How to Make Money Online With Forex Trading
How to Make Money Online With Forex Trading
Making money online is as simple or as complicated as you make it out to be.
Yet this doesn't mean you will make money online with Forex trading straight away.
Let me ask you a question,
Would you walk up to Bill Gates and ask him "How do I make money"?
Of course you wouldn't! That's ridiculous!
However, if you wanted to make money like Bill gates does then you need to educate yourself and learn the exact skills he developed to achieve this.
And with Forex trading it's exactly the same.
You don't just walk up to a successful Forex trader and ask him "how do I make money", what you do, is you educate yourself and learn how to do exactly what that trader does.
You need to learn skills. Skills are what make you money in any business endeavor, including trading Forex.
So the correct question would be:
"Which skills do I need to learn for me to make money with Forex trading?"
And here is the answer to that question:
For you to make money trading Forex, you must learn the simple (yet commonly overlooked) skill of price reading, also known as price action trading.
So let's get cracking with some Forex trading lessons!
Lesson # 1: "How do Financial Markets Move?"
All financial markets move exactly the same. They move in waves, just like the ocean does.
Within these waves, markets trend up and down over and over again.
They trend up with higher swing highs and higher swing lows.
They trend down with lower swing highs and lower swing lows.
And within these trends two very specific movements occur over and over again:
Impulsive moves and corrective moves.
So in essence, markets move in waves, waves move in trends, trends do impulsive moves and corrective moves. And that's it! This is the most powerful skill you should master, interpreting price movements based on the above explanation.
Why? Read the next lesson to find out.
Lesson # 2: "How Are Trading Systems/Methods Developed?"
All highly consistent profitable trading methods are based on the above concept.
You see, if you want to trade like a pro you need to trade *with* the pros. It is that simple.
So, what do pros do? They trade trends! Be it intraday or intraweek trends.
However, let's take it one step further:
Pros only trade ONE movement within a trend, and that is the impulsive move.
And guess what! All methods are based around this simple concept:
Trade the impulsive moves within a trend. Go with the institutional order flow!
And if you learn to trade like this you will automatically be able to trade any method you like, be it 123 patterns, be it Elliot waves, pullback trading, Fibonacci trading you name it you can do it!
Lesson # 3: "So How Do I Go Trade Forex?"
1. - Learn market movement analysis to identify impulsive and corrective moves within a trend.
2. - Learn proper trade and risk management principles, irrelevant of how you trade Forex.
3. - Learn good entry and exit techniques.
Just remember, you want to learn how to get into the impulsive moves at the right time.
But you never know when a correction has been completed.
So how do you get into a low risk high probability trade when the impulsive moves start?
Well, that is where further education comes in.
Just remember to ask yourself the following:
"When will the corrective move be completed and *how* do I identify this?"
If you seriously want to make money online trading Forex, and eventually with experience and determination become wealthy, then you must learn the above skills which over time will give you a hugely successful money making home based business many will drool about.
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