RESOURCES & ADVANCED TRADING IDEAS

You will need the free MT4 charting software and I recommend using either FXPro (because they let you use it as long as you want) or IBFX (Interbank) or Alpari (UK). It doesn't make a lot of difference whose version you use, they are all the same. Your broker does not have to be the same as the one who provides your MT4 platform and your demo account..

I use FX Solutions as broker and am very happy with them. I do NOT recommend FXCM at all. I have heard good things about IBFX .. You can also check forexpeacearmy.com for broker reviews.

You don't need a broker account right away if you are just starting out. In fact, I don't recommend it! Practice for at least a month in a demo account (which comes with your MT4 software) until you feel confident that this method is working for you.

Below is a downloadable link for a zip file with the MT4 indicators I have mentioned in it and also a template you can use on the 4 hour.

Right Click HERE to download MT4 indicators and template
Save the zip file to your desktop, then unzip the indicators and 2 templates to your desktop or My Documents folder. Then make sure your MT4 is closed and using Explorer (right-click Start menu>>Explore) drag the indicators to this folder:
C://Program File/Your-MT4-Program-Name/experts/indicators
Drag the 2 templates to your templates folder:
C://Program File/Your-MT4-Program-Name/templates

NOTE: you have TWO indicators folders under your MT4 program, be sure to put the indicators into the one that is INSIDE the 'experts' folder! When you re-start your MT4 program, the indicators should be ready for use. Just chose either the 4 hour or Gann template to see them.
NOTE: fibonacci retracements are not drawn automatically on the templates, you will have to add them yourself.

Learn about Candlesticks:

Learn the basics of MT4 (Metatrader 4 is the standard charting program used by most forex traders)

ADVANCED TRADING CONCEPTS

A few years ago, there was a trader on the forums known as "bunnygirl". She invented something that came to be known as the BGX or "bunny girl cross". It was a simple moving average cross and, according to reports, it made her very rich.

Some indicators were written to put the BGX onto MT4 charts, however bunnygirl was always tweaking it and once she left the forums (retired to her yacht I presume.....) with time the BGX got outdated.

However .. in my opinion she did not make her fortune by trading the BGX. She could have used any trading method, including the one you have just learned. What made her rich is the WAY she traded.

She always bought 3 lots (whether micro, mini or standard depends on your account size). She had fixed stops for each currency, 20 pips for the EUR/USD for example. Then for her take profit, she did this: first lot: exit at +10 pips (plus spread) and move stops on the other two to breakeven. It is now a "free trade".

Second lot: exit at +20.

Third lot, trail a stop 20 pips behind and let it run as far as it goes.

If you notice .. 3 lots with a 20 pip stop initially is a maximum 60 pip loss. One good trade gets you 10 pips, more likely 30 or more pips. So if you are right 2 out of 3 times, you should be at breakeven at worst. The probability for a good trading methodology is more like 3 out of 4 or better. I think hers was over 80%. So that is a net of at least +30 pips per day (150 per week), probably much better as the 3rd trade will occasionally produce a home run.

That is a daytrading method; using the swing trading method I have just described, you could do a first take profit at +30, the second at +50 and let the third run. I have not tested this, perhaps with this method it is just better to put on one trade per pair, but put a trade on all qualifying pairs.

It is my theory that the reason trading ROBOTS work is because they trade mechanically using

You can devise your own plan .. but what is important is to HAVE a plan and work your plan consistently.

END OF LESSONS: PLEASE CLICK TO GIVE ME SOME FEEDBACK!