Forex Charts – A 3 Step Simple Method To Forex Charting Success

  • September 4, 2020


forex charts and technical analysis can make you money - its simple to learn time efficient and can deliver huge profits. Here we are going to look at a simple way to incorporate forex charts in your trading system and win big.

First things First

Forget the myths and there numerous ones but here 2 of the worst:

  • You predict forex prices
  • forex markets move to a scientific theory

There related to each other of course so lets be clear:

Prediction is another word for hoping or guessing and that wont get you far in life and certainly not forex trading - you need to simply trade the reality of price change and that's it. Human nature is constant - but were not logical beings and we don't conform to scientific theories. There are many people who will tell you there is a scientific theory of market movement but if there were, we would all know the price in advance and there would be no market!

A Game of Odds

When you trade forex you are involved in a game of odds not certainties. Sure you are going to lose some trades but like the good poker player if you trade the odds you can win big.

The theory of market movement

Is very simple, here it is:

All fundamentals + Human perception of them = Price

All you do when using forex technical analysis and charts is to assume that all fundamentals will show up instantly in price action, so you are taking into account the supply and demand situation. forex charts though give you a huge advantage:

They show you how humans view price and it is humans who decide the price of anything. You can then follow your charts and look out for high odds repetitive chart patterns to trade for profit.

You can do this in many ways but let's make an important point - your forex trading system needs to be simple!

Simple systems work best and always have. Clutter your analysis with to many indicators or make it to complex and it will have too many elements to break.

When trying to make profits with forex charts this is all you need:

  • An understanding of support and resistance
  • A few indicators to indicate if a level will hold or break which are momentum based

You can put together a forex trading strategy based upon the above in less than a week and we will discuss these strategies in greater depth, in part 2 of this article theory.

Here we have given you a basic understanding of what to expect from your forex charting and how to get the basics sorted.

In the next article, we will look at building your own trading system based upon forex charting. We are going to look at putting together a system which will take you less than a week to master, 30 minutes a day to execute and could make a lot of money.

Why Is A Mentor Necessary To Succeed At Forex (fx) Currency Trading?

  • August 17, 2020


Forex (foreign exchange) trading, which is buying one currency while concurrently selling another, is getting a considerable amount of press as an attractive alternative to trading on the stock exchange. Among the reasons of Forex trading becoming a popular alternative is that Forex provides a 24-hour market, lower transaction fees, and no one entity can corner the market because of its sheer vastness. The drawback is that it is not easy to learn Forex trading on your own. While it can be done, the lessons can be relatively expensive.

A Forex mentor will help you learn the ropes of Forex currency trading. With so many people out there offering the same service with different methods of delivery, how do you determine which method of learning is best for you?

With all the e-courses, videos, books, and seminars that are easily available online and offline for a price, it is difficult for you as the consumer to guess which one will be the one that clicks for you. You have to examine several options before purchasing one that works and some people go through several methods and never find one that actually helps them learn Forex trading. While this is not rocket science, it can be quite confusing and a little knowledge can be more dangerous and expensive than a true education.

I?m not saying that a four-year degree is necessary, nor are college courses in Forex trading, but a proper education is never a bad idea, especially when you?re putting your money on the line. Investing in books, videos and seminars is a great plan if those things work for you and you feel that you are prepared properly and adequately for Forex trading once you?ve completed the material. If this is the case, then it is money well spent. Most people, however, end up with more questions from these sources than answers.

This is why I suggest a mentor to assist you in the process of learning Forex. A mentor is a teacher, guide and companion on your journey. A Forex mentor is someone who will use his experiences in Forex trading to teach you the necessary skills to be successful. He will use his past successes and failures as examples to help you get started. He will help you identify your best method of learning and choose materials that will assist you according to what you need. A mentor will save you countless hours of research that will not help you as well as thousands of dollars purchasing ineffective material. You are also likely to find that you are making profitable currency trades much sooner than you would have been without utilizing the services of a mentor. ( Part II )

Learning Forex – Find The Right Training Course

  • July 15, 2020


Once you've got a basic understanding of Forex currency trading, it's vital to expand your knowledge even further. After all, Forex is an extremely complex and wide ranging subject.

Unlike traditional stock trading you don't just need knowledge and experience of one company or one industry, you need to develop a global knowledge of various currencies and how different international factors will shift the price of one currency in relation to another.

And one of the best ways to do this is to take a course on Forex currency trading. There are many experienced Forex traders all over the globe who provide training courses for people who are new to currency trading.

A quality Forex investment course will teach you the basic skills that are required to become a successful Forex trader, including how to;

a) Understand the basic principles behind Forex currency trading

b) Identify market trends and learn how to take advantage of them

c) Decide when to open and close various trading positions

d) Manage risk and safeguard open positions

e) Interpret economic and political events that influence global currency prices

f) Make consistent profits that will allow you to construct a valuable and balanced portfolio of investments

g) Think for yourself and develop your own trading system

The right course it will help you to develop trading skills that will last a lifetime. It might also help you to avoid losing money initially when you lack experience. Ultimately, it's best to view it as an investment in yourself rather than an expense.

Now it's just a question of finding the right training course for your needs.

Broadly speaking, Forex courses are available in one of two forms; face to face teaching and online interactive training.

Face to face teaching is a more in-depth way of learning how to trade Forex. These courses generally take place in small groups and focus more on the theory of currency trading. But if you can find the right teacher and pay them enough money, it is possible to receive one to one Forex training. Just make sure that you choose someone with a successful track record as a Forex investor.

Alternatively, there are numerous online courses available which provide you with both teaching materials and interactive training websites that will allow you to gain valuable trading experience without risking your capital. These online courses also tend to be cheaper than courses that you attend in person and place more emphasis on the practical aspects of currency trading.

But whatever option you choose, there are certain factors that all good Forex training courses should provide.

1) General Principles And How To Use Them

Good Forex training will teach you all the important principles. But more than that, the best Forex courses will teach you to think for yourself. Now although you might be looking for a course that will pour all the right answers in your ear, in the long run, this will not be in your best interests.

The best courses will give you the general framework and teach you how to think for yourself so that you can apply these principles to any situation that you face.

And it has to be that way. Just think about it. If it was possible to become a successful Forex trader by following a simple set of instructions, the whole world would be doing the same thing.

2) A Balance Between Theory And Practice

There should be a good balance between the theoretical side of currency trading and the practical side of buying and selling currency. Too many Forex courses fail on this point because they devote most of their time to the theory of currency trading.

The best courses will help to expand your knowledge of the practical workings of the Forex market. They will teach you to understand the practical aspects of identifying trading opportunities, placing orders and closing positions. This will provide you with invaluable practical experience and allow you to begin developing your own trading strategy.

3) Real Time Trading Experience

Personal experience of making real time trading decisions is a vital part of any Forex training. Courses that provide an online trading system and a high level of personal support are good signs of a worthwhile training investment. These features will help to prepare you for your first venture into the real world of international Forex trading.

The best training courses will provide you with a bridge between learning the theory of Forex and making real trading decisions backed by your own money.

Most courses tend to focus on how to trade the US Dollar relative to other global currencies, as this is the most popular part of the Forex market. However, as your experience grows you should be able to expand your scope of knowledge to trade confidently in a broader range of international currencies.

4) Confidence Building

A Forex trading course should also provide you with both the ability to make your own decisions and the confidence to put them into action. Let's face it, Forex trading is all about taking and managing risk. So it's impossible to become a successful Forex trader unless you have confidence in your decision making abilities.

However, a Forex course is only part of your overall currency trading education. And as such is should be seen as a useful way to gain additional knowledge and some valuable trading experience that will make you a more confident trader. A Forex trading course should not be seen as a magic key to making vast amounts of money without any work.