Rich dad forex pdf
Except as permitted under the U. Copyright Act of , no part of this publication may be repro- duced, distributed, or transmitted in any form or by any means or stored in a database or retrieval system, without the prior written permission of the publisher. Obviously this book is a thank you to my two fathers, who were powerful role models, and to my mom, who taught me love and kindness. The person most responsible for this book becoming a reality is my wife Kim—my partner in marriage, business, and in life.
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She makes my life complete. One was highly educated and intelligent. He had a Ph. He then went on to Stanford University, the University of Chicago, and Northwestern University to do his advanced studies, all on full financial scholarships. The other father never finished the eighth grade.
Both men were successful in their careers, working hard all their lives.
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Both earned substantial incomes. Yet one always struggled financially. The other would become one of the richest men in Hawaii. One died leaving tens of millions of dollars to his family, charities, and his church. The other left bills to be paid. I made even more money in the subprime crash. I like residential real estate. Real estate is really not about real estate. I go to the areas that are favorable to investors, to capitalists.
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I stay out of areas that are more socialist-inclined, like California. Related: Two books Robert Kiyosaki says you should read besides his. If you could do anything, what problems do you want to solve? I never met a child not interested in money, but the system beats it out of you. Take a job for what you want to learn. What life skills do I want to accomplish? How am I going to get those life skills? There are fewer jobs today. We need more entrepreneurs to create jobs. Our schools create employees. I flunked out of accounting.
What do I write all day about? And type all day about? What is the Forex Market? What is the fuss all about? This is the playground of the Millionaire and even Billionaire trader. In Forex you can literally create millions for yourself, if you use proper professional trading strategies. This marketplace has both the leverage and the accuracy to transform your trading career.
The sheer size of this marketplace means that, unlike trading stocks, you can easily execute your trades at any time and get extremely tight spreads on your trading. This means the cost of dealing is low and the also the more you trade the cost stays fixed — so unlike stocks where you would expect the price to move the larger the order as brokers have to source enough stock for you to trade , the Forex markets are completely liquid and therefore are. For this reason alone, Forex is the self-selected marketplace of choice of the Millionaire trader, due to its speed, efficiency, transparency and clarity of signal.
The More People, the Better the Signal For trading signals and strategies to actually work out, we need lots of traders to be agreeing with the signal. Therefore participation is key! Given that Forex is the most participated market in the world, you can be sure that the signals are the clearest of any marketplace. If you have ever traded an ill-liquid stock in the past using technical analysis — you will know exactly what i mean. Illiquid stocks only need one participant to ruin an otherwise perfect technical setup. Due to magnitude of the Forex market, this noise from one or two individuals is smoothed out because of the sheer size - again.
This translates into reliable signals. The power comes when your trading strategies are reliant on trading these clear signals. Trading Strategies that work, are those which use these type of clear undeniable trading signals. The Market that Never Sleeps First of all, time — your time! This is a 24 hour marketplace, it never sleeps.
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This means that you can trade when you want. If you are an early bird, you will find setups on the major currencies at 7am. The point is this, you will soon find the time frame and the currencies to monitor and you place the trades when you are available. Most traders think that the big money is made trying to scalp Forex — nothing could be further from the truth. The big money is made in Forex by setting up end-of-day trading strategies and letting these positions just run and run and bring you hundreds and thousands of pips.
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A gap is a space on a chart where no trading takes place, leaving literally a physical white space on the chart. This is dangerous. If you have bought some shares in a company only to discover a week later that the company is having problems and releases a profit warning.
However, in the Forex market this risk does not exist. The Forex market is completely seamless — in other words there are no gaps except from Friday evening to Sunday evening when there are no trades.
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Spreads are Fixed, keeping your dealing costs in check The price at what you buy and sell is important. If there is a big difference between what is costs you to buy something and immediately sell it back to the market — it only follows that this contributes to a high cost of dealing. In stocks, the difference between what you can buy and sell your stocks the spread is controlled almost exclusively by market makers.
The spread changes often, and is a reflection of the amount of stock available at any given time. If there are lots of buyers and sellers then clearly the dealing risk is lower for the broker and this results in tighter spreads to the customer. Take a look at the following example.
A trader then would have to pay 80 points just to get into the trade. However in the Forex market, the spread is unaffected by market conditions. The spread is always fixed, so you always know exactly what prices you are dealing at. There are, as said before — no size restrictions in the Forex markets.
Trading Forex Unlike stocks and futures that trade through central exchanges, most Forex trading takes place through the interbank market and is facilitated by market makers that include major banks as well as small to large brokerage firms. It is difficult therefore to measure the volume traded on any currency at any time, as it is not registered through a central exchange — but most good data providers can give pretty good estimates. The BASE is always the first currency in the pair and is always equal to 1.
Currency trading is the simultaneous buying of one currency and selling of the other. We must never trade against the trend. Whether we are trading currencies, stocks, commodities or the indices — we must always trade Long Buy when the chart is moving upwards and Short Sell when the chart is moving downwards. To consistently reap short term profits and I mean very healthy profits that you can more than live off, we need to make sure our trade entry meets the following objectives: 1 We are trading in the same direction as the trend — ALWAYS!
We look to enter the trade as the bounce is occurring… In the following diagram, we see the trade is clearly in an uptrend. By the way, that is defined as higher-highs higher peaks forming and the higher-lows the troughs are higher as we move from left to right. When the price approaches the moving average we would expect it to bounce off. We are therefore looking for a reversal bar red changing back to green in this instance and looking for trade entry around this area. The small undersized reversal bar really sets up the strategy of the play. We use this bar alone to work out where to place both our entry and our initial stop loss.
Firstly, there are more buyers than sellers in this particular market — hence why the stock is in an uptrend. However, no markets move in a straight line, they move up and then they pull back. Most novice investors enter a trade that is clearly moving strongly in a direction, only to see it reverse on them almost immediately and take their precious capital with it.
Generally in the height of excitement of a move — the full stretch of the accordion player if you like, must pull back to allow profit takers to realise their profits. What can we do? We must wait to see the direction of the trend established and the line of the trend. Then notice the early profit taking which pulls the currency back to the line of current trend direction.
Now we enter — only on small entry bars - with low risk i. At Ultimate Forex, graduates learn exactly how to identify these key turning points and place lowrisk managed trade around these crucial points. With a chart like this, these types of trades yield literally hundreds of pips.
In summary, we want to see the pull back occur and reverse back towards the direction of the trend — when this reversal of the retracement is confirmed —this is our confirmation of entry.