How James Lampert Built a $34 Million Forex Account From Scratch Using Simple Methods?
James Lampert came from nowhere and astonished the Forex trading community with this $34 million Forex account that he built from scratch using nothing but simple Forex methods. Many traders were astounded to know that his Forex trading methods don't use any expert advisor or any other Forex software. What he uses are simple Forex methods that anyone can master.
He released a few Forex trading videos in which he released his methods. He uses simple concepts of support and resistance when trading. What these Forex trading videos show that anyone can master these simple Forex strategies and built a Forex account!
What most traders miss is proper risk and money management principles in their trading. Never, ever risk more than 2% of the capital in your trading account on one single trade. Never try to risk everything on a single big trade that you think might make you a fortune. Even when you are dead sure that you have the right signals, you must not ignore sound risk and money management rules.
Don't look for complicated Forex strategies that are difficult to master and implement. What you need is a solid grounding in simple Forex strategies that you can use repeatedly in your trades. Forex trading concepts like support and resistance are essential for you to master and understand.
Support is like the floor. When you hit a ball on the floor, it bounces up and comes back to you. In the same way, in trading,when price action hits support, it bounces back. Support is the level at which most traders are willing to buy. So when the price action hits support, massive buying takes place and the price action rebounds up.
Similarly, you can think of resistance as the ceiling of a room. When you throw a ball up, it hits the ceiling and returns to you. Resistance works just like that. Resistance is the level at which most traders are willing to sell considering the price to be overbought. So, when price action hits the resistance, massive selling takes place. This drives the price action back down.
Now, you should watch the Forex trading videos released by James Lampert and see how simple his Forex trading methods are. He does not use any expert advisor. He only takes 5 minutes each day to monitor his trades. By learning his Forex trading methods, you too can trade not more than 5 minutes each day and make a fortune!