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Selective Forex Trading: by Don Snellgrove

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Chapter 1. Advice and Thoughts for Neophyte, Intermediate, and Advanced Traders

"Accept responsibility for your personal decisions and actions in the market. When it is time for the actual entry into the market, and if you are making the final decision to enter, then no one, and no methodology, is responsible for your interpretation of the market. Here's the bottom line: You are on your own if and when you push the entry button."

I made that statement in front of approximately 800 traders at the 2004 CFG Traders Conference held in Richmond, Virginia. Yet I wonder how many really heard me.

WHAT YOU NEED TO KNOW BEFORE YOU EVEN THINK ABOUT TRADING THE FOREX

Only a few years ago, most people had never even heard of trading the foreign currency exchange (also known as the forex). Even now, many have never heard of it. But so much information is available on the Internet that if you've heard or seen the term, all you have to do is simply type it in a search engine and a mass of information is available for free—though that information can be bad or good, misleading or correct. In writing this book, my goal is to provide accurate and useful information about how to trade the forex.

During the early stages of the forex, traders who wanted to participate were required to post quite a bit of money with a brokerage, bank, or trading firm. Today, however, if you want to trade the forex, you can trade mini accounts, also known as dollar accounts. Moreover, you can open these mini accounts with ...

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