Developing a Solid Trading Mindset Throughout this book, we have emphasized the importance of solid technical analysis and objective data. However, a good mindset is just as important. This implies that having a good mindset can be just as important as maintaining a close watch on the technical data that you need to place...

Most Popular Currencies In The Forex Market By definition, trading FOREX is all about working with the world’s entire currency supply. There are some currencies that are staples of the currency world, such as the US Dollar, the British Pound Sterling, the Japanese Yen, the Euro, and the Swiss Franc. Then, there are other...

Money Management in FOREX Investing Learning about money management in the world of FOREX is an essential tool that will help you steer clear of trouble. Mainly, money management pertains to a set of principles that you can apply when making investment decisions. These rules enable you to build a discipline that can help...

Understanding the trend To simplify things, use the charting function in your platform to calculate the trend line. Then, use the information reflected in the chart itself to determine the support and resistance levels. In particular, pay attention to the engulfing candlesticks to signal the reversal in trend as the currency pair trades within...

The Basics of Price Action To use Price Action strategy as part of your overall trading strategy, it’s important for you to become familiar with price charts. As we’ve mentioned, your platform can generate these for you using any timeframe you choose. To get started with Price Action, here are some...

Price Action Confluence When making use of Price Action as your main trading strategy, you can use confluence to devise your personal investment strategy. In the previous chapter, we discussed how you can use Price Action to determine entry and exit points for your trading strategy. In this chapter, we are going to...

Analyzing the Market  Being a successful FOREX investor requires a good dose of due diligence. This means analyzing the information that’s available on the market. In a manner of speaking, it’s like sports teams watching game film of themselves and their opponents. In doing so, they can be ready to attack the opposition when...

Trading Cryptocurrencies Cryptos are not traded on the open market. This means that you need to go through a crypto exchange. These exchanges work in the same manner as FOREX does. The difference lies in that you are not trading “real” currencies. Rather, you are exclusively dealing with cryptos.  In a...

Countertrend Confluence In this setup, you are working with a downward trend. As such, the main point here is to identify the resistance level as this point will indicate where you can expect the maximum profit to take place. Also, support levels are not particularly relevant. However, it would help to spot any double...

Engulfing Bar Candlestick Pattern In this strategy, we are going to be looking at the use of candlesticks as a means of determining price action and potentially identifying reversals. This strategy is highly useful when you are looking to track entry and exit points. Generally speaking, you are tracking price action over a given...