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4X Currency Trading


4X Currency Trading
Here we will look at learning the basics of 4X currency trading quickly, by giving you the essential information you need to know and no filler, just the essentials to learn to trade the markets quickly and for big profits. We are going to focus on learning currency trading fast and by fast we mean, giving you specific information to learn so you will be ready, to trade with confidence in just a couple of weeks.
1.Technical Analysis the Best Method for Novice Traders
Technical analysis and using Forex charts is the best way to learn Forex trading for novice traders. All you need to do is spot visual set ups which anyone can learn to trade for profit. We have covered this in more detail on other areas of the site so to find out about the Advantages of Technical Analysis and How to Use Currency Trading Charts in more detail, simply check the relevant sections of the site. Now we will look at the areas of technical analysis, you can learn quickly and which you can put into a currency trading strategy and trade for big profits.
2. Essential Chart Formations You Need to Learn
If you are looking at learning chart formations, start with basic support and resistance lines and practice drawing them to get a feel for the chart. When you are looking at formations, the ones we really like are the triangle formations which are  ascending, descending and symmetrical triangles. There are many more but simply practice on all of them and find the ones you like ad are confident in. Also,  don't just look for them on daily charts - use the weekly and monthly chart as well so you can see the bigger picture and spot the big trends.
3. Best Trading Indicators
There are hundreds of indicators to choose from, many have exotic names and are complex but there are  only around 10 indicators, I think are worth considering for inclusion in your trading strategy. When you decide which ones to use, just pick just 2 or 3. If you pick any more than this, you will clutter your trading system and produce false signals. To learn about the Best Currency Trading Indicators  simply visit the relevant section of our blog. Momentum indicators are a back up tools to looking at currency trading charts but it's  the price chart and price action itself which are the most important, parts of your trading strategy in terms of determining when to open a position in any currency trading pair.
4. Learn About Volatility
If you don't understand about volatility or standard deviation of price, you will never make money in Forex trading and it's a vital piece of Forex education which most traders ignore. So why is it so important? Picking the direction of currency pair long term is quiet easy but staying with the trend, without getting stopped out by volatility which takes you out on stop is one of the biggest challenges when trading 4x currencies.
5. Read Up on Psychology
Most traders focus more on their method, than they do on thinking about the emotional impact trading will have on their personality and this is a big mistake. in terms of achieving trading success, having a trading strategy which has the potential to produce good results is not enough, to make profits you have to have the right mental focus, to trade the systems signals with discipline, to achieve success.
6. Free Trading Systems You Need to Study
We have mentioned about the Turtle Rules and Richard Donchain's 4 Week Rule and how important it is you study them because:
These systems work and not only do they work - they give you key insights, on how to make trading profits which are:
There both simple trading systems and as we continually stress - cluttering a trading system with to many variables and parameters to generate trading signals, doesn't help in terms of helping a system make money. 
Both systems are based on, a simple breakout methodology which is a method of trading which will always make money. Finally, the Turtle trading PDF is packed with info on the basics of a successful system.
The PDF stresses the importance of trading discipline, sensible money management parameters and shows you losing the majority of your trading signals doesn't matter as long as you run profits and cut losses. In conclusion - even if you don't want to use these systems learn them, as they show you how a simple strategy can work and make huge gains.
7. Best Free Sites for Education
There are many good free sites online and three of the best are - turtletrader.com which has some great insight on trend following and trading psychology and babypips.com which is a good site for learning all the basics. You should also check out Youtube.com which gives you great video tutorials and education, on all aspects of building a trading method for profit. Last but not least, we will recommend our site which contains over 1,000 pages of the best free currency trading information.  
8. Essential Books to Read 
you will find the Best Forex Trading Books on this site and these books, will give you excellent information on all aspects of currency trading so make sure you read and learn from them. The books we recommend are not expensive and are the10 best we have read, over the last 30 years – we hope you enjoy them.
9. Putting it All Together
Once you have read and learned all the material recommended, you can then put together a trading strategy for profit which suits your personality. If you are confident in your trading knowledge and the strategy you have developed, you are ready to open an account and start trading but you need to pay close attention to the next point, to make sure you will achieve trading success.
10. Your Ready to Trade but Beware
There is a saying which applies in many areas of life and its this:
“ Seeing is believing but feeling is the truth” (Thomas Fuller)
This quote is very true when you actually come to trading 4X currency markets, when you come to open your trading account. When you learn the information we recommend above, you will be able to to see why getting a strategy together which can make money is easy enough but when you come to trade it, you will find how difficult, maintaining mental self control can be and you will feel the temptation to do what you shouldn't.
The reason this is so is when money is risked, the pressure is on you and you have to cope it. When you are trading for real, you don't just see trading signals you actually feel them and their impact on your mind.
It's the ability to perform under pressure and stay calm which is the mark of a professional in any business and that includes Forex. Like competitive sport for example, when a player needs score a penalty in football, in the dying seconds of the game to win the pressure is on! It's the same in currency trading, you need to be able to keep calm and trade non emotionally, when the pressure is on you. The only way to do this is to be confident in what your doing and this comes from the knowledge you have which is reflected in both confidence and discipline.  In terms of your mental attitude, you just need to make the choice to adopt the psychology needed to win.