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12:18
Sajid Ali
Imagine if you will, you have a computer at home with a broadband internet account. You discover that you can do something called “trading forex” online. At the same time, you discover a principle that allows you to predict the direction a forex market will move in. This is very powerful stuff. You could get rich!
A recent discussion with a colleague, who asked what I did with my time at home, led to me wondering about how to convey to a total newbie how to trade forex using the Elliott Wave Principle.
I started by pointing him in the direction of the wonderful online documentary, History’s Hidden Engine at the Socionomics institute. This will give anyone who has never heard of the Elliott Wave Principle a brief overview of the big idea, and how it can relate to market movements.
Next I advised him to purchase a copy of “Elliott Wave Principle” by Frost and Prechter. I use this book as a textbook, on a daily and even hourly basis. It seems there is always something new to learn about the Elliott Wave Principle, and this book is invaluable as a thorough guide. I advised him to read it at least twice.
The third step would be to learn how online accounts work. You need to learn the jargon; what’s a pip? A buy? A sell? What’s a market order? How about stops and limits?
The next step would be to open an online demo account with an online forex trading company. This is where you can put your new knowledge to the test, with no financial risk at all. My first demo account I completely rorted within a couple of weeks, getting many mistakes out of my system and learning some very valuable lessons in the process.
This process would take a newbie at least two months, from beginning to end. It is important if you are serious about using online forex trading to make decent money, to not rush the initial learning process. If you go too fast you will make too many mistakes with real money, and so not only will you lose financially but this could sour your outlook on how useful the Elliott Wave Principle is in making money online.
So, take it easy, be patient. The Elliott Wave Principle is at it’s heart fairly straightforward and obvious. But when it comes to daily market movements there are many subtleties to consider, and without a good understanding of how the market can move you could stand to lose financially.
But, if you take the time to learn how to apply the Elliott Wave Principle correctly, you could free yourself from wage slavery and give you and your family a decent income from anywhere you choose to be on the globe. All you need is a computer, a reliable broadband connection, and your textbook the Elliott Wave Principle.
Here at forexinfo.us I will be writing future articles on guiding newbies through the process of becoming proficient and profitable online forex traders. Watch this space!
Elliott Wave Principle practitioner, forex trader, and reporter on current economic and socionomic events.
A recent discussion with a colleague, who asked what I did with my time at home, led to me wondering about how to convey to a total newbie how to trade forex using the Elliott Wave Principle.
I started by pointing him in the direction of the wonderful online documentary, History’s Hidden Engine at the Socionomics institute. This will give anyone who has never heard of the Elliott Wave Principle a brief overview of the big idea, and how it can relate to market movements.
Next I advised him to purchase a copy of “Elliott Wave Principle” by Frost and Prechter. I use this book as a textbook, on a daily and even hourly basis. It seems there is always something new to learn about the Elliott Wave Principle, and this book is invaluable as a thorough guide. I advised him to read it at least twice.
The third step would be to learn how online accounts work. You need to learn the jargon; what’s a pip? A buy? A sell? What’s a market order? How about stops and limits?
The next step would be to open an online demo account with an online forex trading company. This is where you can put your new knowledge to the test, with no financial risk at all. My first demo account I completely rorted within a couple of weeks, getting many mistakes out of my system and learning some very valuable lessons in the process.
This process would take a newbie at least two months, from beginning to end. It is important if you are serious about using online forex trading to make decent money, to not rush the initial learning process. If you go too fast you will make too many mistakes with real money, and so not only will you lose financially but this could sour your outlook on how useful the Elliott Wave Principle is in making money online.
So, take it easy, be patient. The Elliott Wave Principle is at it’s heart fairly straightforward and obvious. But when it comes to daily market movements there are many subtleties to consider, and without a good understanding of how the market can move you could stand to lose financially.
But, if you take the time to learn how to apply the Elliott Wave Principle correctly, you could free yourself from wage slavery and give you and your family a decent income from anywhere you choose to be on the globe. All you need is a computer, a reliable broadband connection, and your textbook the Elliott Wave Principle.
Here at forexinfo.us I will be writing future articles on guiding newbies through the process of becoming proficient and profitable online forex traders. Watch this space!
Elliott Wave Principle practitioner, forex trader, and reporter on current economic and socionomic events.
