Instantly know your pip gain BEFORE you trade…

Until now, when placing a trade you always face the

same daunting question:

Will this trade win or lose?

Suffer enough losers in a row and that question will
keep you up at night.

Until now, the only solution was to develop high
probability systems, but when it comes down to it,
you don’t KNOW for sure if you’ll win on any given
trade.

That unknown is the RISK…

That’s what sends your emotions on a roller coaster…

That’s what determines how much leverage you can use.

Like I said, until now…

https://sharptrade.infusionsoft.com/go/fxa-lm1/forexguidence/
See, today I’ve got a very different question for
you that could change EVERYTHING…

What if you could completely remove that risk and
KNOW your pip gain the instant you place your trade?

This isn’t hype and I’m not being silly, though I
could barely believe my eyes when I heard about
what a top trader colleague of mine discovered…

This is such a revolutionary idea that I’m going
to repeat it one more time…

*****************************************************

What if you KNEW your profit when you place your
trade?

*****************************************************

Let that sink in.

It’s kind of a big deal, I know.

https://sharptrade.infusionsoft.com/go/fxa-lm1/forexguidence/

See, there are some very high accuracy trading
methods out there, some that I’ve developed myself.

But the latest discovery by Jason Fielder is an
entirely different approach that is a genuine game
changer.

In fact, it was inspired by Warren Buffet and this
method comes as close to a sure thing that I have
ever seen.

In case you’re wondering, this has absolutely nothing
to do with options at all.

You’ve got to see this for yourself.

https://sharptrade.infusionsoft.com/go/fxa-lm1/forexguidence/

Forex Trading – Is It Finally Taking Off In The UK?

It occurred to be over the weekend that forex trading seems to be becoming more and more popular here in the UK at the moment. Let me explain why.

I’ve always had problems explaining to people what I actually do, i.e. why I’m always at home and how I actually make money. Indeed ever since I’ve been doing this I always get completely blank looks when I tell people that I trade currencies for a living.

To most people this means absolutely nothing, which is why I sometimes tell people that I trade stocks and run a few websites. However that presents even more problems because you will inevitably be asked for a few stock tips, which is just as frustrating.

Anyway the point I want to make is that in the last few months I have noticed that more and more people seem to understand what I am talking about when I mention forex trading, and even if they don’t they will often have heard about someone who does this as well. So it’s clearly not the obscure occupation that it used to be just a few years ago.

My thoughts on this matter were reinforced when I was watching Match Of The Day on Saturday night strangely enough.

If you’re a fan of the Premier League, you will probably have noticed that FX Pro, one of the leading forex brokers in the world has paid for shirt sponsorship on not one, but two Premier League teams – Aston Villa and Fulham. Not only that but they are also advertising in the hoardings around the side of the pitch.

Therefore because the Premier League is watched by millions of people all over the world, not just in England, they are getting some massive exposure for their company. I’m sure there will be thousands of people, both here in the UK and overseas, who will be seeing the name FX Pro and going to their website to find out what they are all about, and subsequently what forex trading is all about, and how they can get involved in this potentially lucrative market.

This amount of advertising will not have come cheap that’s for sure, but I have no doubt that it will introduce thousands of new traders to forex trading in the next few years.

Therefore there is every chance that forex trading could start to really take off in the coming years, particularly with so many people here in the UK facing financial troubles and needing to find ways of making some extra money.

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Making Money From Forex Trading Without Trading The Dollar Pairs

The vast majority of people who trade forex tend to focus predominantly on the dollar pairs. These include the GBP/USD, EUR/USD, USD/JPY and USD/CHF pairs. However there are a few other good pairs to trade that don’t involve the dollar at all such as the EUR/GBP, GBP/JPY and AUD/NZD pairs. However today I want to talk about another pair – the CHF/JPY, ie the Swiss Franc against the Japanese Yen.

I don’t actually trade this currency pair myself, but Adam Hewison, the co-creator of Marketclub, has just created a short video discussing how he has traded this pair in the last year using his proprietary trading signals.

What’s interesting is that this pair traded in a broadly sideways trading pattern last year, but despite this his trading signals still managed to generate 5 winning trades out of 7 and a total profit of 862 pips. He did all this just by following his weekly trading signals and used no other technical indicators at all.

If you would like to check out this free video for yourself, you can do so by clicking here.

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Trading Fibonacci Retracements – The Pros And Cons

A lot of people enjoy trading fibonacci retracements because they can produce some excellent trading signals, and it is amazing how often the price does actually bounce off these key levels. However I think there is a danger that some traders will end up placing too much faith in them, and will ultimately lose money as a result.

The fact is that there is nothing magical about fibonacci or the main fibonacci retracement levels. The only reason the price seems to reverse around these key levels is because so many other traders all around the world also use the same fibonacci retracement levels on their charts. So as a result it kind of becomes a self-fulfilling prophecy because these same traders will be placing trades around these key levels at the same time, forcing the price to react as predicted.

There are various levels that will show up on your charts. When you plot the high and low points of a recent price move you will be able to see where the 23.6%, 38.2%, 50% and 61.8% retracement levels lie. So in other words if the price of a particular currency pair moves 100 points lower (from the high point to the low point), then it is highly likely to find resistance 23.6, 38.2, 50 or 61.8 points higher before reversing downwards again.

Whenever I use fibonacci myself (which is very rarely), I always use the 61.8% retracement level because I’ve always found this to be the most significant support/resistance level. However it has to be said that none of these levels are foolproof. Whilst you will find plenty of examples where the price did indeed reverse around these key levels, there will also be lots of examples where the price just went straight through them.

To give you an example, take a look at the 5 minute chart of the GBP/USD pair from earlier today:

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The Frustrations Of Forex Trading – Waiting For The Perfect Set-Up

One of the major problems with forex trading, particularly if you trade the longer time frames like I do, is that it can be incredibly frustrating sitting around for hours on end waiting for the perfect set-up. You already have your tried and tested system in place, and you are just waiting for the right opportunity to come along. Sometimes you can watch the markets all day and get no set-ups at all, and worse still is when one of these high probability set-ups occurs overnight, so you have no way of trading it.

Another time that I get particularly annoyed, and I’m sure you will have experienced this yourself, is when it looks like you have found the perfect set-up (that does occur during the day), but for one reason or another you cannot get a good entry point. This frustration is only magnified when the forex pair continues to move in the direction you expected, and therefore would have been a profitable trade.

This is exactly what happened to me yesterday afternoon. There looked to be a perfect set-up on the 4 hour chart of the GBP/USD pair. The Supertrend indicator was green on the daily chart (indicating an upward trend) and all the indicators that I use were looking good for a long position on the 4 hour chart.

We had the EMAs crossing upwards (which was the main signal), but we also had strong divergence on both the MACD and Smoothed Repulse indicators. So everything was in place, as you can see below:

 

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CashBackForex Review

CashBackForex are arguably one of the biggest and most popular companies that offer forex rebates, with other 14,000 registered members at the time of writing. They have been around for a few years now, but it is only recently that they have established themselves as a market leader in this area.

If you’re not aware of forex rebates, they are basically a way of getting some cash back on every single trade you place, regardless of whether you win or lose.

The way it works is that the forex rebates company, ie CashBackForex in this instance, has working relationships with all of the major forex brokers. So therefore they are able to offer you rebates on every trade that you place (and receive a commission themselves) in return for sending them customers.

All you need to do is to open a free account with CashBackForex and choose from one of the many different forex brokers that they work with. Then you will automatically receive cash back on every single trade you make, which can be quite a tidy sum if you are a regular trader.

The commissions vary from broker to broker but here are the current forex rebates offered by some of the more popular brokers:

Dukascopy: 40% of commissions
FXCM UK: 0.7 pips per round turn lot traded
InstaForex: 1.3 pips per round turn lot traded
AvaFx: 0.6 pips per round turn lot traded
FX Open: 0.7 pips per round turn lot traded
Forex Yard: 0.7 pips per round turn lot traded
Alpari UK: 0.25 pips per round turn lot traded

So the point is that you are much better off signing up to a forex broker through a rebates company such as CashBackForex rather than going directly through the broker itself. The spreads are still exactly the same (which is not always the case with other rebates companies) and you can earn some extra cash every time you trade the forex markets.

Therefore even if you only break-even with your forex trading during the last week or month, for example, you will still come out ahead. Plus if you are someone who places several trades every single day or trades quite a few lots at any one time, then you stand to earn quite a lot of money.

Anyway if you would like to find out more about CashBackForex, you can do so by clicking here.

 

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Choosing A Forex Broker – Why Charts Are Very Important

If you have ever gone through the process of choosing a forex broker, you will know just how difficult it is. There are so many different factors to consider. You have to compare various different companies and ask yourself questions such as:

– Are They Fully Regulated?
– How Can I Deposit And Withdraw Money?
– Will My Money Be Safe?
– Is The Broker Well Capitalised?
– Is There A Free Practice Account I Can Use?
– Is There A Minimum Account Size?
– Is The Trading Platform Easy To Use?
– Are The Spreads Relatively Tight?
– What Is The Customer Service Like?

These are all important questions, but you may find a broker that ticks all of the boxes, but is still a big disappointment when you actually start trading with them. That’s because there are some really good forex brokers out there that do not provide you with good charting software.

This is actually very important because you could have an account with the best and most reliable company in the world. However if the charts provided are really basic and don’t include many of the indicators that you need to make good trading decisions, then you are not going to make any money.

To give you an example, if you are a regular reader of this blog you will know that I am a big fan of the Smoothed Repulse indicator. Indeed this has become a part of my 4 hour trading system in recent years (see right for more details).

However I know for a fact that hardly any brokers include this indicator in their charting software, so for me this would automatically rule them out if I was looking to open a trading account with someone.

The only way you can access this indicator, as far as I know, is by joining a broker that uses the ProRealTime platform, such as IG Index, for example, and one or two other spread betting companies.

It is a similar story with the Supertrend indicator, which is another favourite of mine. This is generally only available through the same platform (although you can download a version of this indicator to MT4 if you do some digging around).

Anyway the point is that you have to find a broker that will enable you to actually make profits. If the charting facilities are not up to scratch, then you will have to sign up to a different company or use charts from elsewhere. Using third party charts can be a major inconvenience and you may find that you will have to pay for these charts as well.

So it’s best to join a forex broker that offers good quality charting facilities right from the start. A lot of forex traders like the MetaTrader4 platform, which is the charting software used by many brokers nowadays, but some traders, including myself, prefer to use the ProRealTime charts. Ultimately it is entirely up to you of course.

 

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