Forex Trading Method

Did you try like me to find a simple but effective Forex Trading Method ? I have been trying myself for quite some time. I have analyzed forex robots. I tried to come up with a good trading method on my own using technical indicators or pattern recognitions but did not really found anything interesting or reliable enough. I also bought some ebooks but again very difficult to use as is.

While surfing in the market club website, I saw a reference to forex education with Bill Poulos a 30 years veteran on forex trading. On Bill poulos site they were offering a forex education called Forex Nitty Gritty for beginners and even for more advance traders. It was offered at a fair price (100$) plus 30 days free access to their forex nitty gritty website. This education includes a simple forex trading method and that was what I was interested in. So I decided to buy this course and study carefully. By the way they offer a 30 days money back.

So here is what the course is about :

First it is all on videos directly accessible on your computer. As soon as you buy it you can access it. Those videos are of very high quality and I liked them immediately.

You first learn the basics on Forex like what are the major pairs, the best time of the day to trade, how to choose a good broker, what charting software to use, etc.

Then you learn how to calculate profits or loss on a trade, what is the margin requirement for each trade, what type of orders you can use. You are also immediately introduced to risk management which is the most important aspect of a good forex trading method.

Then you learn the basics on technical analysis. This video is very interesting and it simplifies a lot the usage of technical indicators. The most important part of this chapter is how to recognize support and resistance on any time frame on a chart.

Then you learn what is the foundation of a good forex trading method. That includes four items.

Finally you learn how to use their very simple trading method mostly based on support and resistance levels on any time frame chart or any currency pair. Also you learn that it is usable when the currency pair you choose is trending up or down. I started to use it on a demo account with Ibfx broker using 1 hour time frame and trading only in the trend direction of the daily graphic. On the very first day which was May 26 2009, I was able to recognize 6 trading opportunities and they all carried more than 60 pips each. Next day did not offer any trade opportunities. Next day I was able to spot 4 trades opportunities giving about 45 pips each. On friday no real trade opportunites showed up. Of course don't expect that every day especially on 1 hour time frame. Since I don't want to watch my computer all day long, that fits my trading style. But you can trade on any time frame down to 5 minutes chart.

You can see more details on their website Forex Nitty Gritty.

There is a complete chapter on risk management. You learn for each trade how to place stops and take profit levels. Stops are very important since losses are part of the game. But you want to limit those losses to a minimum.

Finally you learn when not to trade. This happens when currency pairs show sideways patterns. You will learn how to recognize that and stay out of the market.

You also learn how to control your emotion and stick to your trading method no matter what.

To find more reviews on Forex Trading Method.

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