Ever since I opened Forex4Noobs.com people have been asking me how I know when to enter a line break. This is because I do not enter all scalp/constant line breaks. Sometimes I do not enter simply because the trade doesn’t look right! So naturally newbie traders are curious as to why I sometimes do not […]
CFTC = A US governmental body that seeks to regulate and monitor financial markets. However, like any government body the CFTC is inept. It is run by imbeciles who know little to nothing about what they’re trying to regulate. FXDC = The Forex Dealers Coalition is comprised of the big boy brokers in Forex: GFT, […]
I must admit, I became a successful trader without a trading plan. I also ran this site for 2 years without a plan. And in my life I plan next to nothing. I always thought that plans were useless and that I did not need them….. I was wrong! Your Forex journey will be much […]
This post was written in 2009, since then, I have delved a lot deeper into money and risk management. If you want to see my up-to-date trading, risk, and money management plans, Check out the free Forex course. Every self proclaimed guru out there tells you how a money management plan (mm plan) is essential. […]
As this year draws to an end, I have to say it’s been a tough one. Overall, I am still profitable by about 2800 pips. This is a huge contrast to my normal 5000+ pips. This year has been the hardest to get through, since my first, and I have learned some valuable lessons. Two […]
A Demo trading account has four uses: For brand new traders who need to learn the basic concepts of trading i.e. pips, long and short positions. Testing out a broker’s platform before going live. Primary testing for a new method. Trading in a trading competition. That is all demo accounts should be used for PERIOD! […]
I should have known my statement about forex broker in the last post would get me a ton of questions….. Ok ok, I really did it on purpose. Apparently the secret to a good blog is to always leave your readers wanting more. People are attracted to mystery so the less a blogger says the […]
In the chat room this week I had an interesting conversation with a trader about mental stop losses. I have spoken very little about stop losses in the past. I have said many times to use only mental stop losses but I haven’t spoken much about why. In this article, I am going to cover […]
Meet Harry Harry just released his trading system on a popular Forex forum. Harry’s system works very well for him. He wins 8 in 10 trades with it and has made a lot of pips. He decided to release the system so he could help newbie’s make pips. Meet the Newbies The newbies just found […]
Most new traders approach the market in the wrong way. In this article we will cover better trading techniques. They some how get the idea that being a trader is all about finding the right method. So they go on an expedition in search for that perfect combination of indicators, and it rarely ends well. […]
In this highly volatile market, markets move differently from normal. At this moment, markets are so volatile and at times unpredictable because of the current credit crisis. As a result, support and resistance lines are not always as successful as they normally are because of the impact of fundamentals. Also because we have not seen […]
Updated on June, 14th, 2015 Master candles do not work anymore Looks like you stumbled upon this article looking for information on master candles. I am sorry to say, master candles do not work anymore! This article was originally written in early 2008, master candle trading was awesome back then. These days, market conditions have […]
Hey Guys, It’s been a while since I last posted. Sorry I haven’t been around much but I have been busy with a family emergency. It’s also Christmas time so I have been running around like crazy, organizing Christmas and buying presents. I am back to trading now so let’s take a look at the […]
Imagine a small losing streak of just 5 trades risking 1% on each; it would cost you nearly 5% of your account. Think about that for a second, 5% of your account wiped out, by just a handful of bad trades. If you’re a trader, that should scare you. For a trader who has been […]
Meet Jack: Jack is a professional trader. He makes all his money trading the Forex market. He has been trading for five years. He is patient, disciplined and, in his trading, he is fearless. Meet Tom: Tom is a newbie. He barely manages to break-even with his trading. He has been trading for six months. […]
Are you a born trader? I’m not. Recently I came to the realization that I have two distinct personalities. There is ‘Nick’ and there is ‘Trader Nick’. I had to create this second personality to do my trading. You see I am a terrible trader because I am: Impatient A risk taker I do not […]
This candlestick analysis article was written in 2008, while it is still perfectly valid today, I have expanded on the subjects discussed here. To read my most current articles on candlestick analysis, check out my free price action strategy. People are often told how to trade candlesticks by identifying patterns. The problem with identifying patterns […]
If you’re trading GBP/JPY, or one of the many other pairs that are moving so painfully slowly right now, you might think that the past two days have been boring. Well, the truth is they have been pretty boring. Ever the optimist, I think there is a great learning opportunity in a market like this. […]
