Forex
Forex is the Foreign Exchange market and you can win (and lose) literally unlimited sums of money by trading it.
You can trade FX with just a few hundred pounds or dollars and it can be a full time profession or a part-time hobby but winning at FX is notoriously difficult and its estimated that over 90% of FX traders will lose and if there was just one word to explain why traders lose that word would be DISCIPLINE.
Without discipline you are unlikely to win at trading FX but what does this actually mean?
Having discipline means having a trading method that works PLUS sound money management.
Sound money management means not exposing your account to huge risks (known as drawdown) by:
a) over trading
b) exposing your account to huge risks
c). “revenge” trading (trying to get back losses by gambling rather than trading.
d). failing to close losing trades
e). closing winning trades to soon.
The world of FX trading is wide and complex. I’ve traded FX for over 25 years and I know how you can reduce your risks when trading and although I can’t give you the discipline you need, I can show you my method of trading and you’re more likely to win than lose if you employ the techniqes I use.
Method
It’s obvious (or should be) that you first need a method in order to trade FX.
There are quite literally an infinite number of trading methods so it’s important to pick one (that works) and stick with it.
The method I recommend uses pivots.
Pivots
I’m not sure why EVERY Fx trader DOESN’T have pivots on their charts.
The beauty of pivots is that they are the ONLY indicator that is displayed on your charts at the START of every trading week.
This is very useful as you can plan your trading around these key support & resistance levels.
What are Pivots?
Weekly Pivot points are calculated using the high, low and closing prices of the previous week.
The actual calculation to determine next weeks weekly pivot points is previous week high + week low + week close / 3.
This give the WPP Pivot level.
The key WR1 and WS1 Pivot levels are calculated by taking the calculated WPP level and multiplying by 2.
To calculate WR1 you take this number and subtract the previous weeks low.
To calculate WS1 you take this number and subtract the previous weeks high.
Here is an example:
As can be seen, the price of EUR/JPY hit the WR1 pivot early Mon day morning and reversed sharply.
Had you set a SELL STOP at 170.95 and shorted this pair down to WS1, you would have made 504 pips.
You could have closed that trade and gone LONG (BUY) EUR/JPY and you’d be +193 pips and counting.
What do betting on sporting events, trading the foreign exchange markets and investing in cryptocurrency have in common?
They are all gambling (and therefore risky) and they are all tax free!
This website is dedicated to reducing or even eliminating the risks associated with these 3 activities.
How is this possible?
Well, there’s no short answer to this but in a nut shell, you’ll need help.
You can beat the bookies with help from OddsMonkey.
You can beat the FX markets with sound money management techniques and you can mitigate the risks associated with cryptocurrency investing by learning how to carry due diligence and to recognize what is and what isn’t a scam.
Under each heading, I discuss in detail how to do this.
OddsMonkey is your introduction to arbitrage betting where you both back and lay the outcome of an event and in doing so you win no matter the outcome.
Under Bookies, I’ll explain why your average punter usually loses and why the bookies always win and how the game is fixed in the favour of the bookies by offering odds that don’t really reflect the market.
Under Forex, I’ll explain how to trade the FX markets safely and eliminate or at least greatly reduce risk.
Under Cryprocurrency, I’ll show you how to avoid blatant scams and introduce you to cryptocurrency investing with both no risk and with little risk.