There’s stuff that forex charts will teach you that I simply can’t. So I have a simple challenge for you this week…
Watch 3 Currency Pairs This Week
I’ve selected three currency pairs for you to watch. The exercise is very simple.
Step One: Fire up a Forex Chart. If you’d like a great free chart, use the free netdania chart from dailyfx.com. This chart is great because it has all the basic tools and you can just go there with your browser. No account needed.
Step Two: Open up a window for each of these three currency pairs: EUR/USD, GBP/JPY and AUD/CHF. I chose these three currency pairs because they contain 6 different currencies. This way you’re guaranteed to see three different, completely unrelated chart patterns.
Step Three: Draw trendlines on Daily, 4-hr and 1-hr charts.
Step Four: Watch what happens. 2-5+ times a day look at these charts. Keep the same trendlines that you originally draw. In your head form a guess as to what might happen. To think like a trader, you’ll want to guess several different “what if” scenarios.
Don’t Skip This Because It’s Simple
I know you’re thinking that this is a little too simple.But hear me out...
Depending on your level of experience, you may be trying “too hard” to be right!
A beginner doesn’t know what to do. Before even trying to make trading decisions, JUST WATCH THE CHARTS!
Watch the live charts to see what happens. Just be curious as if you were watching an ongoing sports game. You don’t have to be right or wrong, just be curious.
You’re never going to be a successful forex trader online unless you get used to looking at forex charts often. Why not take your time and just get a good feel for the charts?
This is also a great time to look for the patterns you’ve been learning about.
Forex Chart Exercise Video
Watch the video below to see how to go through your forex charts and “what you should do” to set them up
There’s a concept in business that has made me ALOT of money. It’s pretty simple, almost common sense. But you’d be surprised how few people use this little “secret.”
After all, who doesn’t…
Want to Make More Money?
Get Paid More Often!
Ok. I know you’re thinking “DUH! I’d love that!!! But HOW???”
Let me explain.
Two Types of Profitable Trades
Most forex traders think that if their trade is in the profit zone (i.e. it’s a trade that’s currently profitable), that they should just wait for their limit to be hit & get out. Heck, I even teach to do EXACTLY THAT in the basic Forex Sailing course.
And it works. But there’s a more “sophisticated way” to look at your trade.
The speed that prices move in the forex market changes. Sometimes it moves faster, sometimes it slows down.
Sometimes prices are moving faster than average. Sometimes they move slower than average.
The Perfect Horse Race to Bet On
Imagine that you bet on a horse at the track. But this is a “special” track. You don’t just win if your horse wins the race. You can close your bet for a profit ANYTIME YOUR HORSE TAKES THE LEAD!
If you could bet like that, do you think you could make money?
Well you can’t bet on horses like that…but that’s EXACTLY HOW THE FOREX WORKS!!!
A Bird in the Hand is Worth Two in the Bush
You’ve probably heard this expression. Profits in online forex trading only COUNT when you close a trade. So it makes sense that you should look for ways to pay yourself more frequently by cashing in when your trade TAKES THE LEAD (i.e. is profitable).
How can you get paid more often?
You get paid more often by taking profits earlier in a trade. The trick is to know “how” to do this.
I mentioned above that prices move faster than average some of the time & slower at others. If you close your trade when it’s profits are moving faster than average, you’re going to win!
There are several methods for doing this. I closed a very profitable week last week by using this method that I shared with my LIVE Forex Training students.
I’ll be talking more about how to take profits early on trades in future rapid forex blog posts. To learn these advanced early exit profit taking steps in live forex trading conditions, enroll in the Hedge Report today. I look forward to working with you personally to help you succeed once and for all at online forex trading!
I’ve read at least a few hundred books on personal development in the past 15 years. It’s one of my favorite topics to read about. I usually skipped the first chapter because it was often about “finding your purpose.” I simply wanted to make money…
Then I Made Money
When I got extremely focused on making money, I made a lot of money….
I’ve now reached a point where I can work an hour a day & have plenty of money…so I’m realizing the importance of all those chapters I skipped on “finding your purpose.”
Imagine that you have enough money to do whatever you want without working. Then ask yourself this question: “Now What?”
I did this about 6 months ago. I discovered that living close to the ocean, having a hot tub, driving around with beautiful scenery, spending time in nature & with great people were important to me. After getting all of that, I find myself asking the “Now What” question again…
When I got out of college, I never thought about what I wanted. I just worked and made money. I found myself a few years ago with a dozen employees, a business partner and working 15 hours a day just to maintain a million dollar a year company, but I wasn’t getting what I wanted. It wasn’t important to me…so I gave it all up!
Determine Your Purpose Now
Forex trading is a great way to make an income. It’s easy to do once you know how to do it. But it’s not something that will satisfy you in life. The money you make with it will only “finance” what you want in life.
Ask yourself what you’d do with the money once you’ll get it. This is not a waste of time. It will save you tons of time from working towards something you don’t care about.
Once you have your purpose clearly defined, you’ll be properly motivated to spend the time it takes to become a successful forex trader…you might even find that you’re much closer to what you want than you ever thought possible