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If you look at any Forex chart, you’ll see repetetive price trends.

If you use technical analysis to act on these trends in your Forex trading strategy, turn them into big profits, if you do it the right way.

There are many misconceptions about using Forex charts and technical indicators - here we’ll provide some tips on using technical analysis for bigger profits from your forex trading.

Technical Analysis Defined

Technical analysis is simply the study of price action to identify trends, in various time frames. FOREX chart patterns repeat themselves becuase human nature repeats itself and remains constant in currency trading and ALL markets. Many traders think that simply studying Forex charts won't work - because it doesn’t take into account the supply and demand situation or the fundamentals. However it does work becuase: it does actually work.

Market Perception (human perception) + Fundamentals (supply & demand) = Price

Price action reflects all the fundamentals that are known - and more importantly, how the participants who determine price see them. In today’s world of instant communications, the fundamentals show up in price action in seconds - so technical analysis simply assumes that all known fundamentals are discounted in the price. Some of the largest price moves in history have occurred with little or no change in the fundamentals. These price moves were caused by human psychology with emotions to the Currency technical analysis is able to study this. This gives you a huge advantage i your forex trading – when you accept that ultimately, it’s participants determine value. The right price is of course the market price - so you see the reality, rather than listening to the opinions of others or letting your emtions get in the way.

Techncial anlysis of forex markets or any market assumes the following:

1. Markets Discount

All fundamentals show up quickly in the price. You are therefore seeing the impact of the fundamentals in the price action.

2. Trends Persist

In currency trading, you get great trends. Simply look at any currency chart and you’ll see long-term trends – lasting weeks, months or years.

History Repeats Itself

The basis of currency technical analysis is that what has happened in the past will happen again - as human psychology never changes ie our nature is constant. As chart patterns reflect shifts in human psychology, certain patterns and trends will repeat. Keep in mind that charting is an art. While human behavior does repeat itself, humans can be unpredictable as well - so you’re trading the odds NOT a scinetific theory. The good news is that by using technical analysis of currencies, you can get the odds in your favor and win longer term.

Now, lets look at some tips on using technical analysis:

1. Longer term trends

Currencies tend to reflect the underlying health of the economy.

This creates longer-term trends that last for months or even years, by focusing on the these trends, you have the best odds and the best profit potential.

2. Use a simple system

If you want to develop an effective Forex trading system, keep it simple - support and resistance, and a few confirming indicators can make big gains.

In online currency trading, it’s a fact that simple systems work best.

Why?

There are fewer elements to break, in the real and brutal world of FX trading.

3. Isolate Yourself

This is a key factor that needs to be learned in ANY Forex trading education.

Don’t be influenced by the opinions of others, or the news!

You’ll hear convincing stories, but that’s NOT going to make you money, journalists are not traders!

If you follow the news, or let your emotions get involved then you will join the 90% of losing traders.

4. Be disciplined

Don’t trade all the time or for the sake of trading.

Only trade when your currency trading system generates trading signals, then follow the trade with discipline.

A Simple way to make Big Online Profits

Using Forex charts, the right way can make you a lot of money - as they represent the most time efficient and powerful way for any trader to get the odds on their side and win big in online forex trading.

If you are a forex day trader or considering it, then you need to know the above facts, if you do they will save you a lot of money. Forex day trading is more popular than ever but how do you make profits? Let’s find out.

If you look online you will find more forex day trading courses than any other type of trading methodology and they will all lose you money here’s why:

Let’s start first of all with the vendors who sell courses

1. Why are they selling them?

To make money for themselves! They don’t normally trade their day trading systems because they know they don’t work.

If these systems could produce regular profits they would be to busy making money for themselves and not have the time to bother you for a few hundred dollars they would be to busy making money.

2. The Evidence That day trading doesn’t work

If you ask for a track record of profits from any of these vendors you won’t get one – What you will normally get is a hypothetical track record of huge gains but this is done in hindsight - KNOWING the closing prices.

If I knew tomorrow’s price today, I would be a multi millionaire but of course forex trading is a bit more difficult - you have to work out where prices are going without knowing them in advance!

These vendors use great advertising copy to dupe people but the logic of day trading simply doesn’t work. Why? Because:

3. All short term volatility is random!

Day traders will claim that it’s not - but of course it is!

Volatility can and does, take prices anywhere in a day and daily support and resistance levels are meaningless. When day traders lose, they blame the system or the indicators they use, however if volatility is random, then it is of course the logic of day trading that is at fault - NOT the indicators.

If you think that you can make money day trading go ahead and try but you will learn a very expensive lesson and lose.

I would love a day trader to prove me wrong and produce a real time track record of gains over the longer term (3 years or more), but have the feeling I will be waiting for a long time.

The belief that you can make money day trading, is one of the biggest myths of forex trading and despite the evidence it doesn’t work, traders still think they can win at it – they can’t.

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