Saturday, November 19, 2011

Nial Fuller - Keeping Forex Trading Simple

Who is Nial Fuller?

Nial Fuller is an Australian price action trader and trading mentor who specializes in teaching aspiring traders to trade the Forex market with price action based strategies. Nial started trading financial markets at just 16 years of age while still in high school. He was hooked very quickly on the opportunity and excitement of being a professional trader. After studying many different trading systems and strategies over the first two years of his career, Nial eventually was led to the simplicity and effectiveness of price action based trading. His trading subsequently started to progress quickly and he soon was consistently profiting in various financial markets.

What does Nial Fuller stand for?

Nial Fuller is a bit of a “maverick” trader in that he isn’t afraid to do what the masses of traders won’t; like wait for a week or more for the “perfect” trade setup. He stands for trading with simplicity and for helping other trader’s trade in a similar manner. Nial’s aim is to spread genuine insight and honesty in the Forex trading world, which is generally plagued by disingenuous scammers and people selling trading systems who are not successful traders themselves. Nial stands for dispelling the myths and lies spread around the web about Forex trading and what’s all about by trying to speak the truth about the reality of trading and what you can expect.

How is Nial Fuller different from other Forex educators?

Nial is clearly different from other Forex educators in that he has a natural knack for both teaching and trading, and this is evident upon watching one of this Forex trading videos. Also, he teaches simple price action based strategies while most of the rest of the Forex world is promoting indicator and software-based trading systems. Nial believes in teaching traders “clean” trading strategies that allow them to make sense of the natural price dynamic of a market so that they can successfully trade for themselves no matter what condition the market is in. He is not trying to sell people some two thousand dollar trading product like many other educators, he is only trying to share his wealth of price action trading knowledge as cheaply as possible.

What can you learn from Nial Fuller?

You can learn effective price action trading strategies from Nial Fuller that are simple to understand and simple to implement. You will not find any “smoke and mirrors” in Nial’s trading strategies, just straight forward and time-tested price action – based strategies that provide you with a framework to make sense of the ever-changing Forex market. Nial teaches traders the exact same price action strategies that he has used successfully in the markets for years. You will learn not only a trading strategy, but a way to think about and make sense of the market’s movements each day. This will work to instill a deep understanding of how markets ebb and flow and how to take advantage of the natural price dynamics that occur in them, this way you can trade for yourself for a lifetime.

Friday, November 18, 2011

Become a Better Forex Trader by Doing These Five Things

Become a Better Forex Trader by Doing These Five Things

In this brief Forex trading lesson I want to give you five quick-tips to become a better trader now. I am not saying that you will instantly make money if you do everything discussed here, but I am saying that from my own personal trading experience, the five things listed below will make your journey to successful Forex trading a lot easier and quicker:

1) Only risk money that you can TRULY afford to lose
Perhaps the number one thing you need to understand about Forex trading is that you really should never trade with money that you are totally comfortable with losing. In my experience, beginning traders often fund their trading accounts with money they should not be trading with. I have even had some of my students tell me via email that they’ve funding their trading accounts with credit cards because they had no cash. This is just not the right way to get started trading the markets.
You need to approach the markets from a totally objective and calm mindset, and if you are using money that you shouldn’t trade with, you are naturally going to get emotionally over-attached to every trade. So, my first tip to become a better trader is to make certain that you’re only using money that you are 100% OK with losing in the markets, and be sure that you are 100% OK with losing the amount you have risked on any one trade, because any trade could end up a loser.

2) Stop trying to control the markets; instead control yourself
Next, you need to stop trying to force your will upon the markets and instead learn to control yourself. Traders who over-trade and over-leverage, or who meddle with their stops and targets after entering a trade, are indirectly just trying to control the market. What many traders don’t understand is that you cannot control the market, it’s impossible; the only variable you can control in trading Forex is yourself; your own thoughts and your own behavior are the only things you can control in the market. Until you fully accept this fact and actually begin to control yourself instead of the markets, you will not make consistent money. The markets do not know you are alive and they do not care, that’s not meant to be harsh, it’s simply true.

3) Learn to trade the daily charts first
The daily time frame is my number one time frame to trade and I consider it my “anchor chart” because I base the majority of my trading decisions off of it. I feel that time frames under the 1 hour chart are simply too noisy and full of “random” price movement to be effective. Many traders get caught up in a game of trying to “figure out” what is going to happen by looking at 15 minute, 5 minute, and even 1 minute charts. What they are really trying to do is control the market again by believing they are going to somehow figure out what’s going to happen via looking at more data or more price bars, while forgetting that lower time frames are inherently less accurate than higher ones. In my opinion the daily charts give the best combination of trade setup quantity and accuracy, and I’ve been successfully trading off the daily charts for years.

4) Learn to trade with the trend first
I am always somewhat surprised at how many traders try to fight the dominant daily trend of the market by trying to pick tops and bottoms. It has been proven time and time again that trading with the trend is the most profitable and highest-probability way to trade, yet amateur traders all over the world try in vain to fight the trend. If you want to become a better trader right now, perhaps the thing that will help you the quickest is to simply learn to trade with the trend and stop trying to pick major market tops and bottoms, because it really is a fool’s game.

5) Learn and master an effective Forex trading strategy
All traders need to have a high-probability trading edge to enter the market with; otherwise they might as well just enter randomly. The problem with trading strategies is that many of them are too complicated or are too inflexible to be worthwhile. I have always used and been a proponent of trading with simple price action setups because I feel they provide the most accurate and simple trading strategy to navigate the markets with. Whether you trade with price action or another strategy, you need to make sure your trading strategy makes logical sense and is not too complicated and also that it really provides you with a high-probability edge in the market.

Thursday, November 17, 2011

Should You Learn To Trade Forex From a Trading Mentor

Should You Learn To Trade Forex From a Trading Mentor?

Learning to trade is something that many traders go about doing with no formal assistance or education. This is a very curious fact when you consider that in almost every other profession or skill in life people learn best from mentors and from others who have already mastered the skills they are trying to learn. So, the idea that many traders think they are better off learning to trade with no outside help; is curious at best and financially devastating at worst.

You may have heard of the “Turtle Traders”, they were a group of people selected from a newspaper ad in the 1980s off a bet between Richard Dennis and Bill Eckhardt because they had a debate over whether or not anyone could learn to trade given a set of trading rules to follow. The results showed that a simple set of trading rules could indeed be used to turn people with little or no trading experience into very profitable traders.

Now, a key point from the Turtle Traders’ experiment is that they had an effective trading strategy to follow designed by Dennis and Eckhardt, and they had everything laid out for them in a very easy to follow set of trading rules. The markets were trending well at the time and the Turtle strategy revolved around trend-trading. The point is that you need to actually learn a strategy that is truly effective from a mentor who is currently using the same strategy effectively. You can’t just go out and buy the first forex trading course or training program you see, you need to dig a little deeper to make sure it’s legit.
The trick to learning to trade successfully from a mentor lies in finding a mentor who is actually genuine and who is truly a successful trader teaching an effective trading strategy. Some of the characteristics of an effective trading mentor include the following:

They offer a plethora of useful and relevant free Forex trading training material that actually teaches you some of what you will learn in the premium material.
·         Their trading training is not over-priced; you can find some good Forex trading training courses for under $500 on the web. Most of the ones over this amount are probably over-priced. Anyone who truly is a successful forex trader and who is offering a genuine product won’t need to charge thousands of dollars for their services.

·         They will put their name and reputation on the line. A genuine Forex mentor will make themselves known and provide contact details. If you can’t put a face and a name with the trading training material you are considering buying, it’s likely not written by anyone genuine. Genuine and successful trading-mentors do not feel the need to hide from the public.

Forex trading is not a science and it’s not something that can be totally mechanized. Therefore, there is some discretionary element to it, and if you look at any of the most famous traders and investors like George Soros or Warrant Buffet, you will find they are not totally mechanical in their approaches. Thus, it is erroneous to believe you can trade successfully over the long-term from a mechanical approach or without learning how a successful trader navigates the markets. To learn more about learning to trade the Forex markets, check out my price action trading website.