Preschool>= Lesson Status ?
Kindergarten>= Lesson Status ?
Elementary>= Lesson Status ?
Grade 1 Support and Resistance Levels
Grade 2 Japanese Candlesticks
Grade 3 Fibonacci
Grade 4 Moving Averages
Grade 5 Common Chart Indicators
Middle School>= Lesson Status ?
Grade 7 Important Chart Patterns
Grade 8 Pivot Points
Summer School>= Lesson Status ?
High School>= Lesson Status ?
Grade 9 Trading Divergences
Grade 10 Market Environment
Grade 11 Trading Breakouts and Fakeouts
Grade 12 Fundamental Analysis
Grade 13 Currency Crosses
- What is a Currency Cross Pair?
- Crosses Present More Trading Opportunities
- Cleaner Trends and Ranges
- Taking Advantage of Interest Rate Differential
- Obscure Crosses
- Planning Around News and Fundamentals
- Creating Synthetic Pairs
- Euro and Yen Crosses
- How to Use Crosses to Trade the Majors
- How Cross Currency Pairs Affect Dollar Pairs
- Summary: Currency Crosses
Grade 14 Multiple Time Frame Analysis
Undergraduate>= Lesson Status ?
- Why Keep a Trade Journal?
- Benefits of Keeping a Journal
- What Should You Record in Your Journal?
- Potential Trading Area
- Entry Trigger
- Position Sizing
- Trade Management Rules
- Trade Retrospective
- Trading Journal Statistics
- Reviewing Your Trading Journal
- Difficulties of Keeping a Trade Journal
- Summary: Keeping a Trade Journal
Graduation>= Lesson Status ?
- Which Trading Style is Best for You?
- Which Currencies Should You Trade?
- What is Your Level of Trading Experience?
- Should You Be a Discretionary, Mechanical, or Hybrid Trader?
- What Kind of Mechanical System Suits Your Personality?
- What is Your Attitude Towards Risk?
- What Kind of Stop Suits Your Trading Style?
Time is Money
A common mistake by many new traders is that they think they can make money... fast! While it's true you can make money in a short amount of time, it doesn't mean you will end up profitable in the long run.
A typical scenario is that a new trader reads a little bit about trading forex, finds a system online that claims to make money quickly, and then jumps right into trading because he feels like he's got enough of a background to make millions of dollars.
Unfortunately after the "honeymoon" period is over and the excitement settles down, this new trader now realizes that trading isn't as easy as he thought. The system doesn't seem to be working like it claimed it would and he has no idea why the market is doing what it's doing.
The most important thing you can invest in as a trader is your TIME! Every single trading day is a learning experience and if you stop learning, then you will never become a truly successful trader.
Take into account how much time it will take you to learn the basics. Then consider how much time it will take in your daily routine to read charts, news reports, record your trades, and be in the markets.
For someone who can dedicate a "full-time" job mentality to trading, then this is no problem. However, if you're like most people, you may have a job, school work, tuba lessons, World of Warcraft dailies, so you cannot exactly dedicate your entire day to trading.
This doesn't mean that you can't trade, but it should give you some realistic expectations when it comes to determining your trading style. You probably can't be a scalper or day trader, but maybe longer term trades will work better for your schedule.
Each day requires your time to analyze the market. Because news makes the market move, it's important to consider the economic developments going on around the world and to make it part of your daily routine.
Some things to consider in your market analysis:
- Forex Market Developments - Look at what the "talk of the town" is in the forex world. See what the analysts are buzzing about and how the currencies reacted.
- News Releases - Know what news reports are coming out each day and how they affect the markets. The more important the news report, the more movement you can expect to see in its currency. Make sure you check out our wicked-sick Forex Calendar
- Market Prices of Other Commodities - The price of oil or U.S. Treasury yields can affect the way currencies move so it's important to find out why these things are rising or falling and keep that in mind when trading currencies. Check out Happy Pip - not only is she single, but she loves playing those comdolls!
- Current Events - Check out many news websites and get to know what is happening across the globe. Events such as major elections, military conflicts, and political scandals can all affect currency movements or global risk sentiment. Book mark Bookmark Forexgump's Piponomics blog and read up on his analysis.
Finally, after going through your daily economic analysis, you have to look at the charts. Charts will give you insights into key support and resistance levels, trends, and possible price points in which to enter the market.
Here's a tip - while Big Pippin ain't chillin' at the club, he's busy working away on his charts. Make sure you take a look at his Daily Chart Art to see what sexy setups he's spotted for the day!
While you are logged into your account,
you can save your progress in the School of Pipsology!
- Each Trader is Unique
- Time is Money
- Day Trading
- Swing Trading
- Position Trader
- Summary: What type of Trader are you?