Forex Wealth: 10 Roads to Riches

Picture of dollar signs

Hi friend! If you are looking for a forex wealth strategy, then look no further than this blog post dedicated to Forex Wealth: 10 Roads to Riches.   These will empower you to totally crush the forex.

There are other roads to follow, but I have focussed exclusively on the best-of-the-best.  I haven’t included the Shotgun Trade, because I have addressed it before in my blog post on forex trading techniques, and I feel it deserves its own special treatment.  The same goes for the Forex Pivot Points post.

Put the ghosts of your trading past behind you, and get with the forex program.  What’s holding you back?

These strategies will help you get your head around how to trade forex for a living.

Forex Tip

The highest pip value rests with the EURGBP forex pair.  Witness November 2/16, when the forex pip value was 1.2350 for the GBPUSD pair.  How that relates to the EURGBP pair is in that value.  It translates into $12.35 per standard lot, versus $10 for all the other pairs.

All you have to do is look at the most recent pip value for the GBPUSD pair, move the decimal point over one point to the right, and presto you have the current value for the EURGBP pair.

Now, I’m not suggesting for one minute that you trade the EURGBP pair for this fact alone.  You need to consider other factors that you will learn about throughout this blog post.

Table of Contents:

Forex Tip
Forex Wealth Strategy #1
Forex Wealth Strategy #2
Forex Wealth Strategy #3
Forex Wealth Strategy #4
Forex Wealth Strategy #5
Forex Wealth Strategy #6
Forex Wealth Strategy #7
Forex Wealth Strategy #8
Forex Wealth Strategy #9
Forex Wealth Strategy #10
The Man Who Beat the Pound
Uber Forex Broker
Definitions
Facts: The Rich and Famous
Quotes
References
Forex Tools
Conclusion

Forex Wealth Strategy #1

Picture of eyes

Yes, please open your eyes – please, please – I implore you!  I can’t emphasize this strategy enough, and that is why it is number one on my list.  You plain can’t beat the forex for profit potential. 

Try as you may, you can’t and won’t achieve similar results trading stocks.  Impossible!  Disagree?  Let me know at the contact link at the bottom of this blog post.  I can’t wait to hear from you. 

I doubt you will have any arguments to dissuade me, because I have experience trading stocks, and my results have been anaemic to say the least.  Yes, I’ve made money, but it’s just impossible to beat the forex.

Check out my blog post on stock trading strategies, where I posted for-real personal stock trades showing profits – but nothing close to what is possible with the forex. 

Read on my friend, and see what I am talking about…

There is a reason why this forex wealth strategy is number one in my books.  The reality is there are only so many hours you can devote to trading, and you can’t afford to waste them.    

As I have said before, the reality is, believe it or not, yes you can achieve 20 pips a day in a standard forex account, which translates into US$4,000. per month.  This is more than most people make in their day jobs.

Now, let’s compare that to what you can do with stocks.  I know, because I trade stocks.  It’s not unusual to see any given stock to move a measly +$.14, -$.03, +$.08, -$.12, +.09, +$.15, etc. a day – not to mention the downers. 

Yeah, I know there are exceptions.  For example, Waste Management (WM) jumped +$1.71 today, as I write this.  But, for the longest while, it just sat there doing nothing.  Similar story with most other stocks, like Starbucks (SBUX), which is supposed to be a winner.  Some winner.  Not.  Yawn!

Not so with the forex.  Forex pairs trend very well and, when they get going, they hold their trend very well.  Traders need upward volatility, and there’s lots of that in the forex.

I don’t bother with down-trending situations.  That’s a waste of time.  There are just too many up-trending opportunities.

As I posted recently in forex trading techniques, tons of forex volatility is arriving on the scene, thanks to hedge funds like Citadel moving in to take up the slack left behind by the banks, which s______ up big time. 

Last time I checked, the forex is still putting in ~US$5.3-trillion a day, each and every day.  The stock market pales by comparison. 

Back to the forex… assuming you get the trend right – and that’s what I will teach you in this blog post and beyond – it’s not unrealistic to do way better.

For example, the average daily range for the euro (EURUSD) is ~70 pips.  Translation:  In a standard account, that nets ~US$700. a day.  Times 10 lots, and you have a whopping ~US$7,000.

Do I have your attention yet? 

Now, I know you can’t grab all those pips (unless you’re better than I am) but, even if you grab just a portion of them, you’re much better off than you are with stocks.

Just have a look at the 26 reasons to trade the forex market below, using the forex broker Tallinex as an example:

Picture of 26 reasons to trade the forex that will lead to forex wealth.

The biggee, of course, is the high leverage – read:  up to 1:1000 at the forex broker Tallinex.  As you know, with stocks, you’re leveraged at 2:1. 

And, then there are such things as stock fees per share and maintenance fees – and minimum deposits to open a margin account.  None of that pertains to the forex.

There are no clearing/transaction costs or commission fees in the forex market.  Can you say, “Wow!”

So, how do forex brokers make their money?  Quite simply, they grab their share through the spread on each forex pair, which can be as low as 1.4 pips per share.

Don’t get all hyped up over searching endlessly for the forex broker with the lowest pip spreads.  Don’t obsess over that, like so many forex traders do.  That’s a waste of time.  Pick a good broker like Tallinex, and be done with it.

If you trade the way I will teach you in this blog post, you can easily overcome the spread by sticking to some simple truths – like only trading forex pairs that are trending up, and following the Golden Rule – ‘Buying the Dips in the Uptrend.’

Over the years, I have perfected what I call ‘The Shotgun Trade.’  I presented it in my blog post on forex trading techniques.  It works off two different forex trading charts, and takes the guesswork out of where to pull the trigger on any given trade.  Check it out.  Of course, I will address it again from time to time – so, I won’t leave you in the dark.

Of course, there are other forex trading techniques, like forex scalping and forex swing trading that I covered in that blog post.  There are many ways to attack the forex market, and I covered all those bases.

Most forex traders get into trouble because they are ‘noise traders.’  They plain don’t know what they are doing.  They may as well be playing darts or throwing horse shoes.  If you follow my lead, you will join the ranks of the ‘Big Dogs of the Forex.’

See what I mean in the forex trading chart below about why the forex is a much more profitable market to trade than stocks – and much less frustrating.  This particular run up in price for the GBPUSD pair netted US$9,000. in the space of 17 hours. 

I know from my own experience trading stocks that this is virtually impossible to achieve in that realm, no matter how hard you try.  If you can, I’m all ears.  Just let me know at the Contact link.

To boot, the institutional investors (read, ‘Big Dogs’) are extremely long the pound (GBPUSD), as at this writing.  Translation:  expect further upside movement in this forex pair beyond this point.  See commitments of traders graphs after the chart below to prove my point.  More on that later – Forex Wealth Strategy #6.

Later on in this blog post (Forex Wealth Strategy #7), I will explain how I drew that Tom DeMark resistance/supply/distribution trendline, and how I did the price measurement/projection.

 

GBPUSD 1 hr. chart showing trade set-up that netted US$9,000. in 17 hours using the 1-2-3 strategy

(Chart via ProRealTime.com)

Two commitments of traders graphs for GBPUSD forex pair showing Big Dogs sentiment extremely long.

Forex Wealth Strategy #2

Picture of measuring device denoting precision forex scalping – Forex Wealth Strategy #2.

This is an easy one that can be a lot of fun to boot – not to mention the potential profits.  If you have a need for speed, or are looking for a path to day trading forex, this one’s for you, hands down.

Just study the forex trading chart below, and see what I mean.  The only indicators I plotted are Bollinger Bands and RSI.  Notice where the buy and sell opportunities came into play.

They occurred when price exceeded a Bollinger Band, and RSI went either overbought or oversold.  That’s the key.  With this strategy, we’re looking for extreme readings.

You will find many of these forex trading opportunities throughout the trading day – 24 hours a day on the forex, six days a week.  And, don’t forget… you can trade this strategy on any of the forex pairs on your forex trading platform.  Lots of forex trading opportunities.  You don’t have to marry yourself to any one forex pair.

After all, this is not a love affair.  It’s all about making money, plain and simple – and having fun in the process.  That’s why this strategy is such a winner.  You can sit there all day long (and night), looking for this setup to unfold on any pair, and pulling the trigger all the way to the bank.

GBPUSD 5 min. forex chart showing 3 forex scalp trades – Forex Wealth Strategy #2.

(Chart via ProRealTime.com)

Forex Wealth Strategy #3

1.	Picture of swing set denoting forex swing trading – Forex Wealth Strategy #3.

This is another one of my favourite forex trading techniques.  It doesn’t require a lot of thinking.  It won’t hurt your brain.  All you have to do is keep tabs on your watch.

There are six times of the forex trading day that you want to snap to attention, and look for forex swing trading opportunities.  See the list beneath the forex trading chart below.

In that chart for the GBPUSD forex pair, you can clearly see what I mean.  Two great forex trading opportunities that didn’t require a lot of brain power.   Right on the button, we had a buy and a sell back-to-back. 

Even though I have two indicators plotted on that chart, you don’t really need any to employ this strategy.  Just be alert in and around the six forex time zones.  What could be easier?

Trading the forex market doesn’t have to be complicated.  No expensive courses or robots required.  You get to pull the trigger all by yourself, just like magic.

Picture of clock and money with words ‘Time is Money’ – Forex Wealth Strategy #3.

GBPUSD 5 min. forex chart showing 2 trades at key forex time zones – Forex Wealth Strategy #3.

(Chart via ProRealTime.com)

Picture of clock with 6 forex time zones to the left of it – Forex Wealth Strategy #3.

Forex Wealth Strategy #4

Picture of road sign with words suggestive of MACD divergence – Forex Wealth Strategy #4.

This one I just posted about (MACD divergence).  Given I covered this strategy ad nauseum in that post, I don’t have to dwell on it in this post.  But, let’s have a look-see anyway.

All three forms of MACD divergence – MACD divergence proper, MACD histogram divergence, and MACD inverted divergence have the same essential ingredients – price going one way and MACD the other.

Have a look at the three forex trading charts below, and see if you can see what I mean.  If you are still confused, check out my last post on MACD divergence.

EURUSD 1 hour forex chart showing positive MACD divergence – Forex Wealth Strategy #4.

(Chart via ProRealTime.com)

GBPUSD daily forex chart showing negative MACD histogram divergence – Forex Wealth Strategy #4.

(Chart via ProRealTime.com)

GBPUSD 15 minute forex chart showing inverted MACD divergence – Forex Wealth Strategy #4.

(Chart via ProRealTime.com)

Forex Wealth Strategy #5

Picture of railway tracks with question at the top – Forex Wealth Strategy #5.

Picture of spinning top with question at the top – Forex Wealth Strategy #5.

Okay, I left one out – hammers – I couldn’t find a cute picture to do them justice.

Anyway, let’s get going.

Sure, there are an abundance of candle patterns out there, thanks to Steve Nison’s teachings.  (I have presented with him on stage.)

But, I have chosen to work with only three of those patterns – hammers, railways tracks (tweezers), and spinning tops.   It’s called KISS.

Call me a simple mind, but I find that these three candle patterns are all you need to spot price exhaustion/price rejection/price reversal, whatever you want to call a shift in price direction.  All those words mean the same thing.

There are people out there who know more about candle patterns that I ever will, but that doesn’t make them a better forex trader.  Some of them make a career out of indicator fascination.

As an aside, I went to lunch with a trader in my city at his request.  He was totally confused, and frozen in time.  He couldn’t pull the trigger on a trade to save his life.  He knew more about indicators than all of the so-called experts, because that was his focus – not trading itself.

It’s better to pick a few candles and indicators, and then get on with it.  It’s time to make some serious money.

Getting back to the subject at hand… take a look at the forex trading chart for the USDJPY below.  I have marked the turning points in price action, where either a hammer, railway tracks, or a spinning top appeared.

You can see for yourself what happened to price.  It immediately went the other way, just like magic.  Who could have guessed?  So, be on the lookout for these three candle patterns, as that’s where you’ll find the money.

Now, let’s have a look at how these candle patterns are constructed.  I have provided diagrams below for you to study.

The Hammers and the spinning top are pretty self-evident, but the railway tracks (tweezers) may require a comment or two.  Please refer to that candle pattern that I have circled in the chart below, as we go through this.

Looking at the first candle in that pattern (the green one), you can see that price rises, and closes up on that candle.  Then, oops, price is going the wrong way.  Price opens high on the second candle in the pattern (the red one), and closes down.  The effect on price action is obvious.  Down she goes. 

In the diagrams below the chart (courtesy Steve Nison), I have illustrated what that looks like in the top-left diagram.  Price rises (the blue arrow), and then falls (the red arrow), as a consequence of this pattern.

In the bottom-left diagram is what it looks like when price is falling, and what then happens as a result of railway tracks in the reverse scenario.

Also in those diagrams, you can see what hammers (regular and inverted) and spinning tops look like.  And, I have included how a candle is constructed.

Now you know why I call these candle patterns ‘OOPS Candles’ – oops, price going the wrong way.  Gotta love them.

Picture of notebook with words on it about three candle patterns – Forex Wealth Strategy #5.

USDJPY forex chart showing 3 candle reversal patterns at swing points – Forex Wealth Strategy #5.

(Chart via ProRealTime.com)

Four diagrams showing how candle patterns are constructed – Forex Wealth Strategy #5.

Two diagrams showing how two hammer candle patterns are constructed – Forex Wealth Strategy #5.

Forex Wealth Strategy #6

Picture of many traders symbolic of Commitments of Traders Big Dogs – Forex Wealth Strategy #6.

Boy, now we’re getting down to some serious stuff – something I have been fascinated with ever since I first learned about it some 16 years ago now – commitments of traders.  Translation:  the power of the Big Dogs (institutional investors) over the markets.

Don’t believe me?  Just have a look at the graphs below.  They tell the story.  I haven’t updated them since I looked Oct. 21/16, because they essentially haven’t changed.  Their sentiment (extremely bullish the pound) is still the same.

So, what are they telling us?  It’s clear from the graphs that the Big Dogs are extremely long the pound.  Look at the upright bars to the left being well above the waterline and the orange line to the right at opposite polls to the hedge funds (green line).

That’s the extreme divergence I look for between those two camps.

That amount of extremity between the two major players in the forex eventually translates into a swing in price action in tune with the Big Dogs’ sentiment.

In this case, what that means is that we should expect the pound to continue its ascendancy.

Want proof?  Take a look at the forex trading chart for the pound beneath the graphs.  The Golden Cross signifies a shift in price direction to the upside.  More on that later (Forex Wealth Strategy #9 below).  As of this writing, price has moved even higher.  Expect further gains.

The Big Dogs trade thousands of lots worth millions of dollars.  As such, they can’t be dismissed.  They can’t afford to be wrong.  There is too much money riding on their position.  Ignore them at your peril.

This is as close to alerts as you will get.  As we all know, there is no such thing as the Holy Grail, but this is pretty darn close.

1.	Two commitments of traders graphs for GBPUSD forex pair showing Big Dogs’ sentiment extremely long.

GBPUSD 1 hr. chart showing power of Big Dogs sentiment on price action – Forex Wealth Strategy #6.

(Chart via ProRealTime.com)

Forex Wealth Strategy #7

Picture of person holding platter with word ‘TREND’ on it – Forex Wealth Strategy #7.

This one may be a little bit more challenging, but I’ll make it as easy as I can for you.  I say that, because I took the time to read chapter one of Tom DeMark’s incredible book, ‘The New Science of Technical Analysis.’

I say read, but that’s an understatement, because I read it at least 20 times before I finally got it.  I’m talking about how to draw trendlines the right way.  Not an easy task, if you don’t know what you are doing.

I watched a video of Tom talking to an audience of supposedly informed financial people.  He held up a chart, and asked them to identify the current trend.  Not one of them got it right.

Well, I’m pleased to say I am a graduate of his teaching, and I’m about to share with you his insights into this incredibly important aspect of technical analysis.

A good starting point is for you to study the two diagrams (both together) below the forex trading charts coming up first.  For purposes of this exercise, I would pay attention to the bottom one, where it addresses price in a down-trending situation.

The top diagram of the two represents price in an up-trending situation, and illustrates how to draw a Tom Demark demand/support trendline.

I have done all the heavy lifting for you, because I took what I learned from that chapter, and took the time to translate what I learned into that diagram.

I only look for breaks to the upside, because I am not interested in looking for any short opportunities.  I only like to focus on bullish opportunities.  That’s why I’m not particularly interested in the top diagram of the two for purposes of this blog post.

Now shift your attention to the chart below for the pound.  In simple terms, what you do is draw a line from a swing high back and up to the last most recent swing high. 

You then extend that line out into the future as a dotted line.  I don’t remember Tom saying to do that.  It is perhaps my own value-add.

You now have a resistance/supply/distribution trendline.  All those words mean the same thing.

What we then look for is a break of that trendline to the upside, signifying a   change in price momentum.  That’s where you jump on board, once MACD has penetrated its trigger line to the upside.

You can see that that happened Oct. 31/16 quite convincingly, right after the 1-2-3 bottom was put in.

You could have also engineered an entry point by using a buy-stop on a break of the number two point of that bottoming formation, or by whatever means you have at your disposal on your forex trading platform in terms of entry order types.

The ensuing run-up in price was a mind-blowing 90 pips in 17 hours (read, US$9,000. straight into your bank account).

Now, you show me how you could achieve a similar result trading stocks.  Bet you can’t do it.  Lunch is on me, if you can.

How could we have predicted that outcome?  Easy peasy, doing it Tom’s way.

What you do is measure the distance from the lowest point below the trendline, which just happens to be the number one point of the 1-2-3 bottoming formation, up to the trendline. 

You then project that distance up beyond the trendline from where price penetrates the tendline, and that’s how far price should travel, give or take.

In the chart below, you can see that price travelled part the way up that distance to the tune of 90 pips.  As of this writing, it has gone up even further to fulfil that price projection. 

See the eventual result in the second chart below.  Price went beyond the 90 pips to put in 165 in total for a grand total of US$16,500.  Ka-Ching!  Still want to trade stocks?  Maybe not.

Tom’s trendlines never cease to amaze me in terms of their accuracy in foretelling the extent to which price will travel, once it breaks one of his trendlines.

There is another way of doing a price measurement.  It was formulated by Joe Cheung.  And, it goes this way… measure the distance from the lowest point below the trendline up to the end of the trendline (left end), and then project that distance up from the point of trendline break.

That gives you another idea as to how far price might travel.  You can do both measurements (Joe’s and Tom’s), and then settle on the half-way point between the two as your target level.

Phew!  That wasn’t so difficult after all.  Easy to say now, after spending so many hours trying to get Tom’s idea into my thick skull.

GBPUSD chart showing Tom DeMark resistance trendline & price projection – Forex Wealth Strategy #7.

(Chart via ProRealTime.com)

GBPUSD 1 hr. chart showing final outcome of Tom DeMark’s price measurement to the tune of US$16,500.

(Chart via ProRealTime.com)

Diagrams of how to draw Tom DeMark’s demand and resistance trendlines – Forex Wealth Strategy #7.

Forex Wealth Strategy #8

Picture of checkmate illustration signifying a win over price direction with a successful trade.

Picture of note with three reasons to pull the trigger on a trade – Forex Wealth Strategy #8.

I love this one, because it is so blatantly simple.

But first, an analogy… let’s suppose you are sitting in your car in your garage, wanting to go to work.  But first, you wait until all the street lights on the way to your work turn green.  You obviously never get to leave the garage.

Same with trading the forex – or any market for that matter.  Before you pull the trigger on a trade, you should look for three green lights to signal it’s go-time.  That’s all you need – three.  Not four, not five – just three. 

Take a look at the forex trading chart below.  See where I have marked the green * spot?  That is the point-of-entry for the trade.

The decision to hit the enter key on the trade, in this case, is based on three green go-lights:  MACD cross, 1-2-3 bottom, and trendline break.

A side note… getting back to Forex Wealth Strategy #5 above – I just noticed another instance of railway tracks (tweezers) at the number 2 point of the 1-2-3 bottoming formation.  I’m sure you can see it too.  To refresh your memory as to how they are constructed, please refer back to that strategy.

What could be easier?  Don’t over-think forex trading.  Keep it simple.

1.	GBPUSD 1 hr. FX chart showing 3 signals to pull the trigger on a trade – Forex Wealth Strategy #8.

(Chart via ProRealTime.com)

Forex Wealth Strategy #9

Picture of traffic light with green light checked denoting yes on trade – Forex Wealth Strategy #9.

What could be easier than this one?

All you have to do is plot the 50 EMA and the 200 EMA on any one of your forex trading charts (any timeframe), and look for the 50 to punch up through the 200.

That’s what the Japanese traders call a Forex Golden Cross – a bullish buy signal.

Of course, that’s just one of a number of forex trading techniques that work on all markets.

You won’t hear me talk about the Death Cross, because I NEVER look for short-trading opportunities.

There are just too many opportunities to go long, based on the Golden Crossover Strategy.

EURUSD 1 hour forex chart showing Golden Cross trade signal – Forex Wealth Strategy #9.

(Chart via ProRealTime.com)

1.	GBPUSD 1 hour forex chart showing Golden Cross trade signal – Forex Wealth Strategy #9.

(Chart via ProRealTime.com)

Forex Wealth Strategy #10

1.	Picture of rings joined together signifying use of multiple indicators – Forex Wealth Strategy #10.

This one may complicate matters, because you’re going to have to think in a few dimensions.

Let’s start off with a look at the concept of MACD divergence – also covered in the Forex Wealth Strategy #4 above.

In the forex trading chart below, you can see two instances of MACD divergence – negative MACD divergence on both MACD itself and also on the MACD histogram, followed by positive MACD divergence on both MACD itself and also on the MACD histogram.

I have made no attempt to look for other instances of MACD divergence on that chart.  Two is enough for purposes of this exercise.  I wanted to keep it simple.

Then, in the next chart, you can see that I have added Bollinger Bands and RSI.

You can see, by inspecting price action in relation to those two indicators, that a sell signal and a buy signal were signalled respectively.

In the case of the sell signal, price exceeded the upper Bollinger Band, all the while RSI went overbought.

In the case of the buy signal, price exceeded the lower Bollinger Band, all the while RSI went oversold.

Now, let’s look at our final chart – the third chart down.

Here I have identified four more instances of price exceeding a Bollinger Band and RSI going either overbought or oversold – thereby signally one sell and three buys.

So, you can see that you can work with just one indicator, like MACD divergence, or you can add more indicators to the mix to further increase your chances of finding trades.

That said, don’t get involved with indicator fascination. 

I usually work with the 50 EMA and the 200 EMA, together with MACD.  There’s nothing wrong with utilizing a couple more, as we have in this example, but don’t go overboard.

For forex scalping, I like to work with Bollinger Bands and RSI.  See Forex Wealth Strategy #2 above.

You want to keep your charts relatively clean, so that you can read what price is trying to tell you.

After all, price is the number one indicator.  It will tell you where it is going, if only you would pay attention.

1.	GBPUSD 1 hour forex chart showing 2 forms of MACD divergence – part of Forex Wealth Strategy #10.

(Chart via ProRealTime.com)

1.	GBPUSD forex chart showing multiple indicators used to signal 2 trades – Forex Wealth Strategy #10.

(Chart via ProRealTime.com)

GBPUSD chart with 4 buys and 2 sells signalled by multiple indicators – Forex Wealth Strategy #10.

(Chart via ProRealTime.com)

The Man Who Beat the Pound

George Soros is well known as ‘The Man Who Broke the Bank of England,’ given his short sale of US$10-billion worth of pounds.  During the 1992 Black Wednesday UK currency crisis, this made him $1- billion.  He is one of the 30 richest people in the world.

It’s interesting that institutional investors are at it again.  They are now loading up on the pound.  More Soros wannabes could be on the way.  You could very well be one of them.  See Forex Wealth Strategy #6 above.

Uber Forex Broker

Tallinex

(ECN Broker and STP Broker)

Leverage as high as 1:1000 is not reserved for a privileged few.  You can have it too at the forex broker Tallinex.

On any one of their forex trading platforms, you can trade easier, faster, and better.

These are just six of the features available at Tallinex:

  1. Mobile and tablet apps
  2. Forex managed accounts
  3. ECN raw spreads
  4. Free forex charts
  5. Free signals
  6. MT4 software

You can open a no-strings, no-risk demo trading account at Tallinex that is totally free.  Then, once you are comfortable with how their forex trading platforms work, you can go on to open a live trading account. 

Tallinex is open six days a week – just not on Saturdays.

As soon as you sign up with Tallinex, you will start receiving advisory e-mails, including technical reviews. 

These are their personal account options:

Screen shot of nine personal account options at forex broker Tallinex, an ECN broker & STP broker

(Disclaimer and Note: Please make sure your country of residence allows you to trade at Tallinex.
Plus, please note that I am an affiliate for Tallinex.)

Definitions

ECN Broker

An ECN broker utilizes electronic communications networks (ECNs) to facilitate its clients having direct access to other players in the currency markets.

Because an ECN broker consolidates price quotations from several market participants, it can usually provide its clients tighter bid/ask spreads than would be normally available to them, because such a broker aggregates price quotations from a number of market participants.

STP Broker

Straight through processing (STP) is a process by which financial entities optimize the speed of processing transactions.

This is accomplished by allowing electronically-entered information to be transferred from one participant to another in the settlement process with no manual intervention required to re-enter the same information repeatedly throughout the process.

Facts: The Rich and Famous

Warren Buffett still lives in the same house that he bought in 1958 for about $30,000.

Mark Zuckerberg’s daily ride is an Acura.

John Caudwell (worth $2.7-billion) rides his bike 14 miles to work.

Personally, my daily ride is 24 years old – and I’m far from being broke.

Compare this with:

68% of people live pay check to pay check.

26% have no emergency savings.

The average household has $7,283 in credit card debt.

The average monthly new car payment is around $480.

(Source:  Michelle Schroeder)

Translation:  Keeping up with the Joneses will keep you broke.

Quotes

“I look at every business and ask, how long can it last?  How can I change the status quo, once I identify it?”  Sheldon Adelson, Chief Executive Officer of Las Vegas Sands

“The only difference between you and who you admire is you settle for less.”  Megyn Kelly, Fox New anchor

“Perseverance is the hard work you do after you get tired of doing the hard work you have already done.”  Newt Gingrich, former Speaker of the House

“People who make resolutions (set goals) are more likely to achieve their goals by a factor of ten times than people who don’t.”  Statistic Brain

“If you want to launch big ships, go where the water is deep.”  Anon

William Faulkner:

“They killed us, but they ain’t wooped us yet.”

“Dream and shoot higher than you believe you can.” 

“Given the choice between the experience of pain and nothing, I would choose pain.”

“A man is the sum of his misfortunes. One day you’d think misfortune would get tired, but then time is your misfortune.”

“Try to be better than yourself, rather than trying to be better than your contemporaries or predecessors.”

References

http://ca.investing.com/tools/forex-pip-calculator

http://candlecharts.com/

https://en.wikiquote.org/wiki/William_Faulkner

https://en.wikipedia.org/wiki/George_Soros

https://goo.gl/HudceB

https://goo.gl/NxRRHQ

https://goo.gl/xZf2nW

www.pixabay.com

www.ProRealTime.com

http://www.cot-futures.com

http://www.investopedia.com/terms/e/ecn-broker.asp

https://www.tallinex.com/open-account?i=140383

Forex Tools

A good support and resistance MT4 indicator can be had at the Contact link.  You can also have the best pivot point calculator by dropping me a line at the same link. 

If you need a pip value calculator, here’s one to look at:  http://ca.investing.com/tools/forex-pip-calculator

At www.ProRealTime.com, you have access to a number of forex trading indicators, including a forex support and resistance indicator for forex pivot points.

As far as I am concerned, the best book on trendlines to analyze forex trends is Tom DeMark’s New Science of Technical Analysis.

Conclusion

There you go my friend… ten forex wealth strategies to amp up your forex trading.  Any one of these strategies will go a long way to goosing your trading mojo.

Still not convinced the forex is the best market to trade.  Let me know at the Contact link, and let’s have at it.  I’m up for the challenge any day of the week 24×7, any time – even at 3 in the morning.

BTW, 3 am ET is the best time to trade the forex market.  It is the London open – the busiest time in the forex.  The next busiest time is 11:30 am ET – the London close forex session.

I know a forex trader who trades only the London close, because it suits her lifestyle.  She lives on the west coast of the U.S.  That time – 11:30 am ET – is 8:30 am PT her time.  Once she is finished trading that timeframe, she has the rest of her day to devote to other things.

No matter where you live on this planet, there is a forex time zone that will work for you.  Refer back to Forex Wealth Strategy #3 above. 

As I have said before, you don’t need to sit at your desktop, or attend to your handheld device, all day long.  All you have to do is snap to attention in and around the times in that section.  That’s where the money is in the forex market, because those are forex swing trading times.

The window of opportunity is at those times or on either side by an hour or so – give or take.  Sure beats trying to find a trade, say at 2 pm ET.

Nothing happens at that time, so go fishing or golfing – anything but trying to force a trade that doesn’t exist. 

If you would like some more free forex training, because you are learning forex trading for the first time, let me know at the contact link.  One-on-one forex trading lessons can be arranged, and I can also be your forex mentor.

I also provide private forex consulting, if that appeals to you.  That can be requested at the same link.

Forex wealth management, in the form of forex managed accounts, is provided at Tallinex.

I trust that you found this free forex training to be beneficial.  More forex trading lessons are on the way in future blog posts.

I have thrown a lot at you in this blog post.  If you are unclear about any forex wealth strategy, be sure to contact me.

There’s a whole lot more you can learn from my previous blog posts:  VIX, After Hours Trading, Trading Volume, Stock Trading Stops, Currency Trading Strategy, How to Pick Stocks, Stock Trading Rules, Three Winning Stock Trading Strategies, Forex Trading Techniques, Forex Pivot Points, and MACD Divergence.

And, you can always check me out at the About link.

If you would like to help me start a forum and be a moderator, I would love to hear from you.  Just drop me a line using the Contact provision at the bottom of my site.

If you would like to be featured in my blog, I would love to share your success story – or even your trading experience.  Please send me a message using my Contact form at the bottom of this page.

I won’t live long enough to know it all, and I won’t live long enough to make all the mistakes myself.  So, hearing your story will be most helpful not only to me, but also for my other beloved readers.

Please share this post.  Sharing is caring.  Thank you!

I look forward to your articles, feedback, ideas, stories, and suggestions for my blog.  Please post these on my blog at the Contact link below.  

HAVE FUN and ENJOY LIFE!  Remember – FAMILY comes first!

Here’s To Your Success and Quality of Life,

prbain

Peter R. Bain
PS:  Don’t let them steal your dreams!
PPS:  I will help you achieve your dreams!

About Peter R. Bain

Picture of Peter R. Bain, founder of www.TradingSmarts.com – the go-to site for all things trading.

Peter R. Bain

I am a speaker, trader, writer, aviator, car nut, Harley enthusiast but, above all else, I am here for you at TradingSmarts, which I founded some 15 years ago.

TradingSmarts is your best friend when it comes to finding anything and everything to do with trading.  Through my blog you will always find guides, news, reviews, tutorials, and much, much more.

TradingSmarts is a ‘NO-BS, No-Holds-Barred, Take-No- Prisoners’ site for traders who want the straight-bill-of-goods on how to make a full-time income trading less than part-time. 

Noel Aranas of New Jersey:  “It is my pleasure being a client of yours.”

Take your trading to the next level…

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Peter R. Bain

I am a speaker, trader, writer,
aviator, car nut, Harley enthusiast
but, above all else, I am here for you.

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