HOW I SIMPLIFIED FOREX
Let me share the steps & simple strategy that changed everything for me and our group
"I do not claim to be an expert trader or claim to have a magic system. But I am happy to share what is working for me in the hopes it helps other people who struggled like I did to at the start."
Hi my name is Paul Turner. If you are looking for a way to make an extra income or even get free from your job you may have heard of Forex - in other words trading one currency for another on the foreign exchange markets.
Maybe you are already experienced in the markets, starting out or looking for a way to improve. This can help.
It's a great way to develop a second income and after years of getting frustrated with online marketing it was a welcome change BUT there can be risk if you don't get the right guidance and it can be complicated to learn.
Having tried paid and free signal services, trading robots and learning on my own for the last 18 months I have found the tools and system that I believe anyone can use to become profitable in the Forex markets - and I am happy to share it on this page rather than keep answering the many enquiries I get one on one
STEP ONE - UNDERSTAND IT'S NOT THAT RISKY
If you think its risky it affects your trading and I certainly had the mindset that Forex was risky - best left to the banks and institutions that do it . . and on that note lets just mention this.
One of the reasons I like Forex is I don't give my money to anyone to trade for me, I can do my own analysis using some tools to do the heavy lifting and be profitable and your bank does it, your insurance company most likely does it and your pension company most likely does it too - it's a solid and respectable way to make money and as I am in control I can't really scam myself!.
So the risk of losing a trade?
YOU WILL LOSE TRADES. It's part of the game - but we teach high success rate strategies - one in particuar is all you need in my humble opionion and its what my group predominantly does - and you will see me do it on this very page.
So what do you lose when you hit a loss?
Well with proper risk management at 3% risk per trade, starting with say £/$300 it would take 23 losing trades IN A ROW to get down to half of your account. You should NEVER lose that many in a row! Not even close!
If you lose that many in a row you are doing something very wrong! So stick to proper risk management and all is well - and once you understand what is known as the "new paradigm" you can get your stop loss (risk level) right down.
Risking 3% per trade if you lost 25 in a row you could still be OK
STEP TWO - UNDERSTAND LESS IS MORE
So having realized if I stuck to proper risk managment I wasn't going to do any serious damage to my account I looked at what would happen if I could gain a small percentage, say 3% a day AND THEN WALK AWAY!
Because the reality is if you have traded Forex before you will certainly understand we cannot win everytrade and we have all been there were we win a trade only to give our gain back on the next trade that lost.
When you look at what happens IF you can gain 3% a day the numbers are impressive and the chart here is only to provide a potential idea of what can hapen with a 3% gain a day - don't believe it then grab a calculator and work it out for yourself. Click the images to see the full size if its a bit too small to read. I work on 20 trading days a month and and make no income claims if you only do half of this many would still be happy with the result.
Next up I will share the strategy that boasts an 89% win rate in inpedendent studies.
STEP THREE - HAVE A HIGH SUCCESS RATE STRATEGY
There are literally hundreds if not thousands of strategies out there but there is only ONE that I have found that has results from independent studies to how how effective it is over 100,000 trades and that is harmonic patterns.
Harmonics were developed by Scott Carney and we are lucky to have access to a harmonics master through the service we use. In a nutshell the markets often form harmonic patterns - in reality they look like 2 triangles and they indicate when the price is about to change direction - an obvious advantage for traders.
Lets me show you the stats on how succesful they are from not one but 2 independent studies and then I will tell you what you need to find the patterns - as you can see an average success rate of 89%.
STEP FOUR - GET SUPPORT AND ACCOUNTABILITY
Let's be honest its usually better to go for a goal with the support of other people - to maybe share a golden nugget they learned, bounce ideas off, ask questions or just to have a chat with someone doing the same thing as you.
So to that end we have group that helps us keep each other on track and support each other. Currently we are over 1600 members and there is also a specialst group with over 15,000 members - if you like what you are reading here you are very welcome to join.
STEP FOUR - ACCESS TO TOOLS & ADVANCED TRAINING
If you are going to use harmonics (and with an average 89% win rate why wouldn't you) then you can try and learn to spot the patterns yourself and then "qualify" the trade with some indicators - we have a particular set we use and teach to great effect wrapped up in a strategy called "QuickFire".
To use harmonics effectively though you will want to use a tool that finds the harmonics for you to save you time and monitor all the major currency pairs constantly and make life alot easier - and to be honest I still can't spot the patterns myself anyway, so I use a tool to do the heavy lifting for me.
Then you will need the training on how to apply it from the basic version which is enough for many but the advanced info is even better.
So let me tell you what we use and why, bearing in mind that some people may love it and some may hate it - but none of that matters to me - I use this because it gives me the tools that and training that work!
Myself and people in our group are using iMarkets live - a company that supply Forex education but also and most importantly for us a good harmonic scanner! And then the icing on the cake - a dedicated group to an advanced strategy using harmonics and pitchforks - what more could you ask for? Plus there are currently around 80,000 members at the time of writing this.
There are other benefits too and when you compare the cost you will see the value, expecially when there is a way to get free access.
The Harmonic Scanner
iML TV - most valuable product
WANT A RUN THROUGH OF THE PROCESS?
Either log in to the scanner to check for patterns (we also have access to a telegram service which only costs $4.99 a month to alert us when there is a new harmonic pattern)
Check for any high risk Forex related news on a special website we use.
Add some indicators to quality the trade
Risk only 2% to 3% per trade to gain 2% to 3% per day - this is often done in one trade and remember harmonics have an 89% win rate according to independent studies and then ideally walk away once achieved or if we lose 2 trades in a row (that usually means it's a rough day on the markets so we protect our accounts)
IF and only IF desired apply the advanced training from the advanced group to gain extra trades
Let me be VERY clear - I am no expert trader - if you want me to do lot's of analysis I am not that guy. If you are looking for an easy done for you ride then this is not for you - but let me tell you what a trading day looks like.
I usually get to my desk around 8.30 / 9am and look for a trade. I use a spreasheet I created to help me work out my target for the day, and check a website that gives me any important Forex related news for the day.
Sometime there is and sometimes there isn't - but once I find a trade I set a stop loss to protect me if the trade goes the wrong way and a take profit level which closes the trade when my target is hit so I don't have to wait around for the trade to complete.
Usually I am done for the day in around 10 - 20 mins of trading time and have taken trades at all times of the day and night - so it's ideal for me - I can work on other projects, improve my trading knowledge or head to the beach!
As you are probably aware already no one can make guanrantees of income or success and I certainly do NOT do that here. I share my experience with those who are checking out Forex as a way to invest some funds and grow it and this page is created in that spirit.
Forex trading does incurr risk - so we always recommend to not trade with more than you can afford to lose as you initial investment and also start on a demo account - everything is the same as real trading except the profit and loss is virtual so its a good traiing ground.