Forex Market - Basic tutorial before earning from forex trading
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by: Monica
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Most forex traders think they have to predict where currencies will go next to win but this relies on hope and guessing and the market will kill you – most novice forex traders make this mistake and lose. There is another way and it will make you money so let’s look at it.
The Myth of Market Prediction
There are many people on the net that claim you can predict markets in advance and their Wrong and the facts confirm this:
1. If you could predict prices in advance with scientific theory then we would all know the price and there would be no market – that’s common sense! A market is market because it’s unpredictable and moves because people hold different opinions.
Now you get a lot of scientific theories the king being Elliot wave but that never made Elliot any money and is not scientific its all subjective judgment – if its subjective its not a scientific predictive theory!
You also get Fibonacci numbers prices are supposed to retrace to exact levels but they don’t – try it and lose. This theory is nothing to do with financial markets and was actually devised to solve a problem based on the copulation of rabbits! And has nothing to do with finance.
So if you can’t predict how can you win?
You trade the odds and trade on confirmation and this means simply following price momentum.
For example if prices dip towards a level of support you don’t assume it is going to hold - you WAIT and get confirmation and that means prices testing support and then turning up. You then trade with price momentum.
You are not guessing or hoping you are trading the reality of price.
If you don’t use momentum indicators now is the time to learn. There are many indicators to choose from, but two of the best are the:
Relative Strength Index and Stochastic
Why the odds are in your favour?
You are trading the odds.
Forex is an odds game you will lose trades but if you trade with the odds, you will have more winners than losers and pile up big money over time.
So when you trade forex don’t predict and rely on hope trade the reality, trade the odds and make money – losing forex traders think they need to predict to win but as we have just shown, you this is a myth and will simply see you lose.
Trade the smart way on confirmation and get the odds in your favour for big forex profits. So my recommendation is study the relevancy with forex instution, just register for free and practise make you perfect. Click here to signup and get your free copy trading material
Article Source: TimesPR NewsWire | Free Article Directory | News Release
About the Author
Monica Hendrix is an author from variuos forex magazine and have publish his article on
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