Forex Trading For Novices - Learn This System In Under an Hour and Target 100%!

Forex trading for novices can seem confusing so here I am going to give you a system you can learn in under an hour and immediately target 100% gains or more – its simple and it’s effective so, let’s reveal it.

The first point to make is, although I write articles, I am a trader and have been for 25 years.

I am not a self proclaimed expert, so here what I say, as I walk the walk, rather than just talk the talk.

I have tried lots of ways of trading and this is the simplest method I use and probably one of the most effective.

I am going to call it Fundo-Tech trading and that’s exactly what it is.

If you read much of the information on the net, you will hear lots of stories how you can predict currency prices with scientific accuracy, all for a few hundred bucks! Well, call me a sceptic (or a realist) but they don’t work and never will and if they did, people wouldn’t sell them to you; they would be to busy making money.

So what is Fundo-Tech trading?

Exactly what it sounds like, a blend of fundamentals and technical inputs. The first for defining strong currencies, the second for timing entry.

Currencies move to the long term fundamentals, we all know that but their hard to trade, as humans see the facts, they’re there for all to see but you, me and millions of others, draw our own conclusions from what we see.

In simple terms we have this equation:

Fundamentals + Human Perception = Price direction.

That’s not too difficult to understand is it?

Now let’s take economies with strong currencies – this is the fundamental bit.

Currencies that rise tend to have good interest rate earnings, strong economies, and budget surpluses and export more than they import.

Let’s take the US dollar first – The American economy is swimming in debt (and so is the population) and the budget deficit is huge and finally, it has to import raw materials that are rising in price.

Now let’s take a strong currency - the Canadian dollar.

Canada has huge amounts of commodities including oil it sells, has a huge budget surplus and has good interest rate earnings.

The Canadian dollar therefore should rise against the US Dollar and it has.

In fact if you check out my other articles I stated this months ago and I made some great gains.

Now you may be saying - that sounds simple!

Well yes and no.

Picking the direction is easy, entering the trade with good risk reward is a different matter however this is not to complicated either, lets look at how to enter correctly and another great currency trading opportunity.

Resistance forms and simply means supply and demand are in equilibrium below the resistance and when prices break to a new high supply and demand are out of synch.

Notice here, we are looking to buy new highs NOT lows – this is called breakout trading and it’s a fact that most of the biggest moves come from new highs not lows, so forget all the buy low sell high is a great way to trade - its not. If you always want to buy low and sell high you will miss the biggest and best trends waiting for pullbacks that never come - when prices break they accelerate away from the breakout point quickly.

A few weeks ago when we saw the Canadian dollar break important resistance - we bought it and enjoyed the ride!

Now let’s look at another opportunity shaping up right now and it involves buying the dollar and our victim is the Japanese Yen.

Why?

Because the yen has interest rates at just 0.5%, a sluggish economy and is a bigger importer of commodities than America.

Last week we saw the dollar consolidate above significant resistance at 117.00 and were targeting 119.00 and maybe as high as 130.00.

We will now just sit back and wait as we did with the Canadian dollar.

We have lined up the technical with the long term fundamentals and timed our entry as the dollar has broken up outside of a trading range. If were wrong, our stop is tight under the recently broken resistance which is now support.

Does this method sound simple?

Yes it is, but that doesnt mean it doesnt make money - it worked in the Canadian dollar and you follow the yen for yourself.

Currency trading is simpler than many people believe.

Currencies do reflect the fundamentals, you just have to careful of your timing but that’s easy enough -use support, resistance and a few momentum indicators to time your entry and you’re all set.

You don’t need to trade often either, these trades tend to last for weeks or months, we did well in the Canadian Dollar now lets see how this one goes.

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The 1 Pip Forex Trading System

With so many people on the look out for a good forex trading system I decided to write a simple forex system I have used in the past with good results.

The system is called the 1 pip forex trading system. You will need a 15 minute candlestick chart of your favourite currency pair. Green candles for bullish candles and red candles for bearish candles.

This trading system requires monitoring the screen while you are trading but it rewards you greatly once you get the hang of this simple method.

Here are the simple rules to follow for the system.

Look for a candle to close with the open and close of the candle to be within 1 pip of each other. These candles happen more often than you may think on a 15 minute chart and are usually a strong sign of indecision in the market. Usually after a swing move up or down hitting a support/resistance level.

If the 1 pip candle closes green and the previous candle is at least 4 pips from open to close then you buy at the close of the 1 pip candle.

If the 1 pip candle closes red and the previous candle is at least 4 pips from open to close then you sell at the close of the 1 pip candle.

Stops are always placed just above/below the previous swing high/low plus a couple of pips. Try and keep you targets small, don't get too greedy with this system.

This system is great to grab 10-15 pips at a time without too mush trouble.

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Are Your Stops Being Hunted In Forex? Don't Let This Happen To You!

(by Dean Saunders)

A stop in trading is one of the most important things you will ever use, not only does it protect your account if a trade goes against you it also defines the risk you are willing to take on a given trade.

Many traders will not give the placement of a stop any thought at all, they see it merely as a last resort, "if all else fails my stop will be hit" attitude. Stop hunting is what you will fall victim to time and time again if you do not think about where you are placing your stops. Try not to place them too tight, think outside the box and place them where you are sure if price goes the trade will no longer be valid at all. False breakouts are one of the most common trades that take out stops, in this case I always try to trade the retrace of the breakout as appose to the first breakout which reduces you stop dramatically and you can be sure that if price falls back inside the support/resistance line that was broken the trade is no longer valid.

To give you an idea of the stop size I use, I trade 3 main systems which use's 5 minute, 4hour and daily charts stops on the 5 min charts are for scalping so they are very small at 5 pips + spread. Stops on the 4 hour charts are generally around 50 pips and on the daily charts stops are around 100 pips. My stops give me room to make a mistake which is very important in the forex market, if I misjudge my entry by 20 pips I am fine because my stop is still way back behind the closest support/resistance.

It is always a good idea to try to keep your stops a good distance away from price and give the trade breathing room this ensures that the swings will not take you out, there is nothing more irritating than being taken out of a position only to have it move hundreds of pips into your favour afterwards.

If you are ever unsure where you stop should be use this little trick that has helped me in the past, choose a place you would normally put your stop. Now move it further back to the next best support/resistance, you see the first place you choose is most likely where 90% of traders have placed there stops, large institutions will be targeting these areas to trigger positions in the market. Stops are not just a last resort for your trade, they are the trade. You should be thinking about the placement of your stop as much as where you take profit.

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FOREX Trading System - Building One for Big Profits in 3 Simple Steps

(by Sacha Tarkovsky)

Here we are going to show you how to build your own profitable FOREX trading system in simple steps.

You can build one easily by utilizing free information on the web.

We are going to look at choosing a methodology, structuring the system and implementing it for profit – It will give you big profit potential and won’t cost you a cent.

The methodology below is the basis for all my trading systems and its very simple. I have traded for over 23 years and tried just about ever system out there and the fact is:

When trading FOREX, simple systems beat complicated ones, as they are more robust in the face of ever changing market conditions.

The methodology below works and will continue to work, so let’s take a look at it.

1. Methodology

Look at any FOREX chart and what do you see?

Long term trends that last for weeks or months – These are the trends you need to target.

To target these trends all you need to understand is the concept of support and resistance and price momentum.

Now we need a methodology, let’s take one that has stood the test of time and will continue to work – trading breakouts.

Breakouts from significant support and resistance are one of the most effective ways of catching the big profitable moves.

FACT: Most major currency moves start from new market highs NOT market lows.

You can read all about the above concepts free on the web and in some shape or form most of the worlds top traders use breakouts.

In conclusion, we are going to look for long term trends from support and resistance - now let’s look at how to put this into practice.

2. Structuring a System

Now you need to organize the above and enter some trades – Here is a simple way of trading the above:

• Look at the weekly chart

Look for well established support and resistance that has been tested several times preferably at least 4 times and several weeks apart

• Look at the daily charts

Now look for tests that coincide with the weekly levels that have again been tested several times.

NOTE:

If you start with the weekly chart you will get the big picture and well established support and resistance can be seen - that if broken will give you high odds of the break continuing.

3. Timing the trade

Here we need to look at price momentum and trade with confirmation that the odds are in our favor.

Trading with price strength on a break is an essential element of any successful FOREX trading system and you need indicators that will help you spot it.

Pull up a free chart service such as futuresource.com

Look at the stochastic indicator and Relative Strength Index ( RSI), both these are fantastic confirming indicators.

We don’t have time to write about them in detail here but they are covered in our other articles so look them up.

If a break occurs you can go with the break providing your momentum indicators confirm it.

If you are only trading strong support and resistance that the market recognizes as significant then the odds of the break continuing as stops are unwound and trend followers come in is higher.

Stops should be below the breakout point on daily close basis only (US hours) you can also wait till the end of the session to enter your trades.

This system won't give you many trades each year, but the ones it will give you will have high odds of success and fantastic profit potential.

The FOREX Trading system above can be adapted, but its an excellent base to start from and is perfect for novice FOREX traders.

Take a look at this FOREX trading system because:

Its simple to understand, simple to apply, takes less than 30 minutes a day and can yield triple digit gains

Even better it costs you nothing, but could make you significant long term capital gains.

Don’t spend money on worthless e-books selling systems they have plucked from free information on the net build your own.

GRAB 3 X FREE ESSENTIAL TRADER PDF'S AND MUCH MORE!

On all aspects of becoming a profitable trader including features, downloads and some critical FREE Trader PDF's and more FREE Forex Education visit our website at http://www.net-planet.org/index.html

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Forex Trading Strategy - 3 Major Ways To Improve Your Trading Skills In Forex Trading

(by Peter Lim)

If you are trading forex as a beginner, or if you have been trading for some period of time but have not been a consistent profitable trader, then it may be necessary for you to take a pause in trading and to reconsider and review your forex trading strategy with the primary objective to improve your trading skills. Here are three factors you need to look into.

Develop and "over-study" your trading system

Your trading strategy should involve the use of a defined trading system. The first step in a practical trading strategy is to develop or adopt a proven trading system that will incorporate generating signals for entry and exit positions with the relevant risk management controls such as initial stop loss, trailing stop losses , risk-reward ratio requirement. There are many trading systems but generally they can be classified into systems that are capable of, from a functional purpose, trading the bottoms and the tops, trading at the outbreaks, and trading the pullbacks. But among all these trading systems, I would like to single out time-price trading or price action analysis which can be very powerful effective trading systems that you can use. Once you have developed or adopt these trading systems, over-study them. In other words, you must keep on studying how to use these trading systems and use the trading systems in a disciplined way. This is important because any deviation from following the trading signals from the system is going to work against you. The sure way to ruin is to over-ride well planned and well thought out trading action from a proven trading system.

Understand the nature of trading

In forex trading, like in any other business, there are losses and gains. Being consistently profitable does not mean there are no losses. There are times when your trades may not pan out, but once they hit your stop losses, take the trading signals and cut your losses. Understanding this is important because it keeps you level-headed so that you are able to handle losses and continue to take the trades as they come. In trading, the pressure may gets heated up especially when you are faced with a series of losing trades. But if you keep to your trading strategy, those losses will be small. When the signal works, and moves into a sustained trend, it is very usual to make a lot more profits that will cover the series of small losses which you may have sustained in following strictly to your trading system.

Have an Overall Wealth Creation Plan

Your forex trading activities should only form part of an overall wealth creation plan. In your forex trading strategy, you may use part of your trading profits to add on to your capital monthly, and also withdraw some profits for savings or as an income to "pay yourself to trade". In other words, you pay yourself as a forex trader with your profits, creating an income source as an incentive for performance. As part of your wealth creation plan, you may like to pay yourself up to 20% of the profits montly as your income or allowance. At the same time, allocate 10% fo the profits into a miscellaneous account that will pay for trading related literature, courses, seminars or software that will add on new skills to help you to trade better. The balance of 70% of the profits can be ploughed back into your trading account as additional capital.

Having a forex trading strategy allows you to have an overall perspective of whatever you are doing as a forex trader. The forex trading strategy acts as a simple guide that will allow you to grow as a trader and yet maintain a way to tap the profits from your trading in a sensible way as you develop your career as a professional trader.

Be sure to read the related article " Practise Forex Trading Part #2 " of this series to discover how you can apply a good forex trading strategy, avoid the major trading flaws, and start to earn a consistent income trading forex. Click "Practise Forex Trading Online Part #2" to read this related article now, or go to http://forex-trading.cashflowpc.biz for more free information.

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The British Pound – Another Profit and a Lesson for Novice Traders

(by Sacha Tarkovsky)

The best trades very often tend to be the most uncomfortable.

Buying significant breakouts works, but you never get in at the bottom (and let’s face it we all want to buy low and sell high) but “buying high and selling higher” is much more profitable if, supported by price momentum.

Most novice traders hate doing this.

They miss the trade because they want to buy the bottom, then want to wait for the pullback to get in.

In most cases this does not yield an entry with the best risk to reward.

Most major moves start from market highs NOT market lows.

If you don’t grit your teeth and learn to buy them, you will simply miss out on most of the best trends.

When you have significant resistance broken and price momentum on your side the odds are very much in your favour if you enter the long side.

Sure, you miss some of the move but odds are the move will continue when important resistance is broken.

By not predicting and acting on confirmation, you will enjoy some great profits with breakouts.

So how far will the pound go up?

No one knows or can predict, so look at the charts and look for clues.

The pound could drop when the RSI peaks and the stochastic lines cross to the downside and point down with bearish divergence.

These indicators are great for getting into trades and their both great indicators to take profit with as well.

Watch them closely and act on confirmation.

Trading online FOREX is all about getting the odds in your favour.

If you trade important breaks of resistance and support with price momentum on your side, you will make some great profits.

If you read my articles regularly you will know we give live trade set ups for you to look at and tools you can apply to spot and enter trades in live situations.

The British Pound set up worked well and a great profit has unfolded, but there is an important lesson I wanted to share with you here.

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

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If you're looking for a forex trading platform, I can highly recommend Easy Forex. They offer competitive spreads, guaranteed stop-losses if required, live training and support, and you can start trading with as little as $25.

FOREX Trading Advice - The Good News Is That You Can Get Great Advice For FREE

(by Kelly Price)

All the forex advice you need to become a successful trader is available on the internet for free.

Here we will show you where to get the best forex advice for free and turn you into a profitable trader.

A common error

A common error made by many novice forex traders is to think that they can buy a system or an e-book from a guru for $100 or so and buy success.

Now, while there is some good forex advice sold on the net, the bulk of it is not worth the money.

Most of it is sold by salesmen (who have never traded) or failed brokers who cant trade and decide they may as well sell advice.

It is common sense that you cannot buy forex success for $100 or so, as if the forex advice worked then it would not be sold.

A quick way to decide if sold forex advice is worth your hard cash is to ask for a real time track record of real money made in the markets.

After that look for a money back guarantee.

If you don’t get both the above don’t buy it.

The reason you should do it on your own is that if you get your own forex advice and study it you will have confidence in it.

This means you will be more likely to follow it with discipline when you come to trade it.

It is far harder to follow someone else’s advice with discipline than your own, as you will always understand your own better.

The internet has all the information you need for free and here are some topics to look up and study

1. Technical analysis

Everything you need to know can be found on the net from advantages to the chart formations.

2. Technical indicators

You will know how to draw charts and what the formations mean from Point 1. Now you need some timing indicators.

Good ones to look up are: Bollinger bands, stochastics, moving averages, RSI and MACD. By all means look up others but the above are the ones we find most useful for entering a market

Go to a free chart service such as futuresource.com and look at them on some live charts.

3. Breakouts

Now you have looked at some charts and some indicators to help you identify and enter trends you need a methodology.

Perhaps the easiest methodology to use is a breakout method.

Look it up.

It’s easy to understand and easy to implement and it works.

4. Putting it altogether.

With the forex advice you have you can build a simple system to trade.

Base the system on breakouts and use chart support and resistance to spot profitable trading set ups.

You can then experiment with various technical indicators to help you enter breakouts.

Our own personal way of trading uses chart support and resistance to set up trades.

We then define entry with stohastics (a momentum indicator) and RSI which is an indication of the strength of the price and that’s it.

There is a lot of forex advice on the net that makes forex trading more difficult than it really is.

In fact, anyone with the free forex advice on the net can build test and implement a system based upon sound logic.

Keep in mind

The majority of traders fail because they lack discipline.

This comes from the fact that they don’t have confidence in their system and throw in the towel as soon as they have a few losses.

By taking some time to build your own system, you will have confidence in it and will be more able to follow it with discipline.

The fact is all the forex advice you need to build and trade a system for yourself is free.

If you put in the time and effort your study will be handsomely rewarded.

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

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If you're looking for a forex trading platform, I can highly recommend Easy Forex. They offer competitive spreads, guaranteed stop-losses if required, live training and support, and you can start trading with as little as $25.

Forex Trading 101 – 10 Essential Tips For Novice Traders

(by Sacha Tarkovsky)

If you are new to forex trading you know that 90% of traders lose their money quickly, so you need some tips on how to join the 10% that make big consistent profits.

Here are 10 essential tips to increase your chances of making big profits from forex trading.

1. You need to rely on yourself

Many novice traders think they can buy success.

If you think you can buy success from someone else for $100 or so, you are mistaken.

Think about it – If you could a lot more traders would win than do!

Rely on yourself, do your own research and homework and come up with a system that you are confident you can make money with.

2. Avoid day trading

Day trading is popular, but the fact is it doesn’t make money, as it’s based upon flawed logic.

You cannot predict volatility in short time periods so don’t try.

Do it and you will lose.

If you don’t believe me then ask any day trader for a track record of real profits and you won’t get one.

3. Get a method your confident in

This means a simple method and for novice traders one which is based upon technical analysis.

A simple method will be easy to understand and more importantly, it’s a fact that simple methods work better than more complicated methods.

Why?

Quite simply, their less likely to break in the face of brutal market conditions.

Just a few indicators you understand and are confident in. are all you need

If you want a methodology to base your method on:

Base it on “breakouts”, most of the world’s top systems are based upon this methodology and you should consider it.

4. Discipline

If you have a method you must execute the signals with discipline.

As you will have devised the method yourself and it will be simple to understand, you will be able to acquire discipline.

Keep in mind, if you can’t execute a method with discipline you don’t have a method at all!

If you are using a technical method don’t be tempted to listen to the news.

Why?

Because you will hear lots of convincing stories that are probably wrong.

Remember, that experts in the media tell good stories but their more often than not wrong.

It’s a fact that:

Important market tops form on very bullish news and market bottoms form on bearish news – SO ignore it!

5. Money management

This is a major problem for most novice traders.

You need to protect what you have and run longer term trends.

You must take a risk!

Don’t be tempted to place your stops to close and MOVE them to quickly - you will be stopped out continually.

Most novice traders try to restrict risk, but actually end up creating it by ensuring they will be stopped out.

6. Have realistic aims

Most traders think trading is easy but of course it isn’t.

If you consider that the top traders in the world make 50 – 100% per annum then you will see that getting rich over night is not an option.

You need to set realistic objectives and be patient.

7. Work smart not hard

You don’t need to work all hours of the day, or acquire vast amounts of knowledge.

Once you have a method you are happy with, your trading should take less than an hour a day.

There is no reward for how much effort you put in.

You only get rewarded for getting market direction right.

8. Forex trading looks easy

But, if it was easy, 90% of people would not lose there money quickly.

Be humble and accept that the market is all powerful and you need to work smart to make money.

9. Patience

Many novice traders think that they need to trade all the time in case they miss a move, but this is a recipe for loses.

You need to be patient and wait for the right opportunities to come along.

10. Perseverance

If you are in a losing run (and don’t worry this will happen) you need to persevere and maintain your discipline.

Wait for the losing run to end and keep your emotions in check.

TO be successful at forex trading you need to work smart and acquire the right knowledge and then apply it with discipline.

If you can do the above forex trading can build you serious wealth over the longer term

Good luck!

FREE ESSENTIAL TRADER PDF'S AND MUCH MORE

On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html

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If you're looking for a forex trading platform, I can highly recommend Easy Forex. They offer competitive spreads, guaranteed stop-losses if required, live training and support, and you can start trading with as little as $25.