I started a new account with Pepperstone to spread my investments across different regulated brokers. I have 3 accounts with one trading major dollar pairs, one trading dollar minors and metals; and the newest addition focusing on Euro trades. I thank to God for His blessings for it has been a good week.
One of the most valuable benefits of attending a professional course is having access to a group of classmates that you can learn from. (instead of talking to a volley ball)
In our group, trading ideas are constantly being shared, reviewed and sometimes debated. It helps refine our trading strategies and ensure that our trades have a higher chance of success.
Mentors and friends whom I have never met helping and encouraging each other to get better; sharing our stories, happiness and sadness. They come from all walks of life, from all over the world; men, women from different age group.
To me, this group of classmates whom I have never met have become a wonderful gift God has given me. If you're reading this, you know who you are guys.
What a month! With North Korean tension starting to ease, surprises at the French election drove the geopolitical tension back up and Theresa May sprung a surprise with snap elections that drove GBP through the roof.
How did you fare with your demo account? The likelihood is that you would have experience some, if not all of the following,
The market hates me
It drops when I buy and rises when I sell (unable to catch the direction)
It drops/ rise farther after I close my trades (unable to determine the optimum entry/ exit)
I win small but when I lose, I lose big (emotions overtake patience)
Wouldn't it be nice if we can tell with direction the market is heading and when it the optimum time to enter/ exit the market? Technically, there is no way one can know the direction of the market with 100% accuracy unless there is a major global event that affects everyone the same way (a.ka. a binary event).
At this point, you would be right to feel that forex is like playing black and red on the roulette but that would be incorrect.
What if statistically, for every 6 consecutive wins, there is a 89% chance that it will reverse? That changes a lot thing and now, we are getting closer to what forex trading really is.
The fact is, there are ways that you can predict where the market will head and combining that with confirmation derived from real time price action allows a trader to trade with near certainty in most cases.
A simple analogy would be that of a traffic light system. When it is green, you know it will switch to red but you do not know when. Adding an amber light/ countdown helps a driver know with certainty when that change will take place; not counting in the fact that traffic lights do fail from time to time.
Here lies the beauty of God and His creation.
You see, God is a master mathematician and everything in the world we know are all ruled by the same set of sequence through His design; there is not greater proof of creation than this. Businesses use the rule of large numbers to run their business, traders uses fibonacci ratio to plan their trades.
Once a trade plan is in place, a trader just need to wait for the price action (amber light) to confirm the trade plan and execute accordingly.
I've put together a short deck on Forex Trading (dropbox) for a friend whom I gave a crash course to. It would be better to explain the patterns and go through a few examples in person but that will have to do for now; until I find time to write each of these in detail for the next few parts.
š” Note this is totally insufficient for anyone to trade profitably as it serves only as an introduction. Trading itself is not complicated and you don't need complicated patterns or tools. But you do need to understand the fundamentals of how the market moves and what moves the market.
Technology and ideas sharing sites like tradingview.com has also made it easier for amateur traders to lean on experience and knowledge of professionals.
Finally, below is a free training video from Jack that is immensely helpful to beginners.
