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The Importance of Having a Forex Trading Journal

In order for a person to reach their goals there are certain steps that they need to take. To reach the top of the mountain, you need to climb the mountain one step at a time. Similarly, to become a good forex trader you need to focus on making a dollar first, then focus on making ten dollars, then a hundred dollars and so on. A trading journal has proven to be an effective performance and confidence booster when executing trades. Trading without a diary is like shaving without a mirror.   ~Dr. Alexander Elder, Author of Trading for a Living. What is a trading journal? A trading journal is a record of observations, experiences, ideas, or reflections kept regularly for tracking progress and for future reference. Why do you need a trading journal? Tracking progress When you keep detailed records on your profits and losses it becomes easier to study mistakes made when entering or exiting trades Enhances performance Psychology and mental state plays a big ro...

Seven most effective ways to earn passive income in Zimbabwe

Wondering how you can start earning interest on your savings? Or perhaps you do not have savings at all, but you want to start making money online? There are ten proven ways of making money online. Some involve investing some money, while others do not require any investment. What is passive income? Passive income is the money that you earn on your investments with little to no effort involved .  Passive income can prove to be valuable during tough times and it helps manage cashflows when you experience some financial challenges. How can you make money online? Table of contents Start forex trading Invest in stocks Become an affiliate marketer Become an online freelancer Create a website Invest in real estate Create a savings account 1. Start forex trading Forex trading involves the buying and selling of financial securties, that is, you buy one currency and sell another. It can be done online and it requires little to no investment (well, the capital required depends on the broker ...

The Wyckoff Accumulation and Distribution Schematics

 Accumulation occurs after a prolonged downtrend, which is also known as the Mark down phase. The accumulation and the distribution phases are range bound trading periods where there is no clear direction of price movement. The distribution phase occurs after an uptrend which is also known as the Mark up phase. You may find this article helpful:  Price action analysis using the Wyckoff method Accumulation Schematic There are five phases to the Wyckoff accumulation schematic. Phase A  Phase A starts with price moving in a downtrend and volume steadily increasing. Buyers begin to enter the market  and are trying to change the direction of the market resulting in preliminary support. However, the buying power is not enough to stop the downward movement of price till it reaches a selling climax. A selling climax is a sharp decrease in the prices of stocks or derivatives for a very short period of time alongside increased volume. At this stage, price has been oversold and...