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Our newly designed tutorial is the most comprehensive introduction to the Elliott Wave Principle available in cyberspace. All ten lessons have been adapted from Prechter and Frost’s Wall Street bestseller, Elliott Wave Principle – Key to Market Behavior.
After taking the Basic Tutorial, you will know:
- The 3 rules and 3 guidelines that will set you apart from 99% of investors.
- The fundamental wave formations and how you can identify them.
- How to construct and leverage channels on your charts.
- What scale you should use when analyzing market action.
- And much, much more…
The Basic Tutorial is just one of the many resources Elliott Wave International offers Club EWI - the world’s largest Elliott Wave community.
What is “Scalping”?
“Scalping” can have various descriptions depending on whom you ask. Some folks would say that some “Forex Surfing” techniques are considered “scalps” due to the small size and duration of the trades. Different traders have different techniques for scalping, but one thing that can be universally agreed upon is that scalping involves tiny trades (both in amplitude and duration).
Typically, “scalping” is a specialized technique that involves making a tiny trade to capture a very small movement in the market. Whereas a “position trader” may engage in trades that are intended to last for multiple days to months (aiming for targets of hundreds to thousands of pips), and a “day trader” typically engages in trades that are intended to last for less than a day (aiming for targets ranging from 20 to 100 pips), a “scalper” engages in trades that might only last a few minutes aiming for targets of 5+ pips.
A scalper typically trades multiple Forex lots (mini or regular lots depending on the size of the account and risk tolerance), often more lots than one would normally trade if trading as either a “day trader” or a “position trader” (simply due to the fact that those styles typically require larger stops thus shrinking the amount of lots one can safely trade according to equity management principles). By trading more lots a scalper can achieve significant gains comparable to the gains expected by day & position traders in the same time span even though the scalper engages in much smaller individual trades. For example, a scalper that succeeds in capturing just 5 pips could have made $500 in under a minute if he traded 10 regular lots. In some circumstances (that you’ll learn later in this eBook) the scalper could successfully capture 10, 20, 30 or even more pips that (assuming he traded 10 regular lots) would result in profits of $1,000, $2,000, or even $3,000 in a very short amount of time. Some scalp attempts can occasionally yield over 100 pips (over $10,000 trading 10 lots) – and YES, set ups like that happen several times each month!
Scalping is often considered to be an advanced trading style. Though scalping is quite simple in concept many consider it to be advanced because it requires very quick decision making, very quick reflexes to react when set ups are spotted, and the scalper must be skilled at quickly executing a trade. The keyword for the scalper is “speed”. What makes “scalping” an advanced skill isn’t that it’s complicated; it is just that one must be both skillful and fast. Drinking coffee or energy drinks while scalping is a good idea. This style of trading certainly isn’t for slow minded or slow moving people (please don’t interpret this comment as being insulting for certain groups of people).
What is FOREX?
The Foreign Exchange, also referred to as the “FOREX” or “Forex” or “FX” or “Spot FX”
market is the largest financial market in the world, with a volume over $1.95 trillion a
day. If you compare that to the $25 billion a day volume that the New York Stock
Exchange trades, you see how giant the Foreign Exchange really is. It’s actually more
than three times the total amount of the stocks and futures markets combined!
What is traded on the Foreign Exchange?
The answer is money. Forex trading is the
simultaneous buying of one currency and selling of another. Currencies are traded
through a broker or dealer and are traded in pairs; for example the Euro dollar and the
US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).
This kind of trading is often very confusing to people because they are not buying
anything physical. Think of buying a currency as buying a share in a particular country.
When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese
economy, as the price of the currency is a direct reflection of what the market thinks
about the current and future health of the country’s economy.
Here are the TOP SECRET ingredients needed to create the ultimate
business:
1. You
2. Computer
3. Internet connection
4. Desk (or sofa)
That’s it! No employees. No advertising. No cold calling. No inventory.
properly trained Forex trader can potentially earn BIG PROFITS in every single month,
week, or day! (Off course a poorly trained Forex trader can suffer big losses as well.)
Let’s continue on the with the TOP SECRET directions for creating the
ultimate business:
