Nick's Forex Blog
This week’s tip is short but sweet. In Forex it is extremely easy to fall into a losing streak. In the flash of an eye a few bad trades can turn into a lot of bad trades. There is an easy way to avoid this though…..
If you lose three trades in a row take a break from Forex for a few days. I call this the ‘Three Trade Rule’.
I have written about the Three Trade Rule so I wont repeat myself. Just visit the link to read about the rule and how it can help you.
If you know much about me and what I try to do with Forex4Noobs you know that my ethos is to keep trading simple.
Last week I spoke to a newbie who is having a tough time finding consistency in his trading. This newbie went on to tell me that he is trading four systems/methods and not a single one is working…
You can probably guess what I told said to him.
Continue Reading →
I am starting a new series of posts with a simple tip every Tuesday. Here goes……
I know this tip is somewhat redundant and I would wager the vast majority of people reading this already know the basics. However, last week I spoke to a newbie trader who did not know the basics, this is how the conversation went…
Continue Reading →
I get several emails per month with people asking me to recommend single services. My response to these emails is always the same.
“Even if you manage to find a good signal service -big if- you might make some money for a while but it will not last!”
If you want to make money in Forex you need to:
This all boils down to something I call unsustainable trading. Being reliant on others to make your money for you is unsustainable. Being able to do your own analysis and enter you own trades is much more sustainable.
If you blindly follow a signal service, what will happen when the signal service shuts down? What will happen when the signals stop working? You will be back at square one, you do not know how to trade, and your income stream dries up.
Continue Reading →
One of the most common questions I am asked is how long it takes to achieve success in Forex. Unfortunately mastering Forex is a long process, it takes on average 2-3 years to become a successful Forex trader. So for all the new guys just starting out I created an info-graphic that lays out the road to success in Forex, check it out below.
To put this info-graphic together I interviewed over 20 traders. The traders interviewed have been trading from as little a few months to as long as a few years. This gave me a very good ideas of the average time it takes to become a successful Forex trader.
While interviewing traders for this info-graphic I uncovered some very interesting facts about common mistakes new traders make.:
MT4 has alarms but the entire system is clunky and not very user friendly. For this reason I developed a useful MT4 indicator called…. The Alerter!
The indicator turns every line on your chart (including trend lines) into an alarm. You can of course deactivate any lines you do not want to act as alarms. You can grab the indicator by clicking here and logging in.
Continue Reading →
Hey guys,
Today is day 2 of the Jackson Hole Symposium and the big event of the day is the highly anticipated speech from Bernanke.
The markets have shown a lot of indecision this week, as you see on the 4hr chart below, EUR/USD has tightened up into a wedge. In my opinion this is because traders are just waiting to hear what Bernanke has to say today.
Continue Reading →
This week’s tip is simple…. DO NOT TRADE TIRED!
I cost myself 70 pips last week on a E/U trade because I was trading tired. I had a very late night and woke up to my chart alarm going off after only 2 hours sleep. In my tired stupor I somehow stumbled to my computer and entered a E/U long after which I went straight back to bed. When I woke up I saw that my trade had hit it’s target and then reversed significantly.
Continue Reading →
This week’s tip is all about making Metatrader easier to use. Metatrader comes with a whole lot of very useful hotkeys that can speed up navigation of the platform and improve efficiency.
Getting accustomed to using hotkeys can be a little annoying but it can potentially improve your trading. Being able to navigate your platform faster and use it more efficiently will definitely give you a little bit more of an edge. Think about it like a carpenter who knows how to use a hammer properly!
Continue Reading →
I have been working closely with a small group of newbie traders recently. Working with newbies has forced me to remember a lot of Forex knowledge that I have forgotten. A lot of this knowledge has become instinctive in my trading so I use it without knowing or thinking about it. One of these pieces of knowledge is how vital knowing and being wary of a pairs average daily range (ADR) is.
Why should you worry about a pairs ADR?
Continue Reading →
