If you look online, you can find plenty of Forex education from some great traders, and you can get it for free. Here we will look at some free info from great traders which can help lead you to currency trading success…
Let’s look at a few true market masters and see how they can help you become a better and more profitable trader.
Dow Theory – How and Why Markets Move
Dow Theory is an essential education for anyone wanting to know how and why markets move. Charles
Henry Dow (1851-1902), was a founder and former editor of The Wall Street Journal, and his theories were later refined by William Hamilton and Robert Rhea to give traders a theory that shows you how and why the markets work and how you can profit from price trends.
Dow compared the movement of markets with the behavior of the sea, the primary trend in the market corresponds with the direction of the tide, the secondary reactions within the major trend are waves, and the movements within the trend are the ripples on the waves.
Forget all the predictive theories such as Gann, Elliot and Fibonacci and study Dow theory; if you do you will understand how to win with technical analysis, how to catch trends and how to trade the odds.
Richard Donchian – The Grandfather of Modern Trend
If you haven’t heard of Richard Donchian, you are missing out on great insight from a real market master!
Donchian’s 4 Week Rule is one of the best free Forex trading systems you can get and will beat all the heavily hyped Forex Robots you see sold online. If you use this system, you can enjoy currency trading success, with a fully automated system which has made savvy traders, enormous gains for over 25 years.
His general rules for trading and his rules for using technical analysis are also essential Forex education.
Richard Donchian didn’t begin trading his automated trading systems until the age of 65, and he then carried on into his 90s, showing you’re never too old to be trading! He was a true innovator regarding technical analysis and the fact that his trading methods form the basis of so many trading methods still used today, shows the value of his work.
Theories the Pros Take Seriously and so should You!
The theories above are the ones other trading legends take seriously and include such great traders as, Vic Sperandeo, Richard Dennis and much more. If these great traders take them seriously so should you.
Make Success in Stock Trading With Next Best Bets.
Are you the kind of trader who always worries about old bets? Are you the stock trader who trades by the urge? Stock trading is not as easy as it seems or portrayed by the stock brokers. The best way to make success in the stock market is to always trade the next best bets.
It is such a simple concept. We sometimes ask what is the next good thing to do? Similarly in stock trading as well we should ask, what is the next good bet to trade?
Have you ever asked this question to yourself and found the answers? In my experience as a stock trader for two years, I had seen many people asking this question to me. Not to themselves. But when it came to me, I never asked this issue to others. I always asked either myself or not at all.
I had spent almost a year trading on my own. I was slowly finding the same keys that the above-mentioned veterans have found. But it was not very clear until I read their experiences.
Finally, I concluded that the best way to make money consistently in stock trading was always to look for the stocks that can make their best move in the next few days/weeks. After that, I started asking myself what is the next good bet to trade?
Though many traders ask these questions to others and even to themselves, many fail to understand the importance of these types of stocks. They always buy the highly popular stocks that come in the lists making news in papers, online finance sites, and TV news. It is hard to get out of this influence of media and start thinking on our own.
Only after changing yourself to apply self-control on our activities can we find the gems that are going to explode quietly. These will become known full to everyone after their long cycle of the uptrend is exhausted or nearer to exhaustion.
This is the reason why we need to look for the next best stocks at any point in time. Trading same stocks just because they gave you profits earlier, is not really. I did this several times and got slapped enough. But the next good bets taught me that there is never a lost opportunity in the stock market. There is never need to worry about future in trading.
There are always next good bets. The key is to change our perception about trading. Not like the average trader or retail trader. But we need to make new habits. Work on checking the statistics because they are the places where buzzing stocks, stocks that make sudden noise are found.
It is hard to go through the list of thousands of stocks in the stock exchanges. As every next good bet makes its way to the list of at least one type of statistic, it pays to check them often and keep on filtering them. After listing stocks, study them in detail using advanced tools, their trends & everyday movements and filter out if they do not conform to trading patterns.
Now it is time to change your mindset about trading stocks. Find the next good bets and wait for them to show their trend. Make the best out of them.