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Fibonacci Forex Training

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All You Need Is Here

If you like to spend money needlessly, go ahead and buy a course on Fibonacci trading. Everything you need to know about this method of trading is here. I know that may come across as arrogant.

But realize this, the simpler something is the better. I'm going to give it to you straight here. I'm not throwing extras to complicate matters to make a $97 price justified. Apply what I tell you here to your trading and see for yourself.

1 - Fibonacci Isn't Magic

The fib numbers are made out to be magical or mystical by some. They say things like Fibonacci ratios rule the universe and that includes the financial markets. In the next breath they call the financial markets complex and chide you for expecting the price to stop on a Fibonacci level every time.

Well, which is it? Either there is some mystical force (and therefore the price should stop on the various levels without fail), or there is really nothing special in that sense about them.

Here is the truth of the matter. Markets thrust and retrace. Fib levels give us traders a framework to work with as we trade the thrust and pullback. That's it. And yes, they are very useful in trading.

2 - Cycles

The market moves in cycles. It's like a pendulum, from extreme to extreme. From high to low and back again. Markets also move from very volatile (the price is moving large amounts at a time) to hardly volatile. When the market contracts (less volatility), you know that it's getting ready to make a strong move (more volatile).

What is the simplest from of decreasing volatility in a market? Answer: the inside bar.

3 - Patience

This can be the hardest part of trading. You must wait for a setup. You get restless. You just want to enter a trade. Wait. Don't waste your money.

4 - Entry and Stoploss

See the picture for how you'd enter.

5 - Profits

First let me say, there is no best way to take profits every time. Some times you should just set a profit target and let the market take it out. Other times, you'd do better with a trailing stop. How do you know which to use? You don't.

Usually you're well served to place your profit target at the top of the move.

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