Our group is not for complete beginners. We do require you to have knowledge of the following concepts. The sources linked below are only the core knowledge needed. We strongly recommend that you develop your knowledge in this field further and use only our linked content as a reference.
- What moves price
- What are candlesticks and how to understand them
- How to read a chart
- Different timeframes
- Risk management
- Risk to reward
- Price Action
- Moving Avereges
- What are pivot levels
- What are Spreads
Well, the most important software you need is charting software. You cannot make any correct analysis if you do not have a charting software. We mainly use Tradingview.com to do our charting, this is because the charts, ideas and analysis can easily be shared among us and is a quick web-based platform that is not operating system dependent. Tradingview is free, if you limit it’s use to 3 indicators. We only use 3 indicators, volume and two moving avereges so you can get away with the free plan but we strongly recommend upgrading to a Pro plan for 14.95 $ / month to take full advantage of all the tools available to us, like volume profile as we sometimes use, pivot indicators and alarms.
A good broker offering low spreads with accurate volume information is crucial. If you are using the volume data provided by Tradingview, which is pretty accurate, you wont need to worry about the volume part from your broker. But make sure your broker is giving you good and low spreads on the 10-15 major currency pairs.
You will need a trading software to be able to place your trades, manage risk, stop loss and take profit targets and also calculate lot sizes. We strongly recommend MetaTrader 4 which is completely free and most major brokers have support for this software. If your broker does not have support for Metatrader 4, change your broker. We also STRONGLY recommend you to buy the Lot Calculator Tool for MetaTrader 4 as this is an amazing addon that will calculate lot sizes, based on your pre-set risk managment profile to be able to calculate trade sizes in a fraction of a section, and also place the order for you. This is CRUCIAL to be able to correctly keep the same risk position on each and every trade. Risk and lot calculations take time, time that is very valuable to you as a trader, and this tool makes everything quick and without the need to make manual calculations. The tool cost 35 $ for a lifetime license.
If you are using Mac OS for your trading you will need to open an account with a broker that have a Metatrader software for Mac OS as there is no native support for this. The only two brokers we know of at the moment offering Mac OS support for MetaTrader 4 is Pepperstone and Admiral Markets, both very good brokers with low spreads and accurate volume information.
I am already set, how do I proceed?
That’s it! We discuss daily analysis, ideas share trade entries and post videos on Youtube most of the time before the London Session open so you can prepare yourself and get ready to enter the same trades that we do.