Don’t you just hate it when you look at the left hand side of your chart and see that a gigantic move of 100s of pips occurred, although you weren’t able to take advantage of it because you either didn’t see it coming or didn’t feel certain about getting in? I want to show you my formula for identifying and catching the big moves in forex.
What causes the big moves in forex?
Arguably the most masterful military strategist in history,
Trading is a tough business to break into. If you want to make it you need to build up a serious arsenal of tricks, strategies, and methods. So let me help you get started on the right path with 4 sure-fire tips that will help make you a better trader.
1. Start Small Baby
Ok, you know the basics, you have been studying for a year, and now it is time to open a live account.
I just wanted to do a quick blog post to cover some of the questions I am asked via email.
1. Nick why is there no weekly analysis this week? I only do analysis when I am trading. If I am not trading for the week I do not do any analysis. There are many reasons I will not trade for a week or two. Right now I am moving to a new apartment so with all the packing and commotion I am not trading.
Welcome to Forex, the land of easy money. By trading Forex you can become a millionaire overnight. Are you ready for it?
Ok, time to wake up.
Forex will not make you rich quick. If you are new to the Forex market and you think you have struck gold it is time for a reality check. I am not writing this to discourage you from trading. I am writing it to give you a more realistic view of trading.
I feel that something equally important as the strategy that one uses to trade with is psychology. Trading (especially forex) is not an easy profession and it can be disheartening when losses occur. I wanted to give you something to look forward to so you know what’s required to become successful.
Traders often pass through a series of 5 stages before becoming successful.
Recently I visited a Forex anti-scam forum and I was literally shocked by how many people get scammed by their brokers. These brokers take your money, allow you to trade, but when it is time to cash out your money they give you nothing but excuses.
You’ve probably heard the advice to not “chase the market” but also heard the advice to not “catch falling knives.” The former refers to getting into a trade after price has already started moving very fast, while the latter refers to trying to buy at what one may think is the bottom of the market. So what does one do- buy dips or buy when price is moving up? Why do the things in life with largest potential rewards have to be so contradictory?
When I talked about updating Forex4Noobs I said a lot of changes were coming. So over the next few weeks I will be making some posts showing you some of the new features I have added to Forex4Noobs.
Let’s start with the calculator’s. With a lot of help from a member of Forex4Noobs we have built a cool Pip Value Calculator. There have been many times when I have asked myself “if I trade x number of lots how many dollars will I make per pip?”. I usually have to figure it out the hard way.