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  1. Guys.. this is something important which i want you guys to think about. Most of us spend most of our time looking in charts, looking for good entries to enter. And we spend all our time in that. But are we doing the right thing all these while? let us step out of our charts and look at the entire forex picture. Let us reflect on how we can improve our forex game. what are the things that we are doing wrong and should remove. what are the things that we should be doing, but did not do? what are the things that we are doing correctly and should keep doing Let us look deeper.. What is our general risk reward ratio, – is it good enough for our account size to grow and cover our loss we take in the mean while what is our risk % size – is it too much or too little? Did you enter the same position size on EVERY trade? are you discipline enough to do that. Price Action – Remember this is king in forex, did you enter with price action or without it? Emotions – (Entry) do we let emotions affect us as to when we enter the trade (afraid of missing a trade) is it because of missing a trade, we fail to enter on the break of the price action bar + 10 pips. Instead we entered on the close of the bar and made a lot of losses. Emotions – (Exits) do we exit our trade base on emotions. How ofter does it happen. did we stick to our initial plan? Stop loss – did we shift our stop loss accordingly. Did we ever shift back our stop loss because we hope it will go back to our direction we wanted? Picky – are we losing money because we are not picky enough on our trades. Do we enter base on 3 to 5 reasons or only 1 reason? Overtrading – do we tend to over trade because we do not want to waste our time looking at charts but not entering. did we enter more trades to grow our account but instead make more losses. Above are some reasons. i want you guys to step back and think of the reasons that is affecting you. I want all of us to improve our game further. and not just trade blindly. Remember – CONFLUENCE is the key. Confluence means many reasons and not only 1 reason to enter. Confluence makes you picky, confluence removes overtrading. Postion sizing and money management is VERY IMPORTANT. If you are still not implementing it. PLEASE CLOSE YOUR ACCOUNT. i do not want you to lose any more money. PERIOD. Remember to COMPOUND. this is what makes us FULL time forex traders and not wannabes. Ezekiel Chew Asia's #1 Forex Mentor
  2. Forex Trading Strategies & System – 2nd Chance:doh: In Forex trading, price always gives us a 2nd chance to place our trades before it takes off. It can be considered as a 2nd chance or you can consider it as a confirmation bar. In the chart above, Aud Usd. We can see the first highlighted blue box showing a pin bar. As this was not the nicest pin bar of all. We did not take it. Or if just to say – we missed this pin bar for some reasons. Either by choice or we were not at the chart when it happened. As mentioned, price always gives us a 2nd chance or a confirmation bar – which is the 2nd highlighted blue box showing a pin bar. Telling us a great hint that the train is sounding its horn and is taking off – getting the last few passengers to board the train. Usually Most of them time, the train will take off after that, heading our direction. In the chart above, besides the pin bar. There are several reasons (confluence factors) which we had entered on the trade. 1) Overall uptrend movement 2) Pin bar at the price pivot area 0.94900 3) Trend line confluence 4) Double confirming pin bar Remember – the more the confluence. The higher the probability of the trade. Here’s another example: Forex trading Pair: Gbp Aud I need not explain much on this as its clearly shown in the chart. 1) Double pin bar 2) Price pivot area of 1.63500 3) Swing Low 4) Divergence There are plenty of examples in regards to this if you look closely at the charts itself. If you find this post interesting, do comment on it. Ezekiel Chew Asia's #1 Forex Mentor
  3. Forex Trading Strategies – Fibonacci Alot of guys out there have enquires on how to draw a proper fibonacci in forex trading. Whether they are drawing in the right direction? And how do they know that the fibonacci is drawn correctly? This video will show you how to go about it. (I apologise for the poor resolution quality which i had set wrongly, the next video will be better!) [ame=http://www.youtube.com/watch?v=bF6XYAeNYM0&feature=player_embedded]forex trading system, price action forex, forex trading strategies - YouTube[/ame] If you like this post, don’t forget to comment on it. Ezekiel Chew:haha: Asia's #1 Forex Mentor
  4. Forex Trading Question I Would like to share with you guys one of the questions i received in regards to a forex trade. Forex Pair: Usd Jpy Question: can u please tell me how to over come a situation like (See Chart above).. its really looking a great pin but it didn’t triggered, and it is also with trend.. the trade reached the stop loss and now its again returning to normal. can u please tell me to how to understand a situation like that? Answer: Price is making a higher lows and higher highs as highlighted by the red circles. It means the trend is changing and is possibly heading up. So what happens now is that, you are not trading with the trend but against it. Its a can be a short term trend shift movement. The forex price action pin bar formed because price shot up and hit the price pivot (white Line), in which price will naturally find resistance and head back down, resulting in the pin bar. Therefore, we would not have taken this forex pin bar on such circumstances. I hope you guys learned something from a simple forex trading scenario. See you on the other side my friend, Ezekiel Chew:missy: Asia's #1 Forex Mentor
  5. Forex Trading Strategies – Its all about Boxes (Forex Trading Strategies) Forex trading pair: Usd Chf The forex trading strategies | strategy above is an interesting way to look at forex charts. I have highlighted blue boxes in the chart. As we can see, when price is NOT trending. It moves in boxes. Just like the chart above. Do not neglect the simplicity of this! I use this often as one of my trading arsenal. What we can notice from the chart is that price consolidates in the boxes and to eventually break out from the box to form another box. So price move in boxes when its not trending. How can we benefit from this Simple yet Powerful knowledge? Forex Trading Strategies – Its all about Boxes (Forex Trading Strategies) By drawing the boxes, we are able to predict where price might head to on the next box after the breakout. And besides that, we can just trade inside the box just like this: Forex trading strategies: Look at the first red arrow in the chart above. That indicates the marking of the low of the box. So we can expect the next time price reaches the area. We can buy at the area. Which is marked by the white arrow on the second time. The same follows on the 2nd box. The red arrow pointing down marks the high of the blue box. So the next time price reaches the high. We can sell it off immediately (as marked by the white arrow) And we are seeing that happening right now in the latest blue box. Price has hit the bottom of the blue box which has now retraced back up. Therefore we can place a buy order right at the bottom of the blue box to profit from this. Forex Trading Strategies – Its all about Boxes (Forex Trading Strategies) Do you see the power of this forex trading strategies | strategy? It is so simple yet powerful. As i always say, Forex trading can be plain, simple and clear cut. By using simple clear cut strategy just like this box strategy, forex trading will no longer be difficult. I hope you like this and pls click on the like button and drop a comment below to let me know how you feel. This is just one of the ways we trade, Check out our Winning Asia Forex Mentor Price Action Forex Course where i teach you the exact FULL Forex Trading System that i personally use. See you on the other side my friend, Ezekiel Chew:missy: Asia's #1 Forex Mentor
  6. Forex Trading – Gaps Gaps happen when the forex market closes and the forex market have some movements before the market opens. When the gap forms, What will they happen. If you had read out previous post about gaps. It will come as no surprise to you. Ans: Gaps usually closes. The market will usually close back the gap that is formed. There are plently of gaps the formed when monday opened, such a wonderful thing. Got quite a number of pips just by closing the gaps. These 2 charts are some of the example of the gaps these week, but there were plenty besides these 2. Ezekiel Chew Asia's #1 Forex Mentor
  7. How do you trade the news in forex trading? A lot of people have been asking on how to trade the news. although i strongly do not recommend just trading based on news only, but here’s some pointer. 1. News are categorised into the level of impact. low, medium, high just like the word high, high impact news can change the trend of the market. changing a downtrend into an uptrend and vice versa. some medium impact news do have such capability too. 2. watch out for the upcoming important news weekly and daily. and note which pair will the news affect. 3. if you are in a position and there will be an upcoming high impact news in 2hrs time. take either half your profits first as the market will start going frenzy usually 2hrs before the news. shift your stoploss to breakeven. this way, if you are going long and the news impact reversed the market, you still got half your profits and broke even on the other half. 4. if you are not already in position before the news. wait for 10 mins after the news is out before entering. as in the first 10 mins, you will see price go spiking around and it happens alot of time when once the news is out, price goes spiking up real fast. you will be there thinking if you don’t catch the boat now, you are going to miss a hell lots of pips. and when you got in at the high, price went spiking even faster downwards. what the..?! did this happen before to you? Don’t worry,it happens to every one. this is how the market works. one reason is that when the news is out, major players throw in a sum of money enough to move the market up. when people sees the market moving up, they jump in to push it even higher as they went in with the ‘fake’ movement. the major players then wait for price to go up high enough and then they step in to throw in large influx of money to short it. gaining great amount of pips in a short period of time. i know this happens, and it happens a lot of times. the other reason is that, the market is based on sentiments. even though the news is positive, and people start buying it long. making the market move up. but if the general market feel that the news is not as good as expected or for some other reason. the big players and professional traders will start shorting it. leaving the losses to those who just traded on positive news. therefore, one way to go around it is to wait for 10 mins after the news is out to evaluate the REAL market movement before entering. but as always, i highly recommend adding price action confirmation to it. then you have a high probability winner. i hope this article helps and leave me a comment to let me know how you feel or any additional input you would like to add are welcome. Ezekiel Chew Asia #1 Forex Mentor
  8. Forex Trading Psychology: Levels of FEAR FOREX TRADING PSYCHOLOGY People can always relate FEAR to forex trading. The fear of losing money. The fear of losing that trade which is too much for you to handle. However what most people do not realise is that there are different levels of fear. Eg. When you can afford to lose that trade, (which you still do feel fear) you are still able to think rationally and life goes on. (ALTHOUGH YOU STILL DO NOT WANT TO LOSE THAT TRADE) In the example above, fear is definitely in our emotions. But because the level of fear is low, we are able to handle the fear and still think rationally. HOWEVER, Eg. your forex trading capital is $10k. Your current open trade is now losing -$5000. And that’s half of your capital. Or worst to say, that’s half of your life asset. (Money you can’t afford to lose) Forex Trading Psychology – Fear kicks in. (This time in higher dosage) Then you start seeing your open trade grows to negative -$6000. Your Fear level increases, you can feel your heart beat racing. And sure enough, your worst fear arrived, The trade increases to negative -$7000. Forex Trading Psychology: Levels of FEAR Your level of fear had reached its final peak level. (you know it when you feel): - Desperation - Your face turn black - You isolate yourself - You start blaming people, things, events - You pray When you feel this level of highest fear. You can’t think rationally any more. You know that you can’t think rationally any more when: - You have decided to increase lot size on your next trade - OR You decided to go ALL IN on the next trade You want to get revenge on the market. You now feel HATE and ANGER. Forex Trading Psychology: Levels of FEAR And sure enough, when you start to do things irrationally. That is the downfall of your trading career. So you see, there are different levels of fear. And the highest fear can lead to other emotions like ANGER & HATE. When you start to do all the above. You know you have reached your highest level of fear. It is time to stop trading for a while. Go get a rest, a shower, a walk. When you feel that you have calm down and begin to accept things. I want you to think of what went wrong. (not to blame others) but what mistake did you made in the trade. Good chance is that you are risking too much. And i want you to WAIT and NOT trade until your feeling of hatred, anger and revenge is gone. That is when you are able to think rationally and go back to fix the problem. Remember, forex is a journey and not a one time success. Most traders want to make big bucks in a few trade. But eventually lose it all. Professional full time traders are ones who trade consistently and happy with reasonable profits. Let me know if you had experience the above before and what you did, or what happen? Ezekiel Chew Asia #1 Forex Mentor
  9. Follow up on previous post “How to take this Price Action Pin Bar” Follow up: As we had set the pending buy order at the top of the pin bar (marked by the orange line) Our buy order got triggered by the 2nd bar after the pin. Our take profit would be the previous high (marked by the turquoise line) and we have gotten our full profits. Risk reward 1:1.5 Thats not too bad. As you can see, by just a simple method of placing a pending order instead of entering right at the close of the pin bar. 1) we did not get our stoploss triggered and instead taken full profits. This is a simple way of looking at how we trade, Check out our Winning Asia Forex Mentor Price Action Forex Course where i teach you the exact FULL Forex Trading Systems that i personally use. See you on the other side my friend, Ezekiel Chew Asia #1 Forex Mentor
  10. Forex Trading Course – How to take this Price Action Pin Bar:helloooo: Forex trading pair: Gold (Xau usd) A forex price action pin bar formed as showed in the blue highlighted box. Lets Analyze this price action pin bar: 1) Pin bar formed off the 25 moving average (yellow line) 2) Pin bar protrudes out from surrounding prices. But the nose could be longer. 3) The past few bars before the pin were all bearish bars. Which would make me doubt on whether the small pin has the strength to take on the previous bearish bars 4) The over trend is in an uptrend Forex Trading Course – How to take this Price Action Pin Bar So this is a retracement pin bar. To play this pair, i would have placed a pending buy order on the break of the pin. (marked by the dotted orange line) Stoploss would be below the pin (marked by the dotted red line) As we can see the next bar would have triggered our stoploss had we entered the trade right at the close of the pin. This is the power of pending orders. So by placing pending orders in such a scenario. We would not miss out on trades that go our way, and we will miss taking trades that didn’t go our way. As always – Trade with a plan and if there isn’t a plan. Skip the trade. Ezekiel Chew Asia #1 Forex Mentor
  11. Forex Trading System – Damn i just missed this trade! FOREX TRADING SYSTEM It was just yesterday when i was watching this trade and intended to enter it long. I was just waiting for the bar to close in around 5 mins time. However, nature calls! Damn i had this terrible tummyache that needed immediate release. lol. so off i went. (you do not want to hear the story in the toilet) When i was back around 10 mins later. Bang! The trade i wanted to enter shot right up. It would have been a great profit. Forex Trading System – Damn i just missed this trade! Have you had similar experience happen to you before? Where you wanted to enter a trade and for certain reasons you didn’t. And then it shot right to your direction you wanted. Yes? Yes! This happens and will still continue to happen. However, it is really such a normal thing that comes once in a while that you should not take this “Missed Profits” to heart. I know some traders really take this badly and they will like “ooohh. it ruin my day, that would have been this much profit” And they will start swearing.. Please don’t do that. Forex Trading System – Damn i just missed this trade! This is part and parcel of forex trading. You win some, you lose some and you miss some. Take it with a pinch of salt. Because you know that if you can spot that trade, you will spot others too. This stuffs still happens to me and i’m immune to it. You should never take any wins too happily, any losses too seriously and any misses too hardly. When you are trading forex. You are like someone who have put on a bulletproof vest. Impenetrable! (in terms of emotions) Ezekiel Chew Asia #1 Forex Mentor
  12. Are we just plain scared to trade the lower time frames in forex trading? Are we just plain scared? Here’s the fact: Most of the full time forex traders out that trade the HIGHER Time Frame. Not the 1min, the 5 min, the 15min or the 30min. Most people have the misconceptions that to be successful in forex, the trader must trade the lower time frame. Hell NO! In fact its the newbies that trade the lower time frame and the professionals that trade the higher time frame! lol.. New guys who enter the forex market thinking that they could make a killing in it within minutes. But to realise that it is not as easy as it seems yea?! Like every pair, the lower the time frame, the higher the volatility. Now with that kind of volatility, it really takes years of experience to do those shit. If one started off with the 5 min chart, i can’t tell you how many times will his/her account blow before they even realised what hit them. Start off with the higher time frame Eg. the daily chart. Which has way lower volatility than the 5 min chart. If one cannot even conquer the daily chart, what makes them think they can conquer the 5 min chart? And now for those who had mastered the daily chart, the pips are good, the lifestyle is good as little screen time is needed. Do you think they will crack their brain cells to go down the 5 min time frame? Forex Trading is like a GAME. Higher time frame = Easy Mode Lower the time frame = Difficulty level increases. But here’s the catch, there’s no reward for playing the Difficult mode compared to the Easy mode. The profits you get will NOT be higher. But your white hair will grow faster due to the high speed stress and reaction involved in the lower time frame. So Now Its your choice to choose the Difficulty level in playing the Forex Game… Talk soon, Ezekiel Chew
  13. Forex Trading Strategies – How to be consistently profitable in forex trading FOREX TRADING STRATEGIES I always get the same questions from forex traders around the world: “Ezekiel, I can’t seem to be consistently profitable in forex trading” then they may follow on by “I know my forex trading strategy works.. but i just can’t get profits month after month..” These are the questions that i get frequently. And this is my general answer to them. I will usually ask them back: “So, are you keeping track of your trades?” You see, to be consistently profitable. You cannot forgo this important step. That is TRACKING. All successful businessman tracks their own and their company’s performance. This also applies to successful forex traders. You must have a proper and systematic way to track your trades and your success. So that you can see if you are on the right track to success or if you are not even on the track.. Forex Trading Strategies – How to be consistently profitable in forex trading Here are some simple ways to track your forex trades: Firstly, you have to just focus on just 1 forex trading strategy at 1 time. You cannot trade different forex trading strategies together at 1 time, at 1 account. If you do that - My question to you is: How do you know which forex trading strategy is working for you? And which is not working? Therefore, start trading 1 strategy at 1 time. Be specific on the strategy and do not deviate or change random stuffs. Eg. changing the way you enter, exit trades etc. It has to be consistent all the way. So run this strategy trades for 20 trades. At the end of the test, what is your account status? Are you profitable, breakeven or negative? Then ask yourself, did you change anything along the way, among the different trades? eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway. If there is a deviation – a change, then you have to restart the entire test. By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you. Forex Trading Strategies – How to be consistently profitable in forex trading Besides, i will recommend you to take screen shots of the trades you entered. This way, you can review all the 20 trades you have entered once the test is completed. And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades. This method will prevent you from repeating the same mistakes again. Ezekiel Chew
  14. Forex Trading Is Like stacking a Pack of Cards.:missy: Have you ever tried stacking a pile of cards? If you haven’t perhaps you should try it now. Placing every piece of card, trying to find the precise angle, and with a calm collected touch is the key to building your stack of cards. First you must have a solid and stable ground Next you must have got the surroundings covered. No open windows – in case the wind blows, no direct fan blowing at you. etc Whilst placing that card, you must keep all distractions at bay. With a cool & calm collected mind, you will be playing it off better than someone who is anxious and excited. Now while you have built your first layer of cards, you begin to gain confidence. Confidence is good, it shows that whatever you have been doing all this while is working. However, confidence usually leads to being conceited. And that’s when the trouble begins. As you begin to feel conceited and feel that this is easy stuff. You tend not to disregard the basis you have put in at the start that had built your base (first layer). You begin placing the cards faster, with lesser precision and with a conceited heart. No longer calm & compose as you feel that this is a piece of cake and you are able to get the stack of cards growing faster than it should. You lose the consistency that brought you this far, and with one slight wrong movement. - Be it the lack of precision – placing it at the wrong angle. - The lack of planning, without looking at the overall stack to see if the fundamentals are firm enough. - The speed of the anxious & conceited hand that placed the card. You let distractions come to you because you thought you had it already. You let the wind in because you thought it wouldn’t matter. If either one of the above happens, with one wrong move. You would have caused your whole stack of cards to tumble and fall. Do the above scenarios sound familiar? This is the same thing that happens to most traders. Traders always forget what got them winning in the first place. They let the same things to happen to them which eventually caused them to lose it all. Even their initial capital. Here’s how it relates. Be it the lack of precision – placing it at the wrong angle. - In forex trading: It could be entering the trade just based on gut feel, no price action confirmation, trading against the main trend. The lack of planning – without looking at the overall stack to see if the fundamentals are firm enough. - In forex trading: Lack of planning would refer to not planning your stop loss, target profit, money management and risk reward ratio. The speed of the anxious & conceited hand that placed the card. - In forex trading: It refers to trading psychology and emotions. That’s the key component that caused majority of traders to fail. Greed, fear of loss, getting revenge on the market, afraid of missing a good trade. All this will blind the judgment of a proper trade least say a good trade. You let distractions come to you because you thought you had it already. - In forex trading: You let lose of your sight on goal, you bit the hand that had feed you. You begin concentrating on other things – other than forex. You begin boasting on how good you are. You watch the tv while placing a trade. Etc. Remember: Successful forex trading is mastering all of the above. Its about being consistent on all trades, and not to forget the fundamentals that got you going. Look forward to seeing you in our group, Ezekiel Asia #1 Forex Mentor
  15. Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade. Forex trading pair: GOLD = XAU USD This is an interesting trade on the forex pair XAU USD. In the chart above, we see a series of forex price action inside bars. (Highlighted in the blue box) Meaning bars that are smaller than the previous bars. When a series of inside bars like the above happen. It means that price is having an indecision of where to go. It’s like it is gathering momentum, for a burst out of either side. Which could either be up or down. So what happened in this scenario is that we placed 2 pending orders. A buy and a sell. These 2 orders are marked by the gold line (entry) and the red line (stoploss). So the buy order triggered. (Gold line -Entry) and we got in on a buy trade. With that, i took away the pending order for the sell trade and made it a stoploss for the buy order. Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade When i trade, i would usually have 2 take profit targets. So that when take profit 1 is hit. Which is marked by the purple line. I would have taken my first profit off and shifted my stoploss for position 2 to break even. By doing so, i am also on the “SAFE” side. As price may hit Take profit 1 and reverse back down. And as i have taken profit a TP1, my 2nd position’s stoploss is shifted to breakeven. So i am in a FREE trade. So whether or not it may hit TP2. I have already gotten profits. In this scenario, i have taken profit at TP1 and my 2nd position has hit my stoploss for breakeven. So i’m out for this trade. From this scenario you can see that i am not always perfect. No one is. By trading on the above method, we are sure that our account size will grow consistently. Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade Lets look at what happen next. Price went right down after which. So if i hadn’t had a TP 1 and TP2 method. I would have kept my stop loss at the red line. And made a loss on this trade. BUT By doing playing the above method. Instead i have gotten profits.. I hope you gain something from this post. Let me know if you did. Ezekiel Chew
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