Making Money Trading Forex is NOT About Being RIGHT!

MAKING MONEY IN FOREX IS NOT ABOUT BEING RIGHT!

It's much more about realizing when you're wrong and taking small losses. As you build up your experience trading the Forex markets you will read signs from the chart if the trade's more likely to go up, down, or sideways. You will learn to read patterns and indicators that are likely to SHOW YOU that you may be wrong in your overnight analysis BEFORE you take a trade.

I highly recommend you use technical indicators to act as FILTERS, to tell you if what you think will happen is LIKELY or not likely to come to fruition.

That's why I use filters, in the order of importance. Most of these indicators I invented and are FREE to our traders who trade with us with huge Forex brokers such as FXDD, FXCM, or FX Solutions. If you already have an account with one of these brokers you can get our TopGun software and the eSignal data that it runs on absolutely free.

1) FX Power Index - Invaluable trend tool that shows me the % of pairs that support buying/selling. To a lessor extend FX Multimap which shows the INTENSITY of the trends. If I think a strong pair from the day before will continue its trend I NEED it to show strength today. If not them I'm wrong on my analysis but I also AVOID losing trades. Simply cutting down on the number of losing trades you take is often the only thing many traders need to do to shift from losing to profitability!

2) 180 Balance Point Line - This is the activity weighted avg price for last 3 hours. If above I look mostly for buys and under it sells.

3) Hourly 20 period simple moving average. If above then the market's strong and I mostly look for buys and under neath I look for sells.

4) Higher Highs/Higher lows for buys and Lower Lows and Lower Highs for sells. This SIMPLE concept helps me avoid a lot of bad trades. If trend is up but on next move up it can't take out the HIGH that's a possible sign of a likely later reversal. Be SAFE! Wait for a higher high before you continue with those trends. Reverse for shorts.

5) CONSOLIDATIONS - Some of my biggest pip gains come after markets consolidate for awhile and then break out. This is a high probability trade and I feel one of safest trades. I use NR Breakout script in TG to find these. The USDCAD perfect example of this today. I had the USD as weak and CAD as strong and after it broke its 8 hour sideways consolidation the trend started and it fell 80 pips approx.

I hope this helps in your trading. You may wonder why I post. Many people in my trading career have HELPED me and I want to return the favor. There is such a lack sharing of WHAT WORKS