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Forex Indicator the BANKS profit with in Forex. Free D/L in description
Forex Indicator the BANKS profit with in Forex. Free D/L in description
Now, when most retail traders look at the forex market, they look at it in terms of forex pairs. Say the euro-dollar, or the euro-yen, or the pound-dollar. But have you ever thought for a moment, which currency is the strongest or the weakest around the world? Well, this is how the bank's view the forex markets. And I've got the perfect indicator that show you one way that the bank's identified the strongest versus the weakest currencies in order to trade. Now, you can download this indicator from the description tab below. However, before you do, let me show you exactly how and why you can use this powerful indicator that could revolutionize the way you trade the forex market. Think about this for a moment. How great would it be to have the top forex trader from one of the major banks in the city, sitting beside you all day long, as you trade the forex market? Sitting on your shoulder telling you what you should be buying and what you should be selling? Pretty awesome! Yeah? Well, the chances are that's not gonna happen, and I for one certainly can't magic that for you.
However, what I can do is tell you and show you exactly what the top forex bank traders are doing, that's way,way different than most in this business and certainly more than average Joe is doing from his laptop in his home office. Now, first thing when people come into the forex market is they look at the Forex pairs. As I said in my short introduction, the euro-dollar, the pound-aussie. With the top bank trader, he's not looking at the pairs. He's looking at the strength of weakness of individual currencies. And he's pitching that against the strength of weakness of other currencies.
Now think about it for a moment. Generally speaking, we trade eight major currencies in the forex market. If you cross match these eight major currencies against each, there's 28 different possible currency pairs to trade. It makes total logical sense, doesn't it? To be buying the current currencies that are strong and selling the currencies that are weak. If the pound, for example, is strong and the US dollar is strong. Why do you want to be trading the pound against the US dollar? That both strong currencies. Surely it makes total sense to buy one of these stronger currencies and find a weaker currency. Could be the Swiss franc or the yen, and sell that against one of the stronger currencies. That's what the big bank traders are doing and that's why they've got an edge on most retail traders. Now, with this indicator that you're downloading today. It's gonna show you how you can identify which currencies are strong and which currencies are weak. Exactly the same way that the big bank traders are doing it.
Alright! Come and join me on the screens now and I'll show you the power behind this indicator and show you why it's gonna revolutionize the way you trade the forex market. Come on! Okay! So, here we are on the screens. Now, this is the indicator that is gonna help you look at the markets in a way that's very very different, then chances are you've looked at it before. It's a way that the banks are looking at the market. Now, to the untrained eye, it's gonna look like a load of old squiggly lines. But I'm gonna show you once you understand what you're looking at. These squiggly lines can show you some really really powerful information. Now, let's first explain what they mean. The each individual line represents an individual currency in a standalone format. And the color coding is down at the left of the screen here. So, for example, the green line the USD, that's the United States Dollar.
The Euro is the blue line. The British Pound is the GBP, the white line here, this is this one down here. And then you've got the Canadian dollar at the bottom, and that's the purple line, that's this line in here. Now, when you look at these lines in comparison to the other lines, it will tell you if that particular currency is strong or weak in relation to those other currencies. So quite clearly here, you can see the British Pound this at the moment is a strong currency. This is being bought. It means it's going up in value. The weakest currency in the basket of eight currencies down here is this red currency. Going back to the key here, you'll see the red currency is the Swiss Franc.
That means, the strongest currency at the moment is the British Pound and the weakest currency is the Swiss franc. So you ought to be buying the British Pound and you want to be selling the Swiss franc to put the edge on your side. Now, this is on this particular time frame. It's a 15-minute time frame. If you look at this summary chart here, it will show you if the currency is strong or weak on all the different time frames from the 5-minute, all the way out to that one day time period. Blue box would indicate the currency is strong in that time period, and a red box would indicate that currency is weak in that time period. So, currency that's blue across the board will be a strong currency across all time frames. The currency that's red across the board will mean that's a weak across all time frames, giving you even more of an edge. So, let's have a look now at that price action charge.
So, we're looking at the British power in the white line against the red line, the Swiss franc. If you pull up the price action chart, here is the British Pound against the Swiss franc. You can see there's big big buying momentum going on in this currency at the moment. If you want to get the edge on your side, you potentially wanna be buying this currency. Buying the Pound and selling the Swiss Franc against, it makes total sense to be buying something that's strong and selling something that's weak. Why do you want to be buying a currency that's strong and selling another strong currency against? It doesn't make sense. Why would you want to be selling the Swiss Franc and selling another currency that's also weak, as well? It doesn't make sense. You want to be buying a currency that's weak, yeah, that's strong and you want to be selling one that's weak, currencies that are diverging away from each other.
Another way to use the momentum meter, here is by looking for ranging markets. Here, you'll see in the middle of the chart, you'll see the the orange line, that is the Australian Dollar. The brown line is the Japanese yen. These are both hugging each other. They're both stuck in around the center line that both not doing very much. So, if you pull up a chart in the Aussie Yen, you'll see that this currency pair is not trading very much at the moment. It's trading in a very tight range and a range trader will typically be buying down here and they'll be selling up here. And using the momentum meter here, will indicate or show you currency pairs that are currently range trading.
So, another very powerful way of using the momentum meter. Now, the other thing I want to mention here is the market commentary box. I trade throughout the trading day. I streamed several times a day in the forexsignals.com Trading Room. And I'm trading a strategy called the propulsion strategy. And I'm using this indicator to give me heads-up on what currency pairs I should be trading with my strategy. And I'm populating this market commentary throughout the trading day looking for setups telling you what trades, I'm getting into on what I'm saying in the markets. And you can access this all through the forexsignals.com Trading Room. Okay. So, I hope the light bulbs gone off for you. You're now gonna see the market in a completely different light. It really does give you an edge the market that most retail traders doesn't don't even know is outlet.
This is the way that big banks are looking at the market. I hope you enjoyed the video! Give me a thumbs up if you enjoyed the video. Give me a thumbs down if you didn't enjoy the video. Leave me a comment. I love to hear if this makes sense to you. If it's still unclear, let me know. I'll possibly explain it even further. Okay. So it's result time. Now, you'll remember from a couple of weeks back, I offered you the opportunity to enter a competition to win an annual pass to our live Trading Room here at forexsignals.com .The response has been overwhelming.
So, thank you all for taking part, and thank you all also for the wonderful comments that you have also left. We're giving away three annual passes, and the winners have been randomly selected over the 20,000 or so that have entered the competition. And here are the winners...The names will appear on the screen as well. It's Scott Mariani Gene Hudson and Muhammad Aliyu I don't know where you are in the world that doesn't give us that information on the... on the YouTube. But please do send us an email if you're one of those winners. Would love to hear from you. We'll get you set up in the live trading room without delays. A really cool place to hang out. Lots of stuff going on in their live streams throughout the trading day.
As well as some education content and a very vibrant chat as well. So, I'm sure you're going to enjoy that over the next coming weeks and months. Thanks, -- for taking part. Until the next video. Happy trading! .
Download link: http://bit.ly/MomentumMeterDownload Ever asked yourself how the banks profit in Forex? Rather than focus on individual currency pairs in Forex, I use an indicator to identify the strongest and weakest currencies. This indicator is called the "Momentum Meter" and you can download it for free here: You'll need to register for a free account. Remember your username and password as you'll be asked for this when you install the indicator in the property settings. It's compatible with MetaTrader 4 and there is install instructions on how you can get started using it.
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Now, when most retail traders look at the forex market, they look at it in terms of forex pairs. Say the euro-dollar, or the euro-yen, or the pound-dollar. But have you ever thought for a moment, which currency is the strongest or the weakest around the world? Well, this is how the bank's view the forex markets. And I've got the perfect indicator that show you one way that the bank's identified the strongest versus the weakest currencies in order to trade. Now, you can download this indicator from the description tab below. However, before you do, let me show you exactly how and why you can use this powerful indicator that could revolutionize the way you trade the forex market. Think about this for a moment. How great would it be to have the top forex trader from one of the major banks in the city, sitting beside you all day long, as you trade the forex market? Sitting on your shoulder telling you what you should be buying and what you should be selling? Pretty awesome! Yeah? Well, the chances are that's not gonna happen, and I for one certainly can't magic that for you.
However, what I can do is tell you and show you exactly what the top forex bank traders are doing, that's way,way different than most in this business and certainly more than average Joe is doing from his laptop in his home office. Now, first thing when people come into the forex market is they look at the Forex pairs. As I said in my short introduction, the euro-dollar, the pound-aussie. With the top bank trader, he's not looking at the pairs. He's looking at the strength of weakness of individual currencies. And he's pitching that against the strength of weakness of other currencies.
Now think about it for a moment. Generally speaking, we trade eight major currencies in the forex market. If you cross match these eight major currencies against each, there's 28 different possible currency pairs to trade. It makes total logical sense, doesn't it? To be buying the current currencies that are strong and selling the currencies that are weak. If the pound, for example, is strong and the US dollar is strong. Why do you want to be trading the pound against the US dollar? That both strong currencies. Surely it makes total sense to buy one of these stronger currencies and find a weaker currency. Could be the Swiss franc or the yen, and sell that against one of the stronger currencies. That's what the big bank traders are doing and that's why they've got an edge on most retail traders. Now, with this indicator that you're downloading today. It's gonna show you how you can identify which currencies are strong and which currencies are weak. Exactly the same way that the big bank traders are doing it.
Alright! Come and join me on the screens now and I'll show you the power behind this indicator and show you why it's gonna revolutionize the way you trade the forex market. Come on! Okay! So, here we are on the screens. Now, this is the indicator that is gonna help you look at the markets in a way that's very very different, then chances are you've looked at it before. It's a way that the banks are looking at the market. Now, to the untrained eye, it's gonna look like a load of old squiggly lines. But I'm gonna show you once you understand what you're looking at. These squiggly lines can show you some really really powerful information. Now, let's first explain what they mean. The each individual line represents an individual currency in a standalone format. And the color coding is down at the left of the screen here. So, for example, the green line the USD, that's the United States Dollar.
The Euro is the blue line. The British Pound is the GBP, the white line here, this is this one down here. And then you've got the Canadian dollar at the bottom, and that's the purple line, that's this line in here. Now, when you look at these lines in comparison to the other lines, it will tell you if that particular currency is strong or weak in relation to those other currencies. So quite clearly here, you can see the British Pound this at the moment is a strong currency. This is being bought. It means it's going up in value. The weakest currency in the basket of eight currencies down here is this red currency. Going back to the key here, you'll see the red currency is the Swiss Franc.
That means, the strongest currency at the moment is the British Pound and the weakest currency is the Swiss franc. So you ought to be buying the British Pound and you want to be selling the Swiss franc to put the edge on your side. Now, this is on this particular time frame. It's a 15-minute time frame. If you look at this summary chart here, it will show you if the currency is strong or weak on all the different time frames from the 5-minute, all the way out to that one day time period. Blue box would indicate the currency is strong in that time period, and a red box would indicate that currency is weak in that time period. So, currency that's blue across the board will be a strong currency across all time frames. The currency that's red across the board will mean that's a weak across all time frames, giving you even more of an edge. So, let's have a look now at that price action charge.
So, we're looking at the British power in the white line against the red line, the Swiss franc. If you pull up the price action chart, here is the British Pound against the Swiss franc. You can see there's big big buying momentum going on in this currency at the moment. If you want to get the edge on your side, you potentially wanna be buying this currency. Buying the Pound and selling the Swiss Franc against, it makes total sense to be buying something that's strong and selling something that's weak. Why do you want to be buying a currency that's strong and selling another strong currency against? It doesn't make sense. Why would you want to be selling the Swiss Franc and selling another currency that's also weak, as well? It doesn't make sense. You want to be buying a currency that's weak, yeah, that's strong and you want to be selling one that's weak, currencies that are diverging away from each other.
Another way to use the momentum meter, here is by looking for ranging markets. Here, you'll see in the middle of the chart, you'll see the the orange line, that is the Australian Dollar. The brown line is the Japanese yen. These are both hugging each other. They're both stuck in around the center line that both not doing very much. So, if you pull up a chart in the Aussie Yen, you'll see that this currency pair is not trading very much at the moment. It's trading in a very tight range and a range trader will typically be buying down here and they'll be selling up here. And using the momentum meter here, will indicate or show you currency pairs that are currently range trading.
So, another very powerful way of using the momentum meter. Now, the other thing I want to mention here is the market commentary box. I trade throughout the trading day. I streamed several times a day in the forexsignals.com Trading Room. And I'm trading a strategy called the propulsion strategy. And I'm using this indicator to give me heads-up on what currency pairs I should be trading with my strategy. And I'm populating this market commentary throughout the trading day looking for setups telling you what trades, I'm getting into on what I'm saying in the markets. And you can access this all through the forexsignals.com Trading Room. Okay. So, I hope the light bulbs gone off for you. You're now gonna see the market in a completely different light. It really does give you an edge the market that most retail traders doesn't don't even know is outlet.
This is the way that big banks are looking at the market. I hope you enjoyed the video! Give me a thumbs up if you enjoyed the video. Give me a thumbs down if you didn't enjoy the video. Leave me a comment. I love to hear if this makes sense to you. If it's still unclear, let me know. I'll possibly explain it even further. Okay. So it's result time. Now, you'll remember from a couple of weeks back, I offered you the opportunity to enter a competition to win an annual pass to our live Trading Room here at forexsignals.com .The response has been overwhelming.
So, thank you all for taking part, and thank you all also for the wonderful comments that you have also left. We're giving away three annual passes, and the winners have been randomly selected over the 20,000 or so that have entered the competition. And here are the winners...The names will appear on the screen as well. It's Scott Mariani Gene Hudson and Muhammad Aliyu I don't know where you are in the world that doesn't give us that information on the... on the YouTube. But please do send us an email if you're one of those winners. Would love to hear from you. We'll get you set up in the live trading room without delays. A really cool place to hang out. Lots of stuff going on in their live streams throughout the trading day.
As well as some education content and a very vibrant chat as well. So, I'm sure you're going to enjoy that over the next coming weeks and months. Thanks, -- for taking part. Until the next video. Happy trading! .
Download link: http://bit.ly/MomentumMeterDownload Ever asked yourself how the banks profit in Forex? Rather than focus on individual currency pairs in Forex, I use an indicator to identify the strongest and weakest currencies. This indicator is called the "Momentum Meter" and you can download it for free here: You'll need to register for a free account. Remember your username and password as you'll be asked for this when you install the indicator in the property settings. It's compatible with MetaTrader 4 and there is install instructions on how you can get started using it.
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3 common MISTAKES Forex traders make! And how to avoid them?!
3 common MISTAKES Forex traders make! And how to avoid them?!
Hi guys! It's Andrew Lockwood here again. Now, what I found over the years is that there's a consistency in the reasons why many struggle to make it as a trader. And I'm not really talking about the common mistake is a common reason that we've all heard about. About the excessive use of leverage, not using stops or indeed not having a trading plan. But I want to talk to you today more specifically about the actual buying and selling. Way on a chart, you should be buying where you should be selling. We want to show you where to put the high-poverty trades only take those trades that are offer the best chance of success.
And how to avoid the ones that are going to give you higher risk as well. Now this video is brought to you by our partner Broker IC Markets. Trade with IT markets and get access to super tight spreads. Fast and Easy Deposits or Withdrawals. 24/7 helpful Customer Support. Now if you open an account below using the link you also can take advantage of our Specially arranged Commission Structure. Just $per lot traded. Right! Now, let's get to the screens and let's look at these high probability areas of a chart where you should be placing your orders. And also look for the areas that you should be avoiding and staying away. Come on! Let's join me now on the charts. Now, I'm sure you've heard that expression in the past that says "Trading is simple, but just not that easy". Well, I don't think there's a true statement out there that can reflect the trading business in a more accurate way. Which is why I often wonder why many aspiring traders that are coming into the market for the first time make life so difficult for themselves? Putting the odds against them on everything that they do? Now we've all read the books.
You know we've seen the YouTube videos. We all know about the main reasons why traders fail. The excessive use of leverage. Taking on too much risk. Not using a stop loss and not sometimes even having a trading plan. So I'm gonna assume that you've at least got that inside your head. And today we're gonna talk about the three biggest actual trading reasons why many traders fail when it comes to actually reading a chart. And the first reason which I think is linked to the other three is that most traders don't look at the bigger picture. A lot of traders will get fixated on a particular time frame. Be it the one hour, the four hour, the daily weekly or whatever it is. But they're unaware of what's going on in the bigger picture. Now what I'm trading. I'm always looking at the markets with the top-down analysis approach. I'm always looking at the higher time frame. And by doing so, you're not only puts the odds in my favor, and it gives me the higher probability trade setups, but actually keeps me out of trades as well, which increases my win to lost ratio.
So, here you can see how I would typically set up my screens. I used the multi timeframe analysis. Now let's assume that I'm trading on the one hour time chart. I always want to be aware of what's going on on the four hour and indeed the daily. So we start off by plotting our key levels of support and resistance on the higher time frame. And this is example is going to be the daily down here in the bottom right. So the best way to plot support and resistance. Certainly on the daily and on the higher time frames is to use the line chart. Now the line chart reflects the closing price in that particular time period. Shows you who won the battle. It basically ignores the extremes of the weaks. So we like to use the line chart. These are very powerful levels on the daily and set me on the weekly as well.
So it's imperative as a trader. Do you know exactly where these levels are on the higher time frames. We plot these in at the key turning points, or levels that have been respected on more than one occasion. Perhaps plot one in there as well and another one goes in there. And then we toggle back to the candlestick chart and that basically shows you now but the weaks and how they weaks basically were the extremes. But the closing price is the important part. Now once you've done the daily, we drill down to the four hour and do exactly the same. And now the trick is not to place lines of every turn, but just the key levels. Otherwise you'll have more lines on the chart, and you'll end up never may never take a trade. So just kick click your lines in at the key levels the key turning points. But as I say it's imperative that you know what these levels are on the higher time periods from from what you're trading. Now of course, I'm gonna be looking at trading on the one-hour time period.
But now I've got these levels on my chart. So I know exactly where levels are of significance either whether I'm going to trade. Counter-trend off these or indeed fall to use these lines to keep me out of trades or indeed for pullbacks into previous support which often becomes resistance and previous resistance often becoming support. So when you're trading it's always worth having a cast to the right of the screen. In my case, to look at the higher time periods to make sure that you're not coming into a key level.
Now you need to update these periodically, maybe several times a week, just go back and we plot the four hours certainly, maybe do the daily once a week. I generally like to do mine on a Sunday before the trading week begins. But it's imperative that you know where these key levels are on the multi timeframes. Now another very powerful way or the the higher time frames is to look for price action. Certain candlestick pattern formations at key levels.
So for example here on the daily, you see here that we had a very nice bullish pin bar at the bottom of this downtrend indicating that a trend reversal could be potentially on the way. And indeed at the top of this trend we had this bearish pinbar coming in at this level of previous resistance, indicating that a potential trend is reversing. It came back down on herself. And at the top here we see a bearish engulfing pattern again indicating that a potential reversal of trend that we discussed . This is one of our strategies indeed that we talked about in our training room every day at forexsignals.com. So check that out if you haven't already done, so. Now I think the number two reason why many traders fail in the market when they first take up training is because they are trying to outwit the market.
They're trying to be clever. They're trying to pick tops. They're trying to big bottoms. They're tall in the market overbought or they're calling the market oversold, trying to predict the exact turning point of a market. Which is very very difficult even for the experienced trader. What I like to do as a trader, and I've been training for over thirty years is to follow the trend. We've all heard the expression the trend is your friend and that's the way I like to attack the market on an intraday basis. Typically, I'll have my screens looking something like this, so on the daily and on the four hour I will have the fanned out moving averages. I use the 10 the 20 and the 40 on both these time periods. I wait to see the markets fanning out and pointing in a particular direction.
In this case they're all pointing up and price is above the moving averages. So I am now only going to be looking for long trades in the dollar against the yen on the hourly time period. Now I'm gonna wait for pull backs in the market. I'm not going to just buy at the top. I'm gonna wait for pull backs and areas of confluence. Look here! This markets been trending up in the one hour. There's certainly there have been opportunities to try and pick tops and bottoms of this market. You could have picked the top there and you could have got 70 pips out of it. Had you got that one right. You could have picked the top here and got another 70 pips. You could have picked the top here, and if you were to pick the bottom, you know called 40 pips.
But it requires a high degree of accuracy to pick these tops and bottoms. These swing highs and their swing lows. Isn't it far better? Far more opportunity to go with the trend once you've seen it on the higher time frames and that the market do the work for you. Rather than you predict that the turning points are gonna happen. Now a way that I like to get into the market I like to look for confirmation or confidence. So I like to look for certain price action. I'd like to see these pin bars. You see one here. You see one here. There's a bigger one here. When prices come back through these levels of moving average levels that I've got drawn in here or indeed levels of support or resistance. You've got on the higher time frames. You remember we spoke about the high time frame analysis. When you see these pin bars coming in to these levels, and the markets basically trading lower.
And then the bulls take control and push the market back up and closes higher. That's basically a hammer candle or put a bullish pin bar. That's a very positive candle. There's another one in there as well, and there's another one in there as well. There's one there as well. So plenty of opportunities to look for areas of confluence. I also like to look at a 50% pullback. It's a very common retracement level. So I plot a level of potential support to a recent swing high and then wait for the market to come back and and pull back 50% of that move.
That's another level when you see price action at that level like a pin bar or something like that then that again is a very powerful level in order to enter the market. Areas of confluence with the trend is a very powerful way. Many people make the mistake common mistake of trying to pick the swing highs and the swing lows in order to outwit the market. And lastly the third reason why I think many traders fail in this business is because they are over complicating it. They are loading up their screens with masses amounts of indicators. They're out there looking for the Holy Grails, and they've put all these things on their charts, and then all of a sudden. They can't even see the candle for the indicators. Now there's a real common reason people are thinking that they've found the magic sauce to trading by their certain indicators. That's been around for 20 years and has made no one a very rich.
The best way to trade these markets is to have completely clean charts to wipe off all these indicators. Get yourself back to just pure price action. Maybe with a couple of moving averages and maximum possibly one indicator. But that's a real common problem that a lot of trainers have and I think it needs to be wiped out. So those are the three common areas where people are failing in this business First of all they don't look at the bigger picture. They don't analyze the market with the top-down analysis. Secondly, they are not following the trend. Following the trend has it's massive advantages for the new trader.
Trying to pick tops and bottoms although it can be done, it's a very very hard task even for the experienced. And lastly over complication with a mass of indicators. Cut it out! As always I hope you found this video useful. Give me a thumbs up if you did. Give me a thumbs down if you didn't. I'd always leave a comment.
I try to get back to as many as I can. Subscribe to the channel if you haven't already done so. And don't forget to follow us on Instagram as well to keep abreast of everything that's going on here at forexsignals.com. Till the next video happy trading and good luck! .
Forex, Forex Trading, common trading mistakes, trading mistakes, forex mistakes, forex day trading, day trading strategies, profitable forex strategies, how to trade forex, forex swing trading, forex scalping, scalping forex, swing trading, profitable forex
Hi guys! It's Andrew Lockwood here again. Now, what I found over the years is that there's a consistency in the reasons why many struggle to make it as a trader. And I'm not really talking about the common mistake is a common reason that we've all heard about. About the excessive use of leverage, not using stops or indeed not having a trading plan. But I want to talk to you today more specifically about the actual buying and selling. Way on a chart, you should be buying where you should be selling. We want to show you where to put the high-poverty trades only take those trades that are offer the best chance of success.
And how to avoid the ones that are going to give you higher risk as well. Now this video is brought to you by our partner Broker IC Markets. Trade with IT markets and get access to super tight spreads. Fast and Easy Deposits or Withdrawals. 24/7 helpful Customer Support. Now if you open an account below using the link you also can take advantage of our Specially arranged Commission Structure. Just $per lot traded. Right! Now, let's get to the screens and let's look at these high probability areas of a chart where you should be placing your orders. And also look for the areas that you should be avoiding and staying away. Come on! Let's join me now on the charts. Now, I'm sure you've heard that expression in the past that says "Trading is simple, but just not that easy". Well, I don't think there's a true statement out there that can reflect the trading business in a more accurate way. Which is why I often wonder why many aspiring traders that are coming into the market for the first time make life so difficult for themselves? Putting the odds against them on everything that they do? Now we've all read the books.
You know we've seen the YouTube videos. We all know about the main reasons why traders fail. The excessive use of leverage. Taking on too much risk. Not using a stop loss and not sometimes even having a trading plan. So I'm gonna assume that you've at least got that inside your head. And today we're gonna talk about the three biggest actual trading reasons why many traders fail when it comes to actually reading a chart. And the first reason which I think is linked to the other three is that most traders don't look at the bigger picture. A lot of traders will get fixated on a particular time frame. Be it the one hour, the four hour, the daily weekly or whatever it is. But they're unaware of what's going on in the bigger picture. Now what I'm trading. I'm always looking at the markets with the top-down analysis approach. I'm always looking at the higher time frame. And by doing so, you're not only puts the odds in my favor, and it gives me the higher probability trade setups, but actually keeps me out of trades as well, which increases my win to lost ratio.
So, here you can see how I would typically set up my screens. I used the multi timeframe analysis. Now let's assume that I'm trading on the one hour time chart. I always want to be aware of what's going on on the four hour and indeed the daily. So we start off by plotting our key levels of support and resistance on the higher time frame. And this is example is going to be the daily down here in the bottom right. So the best way to plot support and resistance. Certainly on the daily and on the higher time frames is to use the line chart. Now the line chart reflects the closing price in that particular time period. Shows you who won the battle. It basically ignores the extremes of the weaks. So we like to use the line chart. These are very powerful levels on the daily and set me on the weekly as well.
So it's imperative as a trader. Do you know exactly where these levels are on the higher time frames. We plot these in at the key turning points, or levels that have been respected on more than one occasion. Perhaps plot one in there as well and another one goes in there. And then we toggle back to the candlestick chart and that basically shows you now but the weaks and how they weaks basically were the extremes. But the closing price is the important part. Now once you've done the daily, we drill down to the four hour and do exactly the same. And now the trick is not to place lines of every turn, but just the key levels. Otherwise you'll have more lines on the chart, and you'll end up never may never take a trade. So just kick click your lines in at the key levels the key turning points. But as I say it's imperative that you know what these levels are on the higher time periods from from what you're trading. Now of course, I'm gonna be looking at trading on the one-hour time period.
But now I've got these levels on my chart. So I know exactly where levels are of significance either whether I'm going to trade. Counter-trend off these or indeed fall to use these lines to keep me out of trades or indeed for pullbacks into previous support which often becomes resistance and previous resistance often becoming support. So when you're trading it's always worth having a cast to the right of the screen. In my case, to look at the higher time periods to make sure that you're not coming into a key level.
Now you need to update these periodically, maybe several times a week, just go back and we plot the four hours certainly, maybe do the daily once a week. I generally like to do mine on a Sunday before the trading week begins. But it's imperative that you know where these key levels are on the multi timeframes. Now another very powerful way or the the higher time frames is to look for price action. Certain candlestick pattern formations at key levels.
So for example here on the daily, you see here that we had a very nice bullish pin bar at the bottom of this downtrend indicating that a trend reversal could be potentially on the way. And indeed at the top of this trend we had this bearish pinbar coming in at this level of previous resistance, indicating that a potential trend is reversing. It came back down on herself. And at the top here we see a bearish engulfing pattern again indicating that a potential reversal of trend that we discussed . This is one of our strategies indeed that we talked about in our training room every day at forexsignals.com. So check that out if you haven't already done, so. Now I think the number two reason why many traders fail in the market when they first take up training is because they are trying to outwit the market.
They're trying to be clever. They're trying to pick tops. They're trying to big bottoms. They're tall in the market overbought or they're calling the market oversold, trying to predict the exact turning point of a market. Which is very very difficult even for the experienced trader. What I like to do as a trader, and I've been training for over thirty years is to follow the trend. We've all heard the expression the trend is your friend and that's the way I like to attack the market on an intraday basis. Typically, I'll have my screens looking something like this, so on the daily and on the four hour I will have the fanned out moving averages. I use the 10 the 20 and the 40 on both these time periods. I wait to see the markets fanning out and pointing in a particular direction.
In this case they're all pointing up and price is above the moving averages. So I am now only going to be looking for long trades in the dollar against the yen on the hourly time period. Now I'm gonna wait for pull backs in the market. I'm not going to just buy at the top. I'm gonna wait for pull backs and areas of confluence. Look here! This markets been trending up in the one hour. There's certainly there have been opportunities to try and pick tops and bottoms of this market. You could have picked the top there and you could have got 70 pips out of it. Had you got that one right. You could have picked the top here and got another 70 pips. You could have picked the top here, and if you were to pick the bottom, you know called 40 pips.
But it requires a high degree of accuracy to pick these tops and bottoms. These swing highs and their swing lows. Isn't it far better? Far more opportunity to go with the trend once you've seen it on the higher time frames and that the market do the work for you. Rather than you predict that the turning points are gonna happen. Now a way that I like to get into the market I like to look for confirmation or confidence. So I like to look for certain price action. I'd like to see these pin bars. You see one here. You see one here. There's a bigger one here. When prices come back through these levels of moving average levels that I've got drawn in here or indeed levels of support or resistance. You've got on the higher time frames. You remember we spoke about the high time frame analysis. When you see these pin bars coming in to these levels, and the markets basically trading lower.
And then the bulls take control and push the market back up and closes higher. That's basically a hammer candle or put a bullish pin bar. That's a very positive candle. There's another one in there as well, and there's another one in there as well. There's one there as well. So plenty of opportunities to look for areas of confluence. I also like to look at a 50% pullback. It's a very common retracement level. So I plot a level of potential support to a recent swing high and then wait for the market to come back and and pull back 50% of that move.
That's another level when you see price action at that level like a pin bar or something like that then that again is a very powerful level in order to enter the market. Areas of confluence with the trend is a very powerful way. Many people make the mistake common mistake of trying to pick the swing highs and the swing lows in order to outwit the market. And lastly the third reason why I think many traders fail in this business is because they are over complicating it. They are loading up their screens with masses amounts of indicators. They're out there looking for the Holy Grails, and they've put all these things on their charts, and then all of a sudden. They can't even see the candle for the indicators. Now there's a real common reason people are thinking that they've found the magic sauce to trading by their certain indicators. That's been around for 20 years and has made no one a very rich.
The best way to trade these markets is to have completely clean charts to wipe off all these indicators. Get yourself back to just pure price action. Maybe with a couple of moving averages and maximum possibly one indicator. But that's a real common problem that a lot of trainers have and I think it needs to be wiped out. So those are the three common areas where people are failing in this business First of all they don't look at the bigger picture. They don't analyze the market with the top-down analysis. Secondly, they are not following the trend. Following the trend has it's massive advantages for the new trader.
Trying to pick tops and bottoms although it can be done, it's a very very hard task even for the experienced. And lastly over complication with a mass of indicators. Cut it out! As always I hope you found this video useful. Give me a thumbs up if you did. Give me a thumbs down if you didn't. I'd always leave a comment.
I try to get back to as many as I can. Subscribe to the channel if you haven't already done so. And don't forget to follow us on Instagram as well to keep abreast of everything that's going on here at forexsignals.com. Till the next video happy trading and good luck! .
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The BEST Forex trading style to trade the markets!?
The BEST Forex trading style to trade the markets!?
Is swing trading better than scalping? Or is day trading the best way to attack the markets? What's the difference? What's most profitable? Let's discuss! Now, the most common question that I get asked by aspiring traders when they meet me for the first time is what trade approach is most profitable? Do scalpers make more money than day traders? Is swing trading more profitable than day trading? Basically, the answer is there's no one answer that fits all. It does indeed, depend on a number of factors and based on personal circumstances, trading objectives, and the like. And maybe not as obvious, but one of the other important factors that you should consider is your personality traits Because after all a lot of trading come down comes down to psychology. Now, let's first of all, define what the different approaches are. First of all, you've got day trading. Now, the way I describe day trading is someone that sits in front of his computer for several hours a day, looking to enter and exit trades within that calendar day.
Now, that of course doesn't mean that he will never hold trades overnight. Sure, of course he will but he generally doesn't. He generally, closes them out within the calendar day Now, to be a day trader. What it means is you need to be working it around your day job. Certainly, when you are starting out. But there are of course, many aspiring traders that simply have time on their hands during the day. To be able to trade you could be retired or you could in fact , you've given up your day job to embark on this a new trading career. But generally speaking, a day trader has five six-seven hours a day n order to analyze the charts looking for trade opportunities that may appear several times a day. A swing trader on the other hand, is looking for longer term trades generally on the higher time frame charts. Now swing traders can be anything from a couple of days to a number of weeks. Now, you can be a short-term swing trader in which case you'll be looking at maybe two to five days but generally less than the way a medium termed swing trader can be anything from a week out to a month and a long term swing trader.
Now, that could be measured in terms of weeks and indeed months. Now, at the other end of the spectrum You've got the investor, and these of course are looking into months and indeed years or very broadly speaking of course Now at the tighter end of the scale you've got the scalper which is very time-sensitive typically you may be in a trade for a matter of minutes or indeed just a few seconds as The scalper name implies you're looking to scalp out small tiny chunks of profits multiple times a day Having multiple trades as they hoping to have more winners of course than losers So which approach is more profitable Well, let's first look at the scalper now.
It's a very popular form of trading partly because of the fill factor Especially in the forex market where it's so easy to enter And exit the trades so easy to set up a trading account with a very small amount of money Now a person with a day job that has just a few hours a day limited time to spend in front of the screens May be attracted to scalping Because the potential for profits and indeed losses they can happen very very quickly and if you're limited for the time In front of the screens then this could be an attraction for you scalpers will generally risk just a small percentage Amounts of the account so that no one trade will affect them adversely But for the small risk the gains are equally small on each trade, but the intention Clearly is to have more winners than losers Now for gamblers the natural reaction when they're losing is to fight a losing streak with Bigger risk on the next trade and this can cause huge problems in your trading So you've got to make sure that if you're going into the scalping methodology then you don't have these gambling traits a trader that comes into trading for the first time and Starts off with the scalping approach will generally have that gambling tendency which can be indeed very dangerous Brokers generally love rookie and aspiring traders that elect the scalping approach when they first start off Why well because most of them do end up blowing up their $500,000 trading accounts and in the meantime or paying the broker lots of commission for the joy of doing that Why is it? Do you think that most of these brokers will offer huge bonuses to get you into trading in the first place? Why is it that they offer huge huge leverage well? I'll tell you why they do is because they know that the majority of guys that come in and guys and girls that come in To trading for the first time using the scalping approach will end up blowing their account now Don't get me wrong on this okay, because there are some very very successful Manual scalpers out there, and I know quite a few However, I think it's fair to say that it's not advisable to start your training journey as a scalper things can happen very Very quickly you've got to be able to react very very fast the multiple adrenaline highs and the lows Can be very hard to deal with and you need to have experience So that you know how your emotions will react in these conditions To be a successful scalper you need to be extremely disciplined Okay, you need to be able to control your emotions And the adrenaline rush is that this trading does indeed provides.
Now, indeed if you are one of these people That can control your emotions control the discipline and you can handle these adrenaline rushes then indeed you could possibly make a very good living out of scrapping, if you know what you're doing Personally for me. I find it just way way too stressful, and maybe it's an age thing But certainly in my earlier days when I was trading in the pits in the pits of London You know we were basically scalping and it made many traders Multi millionaires at a very early age some lost a lot and indeed some actually even lost their hair Then you have swing trading now, this is trading at a much slower pace Traders are able to do their analysis in a short period of time perhaps at the end of the day or even in their lunch break whenever work permits It's great for those that just have maybe 10 20 30 minutes indeed to spend in front of the charts They analyze the markets and they place their trades possibly with a pending order that's basically waiting for the market that come to them in order to execute Very analysis is over a longer period of time after all they may be in the trade For a few days or indeed weeks the emotions and stress of a swing trader is Considerably less than a scalper and remember most traders that lose Lose because of the emotions that get the better of them not the fact that they call the market wrong in the first place Now the price action signals are also debatably more accurate over the longer time period projections as well now if you want to trade fundamentals fundamentals play out much bigger on the longer time periods so if you're using fundamentals and technicals Sometimes a swing trading approach can be much much more powerful than a scalping approach now a swing trader may risk or one or even two percent of the account on each trade But because less trade will be taken so the chances of a complete wipeout Are also going to be lessened by the fact that you're trading less? Using 2% as a scalper could be disastrous.
Let's face it You could easily have 10 trades on the bounce as losers that will put your count down 20% as a scalper that means you've got to make 25% just to get back to break-even Now in the middle we have the day trader. That's basically what I do Well, I do a mixture of day trading and swing trading So I'm able to spend multiple hours in the working day analyzing the markets Looking for the high probability trade setups looking at the 15-minute chart One-hour chart the four-hour charts, you know I have time to sit and wait for the trades now If none come along doesn't bother me. I know there will be some trades coming down the line in the future We don't force trades as a day trader because we have time on our hands You know we hadn't we're not limited just an hour a day. We've got plenty of time to analyze the markets We are patient traders We may be risking a quarter of a percent or higher percent on each trade no And we may just have a few trades in the day, maybe some days We won't have any trades at all But the emotions again a lot less than they are with a scalper I know I can handle the discipline and the emotions of day trading Much greater than I can if I'm in and out of the market on a dime For signals using the high timeframes such as the one hour the four hour can be quite powerful if you know what you're looking for It stands to reason that the less trade you take the less stress.
You'll be putting yourself under However one of the biggest problems that I've found over the years is that many that come into trading? for the first time They have a limited amount of time on their hands Maybe a couple of hours a day so they start off by day trading and they're gonna get themselves Frustrated because the trades aren't coming their way and they take trades that are simply not there which can often and more than likely lead to losses in the trading account so if you're embarking on a trading career and deciding which approach you are more likely and best suited I Would say you've got to analyze firstly the time permitted that you can spend in front of the trading screens then you've got to look at your personality how disciplined and Emotional are you? You need to consider your Objections, what are you coming into trading for are you coming in for a bit of fun? Are you coming in to supplement new income are you coming into this to eventually give up your day job or trade? Full-time as a professional trader So all these considerations must be taken into account when you're considering which trading style to adopt My advice is this quite frankly if you're an aspiring trader coming into trading for the first time You start on the much much higher time frames the swing trading approach if you're starting on the swing trading approach You're not gonna Let the emotions affect you as they do with most traders and emotions or the killer of most traders believe me So start on the higher time frames and as you get proficient, then you may work yourself down to the lower timeframes Scalping is great for those that have the high temperament the high Discipline approach but for most of us out there that I think is few and far between Look.
I hope you found that useful if you liked my video the content. Please as always give me a thumbs up Give me a thumbs down if you thought it was a load of old tosh. Leave a comment below, and I always get back to as many as I can Subscribe to the channel if you haven't already done so and of course don't forget to follow the Instagram as well To my next video good luck with your trading speak to you soon .
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Is swing trading better than scalping? Or is day trading the best way to attack the markets? What's the difference? What's most profitable? Let's discuss! Now, the most common question that I get asked by aspiring traders when they meet me for the first time is what trade approach is most profitable? Do scalpers make more money than day traders? Is swing trading more profitable than day trading? Basically, the answer is there's no one answer that fits all. It does indeed, depend on a number of factors and based on personal circumstances, trading objectives, and the like. And maybe not as obvious, but one of the other important factors that you should consider is your personality traits Because after all a lot of trading come down comes down to psychology. Now, let's first of all, define what the different approaches are. First of all, you've got day trading. Now, the way I describe day trading is someone that sits in front of his computer for several hours a day, looking to enter and exit trades within that calendar day.
Now, that of course doesn't mean that he will never hold trades overnight. Sure, of course he will but he generally doesn't. He generally, closes them out within the calendar day Now, to be a day trader. What it means is you need to be working it around your day job. Certainly, when you are starting out. But there are of course, many aspiring traders that simply have time on their hands during the day. To be able to trade you could be retired or you could in fact , you've given up your day job to embark on this a new trading career. But generally speaking, a day trader has five six-seven hours a day n order to analyze the charts looking for trade opportunities that may appear several times a day. A swing trader on the other hand, is looking for longer term trades generally on the higher time frame charts. Now swing traders can be anything from a couple of days to a number of weeks. Now, you can be a short-term swing trader in which case you'll be looking at maybe two to five days but generally less than the way a medium termed swing trader can be anything from a week out to a month and a long term swing trader.
Now, that could be measured in terms of weeks and indeed months. Now, at the other end of the spectrum You've got the investor, and these of course are looking into months and indeed years or very broadly speaking of course Now at the tighter end of the scale you've got the scalper which is very time-sensitive typically you may be in a trade for a matter of minutes or indeed just a few seconds as The scalper name implies you're looking to scalp out small tiny chunks of profits multiple times a day Having multiple trades as they hoping to have more winners of course than losers So which approach is more profitable Well, let's first look at the scalper now.
It's a very popular form of trading partly because of the fill factor Especially in the forex market where it's so easy to enter And exit the trades so easy to set up a trading account with a very small amount of money Now a person with a day job that has just a few hours a day limited time to spend in front of the screens May be attracted to scalping Because the potential for profits and indeed losses they can happen very very quickly and if you're limited for the time In front of the screens then this could be an attraction for you scalpers will generally risk just a small percentage Amounts of the account so that no one trade will affect them adversely But for the small risk the gains are equally small on each trade, but the intention Clearly is to have more winners than losers Now for gamblers the natural reaction when they're losing is to fight a losing streak with Bigger risk on the next trade and this can cause huge problems in your trading So you've got to make sure that if you're going into the scalping methodology then you don't have these gambling traits a trader that comes into trading for the first time and Starts off with the scalping approach will generally have that gambling tendency which can be indeed very dangerous Brokers generally love rookie and aspiring traders that elect the scalping approach when they first start off Why well because most of them do end up blowing up their $500,000 trading accounts and in the meantime or paying the broker lots of commission for the joy of doing that Why is it? Do you think that most of these brokers will offer huge bonuses to get you into trading in the first place? Why is it that they offer huge huge leverage well? I'll tell you why they do is because they know that the majority of guys that come in and guys and girls that come in To trading for the first time using the scalping approach will end up blowing their account now Don't get me wrong on this okay, because there are some very very successful Manual scalpers out there, and I know quite a few However, I think it's fair to say that it's not advisable to start your training journey as a scalper things can happen very Very quickly you've got to be able to react very very fast the multiple adrenaline highs and the lows Can be very hard to deal with and you need to have experience So that you know how your emotions will react in these conditions To be a successful scalper you need to be extremely disciplined Okay, you need to be able to control your emotions And the adrenaline rush is that this trading does indeed provides.
Now, indeed if you are one of these people That can control your emotions control the discipline and you can handle these adrenaline rushes then indeed you could possibly make a very good living out of scrapping, if you know what you're doing Personally for me. I find it just way way too stressful, and maybe it's an age thing But certainly in my earlier days when I was trading in the pits in the pits of London You know we were basically scalping and it made many traders Multi millionaires at a very early age some lost a lot and indeed some actually even lost their hair Then you have swing trading now, this is trading at a much slower pace Traders are able to do their analysis in a short period of time perhaps at the end of the day or even in their lunch break whenever work permits It's great for those that just have maybe 10 20 30 minutes indeed to spend in front of the charts They analyze the markets and they place their trades possibly with a pending order that's basically waiting for the market that come to them in order to execute Very analysis is over a longer period of time after all they may be in the trade For a few days or indeed weeks the emotions and stress of a swing trader is Considerably less than a scalper and remember most traders that lose Lose because of the emotions that get the better of them not the fact that they call the market wrong in the first place Now the price action signals are also debatably more accurate over the longer time period projections as well now if you want to trade fundamentals fundamentals play out much bigger on the longer time periods so if you're using fundamentals and technicals Sometimes a swing trading approach can be much much more powerful than a scalping approach now a swing trader may risk or one or even two percent of the account on each trade But because less trade will be taken so the chances of a complete wipeout Are also going to be lessened by the fact that you're trading less? Using 2% as a scalper could be disastrous.
Let's face it You could easily have 10 trades on the bounce as losers that will put your count down 20% as a scalper that means you've got to make 25% just to get back to break-even Now in the middle we have the day trader. That's basically what I do Well, I do a mixture of day trading and swing trading So I'm able to spend multiple hours in the working day analyzing the markets Looking for the high probability trade setups looking at the 15-minute chart One-hour chart the four-hour charts, you know I have time to sit and wait for the trades now If none come along doesn't bother me. I know there will be some trades coming down the line in the future We don't force trades as a day trader because we have time on our hands You know we hadn't we're not limited just an hour a day. We've got plenty of time to analyze the markets We are patient traders We may be risking a quarter of a percent or higher percent on each trade no And we may just have a few trades in the day, maybe some days We won't have any trades at all But the emotions again a lot less than they are with a scalper I know I can handle the discipline and the emotions of day trading Much greater than I can if I'm in and out of the market on a dime For signals using the high timeframes such as the one hour the four hour can be quite powerful if you know what you're looking for It stands to reason that the less trade you take the less stress.
You'll be putting yourself under However one of the biggest problems that I've found over the years is that many that come into trading? for the first time They have a limited amount of time on their hands Maybe a couple of hours a day so they start off by day trading and they're gonna get themselves Frustrated because the trades aren't coming their way and they take trades that are simply not there which can often and more than likely lead to losses in the trading account so if you're embarking on a trading career and deciding which approach you are more likely and best suited I Would say you've got to analyze firstly the time permitted that you can spend in front of the trading screens then you've got to look at your personality how disciplined and Emotional are you? You need to consider your Objections, what are you coming into trading for are you coming in for a bit of fun? Are you coming in to supplement new income are you coming into this to eventually give up your day job or trade? Full-time as a professional trader So all these considerations must be taken into account when you're considering which trading style to adopt My advice is this quite frankly if you're an aspiring trader coming into trading for the first time You start on the much much higher time frames the swing trading approach if you're starting on the swing trading approach You're not gonna Let the emotions affect you as they do with most traders and emotions or the killer of most traders believe me So start on the higher time frames and as you get proficient, then you may work yourself down to the lower timeframes Scalping is great for those that have the high temperament the high Discipline approach but for most of us out there that I think is few and far between Look.
I hope you found that useful if you liked my video the content. Please as always give me a thumbs up Give me a thumbs down if you thought it was a load of old tosh. Leave a comment below, and I always get back to as many as I can Subscribe to the channel if you haven't already done so and of course don't forget to follow the Instagram as well To my next video good luck with your trading speak to you soon .
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Can You Make A Living In Forex Signal Copying!? Is It Possible?!
Can You Make A Living In Forex Signal Copying!? Is It Possible?!
Is it possible to make a living at a full-time career out of following someone else's signals? So what an interesting topic this is. Can you make a living by following someone else's trade signals. Very important. Certainly for us anyway because we work for forexsignals.com. Joking aside, it is a valid question. And I think it needs no further analysis. My experience over the last... you know 20 years or so trading the trading the screens. I've seen a lot of people come into this business, trying to give up their day job. Thinking they're going to be a trader. This is their road to riches. It's a get-rich-quick scheme, okay? They don't like their current jobs and they think they're going to be you know just switching on the screens and making a living. People are looking quite often for the easy way out.
And this approach has really led to a real growth industry in the forex signal service business. Basically, what a forex signal service is, is exactly what it says on the tin. You know you pay a subscription. A monthly or annual subscription or whatever payment plan you have with the provider. And that provider will send you a signal to your email, to your smartphone or what have you. And that will be a buy or sell with stop loss levels, take profit target levels might even have some risk management in there as well. So what a signal service will do? Send you the signal you as a trader will take the signal and off you go. You try and make money. You've read on the tin that this strategy makes twenty percent in the course of the year, so you think that is great. Well, I thought sure--- I don't think it's a really as easy as that.
And I think you need to put some more analysis into the civil service, and we'll talk about that a bit more in in a moment. But there are certain advantages. Am I following a signal service and the first advantage is: Learning to trade itself is not an easy task. Is not something that you can do overnight. Not something you can pick up a book, read the book and then you become a trader .It takes time. A lot of time. I've been trading for thirty years, twenty years really on the screens. Takes a lot of time and a lot of screen practice.
And that caring love bullets. So for your signal service having faith in someone else to make those decisions for you can be a huge advantage. Now, let's assume that strategy you're using or that the provider is using has been that tested. It's got a good track record. Presumably, they've done their back testing. That testing is an incredibly boring task. It has to be done. You need to know how the strategy performs. So if you want to follow a signal service, you've got to assume that that provider has done all that back testing for you.
He's taken all that hard work out for you. So there you have a strategy. Honest back testing. It's got a great return on investment, off you go with it. Well quite frankly, here is where I think the double-edged sword is. It's not quite as simple as that. When you follow a signal service You basically... shifting the responsibility onto someone else. And it's very easy when you shift the responsibility onto someone else to blame someone else when that strategy goes wrong. Then you start losing, okay? That's a lot of the reasons why people do it. They don't want to take some responsibility. But I think to use a signal service in the most effective way, you've got to take some responsibility. Okay, you've got to understand what's going on behind the strategy. So you've got to understand the characteristics of that strategy.
How it informs in volatile periods. What the maximum drawdown is. What the maximum number of consecutive losses will be. What's the maximum number or potential gainers you're likely to see as well. It's only really have their the information. That you're able to have more trust in the actual signal service itself. Very easy to throw out a signal service because you've had fire losing trades. Then you move on to the next signal service. And then the next one and the next one and the whole cycle repeats itself.
So you need to do some further analysis into the signal so that you've got confidence to stick with the strategy indeed when it does have those drawdown pillars. You need to know what is going on behind the scenes behind that signal. Now the other thing I think I want to talk about is the risk management. Risk management is crucial when you're trading. A lot of these signal services that you see they don't really include the risk management. The big picture. They might say only risk 1% on the trade, but they're not looking at the big picture in terms of your trading plan. Where you want to be in a month's time, six months time, a year's time, in two years time. This just basically a quick profit and that's what they're basing themselves on. To become a successful living making a living out of trading, you've got to have a plan.
You've got to have a strategy in terms of risk to take you forward. A lot of these strategies these are similar services don't provide that for you. So what you need to do basically quite frankly, is follow a single service. But know what's going into it. What's the backbone behind it and the bigger picture. Psychology, risk management. Now here at forexsignals.com, we do exactly that. We provide signals of course. We also provide the education.
The education behind the strategy. We teach you why we're taking such trades. We teach you the thought process what's going on behind the strategy. We talk to you about how to back test. How to analyze a strategy. How to actually see if this is credible going forward. What's the expectancy. That basically means what you can expect from that strategy. How many losses you could potentially have on the bounce. How many potential winners you can have on the bounce. We also factor in the risk management as well. We look at that in a very serious matter It's so so important risk management, so we cover that as well. The other thing you need to look at is the psychology behind training. Psychology it's pretty much 70% of everything we do as traders. Even if you're following a signal service or even if you're trading yourself. Psychology is crucial. You can follow a signal service. Have some losing trades. You then start doubling up or you then start throwing it out and getting another strategy. All this is the psychology. Getting a signal service without that analysis can lead to danger.
So I think it's fair to say there is a work, there is a space for a signal service. But you've got to look into it in the big picture. You've got to look into it is as part of your trading plan. Sure it takes some hard work away, but you've got to put a little bit more work into it. Believe me, there's no signal service out there that you can plug in follow religiously to give up your day job.
But there's certainly a space for it. I hope this video was insightful. And if it was, give me a thumbs up. If it wasn't, give me a thumbs down. Of course always leave a comment below. We'd love to hear from you. Love read in the comments. I get back to as many as I can. Subscribe to the channel if you haven't already done so and of course you can follow us on Instagram. In which case you get to see all the work that goes on behind these videos. Thanks again for this thing and till the next video good luck! .
forex, forexsignals, trading, room, Forex Signals, Forex Signal Copying, Signal Copying, Living, Living out of forex, forex copying, Copying Forex Signal, day trading, forex trading, metatrader 4 copying, copying traders
Is it possible to make a living at a full-time career out of following someone else's signals? So what an interesting topic this is. Can you make a living by following someone else's trade signals. Very important. Certainly for us anyway because we work for forexsignals.com. Joking aside, it is a valid question. And I think it needs no further analysis. My experience over the last... you know 20 years or so trading the trading the screens. I've seen a lot of people come into this business, trying to give up their day job. Thinking they're going to be a trader. This is their road to riches. It's a get-rich-quick scheme, okay? They don't like their current jobs and they think they're going to be you know just switching on the screens and making a living. People are looking quite often for the easy way out.
And this approach has really led to a real growth industry in the forex signal service business. Basically, what a forex signal service is, is exactly what it says on the tin. You know you pay a subscription. A monthly or annual subscription or whatever payment plan you have with the provider. And that provider will send you a signal to your email, to your smartphone or what have you. And that will be a buy or sell with stop loss levels, take profit target levels might even have some risk management in there as well. So what a signal service will do? Send you the signal you as a trader will take the signal and off you go. You try and make money. You've read on the tin that this strategy makes twenty percent in the course of the year, so you think that is great. Well, I thought sure--- I don't think it's a really as easy as that.
And I think you need to put some more analysis into the civil service, and we'll talk about that a bit more in in a moment. But there are certain advantages. Am I following a signal service and the first advantage is: Learning to trade itself is not an easy task. Is not something that you can do overnight. Not something you can pick up a book, read the book and then you become a trader .It takes time. A lot of time. I've been trading for thirty years, twenty years really on the screens. Takes a lot of time and a lot of screen practice.
And that caring love bullets. So for your signal service having faith in someone else to make those decisions for you can be a huge advantage. Now, let's assume that strategy you're using or that the provider is using has been that tested. It's got a good track record. Presumably, they've done their back testing. That testing is an incredibly boring task. It has to be done. You need to know how the strategy performs. So if you want to follow a signal service, you've got to assume that that provider has done all that back testing for you.
He's taken all that hard work out for you. So there you have a strategy. Honest back testing. It's got a great return on investment, off you go with it. Well quite frankly, here is where I think the double-edged sword is. It's not quite as simple as that. When you follow a signal service You basically... shifting the responsibility onto someone else. And it's very easy when you shift the responsibility onto someone else to blame someone else when that strategy goes wrong. Then you start losing, okay? That's a lot of the reasons why people do it. They don't want to take some responsibility. But I think to use a signal service in the most effective way, you've got to take some responsibility. Okay, you've got to understand what's going on behind the strategy. So you've got to understand the characteristics of that strategy.
How it informs in volatile periods. What the maximum drawdown is. What the maximum number of consecutive losses will be. What's the maximum number or potential gainers you're likely to see as well. It's only really have their the information. That you're able to have more trust in the actual signal service itself. Very easy to throw out a signal service because you've had fire losing trades. Then you move on to the next signal service. And then the next one and the next one and the whole cycle repeats itself.
So you need to do some further analysis into the signal so that you've got confidence to stick with the strategy indeed when it does have those drawdown pillars. You need to know what is going on behind the scenes behind that signal. Now the other thing I think I want to talk about is the risk management. Risk management is crucial when you're trading. A lot of these signal services that you see they don't really include the risk management. The big picture. They might say only risk 1% on the trade, but they're not looking at the big picture in terms of your trading plan. Where you want to be in a month's time, six months time, a year's time, in two years time. This just basically a quick profit and that's what they're basing themselves on. To become a successful living making a living out of trading, you've got to have a plan.
You've got to have a strategy in terms of risk to take you forward. A lot of these strategies these are similar services don't provide that for you. So what you need to do basically quite frankly, is follow a single service. But know what's going into it. What's the backbone behind it and the bigger picture. Psychology, risk management. Now here at forexsignals.com, we do exactly that. We provide signals of course. We also provide the education.
The education behind the strategy. We teach you why we're taking such trades. We teach you the thought process what's going on behind the strategy. We talk to you about how to back test. How to analyze a strategy. How to actually see if this is credible going forward. What's the expectancy. That basically means what you can expect from that strategy. How many losses you could potentially have on the bounce. How many potential winners you can have on the bounce. We also factor in the risk management as well. We look at that in a very serious matter It's so so important risk management, so we cover that as well. The other thing you need to look at is the psychology behind training. Psychology it's pretty much 70% of everything we do as traders. Even if you're following a signal service or even if you're trading yourself. Psychology is crucial. You can follow a signal service. Have some losing trades. You then start doubling up or you then start throwing it out and getting another strategy. All this is the psychology. Getting a signal service without that analysis can lead to danger.
So I think it's fair to say there is a work, there is a space for a signal service. But you've got to look into it in the big picture. You've got to look into it is as part of your trading plan. Sure it takes some hard work away, but you've got to put a little bit more work into it. Believe me, there's no signal service out there that you can plug in follow religiously to give up your day job.
But there's certainly a space for it. I hope this video was insightful. And if it was, give me a thumbs up. If it wasn't, give me a thumbs down. Of course always leave a comment below. We'd love to hear from you. Love read in the comments. I get back to as many as I can. Subscribe to the channel if you haven't already done so and of course you can follow us on Instagram. In which case you get to see all the work that goes on behind these videos. Thanks again for this thing and till the next video good luck! .
forex, forexsignals, trading, room, Forex Signals, Forex Signal Copying, Signal Copying, Living, Living out of forex, forex copying, Copying Forex Signal, day trading, forex trading, metatrader 4 copying, copying traders
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