Free Tutorial On “How You Can Earn $50 to $500 A Day Currency Trading Online"

“How You Can Earn $50 to $500 A Day Currency Trading
From The Comfort of Your Own Home!”

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The Tutorial Begins Below...

Are you aware that more and more business opportunity seekers worldwide are
discovering the powerful profit potential of Foreign Exchange trading? In this
business, there are no employees to hire, no advertising, no products to stock,
no downlines to fill--just you, an Internet connection and a computer. That's all
you need to make money on the worlds largest market. If you are searching for
an alternative to more traditional home-based business opportunities, then Forex
trading may be what you’ve been looking for.

Our purpose is to empower, mentor and train currency traders all around the
world who would like to Day Trade Forex as their main source of income. For
those looking for a significant part-time income, we believe Currency Trading is
the vehicle to use. Our aim is to assist you to:

1. Stay Disciplined—To learn how to manage risk effectively.
2. Keep Objective—To trade in a non-emotional, intelligent way.
3. Trade with Confidence—To know exactly when to trade.
4. Become Systematic—To generate your own Forex buy/sell signals.

The goal is to earn $50 to $500 per trade and minimize losses on losing trades
using technical indicators on charts, which I will explain later on in this course.

The potential to profit is there for those who trade this system. The great thing
about Forex trading is that you can test this system for FREE on a demo account
using virtual money, before you risk one penny on actual trades.
You will be able to join my team of traders as you advance step-by-step through
this guide. We will begin by explaining what Forex is and all the benefits of
trading currencies

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INTRODUCTION

WHAT IS FOREX

The Foreign Exchange, also referred to as the "Forex" or "Spot FX" market, is the largest
financial market in the world, with over $3.21 trillion changing hands every single day. If you
compare that to the $25 billion a day volume that the New York Stock Exchange trades, you see
how giant the Foreign Exchange really is. In fact it is three times larger than all of the US Equity
and Treasury markets combined!

What is traded on the Foreign Exchange? The answer is money. Forex trading is where the
currency of one nation is traded for that of another. Therefore, Forex trading is always traded in
pairs. The most commonly traded currency pairs are traded against the US Dollar (USD). They
are called ‘the Majors'. The major currency pairs are the Euro Dollar (EUR/USD); the British
Pound (GBP/USD); the Japanese Yen (USD/JPY); and the Swiss Franc (USD/CHF). The
notable ‘commodity’ currency pairs are the Canadian Dollar (USD/CAD) and the Australian
Dollar AUD/USD. Because there is no a central exchange for the Forex market, these pairs and
their crosses are traded over the telephone and online through a global network of banks,
multinational corporations, importers and exporters, brokers and currency traders. Traditionally,
currency trading has been a 'professionals only' market available exclusively to banks and large
institutions, however, because of the rise of the new E-economy, online Forex trading firms are
now able to offer trading accounts to 'retail' traders like you and I. Now almost anyone with a
computer and an Internet connection can trade currencies just like the world's largest banks do.

BENEFITS OF FOREX TRADING
There are many benefits and advantages to trading Forex. Here are just a few reasons why so
many people are choosing this market as a business opportunity:

1. LEVERAGE: In Forex trading, a small margin deposit can control a much larger total
contract value. Leverage gives the trader the ability to make extraordinary profits and at the
same time keep risk capital to a minimum. Some Forex firms offer 200 to 1 leverage, which
means that a $50 dollar margin deposit would enable a trader to buy or sell $10,000 worth of
currencies. Similarly, with $500 dollars, one could trade with $100,000 dollars and so on.

2. LIQUIDITY: Because the Forex Market is so large, it is also extremely liquid. This
means that with a click of a mouse you can instantaneously buy and sell at will. You are never
'stuck' in a trade. You can even set the online trading platform to automatically close your
position at your desired profit level (limit order), and/or close a trade if a trade is going against
you (stop order).

3. PROFIT IN BOTH 'RISING' AND 'FALLING' MARKETS: On the stock markets,
you can only make money if shares are rising, but in economic recession and falling 'bear'
markets, there is little chance of making big money. Forex is different. One of the most exciting
advantages of FX trading is the ability to generate profits whether a currency pair is 'up' or
'down'. A trader can profit by taking a 'long' position, (buying the currency pair at one price and
selling it later at a higher price), or a 'short' position, (selling the currency pair and buying it
back at a lower price). For example, if you think the US dollar will increase in value vs the Japanese Yen then you will buy Dollars and sell Yen (go long). If you think the Yen will
increase in value against the Dollar then you will sell Dollars and buy yen (go short). As long as
the trader picks the right direction, a potential for profit always exists.

4. 24 HRS: From Sunday evening to Friday Afternoon EST the Forex market never sleeps.
This is very desirable for those who want to trade on a part-time basis, because you can choose
when you want to trade - morning, noon or night.

5. FREE 'DEMO' ACCOUNTS, NEWS, CHARTS AND ANALYSIS: Most Online
Forex firms offer free 'Demo' accounts to practice trading, along with breaking Forex news and
charting services. These are very valuable resources for traders who would like to sharpen their
trading skills with 'virtual' money before opening a live trading account.

6. MINI' TRADING: One might think that getting started as a currency trader would cost
a lot of money. The fact is, it doesn't. Online Forex Firms now offer 'mini' trading accounts with
a minimum account deposit of only $200-$500 with no commission trading. This makes Forex
much more accessible to the average individual, without large, start-up capital.

7. BID AND ASK PRICE: Currency is traded in pairs; where one is base and the other is
counter currency. The currencies are two-sided quoted, consisting “Bid” and “Ask” e.g.
1.7896/1.7897. The Bid is the price at which you wish to Sell the base currency and also buying
the counter currency. i.e. 1.7896
The Ask is the price that one wishes to Buy the base currency and instantly selling the counter
currency. i.e. 1.7897

8. PIPS: Is the Percentage Interest Points and the last decimal point in a quoted price of
any currency. Example: the movement of GBP/USD of 1.7896 to 1.7897 signifies a pip
movement.

HOW TO GET STARTED
What you need to put in place before trading Forex online are:
1. Open a Domiciliary Account with a bank
2. Utility Bills
3. Means of Identification (International Passport, National ID Card or Driver’s License)
4. Download the trading platform
5. Demo Trade
6. Open a Forex Account with a broker in abroad.
7. Fund the Forex Account base on your capacity

KINDS OF MAJOR CURRENCIES AND EXCHANGE SYSTEMS (HISTORY)
Major Currencies

The U.S. Dollar
The United States dollar is the world's main currency. All currencies are generally quoted in
U.S. dollar terms. Under conditions of international economic and political unrest, the U.S.
dollar is the main safe-haven currency which was proven particularly well during the Southeast
Asian crisis of 1997-1998.

The U.S. dollar became the leading currency toward the end of the Second World War and was
at the center of the Bretton Woods Accord, as the other currencies were virtually pegged against
it. The introduction of the euro in 1999 reduced the dollar's importance only marginally. And the
major currencies traded against the U.S. dollar are the Euro, Japanese Yen, British Pound, and
Swiss Franc.

The Euro
The euro was designed to become the premier currency in trading by simply being quoted in
American terms. Like the U.S. dollar, the euro has a strong international presence stemming
from members of the European Monetary Union. The currency remains overwhelmed by
unequal growth, high unemployment, and government resistance to structural changes. The pair
was also weighed in 1999 and 2000 by outflows from foreign investors, particularly Japanese,
who were forced to liquidate their losing investments in euro denominated assets. Moreover,
European money managers rebalanced their portfolios and reduced their euro exposure as their
needs for hedging currency risk in Europe declined.

The Japanese Yen
The Japanese yen is the third most traded currency in the world; it has a much smaller
international presence than the U.S. dollar or the euro. The yen is very liquid around the world,
practically around the clock. The natural demand to trade the yen concentrated mostly among
the Japanese keiretsu, the economic and financial conglomerates.
The yen is much more sensitive to the fortunes of the Nikkei index, the Japanese stock market,
and the real estate market. The attempt of the Bank of Japan to deflate the double bubble in these
two markets had a negative effect on the Japanese yen, although the impact was short-lived

The British Pound
Until the end of World War II, the pound was the currency of reference. Its nickname, cable, is
derived from the telex machine, which was used to trade it in its heyday. The currency is heavily
traded against the euro and the U.S. dollar, but has a spotty presence against other currencies.
The two-year bout with the Exchange Rate Mechanism, between 1990 and 1992, had a soothing
effect on the British pound, as it generally had to follow the deutsche mark's fluctuations, but the
crisis conditions that precipitated the pound's withdrawal from the ERM had a psychological
effect on the currency.
Prior to the introduction of the euro, both the pound benefited from any doubts about the
currency convergence. After the introduction of the euro, Bank of England is attempting to bring
the high U.K. rates closer to the lower rates in the euro zone. The pound could join the euro in
the early 2000s, provided that the U.K. referendum is positive.

The Swiss Franc
The Swiss franc is the only currency of a major European country that belongs neither to the
European Monetary Union nor to the G-7 countries. Although the Swiss economy is relatively
small, the Swiss franc is one of the four major currencies, closely resembling the strength and
quality of the Swiss economy and finance. Switzerland has a very close economic relationship
with Germany, and thus to the euro zone. Therefore, in terms of political uncertainty in the East,
the Swiss franc is favored generally over the euro.
Typically, it is believed that the Swiss franc is a stable currency. Actually, from a foreign
exchange point of view, the Swiss franc closely resembles the patterns of the euro, but lacks its liquidity. As the demand for it exceeds supply, the Swiss franc can be more volatile than the euro.

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The Day Trade Forex System
Foundations:

Before we begin looking at the specifics of the FPS and how it works, let’s look at
4 building blocks that I believe to be foundations to the Forex Profit System.

Foundation #1: Currency Trading is not a Get-Rich-
Quick Scheme.

Currency trading is a SKILL that takes TIME to learn. Skilled Traders
can and do make money in this field, however like any other occupation or
career, success doesn’t just happen overnight. Here is a great ‘formula’
for success:

Practice + Patience + Persistence = Profits

As they say, there is no substitute for hard work and diligence. Practice
trading on a demo account and pretend the virtual money is your own real
money. Do not open a live trading account until you are profitable
trading on a demo account. Stick to the plan and you can be
successful.

Foundation #2: I highly recommend that you follow 1 or
maybe 2 major currency pairs.

It gets far too complicated to keep tabs on all four. I also recommend that
traders choose one of the majors because the spread is the best and they
are the most liquid. The Euro/USD is the most commonly traded pair and
usually has the best ‘spread’ because of its liquidity. The USD/Swiss Franc is
usually the most volatile and moves the most during the trading week. The
USD/Yen moves a lot on the news out of Japan and normally the Pound
Sterling/USD is more stable in it’s moves than the other three.


Foundation #3: Follow and understand the daily Forex
News and Analysis of the professional currency
analysts.

Even though this system is based solely on technical analysis of charts, it is
important to get a birds-eye view of the currency markets and the news that
affects the prices. It is also important that you know and understand what the
key technical ‘support’ and ‘resistance’ levels are in the currency pair that you
want to trade. Support is a predicted level to buy (where currency pair should
move up on the charts), resistance is a predicted level to sell (where the
currency pair should move down on the charts).
Fortunately, all the best Forex news and analysis is offered free on the
Internet. Here is what you should do first:
*While you are reading the daily news and technical analysis, write
down on a piece of paper what direction the analysts are saying
about the major currency pair you are following and the key support
and resistance levels for the day.

A. Go to www.beepforexsignal.com and you will find 24hr news and analysis on
the spot FX markets. The service is aimed at generating profitable buy/sell forex trading signals daily for you without you lifting your finger or analysing the market yourself.When you become a member,you are sure to make more than 1,300pips per month.

B. Then go to www.fxstreet.com and click on the ‘Top Forex Reports’. Here
there is a wonderful listing of all the major daily currency analysis and
forecasts with support and resistance and direction forecasts.

C. Click on www.currencypro.com and go to ‘Today’s Market Research’ and
there you will find more excellent analysis on the Major Currency pairs.
Another great Forex Portal.
D) You can also go to www.actionforex.com for more FX news.

Foundation #4: Learn how to use the technical
indicators in this course and always trade with stop
losses!

It is worth your time to be patient and learn how to use the technical
indicators on the charts that you will be reading about shortly.

It is important when you are trading Forex, to be disciplined and to stick to
a plan. Don’t just trade your ‘gut’ feeling. Use the technical indicators
outlined and always enter in stop losses on every trade. Remember that
everyone who trades has a different tolerance for losses. Depending on
your risk capital, and strategy, set your stop losses accordingly.

TYPES OF TRADING
There are 2 basic types of analysis you can take when approaching the Forex:
1. Fundamental analysis
2. Technical analysis.
There has always been a constant debate as to which analysis is better, but to tell you the truth,
you need to have the knowledge of both. So let’s break each one down and then come back and
put them together.

Fundamental Analysis
Fundamental analysis is a way of looking at the market through economic, social and political
forces that affect supply and demand. In other words, you look at whose economy is doing well,
and whose economy sucks. The idea behind this type of analysis is that if a country’s economy
is doing well, their currency will also be doing well. This is because the better a country’s
economy, the more trust other countries have in that currency.
For example, the U.S. dollar has been gaining strength because the U.S. economy is gaining
strength. As the economy gets better, interest rates get higher to control inflation and as a result,
the value of the dollar continues to increase. In a nutshell, that is basically what fundamental
analysis is.
Later on in the course you will learn which specific news events drive currency prices the most.
For now, just know that the fundamental analysis of the Forex is a way of analyzing a currency
through the strength of that country’s economy.

Technical Analysis
Technical analysis is the study of price movement. In one word, technical analysis = charts.
The idea is that a person can look at historical price movements, and based on the price action,
can determine at some level where the price will go. By looking at charts, you can identify
trends and patterns which can help you find good trading opportunities.
The most IMPORTANT thing you will ever learn in technical analysis is the trend! Many people
have a saying that goes, “The trend is your friend”. The reason for this is that you are much
more likely to make money when you can find a trend and trade in the same direction.
Technical analysis can help you identify these trends in its earliest stages and therefore provide
you with very profitable trading opportunities.
.

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The Day Trade Forex System:
Six Steps to Success
The goal of this guide is to instruct and teach potential traders how to day trade
the currency markets. The objective of day trading is to trade the intra day
market moves to try to gain small to medium sized profits in any given trading
day. This is how this guide will help. Most readers will not have the time or
resources to ‘position trade’ like the major institutions and banks do. They tend
to look at the big picture holding onto trades for weeks or months.

The Forex Profit System is specifically designed for use with the 1, 5 or 10
minute charts, with the goal of taking 5-20 pip profits per trade—closing
bad trades out using tight stops, or hedging any losing trades. The
following steps will show you how to do this.

Step 1. Choose an online Forex Firm
What to look for in an online Forex Firm:

1. Low Spreads.
In Forex Trading the ‘spread’ is the difference between the buy and
sell price of any given currency pair. The lower the spread saves
the trader money. Most firms offer 4-5 pip spreads in the Major
Currency pairs. The best firms offer clients 3-5 pips.

2. Low minimum account openings.
For those that are new to trading, and for those that don’t have
thousands of dollars in risk capital to trade, being able to open a
mini trading account with only $200 is a great feature for new
traders.

3. Instant automatic execution of your orders.
This is very important when choosing a Forex firm. You want instant
execution of your orders and the price you see and ‘click’ is the price
that you should get. Don’t settle with a firm that re-quotes you when
you click on a price or a firm that allows for price ‘slippage’. This is
very important when trading for small profits.

4. Free charting and technical analysis
You need a firm that gives you access to the best charting and technical
analysis available to active traders. The firm that I recommend gives
clients FREE professional charting services and even allows traders to
trade directly on the charts!

5. High Leverage
You want high leverage—the ability to trade a large amount with a small
margin deposit. Some of the best firms offer .25% or 400:1 leverage.

6. Hedging Capability
You want the flexibility of opening positions on the same currency pair in
opposite directions without them eliminating each other and without
margin increase!

Here is a list of some of the main Forex trading Firms on the Internet. After a lot
of research and personal experience, the firm that I recommend with the above mentioned benefits is Nigeria Graduate Jobs Vacancies Career Forum | Naijahotjobs.com. You can research the rest of the firms listed to see for yourself.

www.alpari-idc.com
www.fxpro.com ( I am using fxpro as my broker)
www.fxdd.com
www.cmsfx.com
www.crownforex.com
www.liteforex.org
……and so many of them

TYPES OF CHARTS
Let’s take a look at the three most popular types of charts:
1. Line chart
2. Bar chart
3. Candlestick chart
Line Charts
A simple line chart draws a line from one closing price to the next closing price. When strung
together with a line, we can see the general price movement of a currency pair over a period of time.


BAR CHARTS
A bar chart also shows closing prices, while simultaneously showing opening prices, as well as
the highs and lows. The bottom of the vertical bar indicates the lowest traded price for that time
period, while the top of the bar indicates the highest price paid. So, the vertical bar indicates the
currency pair’s trading range as a whole. The horizontal hash on the left side of the bar is the
opening price, and the right-side horizontal hash is the closing price.

NOTE: Throughout our lessons, you will see the word “bar” in reference to a single piece of
data on a chart. A bar is simply one segment of time, whether it is one day, one week, or one
hour. When you see the word ‘bar’ going forward, be sure to understand what time frame it is
referencing.
Bar charts are also called “OHLC” charts, because they indicate the Open, the High, the Low,
and the Close for that particular currency.

Open: The little horizontal line on the left is the opening price
High: The top of the vertical line defines the highest price of the time period
Low: The bottom of the vertical line defines the lowest price of the time period
Close: The little horizontal line on the right is the closing price

CANDLESTICK CHARTS
Candlestick charts show the same information as a bar chart, but in a prettier, graphic format.
Candlestick bars still indicate the high-to-low range with a vertical line. However, in
candlestick charting, the larger block in the middle indicates the range between the opening and
closing prices. Traditionally, if the block in the middle is filled or colored in, then the currency
closed lower than it opened.
We don’t like to use the traditional black and white candlesticks. We feel it’s easier to look at a
chart that’s colored. A color television is much better than a black and white television, so why
not in candlestick charts?
We simply substituted green instead of white, and red instead of black. This means that if the
price closed higher than it opened, the candlestick would be green. If the price closed lower than
it opened, the candlestick would be red. In our later lessons, you will see how using green and
red candles will allow you to “see” things on the charts much faster, such as uptrend/downtrends
and possible reversal points.



The purpose of candlestick charting is strictly to serve as a visual aid, since the exact same
information appears on an OHLC bar chart. The advantages of candlestick charting are:

Candlesticks are easy to interpret, and are a good place for a beginner to start figuring
out chart analysis.

Candlesticks are easy to use. Your eyes adapt almost immediately to the information in
the bar notation.

Candlesticks and candlestick patterns have cool names such as the shooting star, which
helps you to remember what the pattern means.

Candlesticks are good at identifying marketing turning points – reversals from an
uptrend to a downtrend or a downtrend to an uptrend. You will learn more about this
later.
Now that you know why candlesticks are so cool, it’s time to let you know that we will be using
candlestick charts for most, if not all of chart examples on this lesson.

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THE MAIN PLAYERS OF THE FOREX MARKET
Central Banks and Governments
Policies that are implemented by governments and central banks can play a major role in the FX
market. Central banks can play an important part in controlling the country's money supply to
insure financial stability.

Banks
A large part of FX turnover is from banks. Large banks can literally trade billions of dollars
daily. This can take the form of a service to their customers or they themselves speculate on the
FX market.

Hedge Funds
As we know, the FX market can be extremely liquid which is why it can be desirable to trade.
Hedge Funds have increasingly allocated portions of their portfolios to speculate on the FX
market. Another advantage Hedge Funds can utilize is a much higher degree of leverage than
would typically be found in the equity markets.

Corporate Businesses
The FX market mainstay is that of international trade. Many companies have to import or
exports goods to different countries all around the world. Payment for these goods and services
may be made and received in different currencies. Many billions of dollars are exchanged daily
to facilitate trade. The timing of those transactions can dramatically affect a company's balance
sheet.

The Man In The Street
The man in the street also plays a part in toady's FX world. Every time he goes on holiday
overseas he normally need to purchase that country's currency and again change it back into his
own currency once he returns. Unwittingly, he is in fact trading currencies. He may also
purchase goods and services while overseas and his credit card company has to convert those
sales back into his base currency in order to charge him.

Speculators and Investors
We shall differentiate speculator from investors here with the definition that an investor has a
much longer time horizon in which he expects his investment to yield a profit. Regardless of the
difference both speculators and investors will approach the FX market.

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WHAT TO CONSIDER WHEN CHOOSING AN ONLINE FOREX FIRM/BROKER
What to look for in an online Forex Firm:

1. Low Spreads.
In Forex Trading the ‘spread’ is the difference between the buy and sell price of any
given currency pair. The lower the spread saves the trader money. Most firms offer 4-5
pip spreads in the Major Currency pairs. The best firms offer clients 3-5 pips.

2. Low minimum account openings.
For new traders, and those that don’t have thousands of dollars in risk capital to trade,
being able to open a mini trading account with only $300 is a great feature for new
traders.

3. Instant automatic execution of your orders.
This is very important when choosing a Forex firm. You want instant execution of your
orders and the price you see and ‘click’ is the price that you should get. Don’t settle with a firm that re-quotes you when you click on a price or a firm that allows for price
‘slippage’. This is very important when trading for small profits.

4. Free charting and technical analysis
You need a firm that gives you access to the best charting and technical analysis
available to active traders. The firm that I recommend gives clients FREE professional
charting services and even allows traders to trade directly on the charts!

5. High Leverage
You want high leverage—the ability to trade a large amount with a small margin deposit.
Some of the best firms offer .25% or 400:1, 1% or 100:1, 0.5% or 200:1 leverage.

6. Hedging Capability
You want the flexibility of opening positions on the same currency pair in opposite
directions without them eliminating each other and without margin increase!

HOW TO OPEN A ‘VISUAL TRADING’ DEMO ACCOUNT
The first step to trading the currency markets is to open a demo account. It is important that you
learn how to buy and sell the currency pairs, set stop losses, set profit limits, and understand
how leveraged margin works when you trade. I found the best way to learn this is by experience.
The platform that we are going to use is Mt4. Go to www.alpari-idc.com and
download the trading platform, and then open a free demo account.

After downloading the platform from the website, you need to open a demo account.

You can the demo account for one month and also open as many as possible. But I strongly
recommend that you demo trade for 2 good months before going to Live Trading. Try and utilize
the deposit in your demo account as if you are trading with your real money because that will go
along way in your trading and risk management.

RISK MANAGEMENT
Once we have determined which currency pair to trade based on our analysis, we will use a
market order when initially buying or selling that pair. Once the position has been initiated, we
will set a stop loss order immediately. This order will be below the current market price and will
limit our loss if the currency does not move in our favor. We suggest that the stop loss order be
placed at whatever level of loss you personally feel comfortable with. A good rule of thumb is
no more than 25% of your initial deposit.

Example: The current bid/ask for EUR/USD is 1.0120/1.0126 and we feel the Euro is going to
rise against the USD. We enter a market order to buy EUR/USD. Unless the market is moving
extremely fast, we should get filled around 1.0126. To figure out where to place the stop loss,
let's figure your initial deposit. 100,000 EURO x 1.0126 x 1% margin = $1,012.60
So, if you want to limit your loss to 25% of your initial deposit or $253.15 ($1,012.60 x 25%),
then you need to set a stop loss at about 25 pips below the current market value. Each pip in this
example is worth $10, so $253.15/$10= approx. 25. So, we would immediately set a stop loss at 1.0101. If we sold at 1.0101 our proceeds would be $101,010 and we originally bought for
101,260, so our net loss would be $250 or 25% of our initial deposit.

Trailing Stop Orders
If the market moves in our favor, we will begin setting trailing stop orders to protect our profit.
Let's use the previous example. If the market moves to 1.0135, then we could set a trailing stop
order at 1.0130, protecting a 4 pip move from 1.0126 to 1.0130 while at the same time not
selling to early if the market continues to rise. If the market moves back down and through our
stop loss at 1.0130, then we would sell for $101,300 after buying for $101,260 or a net profit of
$40. If the market continues to rise, we would keep adjusting our trailing stop loss upward. So, if
the market went to 1.0145, we could set another stop loss at 1.0140. Let's say it rises one more
time to 1.0150 and we set a trailing stop loss at 1.0145 and then the trend reverses and trades
through our stop, selling the currency at 1.0145. Now, we sold for $101,450 and bought for
$101,260 for a net profit of $190 per contract. This way, we didn't get out at the very top of the
move, but we didn't sell early either. If we would have sold outright when it rose to 1.0130, then
we would have only profited $40 and left $150 on the table.

TRENDS, SUPPORT AND RESISTANCE
Kinds of Trends

The trend shows a pending direction of the market movement.
A trend may be:
1. Upward
2. Downward
3. Sideways, also known as a "flat market" or "trendless"
Because the markets do not move in a straight line in any direction, but rather in zigzags, it is the
direction of these peaks and troughs that creates the market trend. In addition to direction, trends
are also classified by time frame: major or long-term trends, secondary or medium-term trends,
and near-term or short-term trends. Any number of secondary and near-term trends may occur
within a major trend. The time frames for each class vary widely. The Dow Theory suggests a
one-year length for a major trend. Currently, for a major trend, the market expects a time span of
over one year. Secondary trends should last for a matter of months, and short-term trends for a
matter of weeks.

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TECHNICAL INDICATORS
The simple strategy that we will consider in this manual to generate minimum 20 – 25 pips per
day for 20 trading days are Pivot Point, Moving Average, Parabolic SAR, Bollinger Bands,
Relative Strength Index (RSI) and Stochastic.

Lines of Support and Resistance
The upper and bottom borders of a trade channel form lines of support and resistance. The peaks
represent the price levels at which the selling pressure exceeds the buying pressure are known as
resistance levels. The channels, on the other hand, represent the levels at which the selling
pressure succumbs to the buying pressure. They are called support levels. The longer the prices
bounce off the support and resistance levels, the more significant the trend becomes. Trading
volume is also very important, especially at the critical support and resistance levels. When the
currency bounces off these levels under heavy volume, the significance of the trend increases.
The importance of support and resistance levels goes beyond their original functions. If these
levels are convincingly penetrated, they tend to turn into just the opposite. A firm support level,
once it is penetrated on heavy volume, will likely turn into a strong resistance level. Conversely,
a strong resistance turns into a firm support after being

Applying the Pivot Point, Support and Resistance Lines
It involves the use of mathematical calculations which can not be fully explained here…You are adviced to consult a professional trader like us for full coaching on how to use Pivot Point to determine the Support and Resistance of a particular currency pair.

Mathematical Trading Methods (Indicators)
The mathematical trading methods provide a more objective view of price activity. In addition,
these methods tend to provide signals prior to their occurrence on the currency charts. The tools
of the mathematical methods are Moving Averages and Oscillators.

Moving Averages
A Moving Average is an average of a predetermined number of prices over a number of days,
divided by the number of entries. The higher the number of days in the average, the smoother
the line is. A moving average makes it easier to visualize currency activity without daily
statistical noise. It is a common tool in technical analysis and is used either by itself or as an
oscillator. A moving average has a smoother line than the underlying currency. The daily
closing price is commonly included in the moving averages. The average may also be based on
the midrange level or on a daily average of the high, low, and closing prices.
Note: It is important to observe that the moving average is a follower rather than a leader. Its
signals occur after the new movement has started, not before.

Inserting Moving Average
1. Select Indicators from the Insert menu within the demo account you downloaded.
2. Click on Moving Average
3. Apply the “Period, Method and Apply to” under the Parameters Tab.
4. Change Colour and Line Width if necessary.
5. Click Ok.

There are four types of Moving Averages:
1. The Simple Moving Average or Arithmetic Mean.
2. The Linear Weighted Moving Average.
3. The Exponential Moving Average
4. Smoothed Moving Average.
As described, the Simple Moving Average or Arithmetic Mean is the average of a predetermined
number of prices over a number of days, divided by the number of entries. Traders have the
option of using a line weighted moving average. This type of average assigns more weight to the
more recent closings. This is achieved by multiplying the last day's price by one, and each closer
day by an increasing consecutive number.
The most sophisticated moving average available is the Exponential Moving Average. In
addition to assigning different weights to the previous prices, the exponential moving average
also takes into account the previous price information of the underlying currency.
A buying signal on a two-moving average combination occurs when the shorter term of two
consecutive averages intersects the longer one upward. A selling signal occurs when the reverse
happens, and the longer of two consecutive averages intersects the shorter one downward.

Parabolic SAR
The parabolic system is a stop-loss system based on price and time. The system was devised to
supplement the inadvertent gaps of the other trend-following systems. The name of the system is
derived from its parabolic shape, which follows the price gyrations. It is represented by a dotted
line. When the parabola is placed under the price, it suggests a long position. Conversely, when
placed above the price, the parabola indicates a short position. The parabolic system can be used
with oscillators. SAR stands for stop and reverse. The stop moves daily in the direction of the
new trend. The built-in acceleration factor pushes the SAR to catch up with the currency price. If
the new trend fails, the SAR signal will be generated.

Bollinger Bands
The Bollinger bands combine a moving average with the instrument's volatility. The bands were
designed to measure whether prices are high or low on a relative basis via volatility. The two are
plotted two standard deviations above and below a 20-day simple moving average. The bands
look a lot like an expanding and contracting envelope model. When the band contracts
drastically, the signal is that volatility is low and thus likely to expand in the near future. An
additional signal is a succession of two top formations, one outside the band followed by one
inside. If it occurs above the band, it is a selling signal. When it occurs below the band, it is a
buying signal.

Moving Average Convergence-Divergence (MACD)
The MACD oscillator, developed by Gerald Appel, is built on Exponentially Smoothed Moving
Averages. The MACD consists of two Exponential Moving Averages that are plotted against the
zero line. The zero line represents the times the values of the two moving averages are identical.
In addition to the signals generated by the averages' intersection with the zero line and by
divergence, additional signals occur as the shorter average line intersects the longer average line.
The buying signal is displayed by an upward crossover, and the selling signal by a downward
crossover.

Relative Strength Index (RSI)
The relative strength index is a popular oscillator devised by Welles Wilder. The RSI measures
the relative changes between the higher and lower closing prices.
The formula for calculating the RSI is:
Л5/=100-[100/(1+RS)], where
RS - (average of X days up closes/average of X days down closes);
X - predetermined number of days The original number of days, as used by its author, was 14
days. Currently, a 9-day period is more popular.
The RSI is plotted on a 0 to 100 scale. The 70 and 30 values are used as warning signals,
whereas values above 85 indicate an overbought condition (selling signal) and values under 15
indicate an oversold condition (buying signal.) Wilder identified the RSI's strong point as its
divergence versus the underlying price.

Stochastic
Stochastic generate trading signals before they appear in the price itself. Its concept is based on
observations that, as the market gets high, the closing prices tend to approach the daily highs;
whereas in a bottoming market, the closing prices tend to draw near the daily lows.
The oscillator consists of two lines called %K and %D. Visualize %K as the plotted instrument,
and %D as its moving average.
The formulas for calculating the stochastic are:
%K = [(CCL -L9)I(H9 - L9)] * 100, where
CCL = current closing price
L9 - the lowest low of the past 9 days
H9 - the highest high of the past 9 days
and
%D = (H3/L3~) * 100,
where H3 = the three-day sum of (CCL - L9)
L3 = the three-day sum of (H9 - L9)
The resulting lines are plotted on a 1 to 100 scale, with overbought and oversold warning signals
at 70 percent and 30 percent, respectively. The buying (bullish reversal) signals occur under 10
percent, and conversely the selling (bearish reversal) signals come into play above 90 percent
after the currency turns. In addition to these signals, the oscillator-currency price divergence
generates significant signals.

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WHEN TO ENTER AND EXIT YOUR TRADES:
We will be looking at 2 different ways to day trade the Forex Markets. In a trading session, you
may look for 1 or more of these approaches. The 2 techniques are as follows:
1. Trade the Breakout
2. Trade the Trend
Before we look at these trading approaches, let’s answer a question that is often asked by new
traders. When is the best time to trade?
Because the Forex Market is open 24hrs a day, and traded on a global scale, the question to ask
is, ‘when should I trade?’. The good news is that no matter what time zone you live globally,
there are always good opportunities to trade.

FOREX TRADING HOURS AND TIME:
New York opens 8:00 am to 5:00 pm EST
Tokyo opens 7:00 pm to 4:00 am EST
Sydney opens 5:00 pm to 2:00 am EST
London opens 3:00 am to 12:00 noon EST
And so, there are hours when two sessions are overlapped:

New York and London — 8:00 am — 12:00 noon EST
Sydney / Tokyo — 7:00 pm — 2:00 am EST
London / Tokyo — 3:00 am — 4:00am EST
You could easily type www.forex.timezoneconverter.com into www.google.com search box and
you can open it directly from the google search results. This is to understand the Forex market
trading sessions as there are 5 major sessions that need to be known to a trader.
For example, trading EUR/USD, GBP/USD currency pairs would give good results between
8:00 am and 12:00 noon EST when two markets for those currencies are active. At those
overlapping trading hours you'll find the highest volume of trades and therefore more chances to
win in the foreign currency exchange market. We have made it easy for everyone to monitor
forex trading hours sessions while being anywhere in the world:
Note that EST is plus 5/6 hours to Nigeria time while GMT is plus 1 hour.
Note: Often, the best time to trade is at the beginning 3-5 hours of the above mentioned opening
time, because the major currency pairs tend to move the most in a particular direction.

How to use HEDGING to your advantage
Hedging can be a useful tool to the Forex trader. When you have an open
position, for example, you are long on a USD/JPY trade and you right click your
trade on the VT platform, a menu will pop up and you have a choice to Hedge
your trade. If you click Hedge, you will automatically open up a position in
the opposite direction at the current market price without canceling out
your other position and without margin increase!. In the above example you
would now have a USD/JPY trade long and short. You will now neither gain or
lose any equity in your account because the gains and the losses will cancel
each other out.

Hedge in an emergency: Hedging a losing trade won’t solve your problems, but
it will 1. Keep you from more losses 2. Give you time to think about what
happened to your bad trade and 3.Give you a second chance. Some traders will
hedge losing trades instead of stopping out there position, because they have a
chance to win back the losses of the original bad trade.

Example: You are looking to ‘Trade the Trend’ so you go long on the
EUR/USD, using the indicators in this guide. The indicators signaled BUY
so you opened up a position. In case of a bad trade, you choose to
hedge instead of using a stop loss (be careful when doing this). Your
‘Trade the Trend’ indicators didn’t work and your position goes against
you, you hedge your trade. Now you have a losing position and a winning
position going in the opposite directions. You didn’t use up any more
margin. What do you do now?
My recommendation: When your position is hedged, you are safe and
you won’t lose any more money in your account. Here is what you should
do:

1. Wait until another chart set up occurs and proceed to step 4. or Exit
the trading platform.
2. Wait till the next trading day or session
3. Look for the DTF indicators the next day.
4. Instead of opening up another position, simply get rid of the bad
position that was hedged. So if the indicators the next day signaled
long in the EUR/USD, like in the above example, then you would get
rid of the short, losing hedge and hope that the price will rise enough
to erase the previous days losses to make a profit.
5. If your position moves against you again you can hedge that position
again and repeat steps 1-4.

Hedge a winning trade: You may also hedge a winning trade to protect your
gains, if you don’t want to completely close your position. When you do this you
won’t gain or lose any more money with that position. The advantage to this
33
would give you the opportunity to keep trading those positions in the future and
give you a break. You can always right click on your position and choose ‘close
with hedge’ to close both positions at once. If you hedge a winning position you
can follow the above steps 1-4 to keep trading your position the next trading day.
** Please note that hedging can get complicated. Try to keep it as simple as
possible and try not to have a web of hedged and unhedged positions open at
the same time—as it becomes exponentially more difficult to keep track of, and
what positions to let go etc...
** Hedging is also optional and you don’t need to learn how to use this tool if you
choose not to. You can be a successful trader by simply using stop and limit
orders.

Understanding Risk Management
Understanding risk management is a very important reality when trading the
Forex Markets. Losing trades will happen, and managing those losses are the
key to success. A good rule of thumb when setting your stop losses is the 5-7%
rule. If your trading account is at $2000, then set your stop loss so that you don’t
lose more than 5-7% of the total value of your account. If you used this rule in
this case, you would stop out a losing trade when you were down $100-$140.
This is important, because if you don’t manage your losses well, you can easily
lose 50% of your trading account on 1 bad trade. You do that a couple of times
and you will lose all of your risk capital. It is better to take smaller losses and try
to maximize your winning trades. So be careful and deliberate when setting your
stops on your trading platform.

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THE 8 MOST IMPORTANT TRADING RECOMMENDATIONS
1. The Trend is your friend
2. In up-trends, buy the dips; in downtrends, sell bounces
3. Let profits run, cut losses short. Always use protective stops to limit losses and move them only
to reduce potential losses or protect newly achieved profits
4. Set up your plan before entering the market; don't trade impulsively
5. Employ at least a 3 to 1 reward-to-risk ratio
6. When pyramiding, follow these guidelines:
a) Each successive layer should be smaller than the preceding one
b) Add only to winning positions
c) Never add to a losing position
d) Adjust protective stops to the break-even point (or better)
7 Learn to be comfortable being in the minority, if you are right on the market, most people will
disagree with you
8. Keep it simple; more complicated isn't always better

Keep a trading journal
Finally, it is a good practice to keep a simple trading journal. This way you can
keep track of your trades and progress and be able to analyze, improve and
hone your trading skills.
Simply include the time you entered and exited the trade, the Currency pair, the
chart time frame (this is important), and the strategy (breakout, trend or top or
bottom). Also include write down what happened and what you could have
done differently for future reference.

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