It is however not easy and requires allot of concentration and discipline. Once you decide on a set you are going to use you will need to spend a few months religiously for a couple of hours a day trading on demo until you get to know your setup and a feel for scalping it. A popular way to scalp the Forex on M1 charts is to use hull moving averages. Plot the following WMA's Weighted Moving Averages on your chart: 10, 20, 30, 40, 50, 60, 70, 80, 90, , , , , , , , , , , , , , Now set price to a line on Average or, if you don't have that, set it to line on Close.
Set all the WMA's to one color that is different to price. Any produce purchased and brought into the country whether it is a piece of cheese or a car, currencies are exchanged during foreign exchange and business. The huge demand for foreign exchange is the reason why the forex market is the largest, most liquid financial market in the world.
From to the end of , daily trading volume from forex trading has surged from 5 billion to 1. Despite this unbelievable growth, the foreign exchange market continues to grow at a phenomenal rate. No other financial market has demonstrated this stellar growth in volume. One unique aspect of this international market is that there is no central marketplace for currency exchange.
Instead, trade is conducted electronically over-the-counter OTC , which means that all transactions occur via computer networks between traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centres of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - across almost every time zone.
This means that when the trading day in the U. As such, the forex market can be extremely active any time of the day, with price quotes changing constantly. Trading Forex is truly one of the best businesses in the world and one of the most profitable, and once you get it right it gives you everything you could wish for.
You can run your business from anywhere in the world, as long as you have a laptop and an internet connection you are ready to make money. Not only will 7 8 your broker open and close trades with little to no commission they let you have control of large sums of money with little initial investment.
You have no office space to rent, no employees to pay and no one to answer to. Yes, trading the forex market is the ultimate job and there is nothing else quite like it in the world. Forex is the world s largest and most liquid trading market. When you get this business right, trading Forex can be as easy as picking money up off the floor. Others in the industry have also said trading Forex is like having an ATM machine on your own computer.
While both of these statements are very possible it is important to keep level headed and not let the pursuit of wealth get in the way of realistic goals. As you will soon discover trading forex is all about discipline and consistency. What FOREX traders do is much less risky than trading currencies on the futures market, much more profitable, and a lot easier than trading stocks and equities. Forex provides the modern day trader with a much better and simpler alternative than stocks.
First of all, there are only a few major currencies to trade; the U. A stock trader has to choose from a group of tens of thousands of stocks. This increases the complexity of selecting what to trade. Let's carry on and have a look at the major currency pairs. The second currency in the pair is labeled quote currency or counter currency. Such a quotation depicts how many units of the counter currency are needed to buy one unit of the base currency.
Please keep in mind that each pair moves on average hundreds of pips every day so there is plenty of opportunities to take money out of the market. The currency pairs on the forex market are quoted in Bid and Ask quotations. Bid The bid is the quoted price at which you can sell the base currency, in the example below it would be the Euro and buy the quote currency i. Ask The Ask is the rate at which you can buy the base currency in our case the US Dollar, and sell the quote currency i. Here's an example of how you would see a currency pair being quoted on your trading platform.
A broker is an individual or firm that acts as the middle man between buyer and seller trading in the forex market. The foreign exchange market is quite similar to the equity markets, except that the migratory of forex brokers do not charge a commission. Forex brokers are usually tied to large banks or lending institutions this is because of the huge sums of money traded in the foreign exchange markets.
Charting Software In recent years all online brokers have begun to offer their own free charting software built into their trading platform to study the movements of a currency pair, some are good and some leave a lot to be desired. For many years I have used the same broker through Meta Trader 4 charting platform. Meta Trader 4 or MT4 for short is used by hundreds of forex brokers, it allows you to access your broker account right from the platform making it easy for you to adjust and track open positions as well as plotting currency movements on multiple charts.
Meta Trader 4 also allows you to use custom indicators and alerts, giving you more freedom to do things you enjoy and leaving Meta Trader to alert you when a trade setup occurs. Another great feature of MT4 is if you have a smart phone you can download the platform onto your mobile phone allowing you to check trades and adjust positions on the go, sometimes vital for a trader on the go.
I use Interbankfx. They have been very reliable for me using the trading techniques presented in this manual. In my experience if you are trading 4 hour charts and above, you have far less to worry about. Traders trying to scalp the forex market on the 1 minute charts are the ones who tend to get the bad end of the stick very often due to the nature of their rapid buying and selling of currencies. We are about to setup and install Meta Trader 4 platform on your computer with a free demo account for you to start trading with.
There are hundreds of forex brokers who use Meta Trader, but I have found one who meets all my requirements and has always been honest and professional being interbankfx. Open your web browser and head over to Go to accounts and then click on the "Open Demo Account" in the drop down menu. Fill in the form and make sure you select Meta Trader 4 from the Platform Version drop down menu then click Submit Request.
After you click submit you will be directed to another page where you will be asked if you wish to download MT4 Platform, click on the "Download" button and select Save as you can see in the examples below. Once the file has downloaded locate the MT4.
A menu will appear for you to select your desired language. Once the program is installed on your computer you will have a desktop icon looking like the one below. Double click on this icon to open the trading platform. When you open the platform there will more than likely be several charts open, close each chart down by clicking on the little cross in the top right hand corner, then go to File and select "Open Account" 16 17 A box will open asking you to fill in your details once again.
Fill in every box and select the minis account type with a realistic deposit of your choice. Remember even though this is play money you should only deposit an amount of money that reflects the amount you will be trading with in your first trading account. If you would prefer not to use your real details then use a false address and phone number. Once you are finished click next. You will now be shown the details for your demo account, make sure you write these down as you will need them to log in to your account.
Now simply go to file on the menu of the Meta Trader platform and click Login. Make sure you select demo accounts from the servers list and then insert your login number and password. Once you are logged on, in the bottom right hand corner you should see a green and red bar similar to the one below showing your connection status. With leverage of you have control of times the money in your account.
High leverage is a killer and can wipe out your account in one trade. Later in the money management section of this manual we will be discussing how to control your risk on each trade so that if the worst case situation happens you can withstand a huge amount of losses without losing your account. I want to take a minute to talk about stops as this is something I see many traders struggling with all the time.
You may have heard of stop hunting, it is not a myth, it actually happens although usually not to the extremes many traders talk about. Many of the retail brokers that require only a small deposit to open an account are often not giving you direct access to the forex market as the positions you are trading are too small.
Instead they take the other side of the position themselves because it is a fact that the majority of traders lose money overall and the brokers are playing this to their advantage. So you make your small mini lot trade and the broker takes the other side at their dealing desk, you place your stop which the broker can see on their platform and you go about your business. Now it is important 20 21 that I point out the broker is not targeting your position, there will be thousands of positions with stops in the same place and as price comes within 5 pips or so the broker may manipulate the data feed by 5 pips to take out all these stops.
So how do we avoid being at the mercy of the broker? We trade longer term charts and avoid all the stressful day trading systems out there that require small stops. Different traders use stops in different ways, some use stops as protection against a sudden market crash and some don t use them at all due to suspicion that brokers try to take them out. I personally believe a trade should have a stop placed at a point that gives the trade room to breath and if the trade did go beyond that point, there would be no question that the trade was no longer valid.
This is the approach I take with my trading and it has served me well, I have a max pip stop I am willing to risk and I do not allow myself to move this stop once it is placed. Many traders fail to realise that trades will not immediately go in your direction all the time, they need breathing space.
As soon as I began giving my trades more breathing space I saw my win percentage go through the roof. It s the whipsaws that get many traders out of the market just before price heads off in the anticipated direction, especially if you are trying to trade the small intraday time frames. The systems presented in this course are designed to give price plenty of breathing space while still allowing us to get a good risk reward ratio on our trading positions.
This eliminates the broker trying to take us out and also gives our trades room to move. However this does not mean you trade for free, instead they give you a spread on the currency pair you wish to trade which is the difference between the ask and the bid price. The spread changes for each currency pair depending on how volatile it is.
Spreads vary drastically from broker to broker some can be three times as much as a competing broker, it is very important that you don t loose site of the fact that the size of the spread makes a huge impact on your income over a years worth of trading.
I have used many brokers over the years and I found the spreads at to be very reasonable. Another important reason why I like Interbankfx. We will cover this in far more detail in the money management section. Which ever broker you choose to trade with remember you will always have trouble if you try to trade around important news events, that s just the way it is and it s not the brokers fault.
You should never have the need to trade the news with the systems in this course, the way I teach you to trade in this course is very low stress and you have plenty of time to execute your trades. Remember to check this if you are at all unsure about a broker you are planning on using. The Japanese began using technical analysis to trade rice in the 17th century.
While this early version of technical analysis was different from the US version initiated by Charles Dow around , many of the guiding principles were very similar. OHLC charts are made up of bars very similar to candlesticks, each bar represents a time period. For example on a 4 hour chart each bar represents 4 hours of price action showing the open, high, low and close of that time period.
Below is a diagram of the make up of a bar from a bar chart. Everyone seems to be talking about money management in the trading world yet very few people put it into practice to make their account grow safely. Everyone's goal when it comes to trading forex is to make money, but people have different circumstances and different starting capital.
Unfortunately most new traders have very low starting capital and very big goals which are not in line with reality. This is the stage many new traders lose patience and over leverage their account resulting in account destruction. You may be surprised how fast your account will grow with slow steady gains on an ongoing basis and compounding your profits.
On the next trade you will calculate this all over again using the new balance on your trading account, if your trade was a success then your new risk will be slightly higher that the previous one. This is how we rapidly build our trading accounts compounding profits and using them to create even more profits. Money management is not only about what to risk on each trade. That alone will not save your bacon if you are a trading maniac who must be involved in the market no matter what.
What ever size your trading account is treat it like gold, if you are at all unsure of a trade then skip it, like bus's there will always be another one along soon enough. You must not feel the need to trade, I very often do not trade Mondays which only leaves 4 days a week to look for setups yet I still turn profit and the more patient I become, the smoother my equity line increases and the more wealth I build.
Many new traders coming into the forex market fall into the trap of refusing to let their winning trades run. Lets have a look of how that will affect them over time. Now who do you think is going to succeed in the long run? Are you beginning to see how important this is? Never open a trade if you do not anticipate your trade to gain you at least the same amount as you risked, I prefer to try and go for twice or three times the amount I risk while always moving my stop to break even as soon as I can.
If you do not suffer from the emotions of trading then you are either gifted or you have never built your trading account into a large enough amount of money. This subject is so large I couldn t possibly get everything in this section without filling hundreds of pages and I don t want to bore you, so I am only going to cover the things I believe will help you the most to understand what you are about to face in your venture into the forex world, especially when you begin to start making large amounts of money.
I believe the growth of a trader is in 3 main stages you have side stepped most of what's below by reading this book. Stage 1: Greed is the first thing a new trader will face when starting out in the forex world, particularly when the individual has a grasp of trading forex and the huge amount of money that can be made in a small amount of time. Greed involves over trading and refusing to exit a trade when it is blatantly obvious the move is over.
Or, on the other hand the inability to realise that their predictions were wrong resulting in them being unable to cut their losses and accept that the trade was a mistake. Usually this emotion of denial is formed due to the new trader having a small does of success in his totally random guessing of the market direction.
This small dose of success leads them to believe that the forex market is actually easy money which it can be once you get it right and for some reason they have an expert talent that enables them to predict the markets direction perfectly which they do not have. When the market decides not to participate in agreeing with this random traders decisions they have trouble accepting that they were in fact wrong and if they were to stay in the trade long enough it would come back in the anticipated direction.
Then they will prove once again that they are in fact a master trader. At this point most traders lose their entire trading account trying to prove 30 31 themselves in the market. Whether the trader moves on and learns from this mistake is usually dependent on the size of the trading account lost and the pain of blowing out a first account.
Stage 2: This is usually the most exciting and most sole destroying stage of trading, at this point you actually do have a clue what you are doing and you are at a stage where you are back trading at the same size account you were before it was eaten up by the market in stage 1.
Building wealth in forex with 10 minutes a day.
| Dean saunders forex trading | Just because you have a losing trade today does not make you a bad trader it is simply the laws of averages playing out. Another important reason why I like Interbankfx. Don t let this happen to you it is a huge trap that many traders fall into called "system jumping" As you will see trading forex is all about the big picture, you will soon discover that the day to day results are not important, it s the monthly totals that we are concerned with. Many of the retail brokers that require only a small deposit to open an account are often not giving you direct access to the forex market as the positions you are trading are too small. Ok now you have doubled and dean saunders you original starting capital and even though forex trading has taken you a while you feel on top of the world. |
| Vincent leclercq forex cargo | You may have heard of stop hunting, it is not a myth, it actually happens although usually not to the extremes many traders talk about. Whatever experience level you are, this course can help you become a more consistent and more profitable trader with less time spent gazing at the charts than you ever thought possible. This small dose of success leads them to believe that the forex market is actually easy money which it can be once you get it right and for some reason they have an expert talent that enables them to predict the markets direction perfectly which they click here not have. The second currency in the pair is labeled quote currency or counter currency. I have used many dean saunders forex trading over the years and I found the spreads at to be very reasonable. You should never have the need to trade the news with the systems in this course, the way I teach you to trade in this course is very low stress and you have plenty of time to execute your trades. After you click submit you will be directed to another page where you will be asked if you wish to download MT4 Platform, click on the "Download" button and select Save as you can see in the examples below. |
| Dean saunders forex trading | 701 |
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