MT5 vs MT4: Why should you choose one over the other?

MT5 vs MT4 -- A number incrementing in the back of a software name ought to be an update. Right? And the newer version is a look-alike of the previous one too. So the odds of it being an update rises even higher. But MetaQuotes Software Corp, the creators of the awesome Metatraders (MT4 and MT5) had other ideas. MT4 and MT5 is neither one nor the same. And, to clear out the clouds, MT4 is not an updated version of MT5. It never was supposed to be. Radical Change: MT5 vs MT4 MT4 hit the markets in 2005, [...]

MT5 vs MT4: Why should you choose one over the other?2019-06-25T11:44:02+04:00

GDP : What a forex trader needs to know to better the market

GDP - You might have heard politicians, business people, economists, traders and the common man (here and there) talking about it often times. If you’re confused about what it is and how it affects or say dominates, these many paradigms, you can have your answer here. What is GDP? Gross Domestic Product, as the name indicates, is the total monetary value of all the goods and services produced within the country in a certain period, usually a year or a quarter. Note: A company has its headquarters in country A, but produces its goods in country B,  then country [...]

GDP : What a forex trader needs to know to better the market2019-05-13T17:16:22+04:00

ABCD pattern | #3 tips to get better accuracy with the chart pattern

ABCD chart pattern is yet another gift of Fibonacci ratios to the field of technical analysis. It is a blend of time, price and shape. When all three converge at one point, it forms an electric move. Hence, the pattern also goes by the name Lighting bolt (AB=CD) pattern. What is an ABCD (AB=CD) chart pattern? The AB=CD pattern consists of two legs. The first leg being the AB and the second leg being the CD. When both these leg of movements have the same length (price), shape and the time duration to complete their move, then it completes [...]

ABCD pattern | #3 tips to get better accuracy with the chart pattern2019-05-11T14:52:17+04:00

#13 cognitive behavioral biases that are secretly killing your trading

Say what you may, read what you may, we are always biased -- in political, personal and professional lives. Our choices favor one over the other without any rationale. But, these biased decisions tend to end up in our ‘regret-list', more often than not. As a trader, you process numerous decisions in seconds -- whether to go long, short or merely pass the trade. These trading decisions are susceptible to polarization as well, as the cognitive behavioral biases influence it. Analogy You have a viewpoint to go short on a stock for the short-term, after thorough analysis, but a [...]

#13 cognitive behavioral biases that are secretly killing your trading2019-06-19T12:26:56+04:00

FOMO: Is it pulling your trading performance down?

With all the number of trades at your disposal and your endless desire to make money, can you say NO to a few trades? Can you, really? What if that one trade you turn down turns out to be the trade of the year. It is this feeling that lures you into many trades without much deliberation and is commonly known as Fear of Missing Out aka FOMO. There are many forms of FOMO, and anyone form influences almost every trade you make. FOMO: An analogy You know technical analysis inside out. You know that you should wait for [...]

FOMO: Is it pulling your trading performance down?2019-05-11T09:52:23+04:00

Trading Psychology: Play to your strengths. But how?

The world of internet is flooded with trading materials. Strategies, news, rumors, trading psychology and mind hacks - you name it, the internet gives it. Yet, only 5-10% of retail traders cross the finishing line. Why? Are the sources at fault or is it the traders? It is not either’s fault; instead, it is a misunderstanding. The blogs, books and success stories are factually correct. The writers have put down what worked out for them. Not what is going to work for you. In fact, they found out theirs after gruesome trials and hard works. You can learn from [...]

Trading Psychology: Play to your strengths. But how?2019-04-11T10:53:21+04:00

#9 Insane Trading Myths that let you loose grip of the reality

Want to make a lie seem like the truth? Say it, again and again. Not only it seems like truth, but it evolves into a myth. Its the case with trading myths as well. A trader is on his own when it comes to learning. He/she surfs across the web and educates oneself. Every mind conceives an idea uniquely - sometimes correct, other times wrong. However, more often than not, misconceptions are the ones that stay longer in the hearts of a trader and reverberate to become a ‘forex trading myth’. Traders who understand the myths sooner than later are [...]

#9 Insane Trading Myths that let you loose grip of the reality2019-04-11T10:52:58+04:00

Harmonic Patterns: The Complete Mini guide

Harmonic Patterns were initially proposed by H.M. Gartley in the year 1932. The trading fraternity, at that point, shrugged it off. However, when Scott Carney provided deep insights into harmonic patterns in his book, “Harmonic Trading”, the trading community welcomed it with both hands. There are several types of harmonic patterns -- AB=CD pattern, Gartley pattern, Butterfly pattern, Bat pattern, Shark pattern, Crab pattern and Cypher pattern. What are Harmonic Patterns? Harmonic patterns are trend reversal patterns. They are based on the Fibonacci retracement and extensions and geometric structures. The harmonic patterns provide traders the potential reversal zone (PRZ), [...]

Harmonic Patterns: The Complete Mini guide2019-05-11T14:55:43+04:00

Trading Divergence: Understanding it, the right way

Convergence and Divergence are leading indicators, which help identify trend reversals at the outset. The leading indicators are the ones which give signals about an event at the early stage. Since the signals are premature, there are considerable risks associated with it. Hence it becks the question- should you be trading divergence and convergence? But before answering the question, let us have a deep understanding of the CDC of trading- Convergence, Divergence and Congruence. Divergence When the price of an instrument makes a new high or new low, and if the indicator, say RSI or MACD, doesn't make a [...]

Trading Divergence: Understanding it, the right way2018-10-30T12:36:18+04:00

Elliot Wave: Corrective waves | Zig Zag pattern | Triangle patterns

The most complicated part of Elliott wave is the corrective waves. There are many forms of corrective waves which are difficult to comprehend at the hindsight. There are three classifications of corrective waves- zig zag pattern, flat wave and triangle patterns. Defining the Corrective waves Before delving deeper into the types of corrective waves, let's have a clear understanding about corrective waves. The waves 2 and 4 are corrective waves with respect to waves 1 and 3 respectively. The wave b is a corrective wave since it corrects the wave a. Consequently, the wave ‘abc’ is the corrective wave [...]

Elliot Wave: Corrective waves | Zig Zag pattern | Triangle patterns2018-12-20T10:35:29+04:00