We can’t stress enough how important proper risk management is to succeed in forex trading. To help keep us from losing our risk capital, we have learned in the Senior Year of the School of Pipsology all about stop losses. But out of the four kinds of stops discussed, which one do you think suits your currency trading personality best? …
Once upon a time, there was this insanely smart trader dude named Harold McKinley Gartley. He had a stock market advisory service in the mid-1930s with a huge following. This service was one of the first to apply scientific and statistical methods to analyze the stock market behavior. According to Gartley, he was finally able…
More often than not, your attitude towards risk is crucial to determining the success of your forex trading endeavor. This could help you find out which trading style is best for you, what kind of system you should use, appropriate trade management techniques, or how you can improve your trading in general. Are you a gambler, a neurotic, or…
The ABCD Let’s start this lesson with the simplest harmonic pattern. So what could be more basic than the good old ABCs? We’ll just pop in another letter at the end (because we’re cool like that), and we’ve got the ABCD chart pattern! That was easy! To spot this chart pattern, all you need are ultra-sharp…
Now that you’ve got the basic chart patterns down, it’s time to move on and add some more advanced tools to your forex trading arsenal. In this lesson, we’ll be looking at harmonic price patterns. These bad boys may be a little harder to grasp but once you spot these setups, it can lead to some very nice…
We learned all about mechanical trading systems in the School of Pipsology. We even learned how to design and build our own forex trading systems. But like men, not all mechanical trading systems are created equally. Some systems, called trend-following systems, do a better job at catching strong directional moves, while others, known as mean reversion systems, are better for spotting probable currency pair reversal points….
Some forex traders live and die by technical indicators while others couldn’t care less about them. Some rely heavily on their own fundamental or technical analysis while some like to let robots do the thinking. This test is designed to help you determine whether your personality suits discretionary, hybrid or mechanical (automated) trading. Take the results with a grain of salt….
Here’s a summary of what we covered regarding the Elliott Wave Theory: Elliott Waves are fractals. Each wave can be split into parts, each of which is a very similar copy of the whole. Mathematicians like to call this property “self-similarity”. A trending market moves in a 5-3 wave pattern. The first 5-wave pattern is called impulse wave….
This is probably what you all have been waiting for – drumroll please – using the Elliott Wave Theory in forex trading! As an Elliott Wave trader, you will be spotting “wave counts.” This means that you will be labeling the waves to see how they conform to the Elliott Wave pattern, to try and anticipate future price movement….
Are you a noob struggling to make sense of all the seemingly complicated trading concepts? Or are you an expert trader searching for bigger challenges? There’s an overwhelmingly large amount of information out there and we don’t want you to get lost! That’s why we decided to come up with this quiz that will help…