The first step in becoming a good forex trader is to undergo comprehensive forex trading training. I went for forex trading training in the year 2007 under BoasonJeff forex training. So, I know what it means to undergo FX training.
So, I am writing out of my experience as a professional forex trader. What is for sure is that most forex trading trainers in Nigeria are not forex traders. So they end up selling information to those that really want to learn how to make money trading forex.
Please take note: I was a victim of training from just an information seller, who doesn’t know what it really means to trade forex. And so many forex training centers, seminars, and institutes in Nigeria are information sellers.
That is why after the so-called forex trading training from them, they hardly give you the attention you need to succeed after the training.
Thank God that I was not discouraged after the fake training, therefore I took the bull by the horn, and today, I can boldly say I am one of the successful forex traders in Nigeria.
So, what you are about to read is forex trading training from me, the person of Mr. Israel Chima Nnabuike. All I will teach you here is from my 11 years of trading forex.
I have seen the ugliest part of forex by losing all I have in life. And I came back and made them all out of the bitter experience. So, I will give you nothing other than all you need to succeed in trading forex.
That does not mean there are no good ones out there but I for one cannot vouch for anyone. But all I know is that reliable forex trainers are very expensive and hard to get.
Also Read: How to Get Between $10k and $50K Forex Trading Account
Forex Trading Training – Proper
I will start by telling you that forex trading is a very fast way of making money online. At the same time, it is the fastest way to lose all you have acquired in life. This means that you are not guaranteed of getting rich quick trading FX.
In addition, forex trading is not for unemployed or for someone who is desperately in need of money. This means it is a business you will start, nurture until it becomes big for you to start enjoying.
But if you are unemployed but have time, then forex knowledge is worth having because you can use it when you finally get a job. Or you can sell the real knowledge to those that have money to invest while you do the trading.
Never ever think of borrowing money to start trading, more especially if you are new to the forex trading.
Forex Trading Training For Beginners
If you are completely new to forex, then my training is beyond your scope. But that does not mean I will not help out. I will introduce you to the best online forex trading website for beginners.
Here is the link ( Click Here) to the training. It is completely free and more detailed than most paid online training. I used it so many years ago and it is still the best by all standards
FX Trading Training For The Struggling Trader
A struggling trader is a person who knows the basics and has some forex trading strategies that work today and fail tomorrow. In other words, the trader wins a few trades and loses more trades.
If you are such a person, it is obvious you are searching for forex trading training that will give at least a 90% success rate. To that, I say welcome because I have found what works over the years.
It is a forex trading training that taught me the language of forex and how to communicate with the chat. After going through this training and practiced for a very long time, I ended up having an ATM for myself.
Trend against the Trend by Mr. Simple was the only forex trading training that made me very successful over the years. So, I will strongly advise you to lay your hand on that training.
Click Here to read the reviews
Languages of Forex Trading Chart
Trend
The first language of any trading chart you must take note of is the trend. There is this popular saying among the traders that the “Trend” is your friend. That statement is as pure as snow.
If you failed to identify and follow the trend then there is no way you can make money trading forex. Trading against the trend is like swimming against the tide.
Obviously, no one swim against the tide can go far. As a matter of fact, the only indicator you are allowed to use on your forex trading platform is the trend finder. I personally use SHI_Channel_true.
It is a free channel and trend identifier and very easy to install. Once again, if you can’t find or know a long term trend of a currency pair then avoid trading that pair completely.
Once more, the trend is not only your friend but your savior.
Trend Behavior Pattern
After identifying the trend, you have to know if the trend is continuing or reversing. This means the chart speaks the language of trend continuation patterns and trend reversal patterns.
Therefore, let’s take a deep look into the trend continuation patterns.
Gap
In any trend watch out for a Gap. The other name for a gap is a window. Almost 90% gap in a forex chart shows that the price will continue in that direction. From the chart below, you can see that the market gap downward and the trend continues in that direction.
How to Trade a Gap
If the market gaps, wait for the price to come back from the point it gaped because usually, that point becomes support or resistance. Therefore, the right entry point in a market that Gaped is to wait for the price to retrace to the original point.
Your exit will be when the price closes the gap or window. For instance, it price gaps downward, it is supposed to continue in that direction.
But if the market refused to go in that direction, which means the buyers close the gap then exit your trade. Check the chart below.
There 3 types of gaps in forex trading, and they are:
- Tasuki gap
- The gapping play
- Side-by-side while lines
If you understand and master gaps, you will always make money trading forex.
Hope you are enjoying this forex trading training.
Rising Three Method
Another trend continuation pattern you need to know is called rising and falling three method. Form the chart below, the trend is up and the seller tried to push back in 3 different candlesticks.
Along the line, buyers came and nullified the strength of the sellers completely. This means that the buyers will continue in their movement.
Falling Three Method
This exact opposite of the rising three method, which means it occurs in a downward trend.
Another strong trend continuation pattern is known as three advancing white soldiers. The chart below shows exactly what it means.
These are the essential trend continuation pattern you need to know in other to trade a naked chart. Don’t forget that this forex trading training is designed to make you understand the chart language.
Up Trend Reversal Patterns
If a trend is upward, definitely it will turn downward. The question is, can you spot when an upward trend is about the change to a downward trend?
The answer is yes if you understand the language of chart reversal patterns of an upward trend. And the patterns are:
- Evening star
- Dark cloud cover
- Tweezers top
- Hanging man
- Counterattack line
- Harami and Harami cross
- Doji star
- Shooting star
- Bearish belt hold
Detailed explanations of these patterns are beyond this post or forex trading training. But, you can Google each pattern to understand what each looks like.
Down Trend Reversal Patterns
The chart also reveals to the knowledgeable when a downward trend is about to change to upward. The chart languages or patterns that detect that are:
- Bullish engulfing pattern
- Piercing pattern
- Tweezers bottom
- Hammer
- Morning star
- Counterattack line
- Inverted hammer
- Bullish belt hold
- Tower bottom
Forex Trading Training –Wrap Up
A very serious point you should take home from this few minutes forex trading training is that trend doesn’t change easily. Therefore, even if these patterns mentioned above forms, you must wait for confirmation.
Though I did not mention the confirmations here, you can get them in one of the most respected forex trading training videos course by Mr. Simple.
When I invested in this course, I paid 20K and that was how I became very successful.
Click Here to Access the program
My last word in this forex trading training is, it is better to spend $10,000 in forex education and start trading with $500 because you will gain it all if you play by the rule.
But if you refuse to go for quality forex trading, then you will lose everything you have. So, be warned.
Good Luck