Many traders wonder how exactly you find a good mentor in trading forex.
Because do you have to search for a trader with a rich lifestyle?
A mentor showing his expensive house, his expensive car or his expensive holidays?
Should he show his piles of money? or his expensive clothes?
Does that show that he is a good trader? Maybe, maybe he deserved it all with trading in forex.
And now he can enjoy a luxury life through the forex.
But does it also make him a good mentor? Because a good trader is that immediately a good mentor?
The Forex Scalper Mentorship
Let’s just say it clearly, someone who shows a lot of his luxury life can indeed be a very good mentor.
But it can also be a marketing truck to seduce you with the luxury life, so you can buy a worthless course by him sooner!
Watch out for scammers and always ask first what someone (the mentor) can offer you.
What exactly can he teach you in trading forex?
Does this forex mentor like to give you some free information does he have valuable analysis on his site or perhaps his social media?
Does he know what he is talking about?
Or does he just sell you something and afterward he cannot tell anything about trading in forex? In the times that I am now a mentor, I have met many people who have been scammed in the past by so-called forex mentors.
The big dose of information I give them opens their eyes.
How they can actually be successful with the right mentor.
The right mentor takes the time for you, and it is his goal to make you a top trader.
How to Find a Good One? Forex mentor
So please do not trap in all luxury photos, money what you see.
Do not let yourself be tempted by it.
But look at what this Forex Mentor has to offer you for information. Do not be scammed!
The difference between supply and demand and support/resistance seems very small.
But a Trader who understands the difference between both and knows how Supply and Demand work precisely can develop a trading strategy that’s great! I also use Supply and Demand in my own strategy.
Supply and Demand Analysis
Supply and Demand is a strategy that analyzes how the market moves. Price lists and areas where buyers and sellers get into action on each price chart.
These points are clearly visible and can be seen on each chart.
These areas are usually also called Supply and Demand areas.
The experienced trader can respond well to this, where the amateur trader often fails to recognize these points properly.
Often traders also think that the more often the price shows an area the stronger it is, but this is not entirely true. Just look at the example below.
What makes the price go down is an imbalance between buyers and sellers and there is more selling activity than buying going on. And when the price comes up there is more buying activity.
When price reaches the support level, buyers enter the market again and outnumber the sellers.
Then, the price goes up until sellers become interested again and drive the price down.
This is a very basic view but it explains how markets move.
Each time the price moves back to a support level, there will be fewer and fewer buyers because everybody who wants to buy execute there trades now.
This is called order absorption.
Supply and Demand Forex Education
If everyone has bought and there are no buyers left over then the support level will break and the price will fall at a price that the buyers are again interested in buying.
Think of order absorption around a price level like a ball that bounces off the floor. Each time the ball hits the ground, some of the energy is absorbed by the floor. Thus, each consecutive bounce will be lower than the previous one until all energy is gone and the ball comes to a standstill.
Tips for Forex Analysis – Get Forex Trading Education
Forex Analysis checklist
1. Monthly main range (no more than 1000 PIPS). Measuring the range with the arrow tool.
– Firstly add horizontal lines on the arrows.
– Secondly add the thin rectangular strip on all key levels.
– Add labels: “Monthly Key Support”
2. Step up to the weekly time frame.
-Firstly use the Fibonacci tool: Click from the resistance (above) to support (bottom).
– Secondly draw a horizontal line at the 50% (0.5) level. (Remove the Fib afterwards)
– Do all three monthly series, leaving the weekly main levels as they are (no horizontal strip)
-Label the weekly mid-range levels. For example: “Weekly mid-range Resistance 0,96 **”
– Check the MA position (crossed up, cruised down / Bullish, bearish) and label.
3. Now step to the daily time frame. To draw keylevels with only the rectangular strip. Remember to use the 4-hour chart in line with the daily chart to do this.- Use a thin horizontal strip for the Daily / 4 hour key levels.
– When it helps you, change the color.
– If no key level can be seen, do not force it, stay at the week and monthly till the price action shows a key level.
– Check the MA position (crossed up, cruised down / Bullish, bearish) label (weekly and daily) .
4. Mark the higher highs / lows higher (if in uptrend) or lower highs / lows lower (if in down trend) on the daily / 4uurs time frame.
– Always think ahead when a new higher high / lower low can be expected.
5. Apply trend lines on the chart for assistance and to obtain a clearer picture which way the trend of the market will go.
– Daily and weekly lines broadly assist in the general direction.Be aware of the 3rd trend line touch / bounce + trend line break rules (weekly and daily) 4 hourly + 2 hourly chart is for the application of the counter-trend lines.Add it if possible, once you have an idea of the general trend direction (Bullish or Bearish). Trading breakouts in the direction of the trend (MA crossover and breakout should work together).
6. Draw the Fibonacci on the chart.
– Weekly + daily Fibonacci act as a guide for what direction the trend is going.Do not worry if you missed the C- Retracement; Use the D-extension targets as a potential directional bias.
– 4 hourly + 2 hourly Fibonacci is very good for entry positions. Additional confidence is given as D-extension levels overlap any key level monthly / weekly as an extra confluence.
– Trade thee Fibonacci with inside bars / counter trend line breaks + MA crossovers. Remember that 78,6% fib functions as a Stop-loss level (Not at the daily / weekly).
– Improvise a closed line, up or below the 78,6% that can make the A, B, C, D move invalid.
7: An important entry strategy is the inside candle setup. IMPORTANT: double check your currency pairs, read the candlesticks and make use of all of the rules mentioned above to get the overall market direction / bias.
– Look for inside candles to help with an entry point if there is already a trend direction.Maybe they break the two setups in your currency pairs.
– Daily / 4 Hourly inside bars provide the most reliability.- According to the rules you should highlight the inside candle, step to the next period, waiting for MA crossover then you enter your trade on the final candle.
Forex Analysis / Tips:
– Don’t forget to place your Stop-loss at the daily and 4H chart at the HH-LL-HL-LH marks.
– Not over two trades at once.
– Keep track of your daily trade notebook and be honest with yourself.
– Think in terms of percentages and PIPs.
– Always save your work and stay organised.
When we talk about Forex, scalping refers to the creation of a large amount of trades that individually yield small profits.
With a scalping strategy, traders generally expect an expected profit of between 5 to 10 Pips per trade.
In addition, traders can use a high lever to increase these profits.
Make it clear that the lever can also increase any losses.
What is the best scalp strategy? Determining whether a Forex scalping strategy is appropriate will largely depend on the amount of time you are willing to invest in scalp trading.
Best Scalper Forex
The next important point is that you have the qualities to make decisions in a flash.
To scalpe well, you can quickly predict where the market is going.
Then, click here to open and close positions within seconds.
That makes Forex scalping not easy.
Once you’ve started scaling, practice a demo account first.
Start with trades in general, try different strategies and make market forecasts.
When making predictions, keep in mind that psychology, and especially herd behavior, is an important part of market movements.
Understanding of these is key features of the Forex Scalper.
If you are interested in exercising scalping strategies then you should also be willing to accept losses.
Your goal as a scalper is to trade more profitable than losing positions.
Make sure you know when to close positions if they are not successful.
Finally, by automating your Forex scalping strategy, you can save a lot of time and energy. However: … strategies must be constantly developed and improved … … automate your strategy only after it has consistently performed over a reasonable period of time … To find out if scalping fits your personal preferences, it’s a good idea to practice Forex scalping on a free IC MARKETS. account.
We have developed a strategy that makes us more than 80% profitable.
Because in the forex world you really learn to fall and get up.
Every beginning is difficult but in the world of it all went.
Perhaps you have already lost a lot of money on the market?
And now you want to invest more in yourself.
Perhaps you have a dream a dream that we also had to be able to live from your trade, and to live well!
With your will, patience and trust we can make you a successful trader with our Forex course Trading is mainly about reading, observing, analyzing and striking.
An important reason for the loss of approximately 90% of traders is that they are too lazy to do the work that is necessary to be successful.
Another reason is that they do not have a trading plan.
And a trading plan is so important to get and be consistent.
They guess, gamble and hope.
Actually more gambling than they did.
Either way, if you are willing to work hard and disciplined, you could once more belong to those 10% traders who are very successful with the Forex course.
“When I became a winner, I said, ‘I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade.'” – Marty Schwartz
Want to know more about trading in forex or do you want to join the forex group?
The forex group is mainly English!
Please contact me so that I can explain you much more about what we have to offer.
And all your questions can be verbs.
IC Markets True ECN trading environment allows you to trade online on institutional grade liquidity from the worlds leading investment banks and dark pool liquidity execution venues, allowing you to trade on spreads from 0.0 pips. You can now trade along side the worlds biggest banks and institutions with your order flowing straight into our true ECN environment.Trade in a true ECN environment with no dealing desk or price manipulation. IC Markets is the online forex broker of choice for high volume traders, scalpers and robots.
For USA & Canada clients i recommend FXChoice which is also a very good broker.