The Basics of Bollinger Bands

The Basics of Bollinger Bands

If you are just getting into the world of trading, weather stocks, forex, or anything in between, one of the most important things you need to know all about are indicators. Indicators are a special set of trading tools designed to provide you with a variety information about the price and the value of a specific security, currency, or more. There are four main types of indicators out there, and these include momentum, trend, volatility, and volume indicators. What we are here to do today is to take a closer look at one of the best volatility indicators out there, Bollinger bands.

when it comes to gathering as much information as possible about price data, Bollinger bands are extremely useful. Now, understanding exactly what Bollinger bands do and what they tell you is a bit complicated. However, this is what we are here to explain to you today. Today, we want to provide you with a crash course of Bollinger bands, and exactly how to use them. Below, we have included one video from Andrew, where he describes the four best trading strategies to use with Bollinger bands. If you master the basics of these Bollinger bands, and you also take a closer look at the strategies discussed by Andrew, your life as a trader should become much easier and more profitable too.

What are Bollinger Bands?

Alright, so first and foremost, Bollinger bands is a volatility indicator. A man named John Bollinger created the Bollinger bands in the 1980s, and he developed a special technique for using a moving average along with two trading bands above and below that moving average. Unlike a normal moving average that has a percentage population, the Bollinger band simply adds and subtracts a standard deviation calculation.

Keep in mind that standard deviation is a mathematical formula that measures volatility. This shows how the price of a currency or a stock can vary from its true value. By measuring the volatility of price, Bollinger bands have the ability to adjust themselves to market conditions. This is something that makes Bollinger bands extremely useful for a variety of traders, because you can find mostly all price data needed in between those two bands.

The Three Components of Bollinger Bands

In order to be able to gather data about volatility, you first need to know what the three main components of the Bollinger bands are. Being able to gather data relies on your understanding of these three main components. The first of these main components is a simple moving average, usually of an intermediate length. This is a simple 20 day moving average and if this is often the default setting. This average can be used for measuring trend and to calculate the other two elements of this indicator.

The second part of this indicator is the upper band, which is a standard deviation above the simple moving average used in this indicator. Two standard deviations is usually the default that is used by most charting software. The third component of Bollinger bands is the lower band, and this is a standard deviation below the simple math moving average, and it is usually 2 standard deviations that is the default.

Bollinger Bands

What They Tell You

Let’s provide you with a better understanding of exactly what the Bollinger band indicator tells you. Most traders believe that the closer the price moves to the upper band, the more overbought the market is, but the lower the price move to the lower band, the more oversold the market is. The main takeaway here is that the further away the bands are from each other, the higher the amount of volatility the market is seeing.

Pros & Cons of Bollinger Bands

Bollinger bands you have both advantages and disadvantages that you need to know about, so let’s take a quick look at these.

Pros

  • When it comes down to it, this Bollinger bands are the best indicators out there for seeing volatility in a trending market.
  • This is one of the most popular technical indicators out there due to its ease of use, it can be easily applied and they can help with identifying trends, volatility, and momentum.
  • Bollinger bands are also great for identifying new and emerging trends at the end of old trends, which makes them an awesome multipurpose indicator.

Cons

  • The only real downside with these Bollinger bands indicators is that they follow recent market movements, and this means that traders might not get signals until price movement is already underway. In other words this is a lagging indicator.
  • Even John Bollinger himself said that this indicator is not completely foolproof, and it should be used in conjunction with other types of technical analysis.

Bollinger Bands

Tips for Using Bollinger Bands

Let’s provide you with some of the most important tips that you need to know about these Bollinger bands indicators, especially when it comes to reading what they tell you.

  • when the bands get separated by a large amount, any existing trend may close due to rising volatility.
  • When the bands tighten together in a time of low volatility, there is a higher probability of a sharp price move in either direction. This could start a trending move. What you also need to do here is to observe the false moves in the opposite directions, and these may reverse before the right trend starts.
  • Keep in mind that the price can go beyond a band of envelope for long periods when there are strong trends.
  • Keep in mind that the prices can bounce within the envelope bands, touching one man and then the other. These swings can be very useful for determining potential profit targets. For example, if the price bounces off the lower band and then passes about the moving average, the upper band then is the profit  target.
  • Keep in mind that you can expect a strong trend continuation if the price moves out of the bands, but if the price moves back inside the band right away, then the suggested strength is negated.

How to Trade with BB

We aren’t going to get into explaining exactly how to trade with the Bollinger bands indicator right now, but we what we do want to do is to provide you with this particular video. In the video that we have included here, Andrew discusses is before best trading strategies to use with this Bollinger bands indicator.

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If you master any one of the trading strategies that Andrew discuss is in this video, your life as a forex or stock market trader should become much easier and more profitable to. If there is one thing that you take away from today’s article, it should be everything that Andrew discusses it within this video.

The Bottom Line on Bollinger Bands

Now that you know what Bollinger bands are, you got one more awesome indicator in your arsenal to evaluate price data, and therefore to place the best possible trades for the biggest profits.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

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Forex Trading Tips for Beginners

Forex Trading Tips for Beginners

If you are a beginner trader, then chances are that you are going to lose a lot of trades, especially if you don’t know what you are doing. The simple reality is that Forex trading is not easy. It takes a lot of practice, skill, and knowledge to be successful in the world of currency trading. This is what we are here for today, to provide you with the most important Forex trading tips for beginners that you need to know.

Now, make no mistake about it, because it is of course important to know all about indicators and proven trading strategies, but it goes deeper than that. Or in other words, there are so many simple tips that beginners can follow to increase their chances of success.

 This is what we are here for today, to provide you with Forex trading tips that you can easily follow and adhere to as a beginner. These few simple tips that we are going to discuss should be more than enough to get you on the right track.

Forex trading Tips

Forex Trading Tips – DO NOT DO THIS!

What we want to do first is to talk about the biggest mistakes that newbie traders make, the mistakes that lead to consistent losses. These Forex trading tips are things that all newbies need to avoid doing at all costs.

Do Not Overtrade

When it comes to important Forex trading tips for newbies, refraining yourself from overtrading is one of the biggest ones of all. The problem with overtrading is that you end up having way too much on the go at once. As a newbie, keeping track of one or two trades is already hard enough, let alone four or five trades. Overtrading and placing tons of trades gets you nowhere if you can’t win individual trades.

Do Not Use Lower Time Frames

Another big mistake that so many newbie traders make is using very low or short time frames for trading. Sure, short time frames are great for pros who know what they are doing and know how to make quick money. However, if you are a newbie trader, then using short time frames is very hard. The reason for this is because short time frames, those charts, they don’t provide you with much info. Placing trades based on just a few minutes of past price movements is not easy. When it comes to Forex trading tips for newbies, those short time frames just aren’t worth it.

Do Not Attempt to Trade the News

Another thing that you need to realize is that trading based off of fundamental news is not easy. Sure, fundamental news analysis is an effective way to trade, but that said, if you are not super familiar with exactly how news events are going to affect future price movements, then it is just not worth it. Judging what the market will do based on some news event is really difficult. Until you have the necessary experience, this is best stayed away from.

Do Not Overcomplicate Trading Analysis

In terms of important Forex trading tips for beginners, one of the biggest things to realize is that you don’t need to overcomplicate things. You don’t need to start using four indicators at once and you don’t need to try and trade like a pro. If you don’t have the skills to execute super complicated trading strategies, then don’t bother. There are plenty of simple trading strategies out there that will do the trick just fine.

Do Not Lose Money Consistently

One of the biggest mistakes that all too many newbies make is to just keep losing money and not doing anything about it. Folks, if the way you are trading is resulting in lost money time and time again, then don’t just keep doing it and think that something is going to change on its own. If you don’t change your approach then your results won’t change either. Doing the same thing over and over again, while expecting different results is called insanity.

Forex Trading Tips – Do This

Now that we have talked about all of the biggest mistakes that Forex newbies need to avoid, let’s talk about the biggest Forex trading tips in terms of the most important things that you need to do in order to profit.

 

Do Learn to Trade First

In terms of important Forex trading tips for beginners, perhaps the most important thing you need to do is to learn how to trade. Folks, this is not something that you can just start doing and be successful at. It just doesn’t work that way. You need a good education. If you want to learn to trade Forex, what we recommend doing is joining the Income Mentor Box Day Trading Academy. It is at this time the highest rated Forex trading school out there.

Forex trading Tips - Income Mentor Box

Do Use Longer Timeframes

Another important tip to follow here is to stick with longer time frames. Try using at least one hour time frames, and preferably even longer. Generally speaking, predicting future price movements is much easier when you have a longer period of past information to work with.

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Do Practice Your Skills First

The other thing that you definitely need to do, perhaps the biggest of all the Forex trading tips for beginners, is to actually practice your skills using a demo account. There are plenty of platforms and brokers out there that allow people to trade with demo accounts. These are live market accounts that use fake money. This way, you can practice your skills under real conditions without having to put real money on the line.

Forex Trading for Beginners

Folks, if you follow all of the Forex trading tips for beginners that we have provided you with here today, your chances of becoming a profitable Forex trader increase drastically. If you take a look at the tips that we have discussed above, you can see that they aren’t anything super groundbreaking or revolutionary. However, tips as simple as these can make a huge difference when it comes to making a successful start in the world of foreign currency trading.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

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RSI Indicator for Newbies

RSI Indicator for Newbies

If you are planning to become a proficient Forex trader, then something that you need to know all about are indicators. Indicators are the most important tools used in trading Forex, stocks, crypto, and everything in between. One of the most important indicators for you to know is the RSI or Relative Strength Index.

For those of you who don’t know, indicators are the cornerstone of technical price analysis. In other words, indicators provide you with important information about past and current price movements. This should of course provide you with a good idea of what price movements in the near future look like. There are four types of indicators out there. These are trend, momentum, volatility, and volume indicators.

Momentum indicators are some of the most popular and useful, which is what the RSI or relative strength index is. What we want to do today is to provide you with some basic information on what the RSI is, how to use it, what it tells you, and more. Let’s get to it and help you trade using the relative strength index.

RSI

What is the RSI?

Ok, so as we have established by now, RSI stands for relative strength index. This is a special type of indicator that was first developed by J. Welles Wilder Jr, who then introduced it to the world in his 1978 book, New Concepts in Technical Trading Systems. Since then, it has quickly become a super popular technical analysis indicator, and for good reason, because it works.

Now, in terms of the four indicator types, the RSI or relative strength index, is a momentum indicator. In other words, it measures how strong or momentous recent price changes were. This is them used to see if a stock or other asset is overbought or oversold. Of course, if something is overbought or oversold, it provides you with valuable information on how to place a trade.

What you also need to know is that the RSI or relative strength index is displayed as an oscillator. This means that it moves or oscillates between values ranging from 0 to 100. It can therefore provide you with valuable information about the bullish or bearish momentum of an asset.

RSI

How to Interpret the Relative Strength Index

Now that you know what the RSI is and what it tells you, it’s also important for you to know how to interpret and read the relative strength index. Of course, if you cannot interpret what you see, then you cannot use it to place profitable trades. In order to use the relative strength index properly, there are just a few important things that you need to know.

So, when the RSI goes past the horizontal 30 level, it is generally a bullish sign, and when it goes below the 70 reference level, it is generally a bearish sign. To put it in simpler terms, if the RSI provides you with a reading of 30 or below, it is an indication that an asset is oversold and/or undervalued. When the relative strength index provides you with a reading of 70 or above, then an asset is becoming overvalued and/or overbought.

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What you also need to know is that during a trend, the RSI can fall into a range or band. When there is an uptrend going on, the relative strength index will stay above 30 and should hit 70 quite often. If there is a downtrend in the works, the RSI should usually never exceed 70, and will often hit the 30 mark, or well below 30.

To provide you with an example, if there is a downtrend, and you see that the RSI does not reach 30 or below, and then also rallies at 70 or higher, it means that a downtrend has weakened and will likely reverse into an uptrend. The exact opposite is the case with an uptrend. Keep in mind that using both moving averages and trend lines is important when using the relative strength index indicator in this manner.

Drawbacks of the RSI

Just like any and every indicator out there, the RSI does also have some limitations that you will be faced with. The biggest issue with the relative strength index is that it can be difficult to separate false alarms and true reversal signals. To provide you with an example, a bullish crossover followed by a sudden decline in stock is a false signal.

What you also need to be aware of is that since this is a momentum indicator, it can stay in the oversold or overbought positions for quite some time after an asset has already achieved significant momentum in the opposite direction. For this reason, the RSI is usually the most useful in an oscillating market where an asset is alternative between bearish and bullish price movements.

Using the Relative Strength Index to Place Trades

Alright, so the fact of the matter is that there are many ways to trade with the RSI. Moreover, there are also many other indicators that you can use along with it. Now, we do really recommend watching the tutorial video that we have included here, because it provides you with perfect guidelines on how to use the RSI.

That said, the most important takeaway from this video is that you want to use support and resistance along with the relative strength index. This will help prevent false reversal signals from occurring, and it will also help you spot those reversal much easier.

For instance, if you see that an asset is undersold at the 30 line on the RSI, then you also want to look for major support lines. These support lines will indicate that a trend reversal is on the horizon and that an uptrend could soon begin. The same goes in the other direction.

Trading with the RSI – Final Thoughts

There you have it people, all of the basics that you need to know about this awesome RSI indicator. We definitely recommend watching all of the videos that we have included here today. Andrew does a great job at explaining exactly how to use the RSI indicator in a variety of ways.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

12 Candlestick Patterns You Need to Know

12 Candlestick Patterns You Need to Know

As a proficient trader, something that you need to know all about are candlestick patterns. Now, we already did an article on candlestick patterns yesterday, but today we are here to provide you with a more in depth guide on the various patterns that you might come across.

Yesterday, we did a more general article on Candlestick charts and patterns, but today we want to help you familiarize yourself with the various patterns that you might see on those charts. Remember folks, it is very important that you are able to identify the various candlestick patterns out there, because they each signify something slightly different, and they each allow you to trade in a slightly different manner.

Remember, it’s all about being able to make as much profit in as little time as possible, and candlestick patterns are in great way for doing this. Let’s get to it and provide you with a list of all of the most important Candlestick patterns that you need to know about.

Candlestick Patterns

A Brief Introduction to Candlestick Charts

Before we start talking about the most common Candlestick patterns that you need to be familiar with let’s just give you a quick crash course on Candlestick charts and patterns. So can you stick charts are a visual representation of the emotion and sentiment that is currently happening in the market. In other words, these Candlestick charts provide you with a really easy way to see what a market trend is like, and moreover if there is a trend reversal on the horizon.

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The two most important components of any candle stick chart are the bodies and the Wicks of the candles. If you can read the Wicks and the bodies of the candles in relation to the other candles on the chart, then you will start seeing these patterns, and based on these patterns you can then trade in specific ways. let’s move on and take a look at the most common Candlestick patterns that you may be faced with when taking a look at a Candlestick chart.

 

Bullish Candlestick Patterns

In case you didn’t know a bullish market is one where the prices are expected to rise. Bullish candlestick patterns may appear after a market downtrend, and they generally signal a reversal of the price movement from a downtrend to and uptrend. There are a variety of bullish candlestick patterns that you should absolutely know.

The Hammer

The hammer pattern features a green candle with short body and a long lower wick, and this is found at the bottom of a downtrend, with other green candles generally following. A hammer usually indicates that the word selling pressure throughout the day, but ultimately a strong buying pressure drove the price direction back up. Generally speaking, the color of the body of this candle can vary, but green hammers do usually indicate that there is a stronger bold market than red hammers.

Candlestick Patterns

The Inverse Hammer

A similar bullish candlestick pattern for the one we just looked at, the inverted hammer, is one that features a green candle that has a short body and a very long upper wick, along with a short lower wick. the inverse hammer pattern indicates that there is strong buying pressure followed by selling pressure that wasn’t strong enough to drive the market price down. This particular Candlestick pattern suggests that the buyers will soon again had control of the market.

Inverted Hammer

The Piercing Line

The piercing line is a very simple candlestick pattern that features just two candles, and this is made up out of one long red candle that is then followed by a long green candle. There’s usually also a pretty large gap between the closing price of the first candlestick and the opening of the next green candlestick. This particular pattern indicates that there is strong buying pressure, because the pressure is pushed upwards or above the mid price of the previous day.

Piercing Line

Bullish Engulfing

Another common bullish candlestick pattern is the bullish engulfing pattern, and this is formed by Two’s candlesticks. The first candlestick generally has a short red body that is completely engulfed by a much larger green candle. Although the second day generally opens lower than the first day, the bullish market then pushes the price upwards, which results in a win for the buyers.

Candlestick Patterns

Three White Soldiers

Here we have a very special candlestick pattern, one that keeps occurs over the period of three days. this particular pattern consists of three long green candles, all of which have small Wicks, and they all open and close progressively higher than the previous day. This is one of the strongest bullish candlestick patterns out there, and it occurs after a downtrend, and it shows that there is a steady advance of pressure from the buyers.

Three White Soldiers Pattern

The Morning Star

The 6th and final bullish candlestick pattern that we want to take a look at is the Morning star, and this is generally seen as a big sign of hope in a bleak market downtrend. This is a pattern that consists of three separate sticks, a short bodied candle that sits between a long red candle and a long green candle.

Usually, that star will not have an overlap with the longer bodies, because the market gaps both on open and close. Is generally signals that the selling pressure from the first date is reducing, and that the bull market is on the horizon.

Bearish Candlestick Patterns

Now that we have figured out what the most common bullish candlestick patterns aren’t, let’s take a closer look at some of the most common bearish candlestick patterns. Remember that these usually happen after a market uptrend, and signified that the market downtrend is on horizon.

The Shooting Star

The shooting star pattern actually has the same shape as the inverted hammer, but it’s a red candle instead of a green candle, and it’s formed in an uptrend, instead of a downtrend. This pattern features a small lower body, and along upper wick. Generally, you will see the market have a gap that is slightly higher on opening, and will then rally to an intraday high, before closing at a price that is just above the open, just like a star that is falling to the ground.

Candlestick Patterns

The Hanging Man

The next candlestick pattern that you should know about is the hanging man, and this is the bearish equivalent of the hammer. It has the same shape as the hammer but it forms at the end of an uptrend. This pattern indicates that there was significant selling during the day, but that buyers were then able to push the price back up. This large sell off is usually seen as a sign that the bulls are losing control of the market.

The Evening Star

One of the other most important bearish candlestick patterns that you need to know about is the evening star. This is a 3 candlestick pattern and it is the equivalent of the bullish Morningstar. This is a candle that is formed when there is a short candle that is stuck between a long green candle and a large red candle. Is generally indicates that there is a reversal of the uptrend, and that it’s particularly strong when the third candle erases all of the gains made by the first candle.

Bearish Engulfing

This particular pattern always happens at the end of an uptrend, and it is characterized by a first candle that has a small green body that is then completely engulfed by a long red candle. This generally signifies that there is a peak or a slowdown of the price movement, and that there is an impending downturn on the horizon. The lower the second candle goes, the stronger that new trend is going to be.

Candlestick Patterns

Dark Cloud Cover

The next bearish candlestick pattern that needs to know about is a dark cloud cover pattern. Here you will see two candlesticks, a red one that opens above the previous green body, and closes below the midpoint of the previous green candle. This signals that the bears have taken over the market, and the market and that the price is being pushed at lower. If the wicks of the candles are very short, it suggests that the next downtrend is going to be very strong.

Three Black Crows

The last candlestick pattern that we want to look at today is the three black crows pattern, and this consists of three consecutive long red candles, that have short or no wicks at all. Each of the sessions opens at a very similar price to the previous day, but the selling pressure pushes the price lower and lower with each of the next closes. This is generally seen as an interpretation that a bearish downtrend is about to start.

Candlestick Patterns

Candlestick Patterns – Final Thoughts

The bottom line here is that if you are able to identify these 12 candle stick patterns that we have talked about today, then your chances of becoming a profitable trader increase drastically.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS!

The Candlestick Patterns Trading Guide

The Candlestick Patterns Trading Guide

If you are just getting into the world of forex trading, then one of the things that you need to know all about are candlestick patterns. Candlestick patterns originated in the country of Japan well over 100 years ago before the western style bar and point-and-figure charts were invented.

In fact, these candlestick patterns were first invented in the 1700s by a Japanese man who saw that there was a link between price and the supply and demand of rice. One of the things that candlestick patterns aim to extrapolate is what the emotions of traders are like. anyway, we will get more into explaining these Candlestick patterns further below.

The point here is that Candlestick patterns are great analysis tools that you can use to place either buy or sell trades, as they show you whether or not there is bullish or bearish momentum in the market. What we are going to do today is to take a closer look at Candlestick patterns and see exactly what they are, how they work, and what the most important ones are that you need to know.

Candlestick Patterns

What are Candlestick Patterns?

In terms of what candlestick patterns actually are, they are at special type of chart that are used by many different traders to determine the possible price movements based on those past patterns. Candlestick patterns are extremely useful for trading because they provide you with a lot of information.

Technically speaking they provide you with four different pieces of information, including the open, that close, the high, and the low of a specific asset throughout a certain period of time like a trader has specified.

Candlestick Chart

The fact of the matter is that trading is more often than not dictated by emotion, even though it shouldn’t be, and this emotion can actually be read in those candlestick patterns. Due to the fact that these Candlestick patterns provide us with such a plethora of information, they are often seen as some of the most useful tools in all of trading.

Now, what can get a bit confusing is being able to identify a variety of Candlestick patterns as well as what they need. as you are about to find out further below, there are many different Candlestick patterns, both bearish and bullish comment and they all tell you something different. The trick is of course to be able to read these patterns and to therefore place trades based on what those patterns tell you.

The Components of Candlesticks

Something else that is definitely important for you to know here is what the different components of candlesticks are. So, once again, candlestick patterns show you the markets open, the high, low, and the closing price for the day. Now, a candlestick has a wide part, which is called the real body.

The real body represents the range of price between the open and the close for the day of trading. If this real body is filled in or totally black, it indicates that the close was lower than the open. However, if the real body is empty that means that the close was higher than the open. Moreover, the wicks of the candles indicate the low price of the day and the high price of the day.

What you need to know here is that when it comes to forex, stock market, commodities trading, and more, the fact of the matter is that these candlestick charts do provide you with more or less the same information as bar charts, but most people find that candlestick patterns are much easier to read than bar charts. In terms of identifying the candles, do keep in mind that most people will shade a down candle red instead of black, and up candles are often shaded green as opposed to white.

Candlestick Patterns

Pros & Cons of Candlestick Charts

Just like everything in trading, Candlestick charts do have both their pros and cons, so let’s take a look.

Pros

  • One big advantage is that most indicators work really well with this type of chart.
  • Candlestick patterns are very aesthetically pleasing and they’re easy to read. this is a very beginner friendly way of trading.
  • What also stands out is that candlestick charts are infinitely customizable, and a single candlestick can represent anytime period of any asset.
  • Candlestick patterns are also extremely accurate because they provide you with so many different types of information, including the highs, lows, opens, and closes inside a given time frame.
  • This is one of the best possible tools for identifying market sentiment and who is in control of the market.

Cons

  • One small disadvantage here is that candlestick charts do sometimes have gaps in them where one candle closes at a certain level but the following candle opens at a different level.
  • These patterns do also have a tendency to cause what is called apophenia, which is a cognitive bias where we see patterns and things that are actually random. Some people may actually see patterns where none exist.
  • Many people make the mistake of thinking that candlestick patterns are all that they need in order to trade accurately. The fact of the matter is that price data alone usually isn’t enough to provide you with enough reliable information to place trades. In other words, do so you have to use indicators.

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Some Basic Candlestick Patterns

What we want to do now is to go over some of the most basic Candlestick patterns out there, and exactly what they needed. Remember folks, the trick to candlestick trading is that you actually need to be able to identify the various patterns that you may see within your charts.

Candlestick Patterns

Bearish Engulfing Pattern

One of the most basic Candlesticks that you may see is called the bearish engulfing pattern. The type of pattern that develops in an uptrend when there are more sellers than buyers. In this pattern, you will see a long red real body that engulfs a smaller green real body. This is a pattern that indicates that the sellers are back in control and the price could continue its decline.

Bullish Engulfing Pattern

On the other hand, we have the bullish engulfing pattern, which is when the buyers outnumber the sellers. In terms of the candlestick pattern, you will see a long green real body that engulfs a small red real body. This shows that the bulls have established a certain amount of control, and the price could continue to go up.

Candlestick Patterns – The Bottom Line

Today, we have provided you with a basic tutorial on candlesticks, but the fact of the matter is that there are of course dozens, if not hundreds of different patterns out there. Stay tuned and come back tomorrow, because we will be doing a part 2, where we will be talking about all of the most common candlestick patterns that you may encounter, and exactly what they mean.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

How to Start Forex Trading for Beginners

How to Start Forex Trading for Beginners

If you are a beginner who is just getting into the world of forex trading, there are a lot of things that you need to learn in order to be successful. The fact of the matter is that forex trading is not easy, not in the least. It takes many different skill sets in order to be a successful trader in the world of foreign currencies.

Now, when you start trading, chances are that you probably don’t have very much capital despair. This means that every action you take is extremely important because the less money you have the bigger of an effect of losing or a winning trade has on your overall balance.

If you are just somebody who’s just starting trading, you probably have no idea what you are doing, and you have no idea where to start either. Today, we are here to look at one specific video that Andrew has uploaded on his trading channel, Andrew’s Trading Channel. This video is all about how to start forex trading for beginners, especially for those who don’t really have any money. Let’s get to it and teach you the fundamentals that you need to know as a beginner to start forex trading successfully.

How to Start Forex Trading

How to Start Forex Trading for Beginners

What we want to do right now is to talk about the tips and rules that Andrew provided you within this video, all of which are designed to help you start trading Forex as a beginner. We did expand on Andrew’s original video, but with that being said, all of the rules and tips that we are about to share are equally as important. Let’s go through a step-by-step tutorial on how to start trading forex successfully.

It All Starts with an Education

If you plan on being a successful forex trader, then perhaps the most important thing that you absolutely need to do is to go get yourself a forex trading education. The fact of the matter is that there are many different assets and things about forex trading that you need to know in order to be successful.

You need to know all about trading platforms, indicators, charting solutions, trading strategies, technical analysis, fundamental analysis, and much more. The fact of the matter is that it can take many weeks or even months to develop a full skill set that will allow you to be a successful foreign currency trader.

What we recommend doing is taking a look at the Income Mentor Box Day Trading Academy, which is at this time one of the most popular forex trading schools out there. Yes, this trading school is led and taught by none other than Andrew himself, and quite frankly, there is no one that we would rather be learning from than him.

Andrew is a fantastic trader and an even better teacher. The bottom line here is that if you want a chance of being successful in the world of foreign currency trading, then you absolutely need to have a good education.

Start Forex Trading

Try a Demo Account

If you want to start trading for it successfully, then another huge tip that you need to follow is to start using a demo account. Of course, when you first start trading, you are going to lose some trades. this is absolutely normal, especially as a new day trader who has never traded before. There is quite a bit of a learning curve involved here, and it will take a while for you to get over it.

However, just because there is a learning curve and just because you need to practice doesn’t mean that you need to risk real money. The reality is that every good trading platform and broker should come with a demo account option, which is a type of trading account that simulates real market conditions, and also uses real current market conditions, thus allowing you to trade without having to risk any real money.

It’s like a practice version or a trial version of the real thing, but one that is fully functional, and allows you to practice the most important skills. Never start trading with real money before you have spent at least a few days trading with some kind of demo account.

Practice Your Fundamentals

Another thing that you should familiar eyes yourself with if you plan to start forex trading, is fundamental news analysis. Fundamental analysis is one of the leading ways in which forex traders determine which trades to place at any given time.

Fundamental analysis involves analyzing various news events that are related to specific companies, national currencies, or companies, all of which can happen effect on the value of forex currency pairs, or on other assets as well.

You need to be able to use those economic calendars on investing.com, and you need to know what three bull news is all about too. The bottom line here is that if you want to start forex trading, then you absolutely need to know what fundamental analysis is and how to perform it as well.

How to Start Forex Trading

Practice Technical Analysis

if you are planning to start forex trading, then another very important thing that you need to be able to do is to perform technical analysis. Of course, there are literally hundreds of different indicators out there, and they all work in a slightly different way. This means that there are quite literally thousands of different trading strategies that you can utilize.

The bottom line here is that you need to familiarize yourself with the various types of indicators out there, which indicators work best for what trading situations, and what some of the best trading strategies out there are. If you already have a good trading strategy under your belt, your starting forex trading is going to be much smoother.

Practice Makes Perfect

In order to start forex trading successfully, the final recommendation that we want to leave you with today is that you should practice your trading skills for at least 21 days before you start trading with real money.

You can trade either on paper or you can use a demo account, but the bottom line is that you should find yourself being relatively successful when trading with fake money before you start trading with the real thing. There is absolutely no point to start forex trading with real money if you haven’t even been successful with fake demo money yet.

 

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Start Forex Trading Today – Final Thoughts

If you follow the five steps that we outlined above, then your start to Forex trading should be quite smooth and successful. Remember folks, to start Forex trading successfully, having a good foundation of knowledge under your belt is crucial. 

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

Profitable Forex Scalping on Your Phone

Profitable Forex Scalping on Your Phone

If you plan on being a profitable trader, and one of the things that you absolutely need to learn all about is forex scalping. Moreover, today we are here not only to talk about forex scalping, but also about one of the best scalping strategies out there, mainly one that involves Fibonacci retracements.

Today we’re going to teach you one of Andrew’s best trading strategies, a profitable forex scalping strategy that you can execute on your mobile device. With this particular forex scalping strategy, you can make well over $300 per day using nothing but your mobile phone.

forex scalping - fibonacci

What is Forex Scalping

Before we can get into talking about Andrews best forex scalping strategy using Fibonacci retracements, it’s probably a good idea for us to explain to you exactly what forex scalping is. For those of you who don’t know what forex scalping is, this is a very specific type of trading that involves utilizing very short term trades in order to collect profits from the market.

When it comes to Forex scalping, traders will open positions in the markets and then close those positions within a very short amount of time, often within just mere minutes, or sometimes within mere seconds. The goal of forex scalping is to generate very small profits, but to generate a whole lot of them on a daily basis, with the main goal of minimizing risk while maximizing profitability.

Moreover, keep in mind that forex scalping is a type of day trading or intraday trading, as the trades never last more than a full day, and realistically, they don’t even last for a full hour. It’s all about generating lots of small profits over the course of a comma with the end goal being to accumulate a substantial profit at the end of every day.

forex scalping

 

Pros & Cons of Forex Scalping

Just as is the case with any trading strategy out there, forex scalping does have both its advantages and disadvantages, so let’s take a look at exactly what these are right now.

Pros

  • One big advantage that you get with Forex scalping is that you can bring in regular profits on a daily basis, unlike other strategies where it can take days or even weeks before you make a profit.
  • Another thing that is really beneficial about this type of trading is that you benefit from having a very low risk level per trade. this is because each trade features only a very small position in relation to the overall size of the total trading account. It’s all about only risking very small amounts of money.
  • What’s also nice about this type of trading is that it really doesn’t take much market movement in order for you to make a profit. You only need the markets move a couple of pips in order to make a profit.

Cons

  • One of the major drawbacks with this type of trading is that it can be very difficult to predict what the market will do on a minute to minute basis, which is of course necessary when it comes to super short term forex scalping. However, this is where Andrews Fibonacci retracement forex scalping strategy comes into play.
  • The other slight disadvantage that you get with this type of trading is that you have to be an extremely consistent winner in order to make profits. When trades are this small, your winter loss ratio must be excellent.

Andrew’s Profitable Forex Scalping Strategy for Mobile Devices

OK, so we honestly don’t want to get too deep into explaining this video using our words, because it is a somewhat complicated strategy to utilize, and therefore, it is best for you to learn it by actually watching the video itself.

Have you will see from the video Andrew uses a series of techniques that involved using Fibonacci retracements in order to find the best entry points into trades for forex scalping. For those of you who don’t know what fibonacci retracements are, is a method of technical analysis that helps to determine support and resistance levels. It’s named after the Fibonacci sequence of numbers, whose ratios provide price levels to which markets tend to retrace after a portion of a move, before that same trend will continue in its original direction.

We would usually provide you with step-by-step instructions on exactly how to utilize the strategies that Andrew discusses in his videos, but this one is slightly complicated, and you would benefit the most from actually just watching the whole video, because Andrew does everything live on screen. However, as you will be able to see from the video, Andrew is able to engage in Forex trading in a very reliable and accurate way, and it’s all thanks to these Fibonacci retracements.

Remember folks, this particular strategy that involves using support and resistance levels is designed to provide you with the maximum level of reliability, or in other words it’s designed to help minimize the level of risk that you have to engage in one trading.

As you can see from the video, as long as you follow all of the tips that Andrew provides you with, and as long as you follow his strategy very closely, it is more than possible to make $300 per day, or even more, using nothing but your mobile phone, a trading system, and some Fibonacci retracements. When it comes to beginner friendly forest scalping strategies that are easy to master, this is definitely one of the best ones out there. It’s safe, reliable, accurate, and profitable too.

 

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Easy Forex Scalping on Your Phone – Conclusion

If you plan on becoming a profitable forex trader, and you are just a beginner who wants to minimize your level of risk, then this particular forex scalping strategy that involves Fibonacci retracement, is definitely a good way to go with.

That being said, Andrew has plenty of trading videos and guides located on his YouTube channel, and if you are looking for some of the best trading strategies out there, besides this one, then we definitely recommend checking out this channel.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

Learn Trading from Income Mentor Box

Learn Trading from Income Mentor Box

Do you want to learn how to trade forex so you can make consistent profits on a daily basis while sitting at home on your couch? If so, then you have come to the right place, because right now we want to discuss the Income Mentor Box Day Trading Academy. The Income Mentor Box Day Trading Academy is at this time one of the most useful forex trading schools out there. So let’s take a look.

Income Mentor Box

What is Income Mentor Box?

For those of you wondering what Income Mentor Box is, this is a Forex trading Academy designed to help people trade forex. To be clear, this is a 100% online trading school that consists of five modules and many different lessons designed to take you from being a newbie trader to a fully functional trader that can be totally self-sufficient.

Now be aware that while this is technically a Forex trading school, everything you learn here can be used on other markets as well, such as for stock market trading. Something else that we do want to stress here is that while Income Mentor Box is a Forex trading school designed for newbies, it is also a school that can be studied by people who have been trading for many years.

The simple reality is that the market is always in flux and there are always new concepts to study. Income Mentor Box is the type of Forex trading Academy that can help you stay on top of current trading trends and methodologies. What is, of course, really cool about this particular trading school is that it is 100% online, so you can learn how to trade forex from the comfort of your own home.

What you also need to be aware of here is the fact that you can take as long as you want to work your way through the course. There is absolutely no set time limit, and once you are a member you are a member for life, which means that you have full and unlimited access to all course content forever. When it comes down to it, if you need to learn the best Forex trading concepts, strategies, and methods around, this is the place to be.

Income Mentor Box

 

Who is the Mentor?

Something that we want to take a closer look at is who the mentor behind Income Mentor Box is. Well, the mentors name here is Andrew, a somebody who you might know from Andrew’s trading channel on YouTube, from his Stock Trading Mentor Box stock market trading academy, as well as from his various social media profiles.

Income Mentor Box

When it comes down to it, Andrew has been professional daytrader mostly in Forex but also in stock markets and cryptocurrencies for well over 10 years. Over the past decade, Andrew has managed to amass a small fortune trading forex. In other words, he definitely knows what he is doing, and now he wants to teach you how to trade forex so you can make the same profits that he makes on a daily basis.

VISIT ANDREW’S TRADING CHANNEL

If you don’t know who Andrew is, we recommend checking out Andrew’s trading channel on YouTube to get a good idea of what he is all about. The simple reality here is that not only is Andrew a very knowledgeable and professional trader, but he also makes for a fantastic teacher, one who is very approachable and easy to talk to. He knows how to convey these difficult concepts in ways that are easy for newbies to understand.

Income Mentor Box

 

What You Will Learn

What you need to know here is that the Income Mentor Box day trading Academy curriculum consists of five different modules with a total of 51+ full length trading videos. The lessons start off with the simplest aspects of Forex trading and then gradually move their way up to the more difficult aspects such as to trading strategies.

The simple reality here is that there are far too many lessons for us to list, but when it comes down to it, you will learn literally everything that there is to know about Forex trading in order to be an independent trader who is able to make consistent profits. Here you will learn about all of the most important Forex trading concepts, terminologies, methods, strategies, skills and more. When it comes down to it, there is nothing about Forex trading that you won’t learn here.

Free Ebook

What is also worth noting is that included with your Income Mentor Box membership, you also get a free trading ebook that introduces you to the world of Forex trading. Obviously this Forex trading ebook is just an introduction, but it is a good stepping stone, a good way to get started.

 

Income Mentor Box Trading Signals

Now, one of the absolute coolest things about this Income Mentor Box day Trading Academy is the fact that it also comes complete with a free Forex signals service. For those of you who don’t know what a signal service is, this is where you will be provided with tradeable.

Forex pairs that come complete with entry points, exit points and everything else you need to make profitable trades without actually having to know anything about Forex trading. In other words, you will be provided with Forex signals as well as all necessary parameters so you can then just simply copy and paste the trades into your trading platform or broker of choice.

What it all comes down to here is that you can copy and paste trades to make easy and reliable profits, even if you don’t know the first thing about Forex trading. This is really cool because it means that you can make easy profits while you are still learning how to trade.

Income Mentor Box

 

Reviews & Testimonials

We are going to start talking about individual reviews and testimonials, but the bottom line is that if you go look online whether on trustpilot or on other sources, the fact is that Income Mentor Box is one of the most highly popular and trusted forex trading schools in the world at this time.

 

IMB Membership & Cost

The other thing that you need to know here is that your membership into the Income Mentor Box Day Trading Academy will cost you only $299. Moreover that $299 fee is a onetime payment and there are absolutely no hidden additional or recurring fees of any kind. Once you are a member of income enter box you are a member for life and never have to make another payment again.

Income Mentor Box

 

Income Mentor Box Day Trading Academy: Final Thoughts

The bottom line here is that if you want to learn to be a profitable and consistent Forex trader who can trade on their own without any additional assistance, then Income Mentor Box is a very cost effective way to learn how to trade, not to mention a fantastic signals provider as well that can help put money in your pocket even if you don’t know the first thing about Forex trading.

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS!