exness Review

4:45 AM

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Forex Trading

Exness is an online Forex broker that was established in 2008 in St. Petersburg, Russia. Since then, this broker has grown from strength to strength. This is not surprising as the company is one of the rare breed of online Forex brokers that practices transparency in its business operation. In terms of market innovation, Exness can be still considered an old school broker as it has yet to adopt the social networking concept of Forex trading. Nevertheless, this broker is still highly rated by its clients solely because of the quality of its services as indicated by the $450 billion worth of business done so far in just 2012.

FX Empire’s Awards Received

Exness – Best Educational Broker 2015

Exness – Best International Broker 2014

Trading Platform

As for trading platforms, Exness provides its clients with the reliable MetaTrader based trading platforms. Traders can choose with between MetaTrader 4 or MetaTrader 5. Professional traders with multiple accounts to manage can opt for the MetaTrader 4 Multiterminal platform.

For those who are constantly on the go they also have the option to use their mobiles devices to trade with the MetaTrader platforms for iPhone, iPad, Blackberry, Android devices and Windows Mobile Enabled Devices.

Types of Accounts

Although Exness doesn’t have as many types of trading platforms as some online Forex brokers, the company do take note of the types of clients that they have. This is evidenced by the four different types of trading accounts they provide for traders. The types of trading accounts are classified as:

• “Cent” Trading Account (No minimum deposit)

For those absolutely new to the Forex market and just wishes to get a feel of the trading environment.

• “Mini” Trading Account (No minimum deposit)

For Forex beginners as well but with improved trading conditions

• “Classic” Trading Account (Minimum deposit $2000)

For Professional Traders with full range of tools and trading facilities

• “ECN” Trading Account (Minimum deposit $300)

For Professional traders who want a trading condition where there is no conflict of interest between them and their broker.

Commission & Spreads

Like most online Forex brokers, Exness does not charge any commissions on trades done through them. Instead they earn by adding on a spread on the quote that they give to their clients. Their spreads is probably one of the lowest around in the industry which perhaps accounted for their popularity among so many traders. However for ECN trading accounts, there is a minimum fee of just $25 for each one million dollar trade.

Reliability

To ensure that their clients have no problems depositing their funds, traders have the option to select from the various methods listed below:

• CashU
• MasterCard
• Perfect Money
• QIWI
• RBK Money
• Skrill (Moneybookers)
• Visa
• Webmoney
• Wire Transfer

Withdrawal of funds can be done through:

• CashU
• Internal Transfer
• MasterCard
• Perfect Money
• RBK Money
• Ruble Wire Transfer
• Skrill (Moneybookers)
• Visa
• Web money
• Wire Transfer
• Yandex Money

Since September 2009, Automatic withdrawal of fund is available for Exness’s clients. There is no longer the need to wait for the processing of the withdrawal request. Currently, only Exness has the technological support for this sort of service.

Apart from the various channels for transferring funds, Exness’s reliability is enhanced by their In-house News Section. Through there, they keep their clients updated with the latest going on with their broker. The fact that Exness is regulated by CySec (license no. 178/12) greatly enhanced their reputation as a reliable broker. This indicates that Exness is in full compliance with the European market trading standard.

Customer Support

As for customer support, Exness is top notch. Their website support 17 major languages like:

• Arabic
• Bahasa Indonesia
• Bahasa Malaysia
• Chinese
• English
• Farsi
• German
• Russian
• Hindi
• Thai
• Vietnamese
• Urdu
• Tamil
• Bengali

To ensure that their clients are properly serviced, they also provided several methods of getting in touch with the support. Traders can contact by means of:

• Livechat
• Call Back service
• 24 hrs Telephone support at +357 25 030 959
• E-mails at: support@exness.com, sales@exness.com and complaints@exness.com

• Postal Mail to:

Office 309, Regus Nevsky Plaza Business Centre, Nevsky prospect 55, lit. A, Saint Petersburg, Russian Federation, 191025

Pros

• Tight spreads starting from 0.3 pip
• High Leverage of 1:2,000
• Responsive Customer service
• Reliable Trading platform
• Automatic withdrawals request processing
• CySEC regulated
• Multiple types of trading accounts
• Low deposit requirement
• Can Trade CFDs as well

Cons

• Does not support social networking form of trading

Conclusion

With so many online forex brokers around nowadays, what makes Exness stand out is the fact that they not only show that they care about their clients, they actually prove it by responding to their clients’ complaints and needs. This is clearly evident from some of the feedback that the company have received on some of the Forex brokers review blogs. Their customer support staffs actually take the trouble to read the feedbacks and address the complainant’s concerns. No longer are traders just a faceless account number on a computer screen.

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XM Review

4:42 AM

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xm

Formerly established in 2009 as Trading Point of Financial Instruments Ltd, XM is a regulated Forex broker in the Republic of Cyprus. The company was initially founded by a group of interbank dealers who wanted to improve the level of services in the Forex trading community. With XM, traders now have access to the commodities, CFDs and Forex markets.

One of the main advantages of dealing with XM is the fact that the company is based in Cyprus, a member country of the Eurozone. This mean XM meets the minimum fiduciary standard required of a financial service provider operating in the Eurozone. Incidentally, XM is also registered with the Federal Financial Supervisory Authority of Germany (BaFin) and UK’s Financial Services Authority (FSA) thus giving added protection to traders.

Trading Platforms

Like its predecessor, Trading Point, XM also have a fabulous choice of trading platforms for their clients: 

• XM Metatrader 4

The Metatrader 4 Forex trading platform is one of the world’s most reliable and popular trading platforms. Hence, it is not surprising to see XM making this platform available to their clients. Packed with the tools of the trade, traders can set up the XM Metatrader 4 trading platform for either manual trading or automated trading with Expert Advisors (EAs).

• XM Web Trader

The XM Web Trader provides traders to trade in the financial markets through the internet without having the need to have specialized software downloaded. 

• XM Account Types

There are four types of trading account with XM:

XM ZERO 

XM Zero accounts offer spreads as low as 0 on 56 currency pairs, Gold and Silver and the leverage up to 500:1.

Micro Trading Account

This type of account is suited for those who want to adopt a low risk approach towards investing. This trading account needs an extremely low minimum initial deposit of just $5.

Standard Trading Account

The Standard Trading Account is more suited for the professional and more experienced traders. Although the benefits are the same as Micro Trading accounts, Traders with standard trading accounts can trade with larger contract size.

Other Types of Trading Account

Islamic Accounts

Recognizing that the Forex market is a global market, XM also make allowances for those traders who wish to trade in accordance with their religious belief. The Islamic trading allows traders to conduct trades based on Sharia principles.

Managed Accounts

Clients who don’t have the experiences or time to trade for themselves can also rely on the additional services provided by XM through the form of managed accounts. A professional account manager will help clients’ with their trades and also help to manage their funds for them.

Demo Accounts

With the Demo account provided by XM, traders can test out their trading strategies without having to risk real money. Each demo account is provided with $100,000 in virtual money so traders can try to simulate real trading conditions.

Commission & Spreads

Like most Forex brokers, XM do not charge any commission. Instead, they charge a spread on trades conducted through them. Depending on the instruments and account types, spreads start from as low as 1 pip. There is a choice of fixed spread or variable spread that traders can opt for. To provide their clients with the best possible spreads, XM also offer fractional pip pricing so prices can be quoted to the fifth digit instead of the normal four digit pricing.

Customer Support

To cater for a globalized market, XM website is a multilingual website. Languages supported include:

• Arabic
• Bahasa Indonesia
• Bahasa Malaysia
• Chinese
• English
• French
• German
• Greek
• Hungarian
• Japanese
• Korean
• Polish
• Portuguese
• Russian
• Spanish
• Thai
• Swedish
• Italian
• Turkish
• Vietnamese

Customer support is reachable 24/5 through:

• Live Chat
• Email

–          accounting@XM.com–          backoffice@XM.com–          dealing@XM.com–          hr@XM.com–          IB@XM.COM–          pr@XM.com–          sales@XM.com–          support@XM.com

• Telephone

–          Tel: +357 25029900 (Cyprus)
–          Tel: +64 33353327 (New Zealand)
–          Tel: +357 25029918 (Accounting)
–          Tel: +357 25029900 (Affiliate Program)
–          Tel: +357 25029920 (Back Office)
–          Tel: +357 25029900 (Customer Support)
–          Tel: +357 25029910 (Dealing Room)
–          Tel: +357 25029914 (Public Relation)
–          Tel: +357 25029930 (Sales)

• Facsimile

–          Fax: +357 25820344 (Cyprus)
–          Fax: +64 33353417 (New Zealand)
–          Fax: +357 25820344 (Affiliate Program)
–          Fax: +357 25820344 (Customer Support) 

Reliability

Reliability is reviewed from the aspect of trading efficiency as well as the ease with which the funds can be handled.

• Trading Efficiency

At XM, they recognized that quality execution is essential and hence their trades are executed efficiently with 99.35% of all trades completed in less than a second. They have a Strict NO re-quotes policy and all orders are 100% executed.

• Funds Depositing

Can be done through China UnionPay, Credit Cards, iDEAL, Moneybookers Skrill, MoneyGram, Neteller, SOFORT, WebMoney, Western Union, Local Bank Transfer and Wire Transfer.

• Funds Withdrawal

Supported by China UnionPay, Credit Cards, iDEAL, Moneybookers Skrill, Neteller, SOFORT, WebMoney and Wire Transfer.

Pros

To surmise, XM have several distinct advantages like:

• Deposit bonus up to 5000 USD
• Efficient trade execution (99.35%)
• No rejection of orders (100% execution)
• Strict NO re-quotes
• Unique Leverage up to 888:1

Cons

The cons of XM include:

• Not having any funding option for Paypal
• Doesn’t differentiate much in terms of benefits between the different types of trading account. 

Conclusion

The rebranding exercise is indicative of the fact that XM is trying to adapt to the changing market environment. This is a positive move as it shows that the broker is responsive to their clients’ actual needs. The “No Requote” policy is a good way for them to differentiate themselves from other brokers as this is a major problem faced by many traders in a fast moving market. Taken as a whole, XM seem like an ideal broker for both new and experienced traders. 

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FBS REVIEW

4:38 AM

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Forex Trading

Based in Belize, FBS is an international acclaimed online forex broker that was founded in 2009. They currently serve more than 2,000,000 traders in more than a hundred different countries. Within a span of 3 years after FBS was established, the broker was recognized as the “Best Forex Broker Asia” and “Fastest Growing Broker Asia”. They also achieved recognition as having the “Best platform MetaTrader 4”. As a Belize based broker, FBS is not regulated by any government regulatory agencies in particular. Instead, FBS has opted to be regulated under the industry self regulating body called “Centre for Regulation in OTC Financial Instruments and Technologies” (CRFIN).

Trading Platforms

For trading access, FBS has provided their traders with the widely used MetaTrader 4 (MT4) trading platform. In fact, the MT4 platform is the most popular trading platform within the online forex trading community. No doubt, the features and capability of the MT4 trading platform plays a huge role with its popularity among traders. For example, the MT4 comes with a comprehensive charting package as well as a wide range of technical indicators. It also support automated trading through the use of Expert Advisors (EAs). In addition, the platform is available as a web based platform as well as a mobile platform hence giving traders the freedom to trade from anywhere they want.

Account Types

In order to cater to the trading needs of their international clientele, FBS has made available 5 different types of trading platform. These include the:

• Cents Trading Account
• Minimum deposit $1
• Leverage up to 1:1000
• 100 Maximum open positions
• Floating Spreads
• Micro Trading Account
• Minimum deposit $5
• Leverage up to 1:3000
• 200 Maximum open positions
• Fixed Spreads
• Standard Trading Account
• Minimum deposit $100
• Leverage up to 1:3000
• 200 Maximum open positions
• Floating Spreads
• Zero Spread Trading Account
• Minimum deposit $500
• Leverage up to 1:3000
• 200 Maximum open positions
• Fixed Spreads
• Unlimited Trading Account
• Minimum deposit $500
• Leverage up to 1:500
• No trading limits
• Floating Spreads

Commission & Spreads

With regards to FBS’s spreads and commission rates, the broker offers their traders extremely attractive and competitive rates. As for the spreads at FBS, you can choose between fixed or floating spreads. The fixed spreads starts from as low as zero pips while floating spreads starts from a minimum of 0.2 pips.

Customer Support

The customer support service at FBS is one of the most comprehensive that is ever offered by any online forex broker. Traders can request for assistance from the support team 24/5 through email, live chat or the call back service provided. In addition, the support services are provided in a dozen major Asian languages as well as 4 major European languages.

Pros

• Attractive Bonuses
• Choices of trading account types
• Extremely low minimum deposit requirement
• Free deposit insurance
• High trading leverage of up to 1:3000
• Ultra low spreads

Cons

• Lack of Trading Education
• Localized support limited to email support
• Trading Instruments limited to Forex and 2 metals
• Trading Platform limited to MT4 platform

Unregulated broker

Conclusion

Although FBS is a very new forex broker by the current industry standard, they have managed to prove themselves to be a top notch broker. They have made it extremely easy and affordable to start trading forex with their flexible account opening requirements. In addition, they also offer ultra tight spreads for traders who are looking for a price competitive broker. But what is most impressive about FBS is the extent of the localized support coverage. Despite the fact that they have only being in operation for less than a decade, they have managed to open up localized support centers in more than half a dozen different countries. If you have just started trading forex and is interested to find a broker that can meet all your trading needs, we suggest that you give FBS a try.  

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eToro Review

4:34 AM

•

Forex Trading

Since the deregulation of the forex trading industry in 1997, there has been a massive proliferation of internet based spot forex brokers. While this scenario might be a good thing in terms of the availability of choice for traders, too much of a good thing can also be bad. This is because it can be difficult to sift out the “bad” from all the brokers out there, as basically everyone is offering the same kind of service. However, all this started to change when a broker called eToro introduced the concept of social trading to the world in 2010 with the launch of their OpenBook social investment platform. With this innovative social trading platform, traders can now easily copy the trading strategies of their more successful peers without having to have a solid foundation in trading the spot forex market.

FX Empire’s Awards Received

eToro – Best Social Trading 2015

eToro – Best Trading App 2014

Trading Platforms

Since the debut of their OpenBook social trading platform, eToro has gone on to improve the functionality of their platforms. Now, eToro have provided their traders with 3 ways in which they can trade the markets namely with eToro WebTrader, eToro OpenBook and eToro Mobile Trader.

• eToro OpenBook

Regarded as the most popular forex social trading platform in the world, eToro OpenBook platform lets you follow the progress of other traders as well as lets you interact with them in real time and puts the power of networking into the palm of your hand. With the integrated “Copy Trader” feature, you can copy the trades of your more successful peers automatically in real time as well.

• eToro WebTrader

A web based powered trading platform, eToro WebTrader provides you with all the tools that you need to analyze your trades as well as letting you synchronize with OpenBook to copy the trades of others.

• eToro Mobile Trader

With the introduction of eToro Mobile Trader apps, traders can now also access the power of social trading with their smartphones and mobile devices.

Now in addition to forex, traders can also trade a selection of commodities and stocks with eToro’s trading platforms.

Account Types

At eToro, you have a choice of two different types of trading account, standard trading account and Islamic trading account.

• Standard Trading Account

Opening a trading account at eToro is easy as they only require a minimum initial deposit of just $50. You can fund your trading account using the following methods:

• Credit Cards
• MoneyGram
• Neteller
• PayPal
• WebMoney
• Wire Transfer

Withdrawals at eToro can only be done after your have verified your account. Once you have verified your account, you can withdraw using the same method that you used to deposit your money into your trading account. Take note that the minimum amount to be withdrawn is $20.  There is also a small fee payable when you make a withdrawal. The fee is dependent on the amount to be withdrawn and ranges from $5 to $25. The stipulated processing time for a withdrawal request is up to 5 business days.

• Islamic Account

For Muslim traders who want to trade the forex market according to Shariah principles, they can choose to open an Islamic trading account with a minimum initial deposit of $1000. With the Islamic account, no interest is imposed on overnight positions and no commissions are payable as well.

• Demo Account

For those of you who want to try out eToro’s trading platform fist, you can always sign up for their obligation free demo account. The demo account lets you try out all the features on eToro without having to risk any real money. Instead, you will be trading with $10,000 virtual cash supplied with the demo account.

Commission & Spreads

At eToro there are no commissions payable. Instead, traders have to pay a slightly wider spread on all their trades. With the exception of Bitcoin transactions (1 pip spread), the typical spread at eToro starts from a minimum of 2 pips for the USD/JPY currency pair and 3 pips for the EUR/USD, USD/RUB USD/CHF and USD/CAD. For less frequently traded pairs, the spreads can go up to as high as 14 pips.

Customer Support

Customer support services at eToro are provided in several major languages and are available 24/5. Contact with the support team can be done through email, live chat or the telephone.

Pros

• Automated Trading
• Comprehensive Training Academy
• Ground Breaking Social Trading Platform
• Multiple choices of trading platforms
• Regular Attractive Promotional Offers

Cons

• High Spread
• Limited Choices of Forex Pairs
• Their Platforms are Non Customizable
• Trading Charts lack sophisticated tools

Conclusion

There is no doubt that eToro’s social trading platform is the most innovative change that has occurred during the past few years. They have single-handedly transformed a stressful trading endeavour into a fulfilling experience which feels more like game for everyone. The OpenBook platform can be said to be tailored made especially for novices of online trading who are unsure of how to start.

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Increase Trade Frequency

3:22 PM

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Increase Trade Frequency

Increase Trade Frequency. 

The Concept Always Remains the Same!

How Much Time Do You Have to Trade?

In this section of lessons you have learnt a combination of Forex trading strategies that make up a complete trading plan for the daily chart. The beautiful thing about this combination of strategies is that they can be applied to any time-frame you like. The level of complexity will change the faster you try and trade but the concept will remain unchanged.

With a proper understanding of this complete trading plan you could actually even trade right down to the 15 or 5 minute charts (only advised after you have proven to yourself that proper understanding). It would not be an easy task and does require developed skills, but the point is, these Forex trading strategies are adaptable to any time scale. Mastering the execution of this trading plan will be much easier for the amateur on the higher time frames though, which is why we started with the daily chart. The good news is that you can use back-testing software to trade a few years of the daily chart in just weeks, this will speed up your learning curve dramatically rather than waiting in real time for a daily candle to close. That said you should also in parallel be practicing on a demo account to work on your patience.

Once you consider yourself a master of these techniques you will need to decide how much time each day you would be able to dedicate to trading, this will determine what type of scale you should even think about trading at. The other thing you should consider at that stage is how quickly you can respond to email alerts and get to your charts, this will also play a role in deciding what time frame is best for you. Finally; never underestimate the role that trading psychology will play on your trading journey. Take any step you make slowly and steadily.

How Much Complexity Can You Handle?

Once you reach a point where you feel confident that you have mastered these techniques and you would like to increase your trade frequency, you have two real options that you can choose from.

1. You can keep your eye on as many currency pairs as you can handle.
2. You can trade the faster time frames but stick with just one or two pairs.

If you decide to just watch as many currency pairs as you can handle, you will just be doing the same thing as outlined in this course but on multiple pairs. If you decide to trade a faster time frame then you will be making things a little more complicated, you will be doing the same thing but with the need to keep your eye on more layers. No matter how fast you wish to trade it is good practice to at least remain aware of everything that is going on right through to the daily chart. This will help you keep your eye on the overall picture and important price areas of your currency pair, this is important even if you are day trading the 15 minute chart as it could effect your trade.

How Many Trades Do You Want Each Month?

This section of lessons has really only provided a rate of trading that would get you 1 trade per month per pair as an average. With the correct knowledge on how to trade counter-trend waves and mid-wave continuation that rate would be doubled. Those types of trade are beyond the scope of these lessons which were meant to introduce you to everything slowly. Now, if you were happy with 2 trades per month and traded 5 pairs then you would be looking for 8-10 trades per month. If you wanted to drop down to a 4 hour chart then you could start to look for the same amount of trades per week instead of per month, you would want to consider dropping down to 3 pairs as a maximum though and just look for 4-6 trades per week. The other option would be to look for 3-5 trades per pair per week and just watch 2 pairs but at a day trading scale where you are in and out of your trades in a matter of minutes-hours. The main point to be here is that there are options and you should be aware of them.

Discover Your Trading Personality and Find Your Balance

Ultimately we are all slightly different but this collection of Forex trading strategies create a complete trading plan that is very adaptable. This is because what you have learnt here is how to read price action plain and simple. Only time will help you understand what type of trader you are as you discover how often you can check the charts, how much patience you have, and what kind of trade frequency you expect each month or week. Essentially this whole process will determine what your trading personality is and help you find the right balance for you. One final note is that with the right tools and the right knowledge, you can day trade with just a few minutes effort here and there throughout the day. Join is in the VIP areas of this website if/when you are ready and you will discover all of that.

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Experiencing Trade 3

3:09 PM

•

Forex Trading Strategies

Experiencing Trade 3.

The 3-Point Turn Trade from Start to Finish

Executing the 3-Point Turn Trade

With your understanding of all pieces of the puzzle and how they fit together, we will now take a look at the 3-point turn buy example from start to finish. All of the pieces of the puzzle now come together and help you execute this trade intelligently. Most of your skills will be needed before you even get into the trade so we will look at before, during, and after screenshots of the trade to better understand where everything goes.

The difference between this example and the previous two is that using layers made a big difference to the entry trigger, stop loss placement, and therefore risk:reward. We will continue to trade using just the single layer but now also start to consider the different options that the 2nd layer provides. With membership here at ElectroFX.com you will learn how to effectively use more than 2 layers and it’s good for you to start slow and steady.

Before You Enter the Trade

So let’s live through the 3-point turn trade. You have understood from the market structure what type of trade you are expecting, you have decided at what location that type of trade would make sense, and you now see an entry trigger at that location so you can take action. All of those details have been covered in this course and now we just need to look at the process of preparing for the trade. What do you know? and what can you do with that information?

Executing the 3-Point Turn Trade

With your understanding of all pieces of the puzzle and how they fit together, we will now take a look at the 3-point turn buy example from start to finish. All of the pieces of the puzzle now come together and help you execute this trade intelligently. Most of your skills will be needed before you even get into the trade so we will look at before, during, and after screenshots of the trade to better understand where everything goes.

The difference between this example and the previous two is that using layers made a big difference to the entry trigger, stop loss placement, and therefore risk:reward. We will continue to trade using just the single layer but now also start to consider the different options that the 2nd layer provides. With membership here at ElectroFX.com you will learn how to effectively use more than 2 layers and it’s good for you to start slow and steady.

Before You Enter the Trade

So let’s live through the 3-point turn trade. You have understood from the market structure what type of trade you are expecting, you have decided at what location that type of trade would make sense, and you now see an entry trigger at that location so you can take action. All of those details have been covered in this course and now we just need to look at the process of preparing for the trade. What do you know? and what can you do with that information?




Obstacle 1 may not have been used as a take profit but it is still the home of a significant high that creates the first resistance box. It would be shame to have that area hold and the trade turn around and head to your stop loss so this is a great place to move your stop loss to +1 pip or higher. Here at ElectroFX we call this a lock profit trigger and it has been marked in the above screenshot. This lock profit area is a great place for you to receive an email so that you can come to the chart and see ‘how’ price arrived to it. Based on how price has arrived you will be able to decide if you want to move your stop loss to +1 pip, move your stop loss to lock in more profit that just the +1, or even just take profit there.

After You Have Entered the Trade

Now that the trade has entered and price has made it to your lock profit trigger you can asses how price got there. In the case of this 3-point turn trade there was no hesitation at all on the way up and you can’t even make out a pullback. This ‘pullback and go’ concept should be a common theme for you now based on the previous examples, without it there is no information for you to use with regards to locking in some profit. The only real new information you now have is that a fresh high was made at the green swing scale of movement, therefore the current green swing low is now a permanent feature on the chart until the end of time. If that low were broken then your trade would not be going according to plan so there is no need to have your stop loss any lower then that.





Keeping in mind that your trade is now at +110 pips at this juncture, and you risked 210 pips, plus price is moving strongly towards your take profit, exiting your trade here doesn’t make much sense. The option to move your stop loss to +1 pip is still there but without the ‘pullback and go’ you don’t have much to work with. If you are able to maintain logical thought then your only real new information is that new green swing high which in turn makes the green swing low a latest permanent edition to your evidence box. Based on logical thought we will now move our stop loss to the new, and now permanent, green swing low to reduce risk safely. There is also now an alternate entry trigger to discuss.

Alternate Entry Trigger, New Lock Profit

If you think back to your lesson on market layers you will remember that this was the only trade example where layers made a big difference for entry. In fact it was a completely different location that was used for the entry trigger and the stop loss. This next screenshot shows you that entry and you should remember where the stop loss goes from the previous lessons, for now we won’t complicate these images with the extra lines. At the time of the above screenshot you have another way in to the same trade, or a place to add to your current position based on the new evidence that you can react to. Furthermore we now have our ‘pullback and go’ style area forming and a new lock profit area is established.





The alternate entry trigger aside; based on our original entry for this trade we now have had the first push up and price has pulled back. If you moved your stop loss to +1 at the previous juncture then this would be the end of your trade and you would have +1. There would be no shame in that and it would have just been an overly cautious move, you would just go back to waiting for the next setup. If you were able to remain objective though; the new position for your stop loss is where you see it in the above screenshot. If price heads on up from here then that will be your ‘pullback and go’ and this new lock profit area will be the next logical place for you to assess your trade. The fact that the first push up broke the previous green high is evidence that suggests the ‘pullback and go’ will push for a higher high than it just made.

The Next Juncture of the Trade

In this next image you can see that price has now come back to the previous high that was made on the first push up. You can now assess once again how price got there and make your decisions. Price action is very much in your favor as this next run up breaks the high of the first run, there is no reason not to expect this trade to reach your original take profit. The only real action to take here is to move your stop loss closer.





A this stage of the trade you are at +150 pips, still less than you risked so unless price has a hard time getting there, and was being rejected at the exact same location as that initial rejection, there is no reason to exit. With this trade price made a nice direct run on this next push up and has broken the high made by the initial push up. It should now be clear sailing up to your decided take profit and you now have an evidence based move to make with your stop loss. Due to the current structure that you see in the image above, this new low on the faster layer, if broken, would indicate that momentum is shifting. There would be no reason to lose any more than the small amount of this new stop loss.

Trade Complete – Wait for the Next

In this next screenshot price has made it to your take profit. A technically sound trade that was executed intelligently with maximum probability in your favor every step of the way. Even though this trade had a duration of 7 days, it could have been executed safely from start to finish with just a few minutes of your time using the ElectroFX.com’s VIP tools. These tools will execute, manage, and email you at the important decisive moments.




There was a fair amount of new information in this example when compared to the previous examples, make sure you understand it all correctly. If you have any questions then just grab free membership here at ElectroFX.com and you will gain access to our Forums. These forums are completely focused on these Forex trading strategies that have been covered in these lessons.

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Experiencing Trade 2

2:39 PM

•

Forex Trading Strategies

Experiencing Trade 2.

The Double Top Trade from Start to Finish

Executing the Double Top Trade

With your understanding of all pieces of the puzzle and how they fit together, we will now take a look at the double top sell example from start to finish. All of the pieces of the puzzle now come together and help you execute this trade intelligently. Most of your skills will be needed before you even get into the trade so we will look at before, during, and after screenshots of the trade to better understand where everything goes.

Before You Enter the Trade

So let’s live through the double top trade. You have understood from the market structure what type of trade you are expecting, you have decided at what location that type of trade would make sense, and you now see an entry trigger at that location so you can take action. All of those details have been covered in this course and now we just need to look at the process of preparing for the trade. What do you know? and what can you do with that information?





In the above screenshot this trade has not yet triggered but you know what your entry price will be. You also know what your stop loss price will be and so therefore you know your risk. In this example the risk on the trade if you were to take it is 125 pips. When it comes to the take profit the next 2 obstacles in the trades path are obvious, due to the nature of this type of trade you could expect the lower low but it would be safer not to. The momentum behind that trade is completely horizontal so no momentum lines have been placed. For the sake of this example we will play it safe and shoot for a slightly higher low ignoring all the spikes that created obstacle 1. So now we know the reward on the trade which in this example is 200 pips. That gives you a risk:reward of just over 1:1½ which is very acceptable.

Placing a Safety Net

You now have a trade that is setting up at a good location with good structure behind it, you have an entry trigger that has presented itself, and the risk:reward makes the trade worth it. At this stage that you see in the screenshot below your stop loss price has more than one use. Since you have not yet entered the trade then if price came up and passed your stop loss your trade would be cancelled, after all, your chosen location would be broken at that point. If price heads down however and triggers your entry price then the stop loss will be as the name suggests. There is also a safety net that can be decided upon at this juncture.




Obstacle 1 has been used as a take profit but there are several indecision candles that create its resistance box. It would be shame to almost make it to your take profit then have the trade turn around and head to your stop loss, so this is a great place to move your stop loss to +1 pip or better. Here at ElectroFX we call this a lock profit trigger and it has been marked in the above screenshot. This lock profit area is a great place for you to receive an email so that you can come to the chart and see ‘how’ price arrived to it. Based on how price has arrived you will be able to decide if you want to move your stop loss to +1 pip, move your stop loss to lock in more profit that just the +1, or even just take profit there.

After You Have Entered the Trade

Now that the trade has entered and price has made it to your lock profit trigger you can asses how price got there. In the case of this double top trade it was quite one directional but on the way down you can clearly make out a slight hesitation at those two red indecision candles. This ‘pullback and go’ style area is a great place to put your stop loss instead of just moving it to +1 pip. If price comes were to break that area, things may very well be shifting the wrong way.




Keeping in mind that you are already at +150 pips at this juncture, and you only risked 125 pips, if price had displayed a hard time getting there you would have the option to exit. With this trade though price made a nice relatively direct run as it approaches take profit, it has also just broken the lows of those two red indecision candles so there appears to be nothing to worry about. It should be clear sailing down to your decided take profit.

Trade Complete – Wait for the Next

In this next screenshot price has made it to your take profit. A technically sound trade that was executed intelligently with maximum probability in your favor every step of the way. Even though this trade had a duration of 5 days, it could have been executed safely from start to finish with just a few minutes of your time using the ElectroFX.com’s VIP tools. These tools will execute, manage, and email you at the important decisive moments. 

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