Forex Trading Strategy - My Price Action Trading Strategy

CHAPTER 1:
My Price Action Trading Strategy
My Forex trading strategy is based completely on price action, no indicators, no confusing techniques, just pure price action!
What is Price Action Trading?
All price movement in Forex comes from bulls (buyers) and bears (sellers). When GBPUSD moves up it’s because there are more bulls than bears and vice versa.
The Forex market (and any market for that matter) is in a constant state of struggle between bulls and bears.

Introduction

What is Forex Trading?


Every day, huge numbers of brand new Forex traders start trading for the first time on the Foreign Exchange market (also called Forex market, or FX for short).
More often than not, they were attracted to the Forex market because they believe that trading currencies is an easy way to make fast profits, diving right in without first educating themselves on how it actually works.
Don’t make the same mistake.

Forex Trading Beginners - Next steps

Now that you’re finished reading the Complete Forex Trading Guide for Beginners, you’re equipped with the basic skills needed to succeed in currency trading.


You’re now well versed on the basic concepts and terminologies of Forex, you know how important it is to think about your trading profile in order to create your trading plan, and you know how to better control your risk and enhance your profits. 
Success in Forex trading requires preparation, skills and an in-depth education

Forex Trading Beginners - Dangers of Forex Trading

The Forex market is one of the most traded markets in the world, attracting an ever-increasing number of traders.
The last survey from the Bank for International Settlements shows that trading in the Foreign Exchange market reached USD 5.1 trillion per day between April 2013 and April 2016.
The main reason why more and more traders flock to the forex market is because the barrier to entry in trading currencies is so low. All you need to start trading is a computer, an Internet connection to access your online trading platforms, and (most importantly) trading knowledge.

Forex Trading Beginners - New Forex Trader Mistakes

With such a low barrier to entry, the Forex market attracts a lot of new investors.
This is especially true as this market is open around the clock – giving these new investors greater flexibility regarding when to trade. Initial capital requirements are attractive as well – thanks to the high leverage offered by most brokers, you can get started with just a few hundred dollars.
However, this experience often turns out to be more difficult than anticipated.
Check out these six common pitfalls by beginner Forex traders.
1. STARTING WITHOUT ANY TRADING EDUCATION

Forex Trading Beginners - Technical vs. Fundamental Analysis

For those who want to become a trader, one of the first things that should be taken care of is the building (and following) of a comprehensive trading strategy.
This strategy should be based on your trading style, risk aversion, trading capital, and financial goals.
As well as the above, the method by which you’re going to analyse the market should be an essential component.
TYPES OF MARKET ANALYSIS
There are three major types of market analyses that will help you decide when and how to trade:
Fundamental analysis
Technical analysis
Sentiment analysis
Fundamental analysis

Forex Trading Beginners - Winning Forex Strategies

When learning how to trade Forex online you should look to how professional traders invest their money.
Ask yourself the following questions:
How did they become successful traders on the Forex market?
Are they day traders, or swing traders? Are they fund managers, or are they professional traders trading for themselves?
What are the best Forex strategies they use in order to trade successfully?
How did they realise that their trading strategy worked with the current market conditions?
How did they adapt their trading systems to changing market conditions?

Forex Trading Beginners - Forex Risk Management Strategies

It’s not uncommon for beginner Forex traders to think that making money through online Forex trading is fast and easy.
However, it’s a process that takes time, dedication, commitment, and patience, if you want to be successful and profitable in the Forex market in the long run.
You can’t just open a position in your trading platform without taking into account the trading conditions set by your Forex broker, the currency risk, and the trading risk that can affect your invested capital.  

Forex Trading Beginners - Mind, Money, Method

In order to become a successful Forex trader, you need to master different techniques and concepts that will allow you to spot the best trading opportunities.
At the same time protecting your trading capital.
Learning all of this through an efficient, structured, and professional framework will greatly improve your understanding and knowledge of Forex trading.
There is a framework by which all of these things can be learned – we call it the three M’s: Mind, Money and Method.

MIND, MONEY AND METHOD

Forex Trading Beginners - Making a Living Trading Forex

If you’re new to trading, you might well wonder if it’s really possible to make a living from currency trading, given that the overwhelming majority of small traders do not.
The short answer?
YES!
it’s definitely possible to make a consistent income from Forex trading.
So, what are your chances of becoming a successful Forex trader, and how much can you make?
Let’s jump right in.
BECOMING A PROFESSIONAL TRADER 
IS POSSIBLE


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