FREE Forex Trading Lessons - Price Action Trading Strategies

Hey Traders,

Learn how to trade the price action false break setup with my free trading lesson:



You can find lots more free educational material over at my forex trading website.


Don't forget to check out my other FF thread with my forex market commentary.

Cheers,
Lewis

Learn how to trade the price action outside bar setup with my free trading lesson:

Learn how to trade the price action inside bar with my free trading lesson:

I recently published a free trading lesson titled:

Forex Trading is a Business NOT a Game

You can learn how to start treating your forex trading properly by reading my lesson below:

I talk a bit about maintaining a trading journal and keeping your emotions under control in my free trading course. I want to use this article to expand upon the theme in those chapters and explain to you exactly why it is so important to do these things. You see forex trading is a business; it is like every other business in the world, it should be taken seriously and run according to a strict set of rules.

Because of the close association between trading and ‘winning’ or ‘losing’ money our emotions are tested to a greater extent than in many other jobs. As retail traders this feeling is further exacerbated by the fact it’s our own money on the line. Often the same person choosing the trading setups also analyses profit and loss and so on. This is very different to within an institutional trading environment, where there is a clear separation of roles between those placing the trades and those managing the profit and loss account. This means it is significantly harder to stay on top of our game and maintain a profitable track record in the market. It also means that when we make a winning or losing trade we feel much more emotional attachment to it than institutional traders do.

Often the feeling of euphoria we experience when winning a trade can become addictive, traders can become attached to the feeling of success and ‘winning’ and be tempted to trade when there are no valid setups in the market. This is a very slippery slope; it is synonymous with the attitudes and behaviors exhibited by gamblers – who simply bet again and again to experience the rush of winning, even if their losses significantly outstrip their winnings. Traders that behave like this are nothing more than gamblers, losing their money in the markets with no sound trading plan, no knowledge of how to trade decent price action setups and probably not even keeping a trading journal.

Start Acting Like a CEO

It is of paramount importance to remind ourselves that trading is NOT a game... Keep Reading

15 Tips to Help You Become a Better Forex Trader

In this trading lesson I’m going to give you 15 useful tips that will help you become a better forex trader. Hopefully as you read this article you will realise some of the mistakes you are making in the forex market and pick up some advise and guidance that will help you avoid making them in future. As we develop as traders it’s natural to make mistakes from time to time, in order to improve our record and increase profitability we must assess our decisions against a sensible set of rules to ensure we do not act in an emotionally motivation way. The list I have included below for you is just a subset of some of the rules I apply to my trading to ensure I am able to execute my forex trading strategy as effectively and professionally as possible. I hope you are able to apply some of the things you learn from this lesson to your trading and improve your trading results for the year ahead.

1) Start Maintaining A Trading Journal

If you’ve taken the time to read my forex trading course you will know I’m a big advocate of keeping a trading journal. You should use your trading journal to record every trade you execute in the market. It should include entry rationale as well as analysis of the outcome of the trade. This will significantly help you refine your strategy and improve your trading results because it gives you a platform to assess the decisions you make and focus on removing bad habits.
Many of you may already keep a trading journal, in which case you’re doing the right thing. The hardest thing about maintaining a trading journal is writing down a losing trade – it gets even harder when we have to record lots of consecutive losing trades. This should not tempt you to stop updating your trading journal, many traders simply stop keeping one when they have lots of losing trades because it pains them too much to write down that they lost. If you record your losing trades and the reasons why you lost it can serve two purposes; 1) you will be able to highlight the fact that you didn’t do anything wrong, the market just wasn’t on your side on this occasion or 2) you made a mistake and you can now focus on never making that mistake again.

The bottom line is you should always record your trades, good or bad, and nothing should stop you from updating your trading journal, not even many losing trades in a row. The only way to improve your trading is to have a good track record of the decisions you have made.

2) Stop Wasting Time Looking at Lower Timeframes

It’s widely accepted amongst the professional forex trading community that lower timeframes are... Keep Reading

Forget About Trading News Announcements, Trade Price Action Instead

This lesson is on the great debate about whether to trade fundamental analysis, technical analysis or both. These are the two most popular ways to analyse the forex market. Technical analysis is the analysis of historical price data using candlestick charts and fundamental analysis is the analysis of economic events and financial news. By understanding these factors we can begin to make predictions about what will / won’t happen in a given financial market in the future. The study of price action trading, the style I teach in my forex trading course, is generally classed as technical analysis. There are many traders operating in the market that use purely technical analysis and completely ignore the fundamentals occurring in the market – I am also one of those traders. Alternatively, you could couple fundamental analysis with technical analysis to build extra ‘confluence’ that supports your decision-making. I tend to avoid doing this because I find fundamentals to be far less predictable than technical analysis. I’ve also found that many traders who try and trade news announcements and fundamental factors tend to over-exaggerate the impact they will have on the market. This leads to unrealistic aims and expectations which can impact the decisions we make as traders. Take for example the decision to cut the Reserve Bank of Australia’s base rate from 2.75% to 2.5% back in April 2013, this led to a big sell-off in the AUD/USD as would have been expected. However... Keep Reading

Hey Traders,

A new forex trading lesson for you...

What is Proprietary Forex Trading?

Proprietary forex trading is essentially trading with your own money – it can be carried out by an individual or by an organisation. It basically means that the entity placing trades in the market is risking their own money, whether that entity is a new trader learning to navigate the forex market or whether it’s an institution that profits from investing their own capital. Proprietary forex traders do not have any clients; they are not managing a fund of money for anybody else, only for themselves. It is possible to be a proprietary forex trader working for a company or acting independently. Typically many organisations will also invest money on behalf of clients and take a percentage of the profits – in this scenario you would not be classed as a proprietary trader – this is what investment banks do.

As a new forex trader it’s important to understand the significance of mastering proprietary trading, when you should first start trading with your own money and the doors that it can open up for you. Proprietary trading is in many respects a gateway vehicle to a successful career as a forex trader. It serves as a mechanism to prove you can be profitable in the markets, to show you have an appetite for risk (but that you also know how to control and manage that risk) and gives you an opportunity to test how you deal with the emotional effects of trading with real money. You should be careful too though, trading with your own money can be a dangerous game if you are not at the right stage in your trading career to risk real money and there are some key steps you should take first before putting your own hard earned cash on the line. In this trading lesson I’m going to teach you exactly when to start risking your own capital, I’m going to tell you the steps I think you should take... Keep Reading

Cheers,
Lewis

Forex Trading For Beginners

Here's my latest trading lesson guys:

Learning how to trade forex as a beginner can be extremely intimidating. I want to use this trading lesson to introduce you to some of the basic ideas about forex trading​ and teach you some fundamental rules and methodologies you can use to get started in the financial markets. I’m going to teach you about the techniques and strategies from my forex trading course and open your eyes to a new way of looking at the financial markets. If you have been failing to succeed at trading on low timeframes, using an inappropriate position size or over analysing the markets then you might find comfort in knowing you’re not alone. These are common mistakes that many beginner traders make – I made them myself when I was starting out in the forex market too. You need to learn how to adapt as a beginner trader, you need to learn the fundamental principles of trading that will give you the best chance of success and you need to devise a plan that works for you. From this point forwards it's all about odds, a well structured trading plan should well and truly put the odds on your side and you must be prepared to execute it flawlessly over and over again to prove to yourself that it is capable of delivering first class trading results. This may seem intimidating at first, but read on and you will learn the fundamental factors that make a good trader and find out how to apply them to your existing trading activities.

Position Size

If you’re only just starting out as a forex trader, just starting to learn about risk management, candlestick charts and currency pairs you may not even know what a position size is. Many beginner traders have...

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​Click here to keep reading about forex trading for beginners.

Cheers,
Lewis

Learn To Trade Forex

Ever since I mastered trading the forex market I have committed myself to teaching others how to tackle this difficult challenge as well. I have authored my own free price action trading course that I encourage all beginner traders to take advantage of and use to shape their trading style and strategy. I am going to use this lesson to summarise the key areas you need to master whilst learning how to trade forex. The world of forex is an intimidating place, there is so much information available on different types of strategies it can be hard to determine which you should pay attention to if you’re a beginner. But it doesn’t need to be, trading should be simple and straightforward and with the methods I teach in my forex trading course I hope you will come to realise it can be simple and easy for you too. Below is my beginners essentials ‘checklist’ of everything you need to master when you start to learn how to trade forex – if you’re a beginner and eager to learn how to conquer the markets then please read on.

Find A Good Trading Coach

You may not think you need a trading coach to teach you how to trade at this stage in your career. You are probably under the impression that learning to trade forex is just like learning anything else in life. Well I have news for you; it’s absolutely not! As far as the technical aspects of trading go, yes, it’s as easy to learn as anything else in life – in fact it’s probably easier. The big difference between trading and learning to ride a bicycle, for example, is that we are not at risk of becoming emotionally attached to our bike-riding decisions because there is no money involved. Learning to trade is a completely different game, every time you make a bad decision as a beginner trader you will find yourself questioning the quality of your trading plan and ability to make decent decisions in the financial markets. A good trading coach should be able to support you through these difficult times. You need to find a coach that is willing to...

Click here to keep reading this trading lesson; learn to trade forex​.

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