The Authority’ on Price Action Trading. In 2016, Nial won time to trade forex Million Dollar Trader Competition.
I teach traders how to trade with simple yet high-probability Forex price action setups on this website. There are no guarantees and no promises of trading from the beach next month while making a million dollars a year. Be realistic and honest with yourself The first thing you need to do if you want to make a full-time living trading the markets is to simply be realistic and honest with yourself about what is possible at the current moment given the size of your trading account. You have to learn as soon as possible that you can’t ever risk more than you are comfortable with losing per trade, and if your trading account is relatively small you have to expect to trade smaller position sizes to accomplish this. You can’t worry about getting rich quick or fret over making less money than you want. Focus on being a good trader whilst your account is small and I promise you the money will follow later.
Traders who put too much emphasis on the money in the beginning of their career are the ones who end up losing and quitting. Make sure you know the basics of Forex This step is sort of a no-brainer, but I’m always surprised at how many traders email me saying they’ve lost a bunch of money and based on the comments in their email it’s apparent they don’t even have a basic education on Forex or Forex trading. The best price action setup to begin with is the one that you see and understand easiest. If you are forcing yourself to learn a setup because you believe another person is successful using it you may be taking the longer route to profitability.
Our brains and personalities will gravitate to different setups. This is also true of exit techniques. At the beginning, or at a new beginning perhaps, you will do best by choosing to master trading one setup with the trend. If you have been at this game for awhile and are not yet consistently profitable you know what I am saying is correct. This site contains trading techniques and setups with the intent that it will aid you in creating your own personal trading style.
My personal trading style is a combination of various styles and setups. I trust this website will be an exercise in my personal understanding of my own style allowing all to benefit. Next, you need to solidify your mastery of your trading strategy by creating a Forex trading plan around it. If you learn from me you are going to learn my price action strategies, thus you’ll need to build a price action Forex trading plan before you start trading the markets. A trading plan is a critical element to becoming a full-time Forex trader because it acts as a guide for you to follow and as a constant reminder of how to trade your strategy.
This helps you to stay focused and disciplined and helps you to avoid over-trading, over-leveraging your account or generally trading emotionally. You also need a Forex trading journal so that you can track your trades and see your trading performance over time. Demo-trade After you have mastered an effective trading strategy and forged a trading plan around it and have your journal ready, you can start practicing your trading strategy on a demo account. Do not blow-off demo trading as something you don’t need to do, because you most definitely do need to do it. Risk Management Managing risk should be seen as your number 1 priority if you want to become a full time forex trader, because if there’s one thing that full-time Forex traders do exceptionally well, it’s manage risk effectively.
Simply put, you CANNOT become a full time or professional Forex trader if you don’t properly manage your risk. You need to understand the power of risk reward and you need to also understand position sizing, as these two things are crucial components to correctly managing your risk in the Forex markets. I think this was a very important article because a lot of people think they can jump their way into becoming a full time trader not realizing that just like any other business it will take time. Really like the demo trading approach, good to get a level of familiarity, before the real deal. I’m grateful to have found your training website.
Thank Nail, Now I am learning the trendline, fibbonaci and ema line, very interesting. A brilliant mind is what you are NIal. I have been trading on a demo account for a few months now. My strategy has been to chart the high and low on a 1 hour chart and a 15 minute chart. If I spot a trend happening around the high or the low I move in. I have had success doing this. Do you think this is a good strategy?
Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Nial Fuller’s Price Action Forex Trading Course. Disclaimer: Any Advice or information on this website is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you.