx, a Forex broker based in Florida. We'll see if I have more to share about this in the coming weeks and months.

And lastly, since I'm on a broker post here, Trading Post has officially become an Introducing Broker for GFS Forex & Futures. More information on this will follow, including inviting GFS on our next TP Tuesday.

I'm sure most Forex traders, especially those who have recently entered the market (in the past five years) explain that they only trade the Forex market because it's the best market to trade (then they'll share the reasons of largest market, leverage, etc, etc.).

You see the hype of Forex, as do I. You don't have to look far. Just Google something like Forex Profits.

The point that I'm learning more and more everyday is that there is so much that trading other markets have to offer you only have to be open to seeing what trading other markets has to offer.

I'm really, personally quite smitten by equities. Forex ISN'T where it's all at trading wise, and I'm glad I've seen the light.

My association with Marathon Alliance has also greatly helped in this. The most recent post has a thought on trading the news from a non-FX point of view.

And I do have to go back to my experience at Bright Trading last week that left me wanting to go trade for a proprietary equities trading firm.

This isn't meant to be a permanent thing, but I love having this run in the background. I personally like Bloomberg and CNBC.

We're putting together a Resources page on the Trading Post website, and I'd like to see some unique additions that will be helpful to traders including a clip type service below.

My question is, with the continual advancement in technology, especially with tv streaming online, do you find yourself watching Internet TV more and more, or still not at all?

I'm back in the saddle now after being camping with my family at one of the most beautiful places here on the West Coast. It's amazing how things go. I brought my laptop and cell phone, but both ran out of juice, rendering them useless for much of the trip, which was a good thing.

I also confirmed my flight to Las Vegas for the Forex Trading Expo in September, as has one of our Trading Coaches Nikhil Patel. So we'll be roaming the floors of Mandalay Bay Resort - if you want to join us, we'll be happy to have you there with us.

This will be short post with some general thoughts on my visit to the Bright Trading office for a trading workshop last night. It wasn't really what I expected. It wasn't trading workshop (which I wasn't disappointed by), as much as it was about what Bright Trading does.

To put it simply Bright Trading is a company based out of Las Vegas with an affiliate office in Langley (which is a suburb of Vancouver). It is a prop trading firm - the type of firms Dr. Brett Steenbarger has been writing about in his blog in recent months.

It was highly intriguing, and the presentation by Don Bright, Rob Friesen, and Darren Clifford. The whole concept made me want to be a trader with them. The bottom line, I guess is if you take trading seriously and want to be a full-time trader with the backing and support of an experienced group, getting in with a good prop trading firm seems to be a good solution.

I'm going to get together with Rob next week, and we definitely have a similar type of philosophy of helping others. He's open to writing a variety of articles and perhaps even presenting from the perspective of a professional trader.

Heck, maybe I'll take some time to be a trader for a prop firm like Bright.

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The more I think about it; the more traders I come across - and this is truly ironic because I'm in a business where it's seemingly a no brainer that more traders = more business - but I always seem to come up with more reasons for people NOT to trade than TO trade.

I touched on this yesterday, but the expectations of traders coming into the Forex market are totally out of whack for the most part. Read Dr. Bruce Hong share his 10 reasons who shouldn't be trading. Interesting thoughts.

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As much as Forex traders will have you believe that the Forex market is the best to trade and you don't need to look at trading other markets - that sentiment is unfortunate. There's focus, sure, but don't feel a need to artificially confine yourself.

I've always maintained that self-directed trading is not for everyone. Many of the retail Forex brokers out there I'm sure will tell you the same thing, from FXCM to FX Solutions to InterbankFX, etc., who all contradict themselves when they say open an account with a minimum deposit (usually $300 or so).

That would indicate to me that they're looking for anyone willing to experiment and open an account. I'm not criticizing that approach as there is more to a brokers target audience than what I've shared above.

I was speaking with Kevin from CitiGroup which has recently waded into the retail FX arena and Citi's philosophy is starkly different. There's a higher minimum, a lower leverage, and a target towards experienced traders.

Which brings to mind the overall view on trading. So many traders get into the Forex arena (because it's hot) and think that there must be some course, signal, system, fund that can pave their road to riches with gold.

It's enticing to Google Forex Riches and not want to get sucked in by one "amazing offer" after another.

There is so much more to trading than signal, though. I've mentioned the importance of the mind before, but there are lots to the mechanics of trading that can cause failure.

I was talking to a trader, Mon, yesterday about a hypothetical situation of how a trader can have a 90% winning rate, but still be a losing trader. It happens often - the rules of leverage and money management never made it to the table of importance in the traders mind.

So Mon sent me the following of the types of investors/traders there are - which categories do you fall into?

I have thought about this and there only the following ways you can trade/invest your money.

--You can give the money to a managed fund
--You can subscribe to a signal service
--you can buy a software program
--you can have server-based auto trading system (like SystemRunner)
--you can be a self-directed trader

I'm always open to attending trading related events - especially when they're local to Vancouver.

I came across a rather inconspicuous ad in the Vancouver Sun on Saturday advertising a trading workshop put on by a company called Bright Trading.

Somehow there is an affiliation with a company called PairCo, LLC, but I'll get the relationships straightened out when I head on over tomorrow night. Or hopefully I make it out - I'm still being tugged at by a friend for a twilight tee time.

The trio of Don Bright, Rob Friesen and Darren Clifford are going to be talking about the following:

Trading Workshop Overview
Scalping
Crutch Trading
Execution Edges
Pair Portfolio’s
Relative Strength and Hedges
Dividend Strategies
Statistical Bets vs. Trading  Parameters

If you live locally, register and come on down. I'll share some thoughts on it when I get back from the workshop.