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KISS FOREX : How to Setup Killer Trades with.FIBONACCI! | Keep It Simple Stupid Lessons (FXHOLIC Book 4)
What is this Book about?
In this Book I'm presenting Forex Trading Strategies using the FIBONACCI Retracement Ratios as points of reference in order to make my Trading decisions. Price never goes straight up or straight down. It moves strongly -but with zig zags- to one direction, then retraces moving to the opposite direction for a while and again gathers steam resuming its initial trend.
It is very well studied and documented that most of the times, price "respects" FIBONACCI Retracement Levels during its Retracements, bouncing off them when it's about to resume its previous trend.
In my Book I'm showing how to evaluate a Retracement, how to effectively confirm whether the corrective move is done and price will resume its main trend, or how to setup your trade in case Market has decided to reverse price's trend.
I'm not referring to FIBONACCI extensions because I believe that "too much info" leads to confusion rather than understanding. Once you grasp the BASICS of FIBONACCI Trading as presented in this Book, you'll be able to expand your profitability potential implementing the knowledge you already got.
Like every applicable knowledge in life, all you need to learn is the basic mechanism behind it. Then, sky is the limit to what you can do with it.
Will you become rich trading Forex with FIBONACCI?
Although this question is blatantly worded, I'll do dare to say ....YES! You don't need more than one Forex Trading Strategies in order to be wildly successful with FOREX. The FIBONACCI Trading Strategy I'm presenting in the Book is such. Keep in mind that once you get to "feel" the Market you'll gain confidence and you'll be scaling up your trades.
Which are the prerequisites for you to succeed with FOREX, Trading FIBONACCI?
- Respect the Market. Look at it as an Ocean. You're sailing there with your little boat.
- Respect yourself. Don't base your trading decisions on rumors or advice. Trade only when you're confident about what you're doing. Odds are you may fail a few times. That won't hurt because you'll know EXACTLY what went wrong and why. That will make you wiser and will eliminate your little failures in time.
- Respect your money. Don't risk what you have for something you may earn. Sounds surrealistic when we're supposed to be trading money in order to earn money? Let me be more specific. NEVER EVER Take a risk bigger than 3% of your account's equity per trade. If you stick to this Risk Management rule, you'll be safe to chase profits, while you'll have cut your possible losses to a minimum.
Will there be lost trades?
Yes, there will be lost trades, but you won't get sick about them because :
* you'll know exactly what went wrong
* you'll have placed your STOP at the right point
* you'll be in control of your trade and will not feel like being Market's hostage
Is FIBONACCI Trading Strategy applicable to all instruments and time frames?
It's definitely applicable to all instruments, not only to Currencies and you'll see it in action on many time-frames, but the higher time-frames you can trade from, the bigger your rewards will be. How can you determine the right time-frame per case? Your Account will determine that. Remember the 3% rule?
This Book is part of FXHOLIC Series of "KISS FOREX" Books and comes with direct support from me. I'll always be an INSTAGRAM message away from you @fxholic.
I also use FIBONACCI Strategy on many of the Signals I give through FXholic's Forex Signals iPhone APP which is FREE to Download :
Each Signal is a small Lesson. Trade profitably learning Forex Trading one trade at a time.