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Nial Fuller

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About Nial Fuller

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    Pro Fx Trader , based in Australia, 9 years Experience. Forex market.

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  1. If you find that more often than not you are either in a trade, thinking about being a trade, or even “itching” to be in a trade, you are probably addicted to trading the markets. If you find it difficult to remove yourself from your computer after placing a trade or you are staying up until 3 in the morning watching every tick for or against your trade with frazzled nerves, you are probably addicted to trading. How do you stop your addiction to trading? If you are man enough to admit that you are addicted to trading then read on for some tips on how to break free from this addiction, if you want to continue on in denial of your addiction, then it’s better to click off this page now. Stop trading small time frames When I say “small time frames”, I am talking about any chart time frame below the 1 hour time frame. I personally believe these time frames are too full of random price movement that carries with it very little significance. As a result, I feel that traders who focus primarily on these small time frames end up getting “seduced” into over-trading because they naturally spend more time analyzing and watching the markets as a result of having more (mostly meaningless) price movement to analyze. We humans tend to be good at finding “patterns” in things, or meaning in things that perhaps don’t carry any inherent meaning. Traders are really good at doing this when trading the lower time frames. Also, any trading signal on a 5 minute chart is going to inherently carry with it a lot less weight than that same signal on the 4hr or daily time frame. So, if you want to break your addiction to the charts…stop watching the small time frames all the time, the reality is that it’s only causing you to over-analyze, over-think, and over-trade. Be accountable People who are addicted to drugs or alcohol lack accountability to themselves, they don’t care about their bodies enough to stay disciplined enough to stay away from substances that harm them. Similarly, traders who gamble their money away and who are addicted to the markets, lack accountability; they are unorganized and undisciplined and so they need something to be accountable to. The best way to inject some accountability into your trading is to develop a Forex trading plan based around an effective trading strategy, as well as a Forex trading journal. Then, you have to force yourself to actually use them; if you can manage to do this you will then have something to be accountable to. When you self-manufacture these tools of accountability in your trading, it helps you stay disciplined and helps to forge positive trading habits in your trading. Traders who gamble and who are addicted to the markets actually reinforce negative trading habits and thus it can be nearly impossible for them to turn their trading around. Understand that NOT trading IS a valuable position Another very important thing to understand that will help you break your addiction to trading is that NOT trading is often the best position to take. Think of it like this, if you are addicted to the markets and are over-trading, you are going to have many more losing trades than you would have if you were disciplined enough to simply not trade when you knew you shouldn’t have. Just to get back to breakeven you have to then hit enough winning trades to make up for all your losers. Whereas, if you simply had traded like a sniper and not a machine gunner, you could have avoided many losing trades and thus had a much more consistent and profitable equity curve. Don’t put pressure on yourself to make money The reason why many traders get addicted to the market is because they put too much pressure on themselves to make money from their trading. This is a very dangerous thing to do. Traders who find success in the markets feel little to no pressure, they don’t put too much significance on any one trade. If you see trading as your “only option” at having a happy life, you are obviously going to become emotional the first time you lose a trade, then that’s going to kick off an avalanche of emotional trading mistakes and trading addiction that will only result in you losing increasing amounts of money. In short, remover your “need” to make money in the markets, and the money you so badly desire will actually come faster. Making sure you don’t “relapse” As any addict knows, relapse is always lurking around the corner, waiting for you like an unavoidable temptation in the night. When you’re a trading addict, the situation is exactly same, and perhaps even more difficult than being addicted to drugs or alcohol, since you are still going to see your temptation (the markets) everyday. You have to consciously be on-guard against falling back into your old ways of being a trading addict. The easiest way to do this is to stay disciplined and organized by thinking about your trading like a business and making a trading plan and trading journal and using them with passion. You also need to keep in mind that you COULD lose money on ANY one trade, so keep that fact in your mind at all times while trading, and ask yourself before every trade if THIS is a trade that a I REALLY want to risk money on, and is THIS amount of money an amount I am TRULY OK with losing? In short, there is no concrete way to avoid slipping back into your old bad habit of trading addiction. But, you can pre-empt all your actions in the market by doing the things I just described, this will greatly increase your chances of avoiding a relapse. Also, you should realize that trading is a life-long event, so don’t get too hung up on any one trade; your trading success is measured over months and years, not over days or weeks. Find other hobbies, don’t get obsessed with the markets, and realize the markets will always be there, so missing out on a good trade setup is not a big thing. By and large, traders who take a slow and controlled approach to trading the markets make a lot more money over their lifetimes than traders who take a fast and emotional approach. Nial Fuller is a respected Forex trader and trading coach. He teaches forex traders to simplify their trading by learning to read the “raw” price action of the market and by trading with simple yet highly logical and effective strategies. If you want to find out more about him and his price action trading methods, check out his Forex Trading website here:
  2. Hi 4EverMaat - the words 'secret' is just a catchy headline I used. In reality, the article is designed to point out the key habits of great traders. I believe the main points I made are very relevant to successful trading and I hope they help people. Cheers.
  3. Secrets of Successful Forex Traders - by Nial Fuller Below Expert Forex Trader Nial Fuller Talks About Secrets Of Successful Forex Traders. The “secrets” of most successful Forex traders are perhaps not so secret. What I mean is that you probably already know most of the things you need to do to be a profitable trader, but you don’t do them because you think you will find a “short-cut” or you think you just “feel” the market better than most people so you will be able to cut the corners you know you should probably be taking. Most struggling traders think in a similar manner to what I just discussed above; they think they are always just one trade away from hitting a big winner and then they will start to be disciplined and create a trading plan and trading journal. Unfortunately, it’s usually too late for traders who think like this, meaning because they think like this they are reinforcing trading habits that are inhibiting them from making money in the markets. Don’t be like the masses of losing traders, be different, be realistic, do what you know you should do to excel in the markets, stop cutting corners and start trading in an organized and responsible manner. Here are a few things that ALL consistently profitable Forex traders do, and that you probably are not doing: Trading frequency Most traders seem to have a natural tendency to want to trade a lot. Rather, traders who are undisciplined, have no trading plan and who don’t view their success as being defined over a long series of trades want to trade a lot. Most very successful traders do not trade as much as you probably are. In fact, there are studies that PROVE that investors and traders that trade less frequently than day-traders or scalpers make more money over the long-run. If you think about it, isn’t the “long-run” really what matters anyways? Why does it matter if you make 50% one month only to give it back the next month? Isn’t it better to just make 50% a year and keep that 50%? Of course, everyone would answer yes, but most traders’ actions do not reflect this. If you boiled down the reasons behind most traders’ actions, you would see that they are primarily concerned with the ‘here and now’ and not so much on their end-of-year trading results. Of course, when the end of the year comes and they look back over their trading performance, they realize that they traded way too much and that had they just traded less frequently, they probably would have made a lot more money…or in most cases made some money. What is the point? Well, the point is that one of the biggest ‘secrets’ of successful traders is that they don’t trade very much. If you take a look at your own trading performance you’ve probably entered 5 or more trades in the past week, in my opinion, that’s too many. I focus on the daily chart time frame, and I only enter very obvious price action setups that I consider the ‘low-hanging fruit’; I don’t like to put my hard-earned money at risk in the markets unless my trading edge is present. This is how a professional trader thinks, whereas an amateur / losing trader just manifests trading signal after trading signal, mutating their trading edge to meet their desire to trade, or altogether ignoring the fact that their trading edge is not present. Discipline Another ‘secret’ of successful Forex traders is that they are disciplined. If you are not consistently successful in the markets yet, it’s a fair bet that it’s because you are not disciplined enough to consistently manage your risk or to consistently stick to your trading plan, i.e. not over-trading. Almost every trader who struggles to make money in the markets does so because they risk more than they should per trade…rather more than they know they should, and also because they trade too often. Both of these problems are a result of not being disciplined enough to stick to what you know you should do and what you need to do. Successful traders are successful because they are disciplined enough to wait for the most obvious trade setups and also because they are disciplined enough to never risk more than they are totally comfortable with losing per trade. Simplicity Finally, perhaps one of the biggest ‘secrets’ of successful Forex traders is that they do not use complicated trading methods. Whilst every trader is different and trades in a slightly different way, by and large, pro traders are using simple price action-derived methods. You are going to be hard-pressed to find a pro trader with 10 different indicators on their charts. Most successful traders have long since realized that the only thing overly-complicated indicator and software-based methods do, is cover-up the high-probability price action setups that occur on the price chart beneath them. Most beginning and struggling traders seem to have the idea that they by putting more ‘crap’ on their charts they are somehow going to gain some inside information or understanding of price movement. All they’re really doing is masking the price action of the chart and making it more difficult and complicated to interpret and trade from. Most traders who make it out of the woods of beginning trading and searching for the “Holy-Grail” trading system, eventually end up gravitating towards natural and raw price action trading because they ultimately realize that a market’s raw price movement is the best and most accurate tool for analyzing it and making trading decisions. Unfortunately, Forex trading is a very easy industry for people to develop trading systems and ‘magic-bullet’ indicators that sound and look great, and are very easy to market and sell. As a struggling or beginning trader, the best thing you can do is to be skeptical; if something sounds too good to be true…it probably is. There are no short-cuts to success in Forex, and the ‘secrets’ that I’ve discussed in this article really are just common sense things that you probably already know you should be doing but most likely aren’t. So, make the change today and start doing what you know needs to be done to succeed as a currency trader. You Can Visit Nial Fuller's Price Action Trading Community Here - Forex Trading
  4. How to Reach Your Full Potential as a Forex Trader To begin today’s article, I want you to yourself a question: “Am I currently doing everything possible to be the best Forex trader I can be?” I’m willing to bet that you are one of many traders who know what they need to do to trade successfully, but simply aren’t doing it. So, why is it that so many struggling Forex traders have the knowledge to trade successfully but they still do not make money consistently? How can you take your knowledge and put it into action in the markets and finally overcome your inability to remain disciplined? I will give you some insight into these questions in today’s article and hopefully you will then have an easier time reaching your full potential in the markets. Anyone can learn to trade successfully if they really want it bad enough The 1983 trading experiment by Richard Dennis and David Eckhart, known as ‘The Turtle Traders’, famously proved that trading could indeed be taught successfully to people with little or no trading experience. Thus, you have the potential inside of you to trade successfully; it doesn’t take some special genetic gift of birth to trade the markets profitably. However, it is true that some people have an easier time with discipline and self-control than others, and these are two of the most important traits of consistently successful traders. But, that doesn’t mean you can’t develop these traits in yourself, it will just take you a little more work if you aren’t naturally inclined to be disciplined. Successful Forex trading is all about developing and maintaining the correct trading habits. The potential for you to make money consistently is inside of you, but you need to “unlock” it by staying consciously aware of your emotions as you trade. Turning your trading knowledge into action We’ve already discussed the problem that many traders face of not being able to act on their knowledge of what they need to do to trade correctly. Trading seems to be a lot like staying in shape; most people know what they need to do to stay in good physical shape, but they lack the motivation to become and remain disciplined enough to develop the proper habits that make them consistently healthy. Similarly, most struggling traders know what they need to do to start making consistently money in the markets, but they simply lack the necessary discipline to make it happen. So, what are some things that you can do today to help jump-start your motivation to get and remained disciplined in your trading so that you can reach your full potential as a trader? 1) Start accepting that trading is risky and that you can lose money on any given trade. If you truly understand and accept that there is no such thing as a “sure trade” in the market, then you have no reason not to manage your risk effectively on every single trade you take, that is unless you really enjoy losing an emotionally painful amount of money on any one trade. 2) Learn an effective trading strategy that is not overly-complicated. Let’s face it, there’s a ton of trading systems and strategies floating around the internet that are anything but user-friendly. So, if you want to reach your true potential as a trader you need to employ a simple trading strategy that you actually understand end enjoy using, not some messy conglomeration of indicators that resembles a piece of modern abstract art. 3) You need to actually create a practical trading plan around the strategy you have mastered. If you do not create a trading plan that details all your trading strategies, money management, and entry and exit rules, there is no way you will ever pull together the discipline necessary to succeed in the markets long-term. Just like a business needs a business plan, you need a trading plan for your trading, and you need to treat it exactly like a business, because that’s what it is. You would not gamble away your money for a business, so don’t gamble away your money in the markets, instead plan everything out and preempt all your actions in the market. 4) Once you have mastered an effective yet simple Forex trading strategy and have a trading plan in place, you need to create a Forex trading journal to track all your trades. This is essential to you reaching your full potential as a trader because you need to develop a track record that shows you your progress in the markets or lack thereof. This will also work as a self-accountability tool, because if you can manage to pretend that you are “reporting” to your trading journal as if it is your “boss”, you will create some accountability in your trading, and this is important for most traders since without a real boss breathing down their neck they have little reason to stay on track and motivated. In summary, if you can manage to do the things discussed in the four points above, you have a very good chance at succeeding long-term in the Forex market and in reaching your full potential as a Forex trader. However, keep in mind that these things are not going to help you if you only start them but don’t persist with them. You have to follow-through and give yourself some time to see your efforts pay off, forget about getting rich over-night, seriously successful traders have long-since figured out that the “get-rich-quick” mindset is simply not conducive to making consistent money in the markets. About the author: Nial Fuller is CEO and Founder of the webs Foremost Trading Education Community - Learn To Trade The Market, A Global Leader in Forex Trading Education & Training. The Learn To Trade The Market Forex Price Action Trading Community has become a vital education resource for aspiring forex traders.
  5. Why Use Price Action Analysis to Trade Forex? Below Nial Fuller Talks About Why Traders Should Use Price Action Analysis to Trade Forex. Trading Forex successfully is both art and skill. You need to learn to read the natural ebb and flow of the market if you want to truly understand the price dynamics that occur within it. Trading based off rigid rule-based systems, or black-box systems is a thing of the past that is quickly losing popularity amongst savvy Forex traders. You have probably already experienced the mess and frustration that comes with using numerous indicators on your charts or with trying to trade solely off software trading programs. The core problem with such approaches to trading is that they are not natural. If I may, I would like to make an analogy with food here; when you eat unhealthy food that is not natural, your body suffers, and everyone knows this. Similarly, in Forex trading, when you try to use unnatural trading strategies that are not based off the ‘pure’ price data of a market, you end up polluting your mind and as a result your trading results will be poor. You see, to trade successfully you need a clean and calm mind, just like you need a clean body if you want to live healthily. You get a clean body from eating natural foods, and you get a clean and calm trading mindset from trading natural price action based trading strategies. Price action trading allows you to ‘resonate’ with the market by being as in-sync with it as possible, just like eating natural foods will work to keep you healthy because they are what your body needs and they ‘resonate’ better with your body’s cells than do unnatural or highly-processed foods. Why price action trading is effective in the Forex market I have used about every trading strategy available, because when I first started out in the markets I was stuck in the cycle of analysis-paralysis that so many traders get stuck in, jumping from one strategy or system to the next and trying to analyze as many economic news reports as I could get my hands on. Eventually, I realized that the most efficient and effective way to trade is to simply learn to analyze a ‘naked’ price-only chart. My unique way of trading with price action strategies is the result of many hours of time spent analyzing price movement on price charts. Forex trading is a process of trying different methods and tweaking them and eventually ending up with your own unique trading method. Price action analysis is the art and skill of identifying specific price action patterns in the market you are trading. Forex is an excellent market to use price action analysis in because it is open 24 hours a day 5 and half days a week and this means there are more opportunities for you to take advantage of. All you need to know is how to identify and trade specific price action strategies and you can learn this most effectively from a professional price action trader and by studying the charts. Price action analysis works very well in the Forex market because it is such a dynamic and liquid market. The beauty of price action trading is that it is a naturally flexible method of trading that gives you a perspective on the market that allows you to make sense out of what is happening at any given time. I have been profitable by concentrating on just 2-3 good price action setups that have proved consistently effective for me. If you learn how to read what the chart is telling you and focus on just 1 to 3 setups that you like, eventually you will master these setups / patterns, allowing you to have a better chance of making make money from your trading. Where people go wrong is with using indicators and other overly complicated methods and then constantly jumping from one trading system or strategy to the next. You have to find a truly consistent edge in the market and just concentrate on that until you truly master it, remain in one frame of mind, focus and master those setups first, and then you can add more tools to your arsenal later on. Forex trading is difficult enough without having an overly complicated trading system that tells you to look at numerous indicators when you could just be looking at a simple Forex price chart. Perhaps the best reason to trade Forex using price action is that any indicator you use on your chart to analyze market movement is derived from price and is just showing you in a less vivid format the same thing price is showing you. Some people like indicators because they give you rigid buy and sell signals without you having to think for yourself. The truth is, rigid trading systems and strategies will never stand up over time because the market is not rigid, and you have to trade a strategy that allows you to resonate with the market, not fight it. Just because your charts come with a hundred different indicators doesn’t mean they are going to help your trading or make you money in the markets. Trading success depends mostly on your mindset and your ability to remain disciplined in a realm of constant temptation to over-trade and over-leverage. We are trading currency markets, and the ‘core’ of what we are doing is trying to profit off of price movements. So, why so many traders do not want to make their trading decisions off of pure price action is beyond me. I promise you that if you simplify your trading method and concentrate on using price action strategies you will wonder how you ever traded any other way
  6. How Frequently Do Successful Forex Traders Really Trade? If you were to look at the trading account history of most unsuccessful Forex traders the first thing you would probably notice is a large amount of trade executions. Conversely, if you look at the trading history of most consistently successful Forex traders you will probably notice significantly fewer trades were executed over the same period of time than their unsuccessful counterparts. The “snow-ball” effect of over-trading If you’ve been around the markets for any length of time you’ve probably experienced the snow-ball effect of over-trading. What I mean is this; you enter one trade that you know you should not enter, but for some reason you do anyways, or perhaps you risk too much on one trade because you think it looks like it “can’t lose”. Next, you lose on the trade that you entered on a whim or that you loaded up on. Once this happens it’s nearly impossible for most traders to leave their computers and not trade again. What usually ends up happening is that the trader commits a “revenge trade” and tries to make back the money they just lost because they know they traded for a stupid reason or risked too much. However, this revenge trade almost always leads to more emotional trading, and this pattern will typically fuel itself until the trader has lost so much money they are forced to stop trading. The point is that it’s a very slippery slope once you start over-trading, and one emotional trade can literally become an avalanche of over-trading if you are not careful. This is why it’s extremely important to always trade in a disciplined and calm manner; every time you enter a trade you should ask yourself if it meets your trading plan criteria or if you are acting emotionally. Not trading is a profitable position Another thing you are likely to notice if you look at any consistently successful trader’s trading history, is that they likely have longer periods of time than you might expect without entering any trades. This is because successful traders know that not being in the market can be a very profitable position and is more often than not the BEST position to be in. Consider this point, if you lose money because you over-traded, your trading account now has significantly less money than it did before you over –traded. Thus, if you consider point A your trading account value before over-trading, and point B your trading account value after over-trading, you have more money in your account at point A, thus by simply NOT being in the market you are further ahead than if you had over-traded. So, the point is that not trading can actually be a very lucrative thing to do if it means you are avoiding frivolous trades. Successful Forex traders know exactly what they are looking for in the markets When you know exactly what you are looking for in the markets you are far less likely to over-trade. This is because when you know precisely what you want the market to look like before you enter you will have only yourself to blame if you enter the market at any other time. Many unsuccessful traders do not have an effective trading strategy mastered and as a result of this they end up trading what they think instead of what they see. You can stare at a price chart and add indicators to it and make up a nearly unlimited number of reasons for why you could jump in the market at any given time. However, just because you CAN trade at any time certainly does not mean that you SHOULD. The most successful Forex traders trade simple trading strategies that can easily be explained to other people who know nothing about the markets. These successful traders then combine their simple yet effective trading strategies with intense discipline to follow their trading plan, manage risk, and track all of their trades. If you are currently losing money in the markets, try this… If you are currently losing more money than you are making in the markets you will probably find that if you just trade less frequently you will do much better. My suggestion is to focus on the daily charts because they provide a clearer and more pertinent view of the market action than the lower time frames do. You should find a simple and effective trading strategy like price action and really learn to master it on the daily charts first. This will do two things; first, it will allow you to figure out EXACTLY what you are looking for in the markets so that you don’t “make up” trading signals that aren’t truly a high-probability edge. Next, by focusing on the daily charts first you will naturally reduce your trading frequency because you will be analyzing less data, but keep in mind the data that you are analyzing carries much more weight. So, in effect, you reduce the quantity of trades that you take but you increase the quality of them by trading the daily charts. In the world of Forex trading, any time we can reduce confusion and emotion we put ourselves in a very good position to make money consistently Nial Fuller is a Price Action Forex Trader and Coach , His Website is Learn To Trade Forex
  7. What is forex trading with price action? Price action is the behavior of the price of a specific currency, commodity, stock, or other security over a specific period of time. All financial markets display the price movement of a security over varying periods of time on price charts. The price action on a price chart reflects the aggregate belief of all market participants about the value of a security’s price during the specified period of time reflected by the price chart. Price action analysis allows you to see exactly what is happening in any given market at any given time because price action is the visual trail of the supply and demand situation of the given trading instrument over a specified period of time. A chart’s natural price action reflects the expectations and beliefs of all market players; the bigger more informed players obviously leave a more noticeable trail, so by analyzing the behavior of price over a specified period of time we can make an educated guess as to what those “in the know” are doing in the markets. Forex trading with price action is the application of price action analysis to the forex market, or more specifically, to a forex currency pair. Price action analysis deals with the predictive capacity of specific price patterns or setups that occur on a semi-regular basis over a given period of time. Certain price patterns re-occur in the markets and can be used to develop a high-probability trading system or strategy. Price action setups can be used to trade any financial market; however the forex market has the deepest liquidity and lowest startup costs as well as widest accessibility of any financial market, for these reasons and others, it is the most popular market today among retail traders. Why trade the forex market with price action vs. other methods? Price action trading has many advantages over most other methods and virtually no disadvantages. When you trade the forex market with a “clean” or indicator-free price chart, you are getting an uninhibited view of the movement of a currency pair’s price action. This is in direct opposition to many indicator-laden trading systems and strategies that essentially cover up the most important data that a market provides; price action. Having this uninhibited view of a currency pair’s price action allows you to make clear and accurate decisions about the possible future direction of a particular forex currency pair via price action setups, or patterns. Price action setups and patterns give you an easily recognizable and high-probability edge due to the repeating behavior of the forex market; this edge is clean, logical, and less haphazard than any other trading edge out there. Once you properly learn how to spot and trade price action setups, you will develop a refined market perspective that will allow you to trade the market only at the times you see a high probability price action setup present. Viewing the forex market from this clear and logical perspective also works to positively influence your trading psychology by keeping your charts and your mind clear and uncluttered from any unnecessary or overly-complicated indicators or trading software. Price action is the foundation for all technical analysis. The ability to interpret price action; the dynamics of a market’s price movement, is necessary to correctly understand all forms of technical analysis and improves your ability to utilize them. Essentially, price action analysis is the foundation which you should build your understanding of technical analysis upon because the movement of a security’s price over time is the single most important piece of information in any financial market, and it is also the information from which every other form of technical analysis is derived. Trading the forex market, or any market, with simple price action analysis, allows you to accurately enter into trending markets, consolidating markets, quite or volatile markets. It is this flexibility of price action, combined with the fact that it is a clear and logical trading strategy which makes use of first-hand market data (price), instead of second-hand data (lagging indicators), that makes price action analysis a necessary and widely traded strategy by professional traders and institutions all over the world. The difference between a clean price action chart and one laden with lagging indicators: By comparing the two screen shots below, we can see a clear difference in the clarity and usefulness of price action on an indicator-laden chart vs. price action on a plain vanilla price chart. In the chart containing the indicators, it is obvious there are more variables to look at; it naturally distracts your attention away from the raw price movement and onto derivatives of this price movement. In contrast, the plain vanilla price chart contains no lagging indicators, therefore, your eyes stay fixed on the raw price data the entire time you are looking at the chart; there is simply nothing else to analyze on the chart, and this is arguably the most accurate and natural way of looking at any financial market. The idea behind using lagging indicators to analyze a markets price movement is that it will somehow give you a clearer view of the impending direction of a market’s price, or will otherwise provide you with some sort of insight not available with the indicators. The fact that is forgotten by most believers in lagging indicators is that raw price action data without any indicators provides traders with the most accurate and clear trading strategy in existence. Price action setups form each day in the markets which give traders obvious and useable clues as to the possible future direction of a security’s price. These setups allow traders to develop their own trading strategy or system, using nothing but a plain vanilla price chart, important levels in the market, and price action setups. The main advantages of trading with Forex price action setups are that they give the most accurate and up to date picture of what a market is doing and what it might do in the future, and also that they allow for nearly stress-free trading assuming one manages their risk effectively and does not over-trade. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  8. One of the biggest mistakes that aspiring Forex currency traders make over and over again, which keeps them from reaching their full potential in the market, is interfering with their trades after they enter them. Any trader who has been trading for a long enough period of time is guilty of becoming over-involved with their trades and with trading general. I’m included. However, eventually after enough trial and error I figured out that interfering with my trades once they are live and over-analyzing them is almost always the wrong thing to do. I’ve boiled down how I stopped interfering with my trades into three primary points which I will share with you below. • You need master a high-probability trading strategy that is also simple, for me the most logical strategy was price action trading. I learned to master price action trading to the point where I knew what I was looking for in the market without a doubt. After you truly master an effective trading strategy like price action, it means you know almost instantly whether or not your edge is present. This is the first step to becoming a successful price action trader, and if you actually do this, it will mean that meddling with your trades after they are live is not a good idea because you have identified your edge and traded it with a preemptive plan when you were the MOST objective and clear-thinking. Messing around with it anymore is only going to lower your over-all probability of success. • Messing with trades once they are live is almost always an emotional reaction to the markets. Emotion is the enemy of successful Forex trading. Your trades should be pre-planned, as well as your trade management. The only time you should interfere with your trade is if you have pre-planned to do so, meaning you have a pre-planned trailing stop routine or other exit strategy. But, most of the time traders interfere with their trades it is an emotional activity that leads to inconsistency and reinforcement of bad trading habits. Read here about how price action can help cure emotional trading problems. • By using "set and forget" trading techniques traders can learn to "let go" of their trades once they are live. This strategy removes all temptation to interfere with live trades by accepting before-hand that you are the most logical and objective BEFORE you trade, not during or even after it. So, the advantage that the set and forget forex trading strategy gives to traders is that they can go about their normal lives and let the market do the work. This is of course assuming that they have mastered an effective trading strategy like price action. Once you have truly mastered your trading strategy you can learn to enter the market at high probability times and walk away from your computer until your next pre-scheduled trading time. This is the most stress free and effective way to trade Forex with price action. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  9. If you are struggling to find a trading strategy that seems like it is more than just a pre-packaged set of trading rules or a piece of software that teaches you nothing about the market, than what you are about to read in this article will help you get on the right path. The tendency for new and struggling traders to believe that they need a fancy piece of trading software or a complicated indicator based trading system to successfully trade the market is a very common belief but a huge misconception. There are various reasons why lagging indicator based systems and forex trading "robots" never work in the long run, it is important to understand these reasons so that you gain a deeper understanding of why a simple forex trading method can be used to profitably trade the market with. Many traders who make most of their trading decisions off of technical market movements understand that the price chart is the main source of information for what causes them to decide to enter or exit a trade. Where many traders go wrong is in believing that through attempting to analyze and interpret secondary indicators to price movement, like lagging indicators, they will somehow gain an advantage that is not otherwise available to them on a naked price chart. This belief typically arises from reading a website that claims if you learn their "special" combination of indicators you will easily profit in the markets, or from a well-marketed forex trading software program that shows insanely good returns which many beginners do not know are nothing more than a result of back testing the program over the perfect time period that fits the indicator to a T. The issue here is that no two moments in the market are ever exactly the same simply due to the fact that every single thought that every single market participant has about the market is a variable that could affect price movement; therefore, back-testing is essentially pointless. The other issue is that people tend to have an ego-driven fixation on making forex trading more complicated than it needs to be so that they can brag to their friends or family about how they are using all these different fancy sounding indicators to trade with. The fact of the matter is that price action is the best indicator you could ever ask for. This is because price movement generates its own signals about possible impending market direction that once you learn to analyze will allow you to time your entries and exits with as much accuracy as possible. Essentially what is happening when you trade off the raw candlesticks or price bars on your chart, is that you are cutting out the "middle man" so to speak, which would be all the lagging indicators and junk trading robots, and are dealing directly with manufacturer of trading signals: PRICE. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  10. Forex markets are inherently contrarian. This means that they are regressive and have a natural tendency to pull back to the mean price. This is a big reason why so many beginning traders lose all their trading money and give up. The fact is that most of the time when it feels safe to enter the market it is probably not. When a move in the market is greatly extended in one direction and looks like it will keep going this is usually the exact time it is about to fall back and correct itself. This extension also happens to be the time most beginning traders tend to enter the market. It often takes months or years of losing money before traders learn that they have to wait patiently for the market to contract before entering, and many traders give up before they finally realize this truth. Most indicator based trading systems simply do not work in strongly trending markets. They will give you a sell signal long after a market has started correcting back down and the correction is almost over. Sometimes they give you a sell signal at the very time the correction is over and you should be looking to get long again, or vice versa. If you know how to tell based off pure price movement when a market is exhausted or when it is ready to break out then you have the keys to building a highly profitable and consistent trading method. Price action analysis is the best technique for learning to profit from the forex market. There are usually tell-tale signs a market is ready to correct or the trend is ready to resume that are readily apparent through the analysis of price action. All you really need to know are a few simple patterns and basic chart support, resistance, and trend lines and you have enough information to put together a profitable trading method. Some people try to program indicators and even develop new ones because they mistakenly believe if they put more math and study into their trading technique they will be further ahead of other traders. This simply is false. While you do need some sort of education in technical analysis and price action, it doesn’t need to be complicated or involve programming expert advisers and other fancy non-sense. Once you develop a keen eye for price action setups you will be able to tell if it’s unsafe to enter a trend or that the trend is ready to resume. It’s all right there on the chart, you just need to be shown the way by someone who has walked in your shoes and made it down the path to trading success. Price action can be a great aid to developing your discipline in the market and shaping a relevant market perspective. If you are just starting out and this is one of the first trading articles you have read than I strongly urge you to check out an education in price action. Go to YouTube and type in “forex price action” or “forex price action strategies” and see if you like what you find; there are many good free sources of price action information on the internet. Price action analysis has been the key to my success in the markets and I hope it will be the key to yours. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  11. 5 common discipline mistakes traders make: Trading with money they can’t afford to lose Most active traders know that they should not be using money they might possibly need for other life purposes to fund their trading account. However, I know many of them commit this cardinal trading sin because they think they can get rich quick or they don’t really think they will lose any money. You really need to have the discipline to consciously remind yourself that if you are using money to trade that you really shouldn’t lose than you are essentially gambling and are setting yourself up for a whole host of emotionally fueled trading mistakes. Not having a defined trading plan or method If I were to ask you “what is your trading plan”, what would you say? If you cannot decisively answer this question than you have a serious lack of discipline which is going to drain your trading account very quickly. Developing a defined trading plan is not only a benefit to your emotional sanity but it also gets you in the habit of doing things objectively and helps develop your self-discipline. Success in trading is all about self-control and managing your emotions. You need to write out your trading plan when you are away from the markets and then follow this plan as you interact with markets in order to keep your brain in check. Having a trading plan and not following it Having a valid and defined trading plan is essential to trading success but if you are not following the plan you spent so long developing than you might as well throw it out the window. It is extremely easy to think you see something happening in the market that warrants you doing something not consistent with your trading plan. These are the exact behaviors that end up killing traders’ accounts. After the fact you realize that had you just stuck to your objective trading plan you would have been much better off. The emotional anguish and frustration that results from this is often quite intense. Often this cycle is the catalyst for a snow-ball effect of emotional mistakes that can literally lead to you blowing out your trading account very quickly. It requires more discipline to stick to your trading plan than to actually develop one. Read that last sentence again. Letting winners turn into losers Allowing a previously positive trade to turn negative is probably one of the most common mistakes that are a direct result of a lack of discipline in the market. Predicting near-term market direction is not the most difficult skill to become good at. What is difficult though, is taking profits off the table and proper stop-loss placement. Many times traders have un-realistic profit targets that are too far away from their entries. When these targets get missed and the market starts turning back towards the entry point many traders at this point are not thinking logically if they don’t stick to their plan. Often traders will not have moved their stop loss to break even after being up a substantial amount of money. Then when the market gets back to their entry and turns negative they start to hope. Once the hoping starts you might as well start burning your trading account money, because you are about to lose it. Many traders even move their stop losses further away from their entries because they think the market will turn back around in their favor. Sometimes it indeed will, but the point is, if you develop the habit of hoping and moving your stops away from your entry point eventually you are going to get burned really bad and it’s going to essentially nullify all of your previous trading success. Overtrading Over trading is a direct result of a discipline deficiency. Generally, over trading is a symptom of numerous other trading mistakes that were a result of a lack of discipline. Not having a trading plan or not following the one you do have leads to overtrading, as does letting winners turn into losers. People usually over-trade as they try to make back money they unexpectedly lost on a previous trade. Even if you are following your trading plan to a T you are going to endure losing trades or even strings of losing trades. In the face of such adversity you must realize that you cannot make irrational trades that deviate from your plan just to try and make back what you just lost. It won’t work, it never works. Your trading plan needs to be played out over a large series of trades for you to see its profitability. If you deviate from this plan by over trading than you are nullifying your edge in the market and might as well go hit the slots in Vegas. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  12. Whatever method you use to analyze the forex market one thing is for sure; confluence of signals will lead to greater accuracy for any given trade. Most traders rely on multiple indicators, price levels, or price patterns in their trading method. A solid trading method will require your entry trigger to include a convergence of more than one of the tools you use to analyze the market. When this happens it is called confluence. Confluence of signals is the best way to build your confidence in a trade and gives you the best chance at profits. Where many forex traders go wrong is jumping the gun and entering a trade without confluence, or when they are only seeing one aspect of their entry parameter happening. The urge to trade after a series of winners can be especially strong. This is the exact time that many traders due the most damage to their trading accounts. If you find yourself feeling this way the best thing you can do is remove yourself from your trade station. The next best thing you can do is to read over your trading plan again and stop to ask yourself whether you are truly seeing a confluent trade setup or just acting off emotion. Waiting for confluence of signals means you must have patience. This will require you to pass up many trades that might work out. The point here is that you are acting like a tiger in the wild by laying low and waiting for the most obvious trade to come along with the most confluence. Tigers don’t go running after every gazelle that comes their way, they sit and wait for hours and sometimes days or weeks until the perfect opportunity comes along. This way they give themselves the highest success rate possible with little wasted effort. It is very important that you act like a tiger in the forex market and conserve your trading account by sitting and waiting for the best trade setup with the most confluence to come your way. Traders often think by trading more they are taking advantage of more opportunities and giving themselves a better chance at profiting. This belief is fundamentally wrong but it is how we are wired as humans. This is what makes trading so difficult. You have to realize that not being in the market is a very important and valuable position because you are not losing money and are waiting for a profitable setup to come along. Waiting patiently for all your entry parameters to come together is immensely important in the world of forex trading. Of course first you must define what your trading parameters are. If you look at say a couple price action signals, Fibonacci levels and support and resistance levels, then the best trade setup would be confluence of all of these signals. If you only get one or two of them then you wait. You wafornt the trade setup that is like the baby gazelle in the African plains; just limping along and ripe for the picking. Don’t fall into the trap of thinking that more is better in the forex market, I promise you it is most certainly not. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  13. Japanese candlestick charts are the most visually rewarding charts to use when trading the forex market. The clear depiction of price action that they provide is second to none. Japanese candles provide a different aspect to charting in that they allow you to see the force with which either the bulls or bears won for a given period of time. There are numerous forex candle patterns that you can use when trading price action in the forex market. Candlestick patterns are preferable to standard bar charts because they allow you to apply all Western technical analysis techniques used with bar charts and also provide a variety of their own forex candle patterns, not to mention they are just much easier to look at. Candlestick charts are by far the most popular form of chart used today in the forex market. Using forex candle patterns to navigate the market is a great way to make sure you see all relevant reversal patterns as well as trend continuation patterns. The forex market is open 24 hours a day 6 days a week; this means there are many more price action setups to take advantage of than what other financial markets provide. Japanese candles work great in the forex market largely because there is almost always a trending market somewhere in the forex market. By using candlestick patterns in forex you can easily spot strongly trending markets and find great high probability setups into these trends. Forex candle patterns also allow you to spot market reversals at the earliest possible time. Forex candle patterns visually display the supply and demand situation for whatever currency pair you are looking at on any given time frame. This colorful visual representation of supply and demand makes price action analysis much easier and more relevant. By being able to quickly and clearly see the force with which the bears overcame the bulls or the force with which the bulls overcame the bears you will become a better price action analyst and the discretionary or “art” part of forex price action analysis will become much more accurate for you. This accuracy will spill over to your psychological mindset and make you a more calm and confident forex trader. Japanese candlestick patterns are just as relevant to the forex market today as they were to the rice traders in Japan who invented candlestick charts back in the 18th century. Traders have been using these charts for hundreds of years to help predict future price movement, just as the rice traders in the 18th century obviously did not have any lagging indicators, you do not need them either. Price action trading via a stripped down and raw price chart combined with forex candle patterns is all you need to become a successful forex trader. Candlestick patterns in forex combined with price action analysis is all you need to develop a simple yet highly effective and profitable forex trading plan that will allow you to maintain clarity and objectivity while trading forex. Nial Fuller is an expert on price action forex trading strategies, you can visit his website at Learn To Trade The Market
  14. When I started my Forex trading career I wish I had this information I am about to share with you. There is a lot more information you will need but these are the top 4 1. Don’t be afraid to pay your dues There are no short cuts when it comes to trading. Learning the market and how it behaves is most important to your success. For some reason people find it easy to believe that they can get away with less time and effort. Everybody wants the fast money. This is why people will waste their hard earned money buying trading robots they think will make them money while the sunbath on the beach. This is a fairy tail. A nice thought but not realistic. Learning Price Action is the real key to success. 2. Don’t buy a platform or magical software Many new traders are fooled from the beginning into thinking that high dollar software will somehow make them a better trader. This is not the case. I took the bait and used E-signal when I was a newbie and threw my money away. Its true they had a super price feed but most all brokers offer a platform with your account. The important thing to do is investigate where they their price feed and compare it to some others. You can do this by getting a few demo accounts. Then compare to see if ones prices lags the other. 3. Keep It Simple Stupid or KISS I was fortunate enough to learn this early on and it has helped immensely. Most new traders believe there is some magical indicators that will make things easy for them. Most use a combination of many and clutter up their charts so they can barely see what is going on. Some even have designed their own. The less you have on your charts the better. All indicators are lagging and actually a distraction rather than a help. Most institutional traders use Price Action alone and in order to play with the Big Boys you need to think like them. 4. Investigate many brokers before you open an account. There are so many brokers to choose from. Not only is the price feed important. Check on their execution and the size of the firm. Bigger is better here. With new rules about to be enforced you need to be with a well funded broker to protect your deposit. Check the size of their clientele list and read current reviews. Nial Fuller has been successful Forex trader for many years. He started studying price action when he was 15. Now at 25 he has traded at a major firm for over 6 years. To get his free video tutorials visit this link Trading Price Action Website
  15. As the Author of This post, I dont understand why there is negativity here? I offered TL forums genuine content on trading strategies, It was approved by a moderator.
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