This first entry in the Christmas competition was written by forum member Mary. Mary is one of a group of full-time traders who hang out, share ideas and help junior members, advise and offer their analysis and research in the forexmentorpro.com members only section of the forum.


Her contribution this year has been massive and bearing in mind that she was undergoing treatment for a life threatening illness shows just what a strong character she is & what a positive mental attitude can achieve. That same kind of strength and discipline has no doubt helped her become a successful forex trader.
Mary has been with forexmentorpro for well over a year & it has been great to see her develop into a successful trader. The following is her road map to becoming a succesful trader and was written in reply to a fellow member who was struggling.

Mary (tradespotting) is just one of the fantastic group of people who can be found in the members only forum which is has been upgraded this week.

You can now access and post from your mobile phone and there are lots of cool social media tools, you can upload photos to your profile, sign up via your facebook account and in the coming weeks & months there will be blogs from some of the more experienced members.

Overview: Consider this to be like a course outline offered by any study College or University.
  1. Read through the FMP web site materials.
  2. Understand that FMP offers 4 different trading strategies: Dean’s STTS, Marc’s M1 and M2 and Pierre’s E & S system. Study each of these. Be patient. Accept that this will take time.
  3. Research which broker(s) and trading platform(s) you want to use.
  4. Download your chosen and preferred trading platform eg MT4.
  5. Set up a Demonstration or Simulation account with your broker.
  6. DO NOT open up a Live trading account platform just yet.
  7. Open up only a couple of Forex chart pages to start practicing your analysis. For example: EUR/USD and AUD/JPY.
  8. Familiarise yourself with the functions of the trading platform.
  9. Set up the FMP trading templates on your 2 pairs in the trading platform.
  10. Practise identifying trade entry signals using the various approaches: Dean’s STTS, Marc’s M1 and M2 and Pierre’s E & S.
  11. Determine your Risk and Trade management approach: risk per trade, lot size, Stop size, Profit Targets, Exit strategies etc.
  12. Write down your Risk and Trade management levels.
  13. Set up a spreadsheet, or worksheet, to record your results of practice trades: date, pair, entry level, stop, profit target, exit, win/loss, notes etc. Use one sheet for each FMP system.
  14. Practise placing trades for identified trade entry signals on your simulation/demonstration platform: opening trades, setting Stops etc.
  15. Practise managing trades on these signals: closing trades, moving Stops etc.
  16. Record all your results for these practice trades.
  17. Practise FMP trading in your simulation/demonstration account, and managing your trades, for a minimum of 3 months.
  18. Determine your profit or loss at the end of each month.
  19. Determine which FMP strategy is more successful for you, and that resonates most comfortably with your own trading style.
  20. Do not open a Live account and/or start any Live trading until you have demonstrated consistent success with simulated / demonstration account trading.





  1. Weekly/daily routine during Simulation and Live trading

  1. Weekend / Prior to trading week:

  • Check trading calendar: note any red flag news that affects the pairs you trade.


  • Check MT4 charts for the current trend on the USDX and EURX indices: I start on the monthly chart and work my way down to the 4 hr chart. I draw in lines of support and resistance and any patterns such a symmetrical triangles etc.

    I have shown an example of this on the USDX chart. For example, this chart reveals a descending wedge/triangle pattern. This takes time at first but once you have been trading for a while you will become very efficient with this process.
    CLICK ON IMAGE TO MAKE BIGGER















Support / Resistance levels and trend lines shown.

  • I check through each of the currency pairs that I trade, in a similar way as I do with the Indices.

  1. Daily regime: starting each morning.

  • Check news sites for overnight events. (CNBC /FXLive /Reuters /Bloomberg/ FMP video updates)
  • Open platform and check on any open positions. Manage these according to your trade rules.
  • Open platform and check on the indices: EURX and USDX.
  • Scroll through pairs and assess whether any signals look like they are setting up.
  • Continue to check charts at each 4 hr candle close for new trade signals.

    Thanks to Mary, I hope this helps you become a more disciplined forex trader. If you liked this article, please click the like buttons and share it with your friends on facebook, google + etc