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How to Use Elliott Wave Analysis to Boost Your Forex Trading
A Free Trading Video From the World's Largest Market Forecasting Firm
This video lesson features Elliott Wave International Senior Currency Analyst, Jim Martens, demonstrating how you can use Elliott wave analysis to identify opportunities in your Forex trading.
This is just a short excerpt. For a limited time, you can access the full $79 online trading course, FREE. Visit Elliott Wave International for your free access.
You'll get all the details behind the analysis you see in this video preview.
Professional Traders are Successful Due to Hard Work and Discipline Forex trading is a high-risk profile activity, regardless of the many ads and marketing claims that attempt to paint another picture. Specialized training is required, along with hours of practice time developing confidence and experience on demo accounts. Impatience and inexperience still remain the trademarks of many beginners that fail at this investment medium, but despite the carnage, there are a few professionals that earn their stripes and make money at this craft. Most all will tell you that there are no secret paths to quick success. Hard work and a business-like approach are mandatory.
While knowledge, experience, and emotional control remain the “Big Three” factors for success, professional traders also point to a number of specific “must do’s” that are described as invaluable for honing your trading skills. Here are a few of their favorites:
•Detailed Stepwise Trading Plan: Don’t expect to fly by the seat of your pants in the forex market. Intuition may serve you in other arenas, but it unfortunately involves the emotional centers of your brain, something to be avoided. The experts rely on a stepwise plan that they follow to the letter. Decision making is difficult enough, but during a stress filled trading session with real money on the line, you must follow a detailed plan to enter, evaluate, and exit, or risk having your subconscious mind sabotage your best laid plans;
Detailed Stepwise Trading Plan: Don’t expect to fly by the seat of your pants in the forex market. Intuition may serve you in other arenas, but it unfortunately involves the emotional centers of your brain, something to be avoided. The experts rely on a stepwise plan that they follow to the letter. Decision making is difficult enough, but during a stress filled trading session with real money on the line, you must follow a detailed plan to enter, evaluate, and exit, or risk having your subconscious mind sabotage your best laid plans;•Demo Account Practice: Most successful traders swear by their practice regimen on free demo account systems. Some admit to training for up to three months or more before putting real capital at risk. Experience is critical, and there are no shortcuts. No pain, no gain. Practice until you feel comfortable with all trading aspects, have confidence in your detailed trading plan, and achieve the consistency in net-trading profits that you expect when you go real time;
Demo Account Practice: Most successful traders swear by their practice regimen on free demo account systems. Some admit to training for up to three months or more before putting real capital at risk. Experience is critical, and there are no shortcuts. No pain, no gain. Practice until you feel comfortable with all trading aspects, have confidence in your detailed trading plan, and achieve the consistency in net-trading profits that you expect when you go real time;•Backtesting: Many professionals are also adamant in attributing their success to backtesting their personal trading plans. There are software programs designed to test your trading rules using historical forex databases. Check your forex broker reviews to find the ones that offer a support service in this area or historical trade data for this purpose. Benefits relate to speed, since more scenarios can be generated than through demo systems, and to fine tuning your plan for possible market “curveballs”. In actuality, anything that creates more experience with your plan and how the market operates is a good thing in the long run;
Backtesting: Many professionals are also adamant in attributing their success to backtesting their personal trading plans. There are software programs designed to test your trading rules using historical forex databases. Check your forex broker reviews to find the ones that offer a support service in this area or historical trade data for this purpose. Benefits relate to speed, since more scenarios can be generated than through demo systems, and to fine tuning your plan for possible market “curveballs”. In actuality, anything that creates more experience with your plan and how the market operates is a good thing in the long run;•Money Management Principles: Traders tend to incorporate these principles within their detailed training plans, but the topic can be easily overlooked. The main points here are to control the size of your position and to use prudent risk management techniques employing stop-loss orders. There are a variety of these types of orders, and it is important to understand each one, their limitations, and the times when a forex broker may not guarantee their performance. Your broker agreement will provide these details. There are also a number of tips that deserve continual review:
Money Management Principles: Traders tend to incorporate these principles within their detailed training plans, but the topic can be easily overlooked. The main points here are to control the size of your position and to use prudent risk management techniques employing stop-loss orders. There are a variety of these types of orders, and it is important to understand each one, their limitations, and the times when a forex broker may not guarantee their performance. Your broker agreement will provide these details. There are also a number of tips that deserve continual review:Tip #1: Only Trade With Risk Capital;
Tip #1: Only Trade With Risk Capital;Tip #2: Cut Losses Short, Let Profits Run On;
Tip #2: Cut Losses Short, Let Profits Run On;Tip #3: Avoid Using Too Much Leverage;
Tip #3: Avoid Using Too Much Leverage;Tip #4: Avoid Taking Too Much Heat;
Tip #4: Avoid Taking Too Much Heat;Tip #5: Do Not Give in to Greed:
Tip #5: Do Not Give in to Greed:Each of the items above is an enhancement on one or two of the “Big Three” success factors. If there is a shortcut to be found, it is to find a local forex trading professional in your area and to follow the wisdom of his guidance.
