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CONTENTS DEDICATION 3 ABOUT THE AUTHOR 4 THE FX SYSTEM 7 THE 1-2-3 METHOD 10 EXERCISES E1-E2 13 SOLUTIONS E1-E2 15 THE HEIKIN-ASHI CANDLES 17 EXPONENTIAL MA CROSSOVER 18 THE EMA CROSSOVER SYSTEM AND FX CRITERIA RULES 23 HOW AND WERE EXACTLY DO WE EXECUTE A TRADE 24 MONEY MANAGEMENT RULES 26 LONG POSITION AND TRADE MANAGEMENT RULES 28 SHORT POSITION AND TRADE MANAGEMENT RULES 29 FX PC SCREEN SETUP & TRADING APPROACH 31 FX TRADING EXERCISES (WORKBOOK) 36-95 A TRADING ADVISOR, COACH OR MENTOR 96 A PERSONAL MESSAGE 98 NOTES 99-109 DEDICATION I AM DEDICATING THIS BOOK TO MY WIFE, MY SON, MY PARENTS, MY SISTER, MY FRIENDS, AND TO ALL THE READERS FOR THEIR PASSION TO ACHIEVE TRADING MASTERY ABOUT THE AUTHOR Dear Reader! My name is Nikos Mermigas I was born and raised in Germany I came to Greece in 1993 when I was 21 years old My job as a musician and music teacher forced me to travel a lot and kept me frequently away from my home and family A good friend and I decided on a quest to find something that would untie our hands a bit, something that would provide us with more time to spend with our family and have extra money So our search began! We searched for a way to be our own bosses and a way to work from home using a computer We searched many months and were flooded with worthless information and ideas We couldn’t find anything that we desired At that time I had some stocks which I was not trading on my own From time to time I would look to see how they were performing After a conversation with a stock broker we learned about the foreign exchange (forex) market We had never heard about the foreign exchange market before and were now curious Finally we found something we wanted to learn more about! We learned that forex could indeed be a small, personal business that anybody could manage from anywhere in the world with only a computer and an internet connection That sounded great and our hope intensified! We also learned thousands of people are making money from their home sitting on their couch or in their home office, and some of them had quit their full time jobs or were just making an extra income from trading in the forex market For me personally, it was love at first sight! I realized there was tremendous potential in the forex market and I started trading forex with confidence I opened a small account and started to buy and sell currencies without knowing the basic rules of trading and without any knowledge on this subject In less than six months my friend and I lost almost all the money in our account But why did we lose? Very simple! We did not trade at all We were just gambling like 90% of traders do At that point I needed a one month break to put my thoughts in order I asked myself a lot of questions There were nights I couldn’t sleep because of so many questions and thoughts flying around in my mind! What did I do wrong? What are successful traders doing differently than me? How can I improve? How can I succeed on a long term basis and how can I handle my emotions like greed and fear during my trading? After a while I sat down and said to myself;; every career, every job and every business needs proper training It is no different at all in trading the forex market and why should it be? I started reading lots of books (most of them did not help me at all to improve my trading) I also went to trading psychology and technical analysis seminars I took all the useful information from these webinars and seminars to help me create my own trading rules and my own trading system It took me a while but when I really started following my system rules, with patience and discipline, things started to turn around in my favour I believed in myself and my rules When I doubled my account I knew I had succeeded! A person may not need a lot of coaching to become a real trader, but without the right training I think most people are doomed to fail Looking back, I now see that trading is not hard to learn at all It truly can be very easy We humans have the tendency to complicate things without having a real reason to do so That, in my opinion is why 90% of people loose in the forex market The biggest advantage about the FX ( FX) system is that you can use it successfully in each and every market, not just the forex market The chart reflects every human emotion and so the signals are the same In our case it does not matter if we are talking about the forex market or any other financial market Today, I am a full time trader My favourite market is still the fast moving forex market I love to do my chart analysis in the morning and then execute my trades when I get the signal as per my system rules Life as a trader gives me great pleasure I have goals, I have reasons to think positive, and I am always confronted with new challenges and opportunities day after day and week after week I have met a lot of traders and 80-90% of them have not made money consistently over the long term In fact they have lost it consistently I thought this was really interesting Most of these guys were experienced traders with knowledge and passion for trading Their problem was not necessarily their trading system They just couldn’t follow their rules because they did not believe in what they were doing Some had no discipline, some had too much fear, and some were unable to pull the trigger Their mental state was in bad condition and they looked for excuses why things did not work out Later on I accidentally started to teach my system to an experienced but unsuccessful trader through the internet We took live trades together and I tried to help him gain his confidence back With a little work from both of us, he finally made it! It was exhilarating helping someone stand on his own two feet again The feeling was so great it is difficult to describe That trader asked me if I would help some of his friends with their trading I started coaching those traders and one thing led to another and hence forth I started with the FX LIVE TRADING courses FX was born!!!! Trading took on new meaning for me Now, not only do I enjoy trading but also enjoy helping others overcome their obstacles and traps which are hindering them from becoming successful in their trading I wish you Health, happiness and success Nikos Mermigas ΤHE SYSTEM I welcome you to the have decided FX team and I am happy that you Before we start, I would like to make it clear that the FX system its trading philosophy are based on 100% technical analysis As you might know already, the computer and the internet is a must for the modern Trader The trader is able to manage his trades easily while watching the charts and indicators on his screen With a simple mouse click he/she is able to open and close positions from any place in the world For you to use the FX system correctly you only need a few simple technical indicators The most important thing is that you should learn to read charts, see the setups and take the action when required according to the FX system You don’t need to understand how exactly the indicator works to be successful in your trading The only thing you need to know is how to use them correctly to make your daily pips Let’s take an example of a TV Most people don’t even know what a TV looks like on the inside or how it works but that does not mean that they can’t watch their favourite programs We only need to switch the right buttons to watch what we would like, right!? In the same way we don’t need to know how an indicator works but instead we only need to know how to use them It sounds easy and I am not kidding when I say that it really is! In trading you have to control your emotions and just follow the rules of your system, otherwise you will be in trouble I won’t go much through the trading-psychology here, because that is not the point of this particular E-book It is important you always remind yourself to be disciplined and follow exactly the rules of the FX system to make it work If you do that then, I promise, you will have 70-80% winning trades over the medium to long term Of course when it comes to money, controlling your emotion is not always that easy but with practice, willpower and positive psychology you will achieve mastery for sure Always remember that a real trader is open-minded and his focus is on his profits, success and right money management and not on his losses The system is very easy to understand and after you have read this e-book I will help you at your request and will show you for free many examples in a live- trading session so that you can get more confident with my system On the following 100 pages I will guide you step by step through the FX system When I was learning about forex I spent countless hours in front of my pc, fine tuning my system I desperately wanted to make this work! I remember having difficult and often torturous times before I made it, but I persisted and therefore, I was rewarded The basic philosophy and goal of my system was and is, to cut my losses and let the winners run With the FX you will learn in a very pleasant way, how to use my techniques and to trade successfully without going through all the trouble I experienced in the past You will find enough space in this book to make notes and write down your thoughts Just keep it simple and you will succeed Have fun and enjoy! THE 1-2-3 METHOD THE 1-2-3 method has existed in technical analysis for quite some time, but unfortunately many traders don’t know how to use it the right way The system is based on this technique, but only in combination with 2 other indicators This combination is the key to getting outstanding results in trading If you use it correctly! You will be able to pick up the bottoms and tops and ride the market trends on any timeframe, if you will follow the rules of the system 100% So, what other indicators do we need to approach trading according to the FX system? A) HEIKIN ASHI CANDLES B) EXPONENTIAL MOVING AVERAGE CROSSOVERS After analysing our trades with these indicators, we look at a NEWS CALENDAR to make sure that we don’t execute a trade close to an important political or economic announcement You must be thinking at this time that it is too simple to be true, but believe me it really is! You just have to get used to it and practice it as often as you can until this strategy becomes a habit After understanding the basics you must believe in yourself and always focus on your success and nothing else I highly recommend that you first use a Demo-account and only start trading real money after you perfectly understand the system and double the money on your practice (demo) account Don’t trade if you are tired or in bad psychological condition Before you turn on your PC you have to make sure that you are focused and your mindset is on the right frequency for trading You should always know that small losses are part of the game, and that should never interfere with your decisions when good signals come up Don’t waste your thought on fear and greed Just try to focus on the system rules Do that day by day and you will see how easy trading can be in the end Let’s start with the basics… 10 A TRADING ADVISOR, COACH OR MENTOR If you want to enjoy financial freedom through trading, you have to follow proven strategies and systems The key to achieve this is in your head You must start to change the way you think You must have goals and targets, dreams and passion, discipline and patience Sometimes you even need to take two steps back to move one forward but if you really love what you are doing, you will succeed in the end Here, a trading coach or mentor can make the difference between success and failure A good Trading coach should be a person you can trust, who will guide you, who will advise you, and who will take you through all the obstacles during your training There is really no need to fail in trading if you have someone who is able to show you the way to do it right Unfortunately only a few traders seek help from trading coaches, so it should not surprise you that more than 90% of all investors are loosing their money Of course it is not easy to find someone you can really trust Looking at the quantity of forex related companies in the web, it is very difficult to end up with someone worth the effort and the costs of the course Try to avoid mentors that are promising millions in only a few weeks without effort Try to be reasonable and think logically Every professional singer or artist or athletic has a coach and a teacher To reach the top, you have to choose the best training you can get and with trading it is no difference You have to get better at what you are doing every day and a good coach can surely help you with that Your positive psychology is maybe the most important thing in trading If you are able to overcome your fears, your overdoses of greed, and your anger in trading, all other aspects in your life will change too If you succeed in trading you truly will become a better person I am convinced of that 96 Remember this;; The best system in the world is worthless if you are not able to take responsibility for yourself and learn from your mistakes Your trading mentor should be able to take you to higher levels step by step and encourage you on your journey to the top The student-mentor relationship should be based on respect and focused on your professional growth Your personal coach is paid for one thing only;; To help you achieve your goals, so you can live the life you have always dreamed about Don’t hesitate to seek for a trading coach if you are not satisfied with your results It is truly worth it, trust me If you have any question, or if you are interested in joining our club by participating in one of our FX mentoring courses, please feel free to visit our site www .com 97 A PERSONAL MESSAGE Trading in the forex market can indeed be profitable if you know what you are doing;; however you have to keep in mind • If you are not able to follow the rules of any good system, you are simple not able to succeed • You should trade first with a demo account and double the money on that account before you consider trading with real money • You have to become confident with the system before you risk even a cent of your own money Then you should start with small lots and increase your lot size according to the system rules • If you are not able to pay your monthly bills at home, or if you need every cent of your money to survive, you should not even think about trading with real money • If you don’t have any experience in trading, look for a mentor or coach to assist you This is very important, especially for new traders • Many people don’t mind losing a lot of dollars/Euros in the financial markets, but they never consider participating in a good training program or trading courses This could save thousands in the long term I hope this E-Book was helpful to you I wish you health, success and happiness in your life and of course in your trading Nikos Mermigas 98 NOTES 99 NOTES 100 NOTES 101 NOTES 102 NOTES 103 NOTES 104 NOTES 105 NOTES 106 NOTES 107 NOTES 108 NOTES 109 FX ALL RIGHTS RESERVED 2008 110 ... ABOUT THE AUTHOR Dear Reader! My name is ? ?Nikos ? ?Mermigas I was born and raised in Germany I came to Greece in 1993 when I... it is difficult to describe That ? ?trader asked me if I would help some of his friends with their trading I started coaching those traders and one thing led to another... becoming successful in their trading I wish you Health, happiness and success Nikos ? ?Mermigas ΤHE
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