Every savvy trader has used Fibonacci tools to some extent. Some may use it on a regular basis, while others resort to it occasionally. The main attraction about Fibonacci lies in its powerful ability to pre-define potential targets on both entering and exiting trades. While trading is essentially about decision-making, Fibonacci greatly helps traders with their decision-making process ahead of price movement. This is what distinguishes Fibonacci with many lagging indicators out there that sometimes cause delays in catching the move. After I switched from lagging indicators to Fibonacci tools, my trading results have been improving a lot.
In trading, there are not many guarantees I can make to you. One thing I can guarantee is that if you can find suitable trading strategies, coupled with good capital and psychology management, success is inevitable.
In this book, I will show you the first element of the above formula. While the strategies alone are not enough for executing successful trades as well as achieving long-term success in one of the most challenging endeavors in this world, they can serve as the core of your trading system. You will learn what Fibonacci trading is all about and how to use it effectively in many different ways. All the Fibonacci tools are presented in close combination with other tools and market elements to make the best use of them. Also, you will see that, for many times in this book, I will reveal the way a successful trader thinks and how you can align your thoughts andexpectations to better adapt to market movements and conditions.
Please keep in mind that you are 100 percent responsible for your trading results. I will reveal all of the secrets about Fibonacci tools; however, unless you strictly follow what I introduce in this book and keep practicing over and over again, it will be hard for you to get the desired success.
Moreover, I assume that you have some basic knowledge of technical analysis. In order to understand concepts from this book, you should at least understand how typical candlestick patterns look like, what the risk-to-reward ratio is, what support and resistance levels are, etc. These are basic trading concepts, and I will not describe them in detail because this book is about Fibonacci trading. If you are unfamiliar with these concepts, please learn about them first before learning techniques presented in this book.
Success in trading takes time and a lot of patience. It takes some time to learn and understand Fibonacci, but it will pay off eventually. I have tried to put many examples into this book, with the hope of helping you to gain the best understanding of an excellent tool in the trading platform. Finally, I really hope that Fibonacci tools will soon become your trading edge. It does not matter whether you trade stocks, Forex, futures, or commodities, you can use Fibonacci to put the odds in your favor. Now, let's move on to more advanced topics.
