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In this guide, we ll show you the four simple steps to trading forex with The Wizard. It s important to us that you understand what to do before you learn how to do it, because once you learn this simple process, everything else will make sense. This guide is broken into 4 parts: Part : Our 3-Step Process A diagram of the simple, 3-step process to trading forex with The Wizard. Part : Run your Scan Use our custom scanning tool to find the best forex pairs to buy or sell. Part 3: View & Select your Forex Pairs Viewing your results and selectng the best forex pairs to trade. Part 4: Place your Orders with your Broker Some resources for placing your orders.
Part : Our 3-Step Process A diagram of the simple, 3-step process to trading Forex with The Wizard.
The 3 Steps to Trade Forex with The Wizard Step : CHECK FOR BUY OR SELL SIGNALS Step : SELECT YOUR FOREX PAIRS Step 3: PLACE YOUR ORDERS WITH YOUR BROKER
Part : Run Your Scan Use our custom scanning tool to find the best forex pairs to buy or sell.
Step : CHECK FOR BUY OR SELL SIGNALS * You do not to look at the Market s trend when trading forex. The Market s trend applies to stocks only. The Wizard gives you two ways to find forex signals. For this tutorial, we re only going to focus on Create a Scan. To learn about our PowerScans tool, please see that tutorial. Create a Scan Our flagship scanning tool. Unlimited options for finding forex pairs made amazingly simple. PowerScans The Wizard s pre-built scans. Powerful scans with a single click.
Step : CHECK FOR BUY OR SELL SIGNALS Your Scan Options: The Wizard s Create a Scan tool has several options with which you can customize your scans. Select a category Select Forex 4 Select the Trend Select a timeframe You have several options for forex timeframes:. Intraday (5m, 60m, 0m, 40m, 480m). Daily (every day) 3. Weekly (every Friday) signals 5 6 Search for a Symbol Create your Scan Select Pre-Buy (for buy signals only) Pre-Sell (for sell signals only) Or Scan All (for buys, sells and open signals) 3 Select a Scan Type Conservative (take profits along the way) or Aggressive (exit all at once) 5 3 4 6
Step : CHECK FOR BUY OR SELL SIGNALS Option : Look for Pre-Buys or Pre-Sells If you re only looking for entry signals, we recommend choosing either Pre-Buy or Pre-Sell signals. Option : Scan for all Forex Pairs If you want to see all forex pairs, including all Pre-Buys, Pre-Sells and open trade signals, just click the Scan All button.
Part 3: View & Select Your Forex Pairs Viewing your results and selecting the best forex pairs to trade.
Step : VIEW & SELECT YOUR FOREX PAIRS Scanning for Pre-Buys & Pre-Sells Once you ve scanned for Pre-Buys or Pre-Sells, The Wizard shows you a list of forex pairs. Here s an overview of what you ll see. Forex symbol & name The trend for each forex contract Just like the market, The Wizard provides a trend signal for each forex pair. 4 5 The Pre-Buy (or Pre-Sell) Price The price at which you ll buy (or sell) this forex pair. The Wizard s Stop Price 3 The previous closing price. 6 The Wizard s Profit Targets 3 4 5 6
Step : VIEW & SELECT YOUR FOREX PAIRS Viewing your Scan Results When you scan for all Forex, you ll see a few more options, including stats for open signals. Here s an overview of what you ll see. Forex symbol & name 6 The Wizard s Entry Price. The trend for each forex contract Just like the market, The Wizard provides a trend signal for each forex pair. 7 8 The Wizard s Stop Price The Wizard s Profit Targets 3 The previous closing price. 9 Days in the trade 4 The Wizard s Entry Date. 0 Profit per Contract 5 The Wizard s Entry Price. Profit Ratio 3 4 5 6 7 8 9 0
Step : VIEW & SELECT YOUR FOREX PAIRS Symbol / Company Name The Wizard shows you the ticker symbol and the name for each forex pair in the list. Rollover any forex symbol and you ll see options to: Add that forex pair to a Portfolio Add it to a Watchlist View a detailed quote View a chart showing the price levels for The Wizard s current signal for that forex pair
Step : VIEW & SELECT YOUR FOREX PAIRS Buy Price / Sell Price Buy Price When you look for Buy Signals, The Wizard will show you the exact price - down to the penny - at which to buy each forex pair. Sell Price When you look for Sell Signals, The Wizard will show you the exact price at which to sell short each forex pair.
Step : VIEW & SELECT YOUR FOREX PAIRS Stop Price The Stop Price is the price at which you will get out - exit your trade. The Wizard s Stop Price acts like an insurance policy. In the event that your trade loses money, the Stop Price is where you will exit in order to avoid a large loss. Because some of your trades will inevitably lose money, it is critical that any losses you do have are kept to a minimum. The Wizard s Stop is known as a trailing stop. This means that if you buy a forex pair and its price goes up, the Stop Price will follow up behind it, locking in your profit along the way. This way, if your position does reverse and go back down, you will not give back your profit. Exit your entire position at the Stop Price: Whether you have taken profits or not, you will exit your entire position at the Stop Price. For Buy Signals, if the forex pair s price drops to the Stop Price or below, you will exit immediately. For Sell Signals, if the forex pair s price rises to the Stop Price or above, you will also exit immediately.
Step : VIEW & SELECT YOUR FOREX PAIRS Buy Signal Profit Targets Buy Targets For each Buy Signal, the Wizard provides two prices at which to take profits. When your forex position reaches one of The Wizard s profit targets, you will sell a certain number of lots. 50% Target: At this profit target, you will sell 50% of your position. If you had bought 8 lots, you will sell 50% - 4 lots - at this price. 75% Target: At this profit target, you will sell 5% of your original position size. Again, if you had bought 8 lots, you will sell lots at this price. At this point, you will have on lots remaining. You will have sold 75% of your position, which is why it s called the 75% target. At this point, you will exit the remainder of your position at the Stop Price. The Wizard s Profit Targets allow you to take profits as you go along. As the old saying goes, You can never go broke taking profits.
Step : VIEW & SELECT YOUR FOREX PAIRS Sell Signal Profit Targets Sell Targets For each Sell Signal, the Wizard also provides two prices at which to take profits. When your position reaches one of The Wizard s profit targets, you will buy back a certain number of lots. 50% Target: At this profit target, you will buy back 50% of your lots. If you had sold short 8 lots, you will buy back 4 lots at this price. 75% Target: At this profit target, you will buy back 5% of your original position size. Again, if you had sold short 8 lots, you will buy back lots at this price. At this point, you will have on lots remaining. At this point, you will exit the remainder of your position at the Stop Price.
Step : VIEW & SELECT YOUR FOREX PAIRS Aggressive Scan: No Profit Targets When selecting your scan criteria, if you select Aggressive under Scan Type, you will not see any profit targets. Instead, you ll only see The Wizard s Stop Price and will exit your entire position at that price.
Step : VIEW & SELECT YOUR FOREX PAIRS Which Forex Pairs Should You Select? We realize that you re not going to buy every forex pair for which there is a buy or sell signal. So how do you decide which forex pair to buy or sell? We ve made it easy. Whenever you run a scan, The Wizard automatically ranks your list of results by their Trend Strength. The forex pairs at the top of the list are the strongest ones. The forex pairs at the bottom of the list are the weakest ones. To reverse the order of the list, just click on the Trend column and the list will automatically re-sort. Your highest probability trades are to buy forex pairs whose trend is Buy (double green arrows) and sell forex pairs whose trend is Sell (double red arrows)
Part 4: Place Your Orders with Your Broker Some resources for placing your orders.
Step 3: PLACE YOUR ORDERS WITH YOUR BROKER Your final step is to place your orders with your broker. In order to buy and sell forex, you ll need a broker to place orders with. While The Wizard is not a broker and does not offer brokerage services, we do have alliances with certain brokers. You can find them by clicking on the Brokers button on the top right of the site.