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Fibonacci & Gann Trading Software That's Surprisingly
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They're The Best Technical Analysis Anyone Can Use For Trading!
You see, most traders are only aware of calculating potential reversal points using price, but few trade when price and time meet.
Two of the best techniques for trading price and time are Fibonacci and the Gann "Square of Nine".
These techniques are:
Easy to understand and apply - Based on sound mathematical formulas, they can be easily applied and do not require any knowledge of how indicators work. Neither do you need to apply fundamental market data to a market.
Versatile. Can be used in conjunction with any trading technique - Usage of these technical analysis methods do not limit the trader. In fact, you may use price & time trading with other techniques you're familiar with, or by itself. The choice is yours.
Suitable for stocks and commodities trading - Whether you trade stocks or commodities, you'll find price and time trading methods equally relevant to you.
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Forex Education : Dow Theory
Forex Education – Making Consistent Profits with Dow Theory part 1
There are many theories that you should study as part of your Forex education - but anyone wanting to learn Forex trading trend following, should look at the basics of Dow Theory.
Dow Theory is one of the most important trading theories ever. Whilst today’s traders like to look at trendy theories, nothing beats Dow Theory in terms of logic - and getting the odds in your favour.
Let’s see why Dow Theory will help you achieve spectacular currency trading success:
Predictive V Odds Theories
Many traders look for theories that predict market movement in advance. These traders are attracted to theories such as Elliot wave, Gann, and other cycle theories – because they want a scientific theory to make easy profits.
However, predictive theories don’t work in currency trading. The reason is, if prices moved to an objective theory, we’d all know the price in advance - and there’d be no market!
There’s no way of predicting online currencies with scientific accuracy. However, you can take advantage of repetitive price movements, and get the odds on your side.
Forex trading is an odds game - not a game of certainties. However, that’s not a problem - because if your trading signals give you more profits than losses, you can still make lots of money.
The above is the reason why it’s essential that you understand Dow Theory - and incorporate it into your Forex trading strategy.
In 1901, in the Wall Street Journal, Charles H. Dow compared the stock market, to the tides of the ocean, - and the quote below sums up in essence what the theory is all about:
"A person watching the tide coming in and who wishes to know the exact spot which marks the high tide, sets a stick in the sand at the points reached by the incoming waves until the stick reaches a position where the waves do not come up to it, and finally recede enough to show that the tide has turned. This method holds good in watching and determining the flood tide of the stock market."
Probability and the Odds
It’s not just valuable for the stock market - it’s an essential part of your Forex education. Just like the waves of the ocean, we know that markets ebb and flow, one way, and then the other. The problem is, we don’t know the exact spot they’ll turn - or the exact timing.
If we don’t know exactly when prices will turn, what do we do?
In Forex markets, we don’t predict - we wait for CONFIRMATION.
Dow Theory, is a theory of currency technical analysis, that doesn’t predict (there’s no point in trying, as it’s impossible) - but it enables us to get the odds in our favor.
Just as the waves of the ocean don’t move to an exact scientific theory, neither do the Forex markets.
The good news is: Currencies do move in repetitive patterns.
Dow Theory allows us to spot the patterns with the best chance of success - and then trade them for profit. We do this by getting the odds in our favor – not by using scientific prediction.
Forget the Short Cuts to Success
Many traders think that making money in the online Forex markets is easy. This is why these traders buy worthless e-books, and currency trading systems, for a few hundred dollars - and expect them to work. Of course, these ebooks and systems don’t work - and traders need to understand that Forex trading is simply playing the odds - and Dow Theory will show you how to do it profitably.
Dow Theory, is an essential part of the Forex education of ALL traders.
If you want to learn Forex trading, and be a successful trader, then you need to know the basics of Dow Theory – which are easy to understand, and apply. Dow Theory will help you join the elite 5% of traders who win consistently, in the worlds most exciting investment market.
In part 2 of this article, we’ll look at the logic of Dow Theory in more detail - and see why it works.
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