Hello and Welcome to my Site!
In order to be able to fully understand the content of my website it would be good if you have at least some basic background on both Price Action and Elliot Wave Analysis.
In basic term, Price Action Analysis is the study of price movement of the market. As a Price Action trader, I am using a plain candlestick chart and drawing key support and resistance levels.
Elliot Wave analysis was developed by Ralph Nelson Elliot in the late 1920s. It is basically the study of the market psychology which according to Elliot forms repetitive structural pattern. This structural patterns is what we are interested. By being able to do so, will help us identify possible market tops and bottoms which traditional technical analysis wont be able too tell us.
In order for you to gain some knowledge, I highly recommend as a starting point the following references. I used this references during the time I was just starting with my trading career. Make sure to learn from them and if you need help you can always send me a private message in the contact section of my blog.
1. Trading Master Plan
This is a Stock Market Trading course. But what you will learn from here is also applicable to Forex Market. The course contains a very important topic on Money Management and Proper Position Sizing.
Complete Forex Trading Course from basic to advance topics. Basically it contains topics from price action trading to the more advance topics such as Elliot Wave Analysis.
If you don’t have a broker yet. I highly recommend you open one. My prepared forex brokers are XM and IC Markets. I really like this two brokers because they can offer zero spread and hedging on same currency pair. But if you prefer to create a micro account and trade foreign stocks also then XM is what I can recommend.
When you are still new to the currency market I highly recommend to first open a demo account with them. This will help you get experience on how to trade using their trading platform. Best of all you will be trading on real markets with a virtual money. This helps avoid losing your hard earn money when you still are learning how to trade. Only when you are confident enough to trade is the best time to open a real account.
One of the major obstacles or challenge as a trader is to be able to grow our trading account and one day be a full trader. This is hard to achieved specially if you don’t have much capital. Luckily there are companies now a days offering successful traders with a funded account. One such company is FTMO. I am a funded trader of this company and I highly recommend them.
Here are some very good articles published by them:
- How to start day trading for a living
- How much money do you really need to trade for a living?
- Problems of Insufficient Capital for Trading
- Trading Psychology – How to build your psychological edge, not only technical.
- Good Luck and Bad Luck in Trading – How to manage drawdowns
- A Look Back at the Traders Fair in the Philippines
And here are some articles I have written to kick start your forex journey:
- Forex or Stocks Trading? Which is Better?
- The Power of Compounding in Forex
- What is Elliot Wave Analysis and the Benefits of Using It?
- How to Trade High Impact Forex News?
- The 5 Pillars to Become a Successful Forex Trader
- How to Compute Proper Lot Sizing of a Particular Trade?
- Proper Stop Lose Placement Is our Key to Success
- A Review of the Apiary Fund
- XM.COM – Million Dollar Forex World Championship and Seminars
- A Glimpse of XM Trader’s Fair and National Gala
- How to Trade Bitcoin on Leverage without a Bitcoin Wallet?
Cheers to our Trading Success!
Edmund Arias (PAWAVER)