Weekly Analysis

Hey Guys, being as it is Friday, I wanted to analyze the weekly charts and sharpen our perspective of the long term view of the market:

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  • NathanTucci

    Yeah, Mart, I agree. I try not to get tempted, but with candlesticks like that, it sure is hard! 🙂 Patience and precision will be the answer for the EUR/USD either way though. It about taking advantage of the move regardless of its direction more than forecasting the future direction.

  • NathanTucci

    Hey Dan, thanks for watching the analysis and I really appreciate your comment. Yes, I am a young guy–in my twenties–but I have been taught and indoctrinated by Casey (the founder here at Winner’s Edge if you don’t know). The biggest part of my knowledge is being around my trading mentor day in and day out–nothing can really compare to that.

    I do agree that things change when you have real money on the line–it is a major effect on your emotions, decisions, and discipline–but I don’t necessarily believe that you need to risk your own money right away.

    If you are “All In” in your desire to learn Forex and to work hard at it until it is a profitable, consistent stream of income for you, than I do believe that having a mentor is the best approach. Of course, the issue with a mentor is that it is costly… so unless you have disposable finances to hire a mentor and the time to take advantage of a mentor, it will not be a good solution for you.

    Assuming that you do not wish to spend a significant amount of money to learn and become more proficient and profitable in Forex, increasing from that 10% picture as you mentioned, reading free information is really your best and only good option. Going through the tutorials here on our site, and also on http://www.babypips.com is a great way to increase your knowledge base. Also, attending free education online seminars (or webinars, as we call them) is a great way to increase your knowledge and learn from real traders.

    So I think building that base of knowledge is really critical, Dan, and you can definitely do it in different ways. Having a mentor and someone you can connect with on a day to day basis will expedite it exponentially, of course, but again, most people are not in the financial and time position to do so. Which is why we, at Winner’s Edge, spend so much time on free education to help people learn and build their base of knowledge. We want people, no matter their situation, to have a chance to learn and become profitable, so we do a lot of work on free material to help them do that.

    We offer premium stuff, too, like a mentorship program for people who are in the position to afford the time and money to take advantage of it, but we understand that most are not, which is why we focus on the free education so much.

    So, here is what I would do, Dan.

    1. Determine the position you are in, in terms of Forex trading.

    – Do you want to spend the time to become proficient and profitable?

    – Do you have the resources or even want to invest in your Forex education?

    2. Make a Plan to Educate yourself based on the Answer above

    3. Use Winners Edge Trading and BabyPips as a Free Education Guide

    4. Stay involved in our community, keep leaving comments and asking questions.

    5. Trade on Demo until you have 3 consecutive profitable months and then open a very small live account to get your feet wet.

    That would be my advice for you, Dan, hope this helps and thanks again for watching the analysis and leaving a very thoughtful question/comment!

    Nathan

  • KAM

    THANKS

  • Mart.

    Hello Dan, My point of view: Your whole outlook will be completely different when you have real money on the table, it doesn’t have to be thousands, but when your decisions on trades are rewarded (or punished), things become somewhat clearer. Probably like reading a book on how to drive.

  • Mart.

    Hey Nathan, that eur/ usd sure looks tempting; If only we knew what way the wind is going to blow !!

  • Nathan: I do not know how old you are but clearly you are much younger than myself (I am 62-years old). I am totally amazed at how knowledgeable you are about this Forex topic. I have read and read and still I feel that I am only getting about 10% of what is going on. I know the best way to learn is to drop the “make-believe trades” and start putting my own-real dollars at risk. However, I feel that I must become some what more knowledgeable. Do you have any recommendations as to what I might do or get a hold of that would aid me in my knowledge base? Dan