How to Make Money Trading Forex During the 2020 Recession

The fundamental Forex Strategies that Work Better Than Almost All Other Strategies So You Can Take Advantage of All of Your Extra Time at Home This Month

I want to be BRUTALLY honest with you…

Trading Forex isn’t as simple as most online “Forex Gurus” would like you to believe. And if you’ve been studying up online through YouTube videos, blogs, tutorials, and eBooks, you’ll begin to realize that there are A LOT of methods people train on, but very few work.

Then you take one look at their charts and they look highly complicated and difficult to understand. Maybe you’ve seen them before? You know the type of chart that makes them look smart and makes you dumb, or like they know something you don’t?

Check out these so-called masterpieces I found “gurus” sharing online the other day

And these are people who post their “trade ideas” with an audience of newbies who believe these guys have the “secret” sauce to trading.

So either these guys are pure geniuses or losing traders who want to be viewed as geniuses. Typically it’s the latter because the UGLY truth about the forex Markets is that most people lose.

So if you don’t like losing and you want to be a Profitable trader, here’s my recommendation:

Follow this ONE RULE of Charting in Forex or Technical Analysis: K.I.S.S – Keep It Stupid Simple

The more crap you toss on your chart, the more confusing it will become, like tossing a bunch of paint over an already complete painting. In this case, with Forex, The candlesticks ARE your painting, the price action is the masterpiece. And if you MUST add things to the chart, aim for simplicity.

Because as one wise man once shared, “Any fool can make things complicated, it takes a smart man to make things simple.”

Keep your head clear and your charts simple. The more information and “trading strategies” and indicators” you fill your head and charts with, the more likely you’ll become overwhelmed and suffer from what I call, “paralysis by analysis.”

This hinders you from knowing where to enter the markets and when to exit them. It also keeps you from executing. Do you know how many traders just spend hours and hours charting and never placing trades? They seem to like the art, but don’t know how to cash checks.

Okay. Rant over.

How to Create Your Own Winning Forex Trading Strategy (that works and reveals high-probability trades).

So here we land, in 2020 and man what a year it’s been. As of writing this, it’s the end of March and almost April. To say it’s been a “rough year” is an understatement. All of Australia almost burned to the ground, We thought World War III was about to happen because of the Iran attack,

Kobe Bryant Died in a fiery helicopter wreck and now the Economy just tanked faster than it ever has in all of history.

To top off all the madness, the Coronavirus has got all of us stuck at home in quarantine for over a month. This will be the death of extroverts. At one point, How could 2020 get any worse? Well here’s a meme I saw for reference.

At this point, It wouldn’t be farfetched to believe we will be invaded by aliens or see Giant Robots and Chickens walk out of the sea and demolish entire cities…

For introverts and Forex Traders, however, this is exactly what we’ve been waiting for. TIME. Time at home to sit on the charts and learn how to become better traders and stuff our pockets with earnings from the markets.

But to do this you need to first, Keep things simple, and two, run with a winning strategy.

Well if winning is keeping things simple, then let’s train you on the basics and share 3 Fundamental Trading Strategies you can follow that work well, work consistently, and will make you loads of cash. Oh, and None of these require indicators, just your eyes, a chart and some lines you can draw.

1. Learn Basic Candlestick Pattern Formations.

I haven’t the first clue about Human anatomy. I mean, I can name a few bones and muscles in my body like my “femur” and my “deltoids” or “hamstrings,” but so can everyone else. There are over 206 bones in the human body and over 600 muscles. And if you take an anatomy course (or know of anyone that has) typically it’s challenging. Those are a lot of names to remember and it’s usually challenging for most people to remember them all.

What’s this have to do with trading Forex? Hold on, I’m getting there. Doctors get paid a lot of money in comparison to most people in most careers. Why? Because they simply can’t afford to make mistakes. Human lives are on the line and so for that reason, they need to be highly educated and deeply knowledgable. One of the subjects they have to know inside and out? Human anatomy. Could you imagine what it would be like to go to a doctor and they can’t even name the bones or muscles in your body?

The same is true of Forex traders. If you want to succeed as a Forex Trader and get paid like a pro, this is a NON-NEGOTIABLE. There are as many patterns on a Forex chart as there are bones in the body, don’t be lazy in learning. Heck, even if you learned how to spot the top 10 most common and telling candlestick formations, and got good at trading those, you’d be better off than the majority of ammeters in the space. By the way, access to this information isn’t hard, it’s just one Google search away.

2. Learn how to Identify the Proper Trend in a Pair.

This one is just one of those things that require practice. Now, I’m not personally a skateboarder, but I have a few friends who do skate. The first thing you learn how to do is “ollie.” That’s the foundation for skateboarding and every trick you do starts with that foundation. Once you practice the ollie enough, it becomes like second nature. If understanding Candlesticks was the “ollie” of Forex, then Identifying proper trends is the “kickflip” because it’s not only “cooler” but in this sense, it will make you more money.

One of the greatest pieces of wisdom ever shared which reigns 100% true as a trader is: “The Trend is Your Friend.” In other words, those who trade the trend laugh all the way to the bank with money they earned from those who trade against it.

If you had to drop everything else you’ve ever learned about trading and had to start somewhere, I would recommend you start here. YES, it’s that important. So why did I share it second? I don’t know, I just didn’t want to rework this whole article and the candlestick patterns are still important.

Here’s how you identify a trend. It’s so simple you’ll feel like an idiot if you didn’t know this before. Zoom Out on the Weekly chart and just look at the candlesticks. Which way do they seem to be going? Up? Down? Then identify a good place to either place a long or short the market based on where the candlesticks are. As a fair warning, this strategy requires you to be patient for the market to come to you. It does work on shorter time frames like the hourly charts, but its typically less reliable at shorter timeframes.

3. Learn how to Identify Support/Resistance Zones.

This third and final one is congruent with identifying trends and key price points for entries and exits. What I love about drawing Support or resistant lines is that they aren’t complicated, it’s just a freaking line. It doesn’t take some creative genius or a “forex pro” either.

A Support Line simply means that the price is ABOVE the line you drew and looks like a price where the pair will BOUNCE UP once it is reached.

A Resistance Line means a price that is BELOW the line you drew and a place on the chart where the price will get REJECTED or fails to move above.

Almost anyone with a pea-sized brain could take one look at a chart and say, “oh that price right there looks like a support/resistance line because the pice action keeps bouncing there.”

How do you confirm a support or resistance line? Also simple my kemosabe, its a place where the line you draw touches at least two or more times, like this one:

Support and resistance lines come in two different forms, the first you saw was horizontal. The other kind are “channels” or what you would call “diagonal” support/resistance lines. Those look like this:

The other thing I love about drawing support/resistance lines is that they are typically more accurate indicators of where the price will go because each candle is based solely on price, whereas indicators use a lot of different “formulas” to give you signal. Lines are SIMPLE and many indicators are not.

What are you waiting for, get to practicing these 3 fundamental strategies right now? Then pace a few small trades when you believe you’ve identified some “key price levels.” Notice the keyword “small.” Risk small to start and once you feel more confident/comfortable, you can start risking 2% – 5% of your account per trade depending on your risk aversion.