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Best Forex Training - Video Courses Reviewed
Looking for the best forex training course to take?
There are a lot of introductory courses on forex trading and these are not covered here. Instead, we have selected three courses which focus on a specific method of trading that provide beginner to advanced level strategies which you can take and implement in your trading immidiately.
Two of the best forex training courses focus on the Pivot Point Trading Method and the other on Fibonacci Techniques.
Lets take a look at the specific forex training strategies in more detail:
Pivot Point Trading Methods:
Most institutions and professional traders use pivot points. The beauty of the pivot points is that the lines are taken from previous days data and we can project a course of action and trading plan for the next day. Pivot points are significant levels of support and resistance where price has an almost predictable response. Because so many traders follow pivot points you will often find that the market reacts at these levels. This will give you an opportunity to trade. Take a look below at a simple example of how to trade pivot points and more importantly how to plan your trades around these pivot points.
The first step is to obtain pivot values from end of day data – there are calculators that can do this for you. Here is one with Live Data Feed: Pivot Calculator. Secondly, apply horizontal lines to your charts. Wait for price to either bounce off or break through the pivot.
In the above sample there were 7 points of entry and exit. The total profit potential for this one day was 183 pips. In less than 12 hours. This type of response to pivots is not uncommon. Price action around pivot points is powerful and occurs every day.
Pivot Point Training Courses:- Reviews and Comparisons
Fibonacci Trading:
We have shown you why many successful traders use Fibonacci Analysis and how it tends to reflect aspects of human nature.
In short, the idea behind Fibonacci analysis is that forex, stocks, and other liquid markets (just like many things in nature) tend to retrace and advance in Fibonacci proportions, (or ratios), the main being 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%. Fibonacci retracement analysis is a popular tool, used by traders mainly to calculate targets for possible entry & exit points, and in determining possible support and resistance levels. The thought behind Fibonacci retracements or projections suggests that the price of whatever currency or market you’re looking at will retrace a large section of a previous move, and find support or resistance at the main Fibonacci levels before continuing in its original direction. These key levels are created by drawing a trend line between two extreme points (high & low) of a main market move, then dividing the vertical distance by the main Fibonacci ratios.
While it doesn’t always and exactly occur to the point, observation has shown that it occurs often and near enough for it to be a viable technical analysis technique to use and profit from.
If you were wondering how big this move was, it was worth around 180 pips in just over a day, and for this particular example the price didn’t go far at all beyond the 50% retracement level, meaning you could have used a tight stop resulting in a large profit multiple.
Fibonacci Video Training Course- Reviews
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