I would like to start out by stating that there is no such thing as making money quick. It doesn’t matter if you prefer to trade forex, binary options, play the lottery, place sports bets or go into a casino and gamble. While any of those options may result in short-term income, profits or winnings, they won’t lead to a repetitive positive outcome if you approach it with a get-rich-quick mentality. While anyone has to chose what is the best fit for them, I have settled in on forex trading as well as sports betting. Many may compare the two and...
Telling new traders to be patient and disciplined by only looking at charts a couple times per day makes trading seem a lot less glamorous. There are many ways you can trade the market. Many people trade with short-term strategy and many people like to go with plans that give them a long time to keep their trades open. There are many time frames in a forex chart that you can use to analyze the trend. One of the reasons newbie forex traders don’t do as well as they should is because they’re usually trading the wrong time frame for their...
The biggest news story in financial markets today is the chaos in which UK Prime Minister May found herself after announcing yesterday that the text for a draft agreement has been reached between the EU and the UK. While her press conference yesterday evening was lackluster, those few who cheered the text only had a few hours of joy. Today she was faced with more resignations from her inner circle in protest of her handling Brexit negotiations. The British Pound plunged this morning, but has started to stabilize near solid support levels...
Last week I discussed the importance of candlestick patterns in my Bitcoin - Forex Combo Strategy. For those who missed the post, please make sure to read it at “Bitcoin - Forex Combo Strategy: Candlestick Patterns”. It is very important for you that you not only learn about them, but also understand what they tell you about price action. Mastering candlestick patterns in conjunction with other aspects can really make a big difference when it comes to profits and losses. Since trading successfully is all about a continued series of...
If you have attempted trading events like economic news releases, election’s results, etc. You know how dangerous it can be. Yes, volatility can make us money, but attempting to trade an event that has a random outcome and market response isn’t the way to go about it. It also goes against what we do as price action traders. Our trading edge comes from signals the market generates on the higher time frames, namely the daily charts. There’s no edge in trading the news. That goes for entering a position immediately before or after an event. A...
