How to Trade Currencies Like the Big Dogs
not THE best one out there. After taking this crash course in forex trading, from the comfort of your own home, you’ll be better armed to trade profitably and to take your trading to the next level.
Back when I was looking for a course to offer on this website, a close friend of mine suggested I speak with a friend of his who is now a full-time forex trader. This trader, who is very successful and “works” from the comfort of his own home highly recommended the Peter Bain course, which was the foundation of his success!
Peter Bain and his team of professional currency traders have successfully trained over 25,000 aspiring currency traders in the last ten years… In fact, The core of the ForexMentor training course is the “How to Trade Currencies like the Big Dogs” home study course. Designed to teach beginners how to trade currencies and then continue with their forex development until they have become proficient traders, the “Big Dog” course has enabled thousands of individuals to become skilled currency.
But rather than attempt to summarize Peter Bain’s philosophy, here’s what he has to say:
“Price support and resistance are the most important signals in trading. Here’s why:
Your chart is like the artificial gyro horizon – an instrument used to inform pilots of the orientation of the aircraft relative to earth. The pilots must know how to read this instrument in order to navigate safely.
Professional traders also use a gyro horizon to see what the market is doing. They are called pivot points. Pivot levels offer traders a frame of reference so he can see what price is doing and more importantly find his support and resistance levels.
I began to change the way I look at the market with that epiphany. Over the next 18 months, I devised the steps for a simple system for myself to guide my forex trading. I called it my Forex Dashboard System.
And here it is…As you can see, price action becomes the central focus in my Forex trading!
How simple is that?
The truth is you don’t need to clutter your charts with all those indicators to be successful. They’re cluttering your decision-making skills as much as they clutter your charts.
All successful “Big Dog” traders focus on price and its relationship to support and resistance. To conquer Forex trading, you have to use them too.
Learn How to Bark Like the “Big Dogs” And You Learn How to Conquer the Forex… It’s THAT Simple!
When I created the Forex Dashboard System, it was as if the fog had been lifted right in front of my eyes. Not only did my trading results improve overnight, but I was having fun again. With my Forex Dashboard System I found could see what the market was doing and where it was headed.
Now tell me this: What more effective indicator is there? If you can use a simple system to see what the market’s doing and where it’s headed, what else do you need to be successful?
The answer is NOTHING.
I was so excited when I finally cracked the Forex that I began sharing my system with several traders. They were surprised by its simplicity, but were skeptical at first. However, not long after, their trading results also improved.
Here’s the Skinny on How My System Works
Professional Forex traders pay very close attention to key price support and resistance levels. This is the foundation of my currency trading system. My system is built around the proven concept of “commercial support and resistance tendencies.” Just like the pros.
Let me explain…
Volatile currency price fluctuations are usually initiated by external forces such as global geo-political events, world news, monetary policies, economic reports, etc. Well, as currency traders, we are not concerned about what caused the price movement. We are traders – not economists. We are only interested in profiting from the aftermath volatility as a result of these global fundamental events.
Determine Entry and Exit Points Using the Dashboard…
When a market reaches certain low levels, they are at a support level (support being a price level that attracts buyers simply on lower prices). It could be that the market reached those levels on several occasions before and bounced off them. Markets that reach support levels will often rise as buyers are re-attracted to those price points. Then the herd instinct kicks in and price rises.
If a market rises, and a level of resistance is eventually reached as a price level is rejected by buyers because the sellers are asking too much. The price will begin to move downward from this level of resistance. Other sellers join in, the crowd factor multiplies and price swoons. Support and resistance levels are extremely dynamic in Forex trading – meaning that they are subject to change from day to day. These levels must be recalibrated from day to day. Technical indicators aren’t as effective because they can’t react quickly enough.
…And These Key Levels Can Be Figured This Out Using Simple Math!
My currency trading system uses mathematical formulas to calculate these support and resistance levels known as ” pivot levels .” These pivot levels are extremely important because when the price of a currency pair trades near these price levels , professional traders and automated trading systems will automatically kick in to buy or sell the currency. This facilitates price movement predictability.
My system enables you to quickly react to an ever changing Forex market, as well as to easily pinpoint entry and exit points. These factors are why my system competes favorably with systems which are based on “lagging” indicators. These other so called systems will simply pale in comparison.
Want to Increase Your Trading Odds Even More?
To further improve my trading odds, I combine pivot levels with a small number of the consistent, reliable and re-occurring key technical indicators and chart formations. The ones I am particularly interested in are the powerful reversal formations at tops and bottoms of price ranges.
Guess what happens?
When you apply chart pattern recognition skills together with the use of the pivots, benefits accrue for certain. The targeted support and resistance numbers are like an early warning system. Being aware of an important price target level, accompanied by a pattern, you can then anticipate your move.
It just doesn’t work any better than that!
Let me tell you this… if you are trading the Forex without the guidance of pivot points, you could be trading in what I called ‘NO MAN’S LAND’ – these are danger zones. Improve your chances by taking trades in and around pivot points.
My system uses pivot points to see in advance potential levels of support and resistance, as well as levels for potential major market reversals.”