The purpose of this website is to provide newcomers to the bewildering world of Forex trading a resource for how to go about becoming a profitable Forex trader.
My name is Eadfrith Scott and I have been trading for 2 years now. For the first six months of that time I spent a lot of money on ebooks, custom indicators, robot software (so called Expert Advisers Ha Ha) and ended up subscribed to a load of different mailing lists from marketers who just bombarded my inbox in a daily basis trying to sell me the latest and greatest system guaranteed to pay off my mortgage in 3 months (and other such ridiculous claims). I also realised these people were selling on my email address because I would get ever increasing emails from people who I had never requested information from.
At this point I realised that I needed to stop and re-evaluate just what on earth I was doing. The first issue I had was that I was not profitable as a trader. I lost $1,000 pretty quickly and I decided I needed to get to the bottom of what was stopping me from making a consistent profit.
After a few weeks of research I soon realised that my fundamental problem was that I had absolutely no clue what I was doing! I seemed to think that by reading a couple of ebooks and buying a $49.99 Forex System would be the way to untold riches. Ahem. So as Kramer said to Newman when he moved the set of the Merv Griffin Show into his apartment and then ran out of material, “we need to shut down and re-tool”.
So I unsubscribed from all these guys trying to constantly sell me something, I deleted all the terrible ebooks and daft custom indicators, logged onto a few good free forums and started reading. The best two out there in my opinion are Forex Factory and Baby Pips. So armed with a much more pared down approach I opened a few demo accounts and started trading some of the simple systems described on those websites.
I talk about some of the better ones in my free weekly Forex Newsletter which you can get by filling out the form in the top right of this page (you also get a free report that I wrote once I started to get some consistent success which you may find useful).
After a lot of trial and error I have now found a trading style that suits both my personality and my available time. One thing I did not want to do was spend hours a day sitting at a trading station waiting for small trades to come a long so a scalper I am definitely not. I tend these days to make between 500 and 1000 pips profit per month which suits me fine.
So what can you expect on this site? Well basically a lot of fairly long (and hopefully informative) articles! I use the site to talk in general about Forex trading, the mindset required, big pitfalls to avoid etc. Occasionally I still do buy Forex products as I like to see what is out there, but these are always courses rather than one off systems or robots. When I find a good one (they do actually exist) I put a report about it in the product review section on this site.
My weekly newsletter is designed more to go into specifics around different strategies I may be trying in my demo account or to answer questions that my subscribers have asked me. At some point I may start a forum of my own but for now I encourage you to get in touch at eadfrith@profit-with-forex.com if there are certain topics you would like me to go into in more detail, or simply if you have a general question about Forex.
In the meantime feel free to sign up for the newsletter above and I look forward to speaking to you soon.