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Forex Nitty Gritty Daily Video: Patterns On Price Charts And Money Management

Monday, August 3rd, 2009

As you know, one of my favorite things about Forex Nitty Gritty is the daily videos with Todd Granthem inside the Forex Nitty Gritty Insiders website. Today, Todd went over patterns on price charts using the GBPUSD. There were some points I think are of great importance.

1st… Stick With The Trend

In the Simple Trading Method you are taught to trade with the trend. But sometimes traders see a big move in one direction and the “think” the price needs to start moving in the opposite direction. Basically, they start looking for trading opportunities against the current trend. As you saw in today’s example… the price can keep going in the current direction. Stay with the trend.

2nd… Risk Management

In the Simple Trading Method we are taught where to put our Stop Losses based on what is going on in the charts. Sometimes, when the market is moving quickly, this means the risk can be higher… but also the potential reward. If you are not comfortable with the risk… don’t place the trade!

Don’t be tempted to change the way you calculate your stop loss just because it does not fit your risk tolerance. If the chart determines you stop loss should be 100 pips away, that is what it should be. You can’t just change it to 20 pips because it makes you feel better. You can reduce your exposure to risk by reducing the number of LOTS you trade… but not by the number of pips in your stop loss.

So…

If the stop loss is too high for your overall money management (it would take you over the percentage of your account you risk per trade)… reduce the LOTS. Do not reduce the pips in the stop loss. This way you can still get into the trade without messing up your money management (which is the kiss of death). Don’t break the rules.

If you don’t want to do that… just stay out of the trade. With the Simple Trading Method, another trade setup is just around the corner.

If none of this made sense to you… I suggest you watch the Forex Nitty Gritty videos over again. Bill goes to great length to give you this info about money management so you can become an independent trader. This is fundamental to your trading success.

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Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty money management
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Why Are The Forex Nitty Gritty Daily Videos So Important?

Monday, July 27th, 2009

As you know, Forex Nitty Gritty is a complete Forex course designed for beginners so they can learn how to trade Forex using the Simple Trading Method. This course makes sure you are not missing any of the fundamentals of Forex which leads to many beginner Forex traders being unsuccessful. You should not jump into Forex trading without understanding these necessary basics!

But one of the things I am really enjoying is the Daily Forex Videos by Todd Granthem…

Bill Poulos got Todd Granthem (another successful Forex trader), to do daily videos about the Simple Trading Method. And I think it is this kind of ONGOING training that really sets Forex Nitty Gritty apart from other courses claiming to teach winning Forex techniques. You are not just given a technique and sent on your way to try to make it work all by yourself.

Just think back to when you learned something for the first time…

No matter how good the initial instruction was, things are quite different when you try it for the first time yourselves. This is true of whether you are trying to shoot a basketball or trade Forex. And it is the little tid-bits of info that you pick up along the way that aids in your success.

That is how I view the Daily Forex Videos on the Forex Nitty Gritty Insiders website. Bill Polous goes over everything I need to get started in the Forex Nitty Gritty video course. But then I can pick up little nuggets of invaluable trading advice from Todd and his daily videos. Plus, I can ask Todd specific questions and he does a video about it to make sure I (and everyone else), are crystal clear on how to trade the Simple Trading Method profitably.

Trying to learn Forex without this level of ongoing training was very difficult for me. But now, thanks to Forex Nitty Gritty and the daily Forex videos I feel as if I am becoming a better Forex trader every day… and it sure shows in the winning trades. Since you can’t hope to learn something as broad as Forex in one sitting, learning a little bit every day is what makes the Forex Nitty Gritty Daily Videos so important.

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Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty video course
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Forex Nitty Gritty Daily Video: 30 Minuted EURUSD Trade Set Ups

Monday, July 27th, 2009

One of the best things about Forex Nitty Gritty is the Forex Nitty Gritty Insiders website. Here is where professional Forex trader Todd Granthem does his Daily Forex Videos. Today he went over trade set ups on the 30 minute time frame of the EURUSD currency pair.

It was really great to see Todd go over potential trade set ups and see what he was thinking and what he would do to get into the trade. It makes it really clear how to enter the trade using the Simple Trading Method and the 3 bar entry. Plus, we were looking at current price movement… so I could go back and look at the chart to see exactly what he was talking about.

In today’s video, we got to see why it is very important to move your stop up to break even to reduce your risk. After the trade goes into your favor a certain distance, you need to move the stop loss to break even so you are in a free trade. Now, even if the market goes against you… you lose nothing!

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Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty insiders
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Forex Nitty Gritty Daily Videos For July 20 To July 24

Saturday, July 25th, 2009

As you know, Forex Nitty Gritty is a complete Forex trading course which includes the Simple Trading Method by Bill Poulos. And as you should also be aware, you are also given access to the Forex Nitty Gritty Insiders members only website. Besides getting the correct Support & Resistance Levels to trade the Simple Trading Method, the best part about this site is the Daily Videos by Todd Granthem (an accomplished Forex trader).

Let’s go over the topics of last weeks videos…

July 20th: Simple Trading Method Review

Todd went over a potential Simple Trading Method setup on the EURUSD. He also went over the importance of having a weekly trade review. This helps you determine how well you are sticking to the trading rules, and pinpoints areas you can improve in the next weeks Forex trading.

Here is a comment from one of the viewers…

“It appears that most traders lose money when market starts to range. Certainly in my case. I was threfore thunderstruck when I realized that this remarkable method mostly keeps me out of ranges.”

I can’t tell you what a help it is to be able to ask Todd questions and suggest future video topics!

July 21: 30 Minute GBPUSD

Potential trade set up was discussed. Plus, a warning that some news was coming out today that might move the markets… so be careful!

Here was a comment from one of the viewers…

“hi. your videos are very informative and i learn a lot from them. i am also very interested in end of day trading as i do not have enough time to do day trading. i hope you can post some videos re end of day trading thanks”

And guess what… on the very next day Todd did a video about end of day trading! How is that for service?

July 22: End Of Day Trades

Excellent advice for traders that don’t have a lot of time to trade. The rules of the Simple Trading Method are the same… just on higer time frames.

July 23: Determining Support & Resistance

This time Todd goes over the importance of DIAGONAL support and resistance lines. This is going to help you find the best places to get into a trade.

July 24: Watching The Spreads

You need to know how spreads are going to affect your trade. Plus, Todd goes over determining the EXACT entry point using the 3 bar method.

I hope you start to understand how this type of ongoing teaching and interaction with Todd can mean the difference between becoming a highly successful Forex trader and someone who just can’s seem to make it work. Forex Nitty Gritty teaches you everything you need to know to make the Simple Trading Method work for you. But you are not just left all by yourself if you need more information. Do you think this kind of ongoing training could help you be a more profitable Forex trader?