FOREX Trading Strategy - The Secret of Timing
By Stephen Todd
Once you’ve identified a trading opportunity, the next step is to decide EXACTLY when to buy - and this is where many traders go wrong.
Here we explain how to incorporate better market timing into your FOREX strategy - so that you can make bigger profits.
Most traders time their entry levels incorrectly, so here’s the right way to do it:
Using Support and Resistance Correctly
A basic wisdom of market timing is “buy low, sell high” - well, the reality is, if you try this in FOREX trading, you’ll end up losing money. First, let’s define what support and resistance means
A support level is a historical price that traders come in, and buy to “support the market” – and the more times it’s tested, the more valid the support will be.
Conversely, a resistance level is a level on the charts that “resisted prices from moving higher”- again the more times it’s tested, the more significant it becomes.
Why Buy Low and Sell High doesn’t Work
“Buy low, sell high” is accepted wisdom by the majority of traders - but this logic is fundamentally flawed - use it in FOREX trading, and you’re asking for trouble. Why? - If you wait for a pullback, you’re going to miss some of the biggest moves.
Think about it - what if a currency starts to trend and doesn’t pullback? (How often have you seen this?) If you’re waiting for a pullback that never comes, you’ll never get in on the trade – and you’ll miss a major opportunity.
You Need to Feel Uncomfortable
When Trading in the FOREX market, you should usually feel uncomfortable (and that’s why most traders don’t make these trades) - as no one likes to buy or sell after the market has started trending - but doing this will make you money.
The fact is, the more comfortable you feel when entering a trade at support, the less likely the trade will be a big winner.
During any given year, most of the big moves in currencies, take place from new MARKET HIGHS with NO pullback.
If you base your FOREX Trading strategy around waiting for a warm comfy entry, at key support, you’re going to miss the biggest and most profitable trades – so step away from the losing majority of traders.
Your FOREX trading strategy should give you a different mindset - most traders “buy low and sell high” - so you should “buy high and sell higher” – i.e. you should be doing the opposite of what the crowd are doing.
Don’t worry - most traders lose money, and their FOREX Trading strategy is based on the flawed logic we have just discussed - so not doing what they do makes total sense. Therefore, look for breakouts through support and resistance - and sell and buy respectively.
Its Tough Mentally - But it Makes Money!
Sure, it’s hard to do - the majority don’t agree with you - and no one likes to go against the majority. However, it’s the right thing to do, to make your FOREX trading successful. Think about what we’ve just said, and you’ll see it makes logical sense.
Has this Happened to You?
How many times do traders buy into support, and the market breaks support, stops them out and continues to decline. On the other hand, another common scenario is, price never get to support - it simply goes higher - and the trader misses the chance to get in on the trend.
This type of trading is tough mentally - that’s why 90% of traders don’t do it - they want to be comfortable - well being comfortable is great, but you’ll lose money.
Breakouts work, and if you use them in your FOREX Trading strategy, you won’t be comfortable on entry - but you’ll make money - and that will more than compensate.
The way to succeed in FOREX trading is to do what the losing majority don’t do - then you can join the elite 10% of traders who make the big profits - try it and see!
New! A valuable FREE Currency Trader CD containing 9 critical trading reports, tips, strategies and forex trading info. Visit our web site now and grab your CD http://www.tradercurrencies.com
Article Source: http://EzineArticles.com/?expert=Stephen_Todd
Monday, March 26, 2007
A Forex Trading Strategy - The Key To Successful Trading
A Forex Trading Strategy - The Key To Successful Trading
By David Shephard
Before you enter into the world of Forex trading it is important that you think carefully about the trading strategy that you will adopt. There is no one strategy for trading in the currency markets and each Forex trader will need to find his own strategy. What is important, however, is that you do have a clearly defined plan right from the outset.
Some traders choose to adopt a technical approach to trading while others feel more comfortable with a fundamental approach. Both of course are sound, but the truth is that truly successful traders use a combination of both to give them both a broad overview of the market and to allow them to plot specific entry and exit points for their trading.
The key concept behind technical analysis is that prices move according to trends and that markets possess clearly identifiable patterns which can be seen if you know what to look for. Here of course knowledge and experience come into play but it is also a matter of making use of the numerous analytical tools that are available and gaining a sound working knowledge of each tool in turn. Many of these tools work together and using several alongside one another can give you a good, clear picture.
Many traders also look for support and resistance levels. "Support" refers to a low price level that is repeatedly seen as the bottom of the market and from which prices tends to rise. "Resistance" levels are high prices beyond which a currency rarely trades.
If a currency price breaks through either its support or resistance level then the prices are likely to continue in that direction. For example, if the price rises above its previous resistance level it is seen as bullish and the price can often be expected continue its rise.
Another common tool used in Forex trading is that of moving averages. The simple moving average (SMA) shows the average price in a chosen period of time (say 7 or 14 days) plotted out over a longer time period. Moving averages are used to eliminate short term price fluctuations and to give a clearer picture of the movements in currency prices. Forex traders can plot a SMA to indicate when prices are showing a tendency to rise or fall. When prices rise above the average they will often continue to rise and, similarly, when prices fall below the average they will frequently continue to fall.
These are two from many examples of trading strategies that can be used either on their own or in combination and Forex traders should use a number of trading tools to analyze market condition. If several indicators from different tools show that the market is moving in a particular direction then you can trade with reasonable confidence, while relying on the indication from just a single tool is often risky.
Fundamental analysis also provides an extremely useful tool and can often be used to reinforce the indications derived from technical analysis.
Whatever your trading strategy it must provide you with clear expectations about movements in the market and indicate just where and when you should both enter and exit trades. A sound knowledge and understanding of both fundamental and technical analysis should be your starting point in building your own Forex trading strategy.
If you would like to learn forex currency trading online and discover more about establishing your own trading strategy then please visit ForexOnlineTradingSystem.info today.
Article Source: http://EzineArticles.com/?expert=David_Shephard
By David Shephard
Before you enter into the world of Forex trading it is important that you think carefully about the trading strategy that you will adopt. There is no one strategy for trading in the currency markets and each Forex trader will need to find his own strategy. What is important, however, is that you do have a clearly defined plan right from the outset.
Some traders choose to adopt a technical approach to trading while others feel more comfortable with a fundamental approach. Both of course are sound, but the truth is that truly successful traders use a combination of both to give them both a broad overview of the market and to allow them to plot specific entry and exit points for their trading.
The key concept behind technical analysis is that prices move according to trends and that markets possess clearly identifiable patterns which can be seen if you know what to look for. Here of course knowledge and experience come into play but it is also a matter of making use of the numerous analytical tools that are available and gaining a sound working knowledge of each tool in turn. Many of these tools work together and using several alongside one another can give you a good, clear picture.
Many traders also look for support and resistance levels. "Support" refers to a low price level that is repeatedly seen as the bottom of the market and from which prices tends to rise. "Resistance" levels are high prices beyond which a currency rarely trades.
If a currency price breaks through either its support or resistance level then the prices are likely to continue in that direction. For example, if the price rises above its previous resistance level it is seen as bullish and the price can often be expected continue its rise.
Another common tool used in Forex trading is that of moving averages. The simple moving average (SMA) shows the average price in a chosen period of time (say 7 or 14 days) plotted out over a longer time period. Moving averages are used to eliminate short term price fluctuations and to give a clearer picture of the movements in currency prices. Forex traders can plot a SMA to indicate when prices are showing a tendency to rise or fall. When prices rise above the average they will often continue to rise and, similarly, when prices fall below the average they will frequently continue to fall.
These are two from many examples of trading strategies that can be used either on their own or in combination and Forex traders should use a number of trading tools to analyze market condition. If several indicators from different tools show that the market is moving in a particular direction then you can trade with reasonable confidence, while relying on the indication from just a single tool is often risky.
Fundamental analysis also provides an extremely useful tool and can often be used to reinforce the indications derived from technical analysis.
Whatever your trading strategy it must provide you with clear expectations about movements in the market and indicate just where and when you should both enter and exit trades. A sound knowledge and understanding of both fundamental and technical analysis should be your starting point in building your own Forex trading strategy.
If you would like to learn forex currency trading online and discover more about establishing your own trading strategy then please visit ForexOnlineTradingSystem.info today.
Article Source: http://EzineArticles.com/?expert=David_Shephard
Amazing Forex Strategy Without Technical Indicators
Amazing Forex Strategy Without Technical Indicators
By Krisman Situmorang
Amazing Forex Strategy is one of the most important tools for all traders but most of the writers or traders said that only few traders can make money from trading. Is that true? How can you lose money while there are so many tools which can help you beat the trading!.
If you are still new to the trading there is still chance for you to make a lot of money after reading this article. I’ll try to explain here the strategy you as long as you follow the rule. I will explain How to win Forex Without Technical Indicators.
Technical Analysis is the biggest aspect that influences the trader’s mind and decision when start trading. Thousands of indicators even strategies and tricks can be easily found in many forex forums but only few make money? Right. Why do you fail using technical indicators? The answer is because technical indicators can not beat NEWS or Fundamental Analysis.
Fundamental news may cause all your technical indicators or strategy not work, this is what so many traders forget when begin trading. They use technical indicators by not considering fundamental analysis.
Herewith we will try to take a look at fundamental / news affects to your trading. So if you feel that you always lose your money, try just to follow this simple method Every week there are some NEWS that will affect the price that you must know. They are:
1. NON FARM PAYROLL
2. TRADE BALANCE
3. INTEREST RATE STATEMENTS
4. DURABLE GOOD
5. PRODUCER PRICE INDEX
6. PPI excl. FOOD AND ENERGY
7. CONSUMER PRICE INDEX
8. CPI excl. FOOD AND ENERGY
9. TRICHET, BERNANKE, & FUKUI SPEAKS
10. UNEMPLOYMENT RATE
1.NON FARM PAYROLLRemarks :# Pip : 100 – 200 pips# Country : USA# Currencies : all USD pair
2. TRADE BALANCERemarks :# Pip : 70 – 120 pips# Country : USA# Currencies : all USD pair
3. INTEREST RATE STATEMENTSRemarks :# Pip : >100 pips# Country : ALL# Currencies : all pair
4. DURABLE GOODRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
5. PRODUCER PRICE INDEXRemarks :# Pip : 50 - 60 pips# Country : ALL# Currencies : all pair
6.PPI excl. FOOD AND ENERGYRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
7.CONSUMER PRICE INDEXRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
8.CPI excl. FOOD AND ENERGYRemarks# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
9.TRICHET, BERNANKE, & FUKUI SPEAKSRemarks# Pip : 30 - 100 pips# Country : E-12, USA, & JPN# Currencies : EURO, USD, & JPY
10.UNEMPLOYMENT RATERemarks# Pip : 30 - 50 pips# Country : ALL# Currencies : all pair
All the above news can be seen in this following site, It is clearly explained what news to be released in the week and we have to bookmark this page to make us easier to look at the News everyday. There are many sites now providing traders with News that we have to bookmark.
How can we start trading the news?
TIPS 1 : NON FARM PAYROLL (NFP)The Great in Forex Trading
Check your calendar news this month, you don’t have to take care of what news to be released. Just remember that Every Friday of each month the above news will be released at 12.30 GMT.
The effect of this news is really big (100 -200 pis) only in a few minutes. So lets try to put the TRAP against the price direction.
Strategy
- Before the news released, do not trade, but just be prepared to trade on Brit / USD.
- 30 minutes before the news, open your- Metatrader (Your chart station) with 30 minutes chart.- Look at current price.- BUY STOP at 20 pips above current price,(example current price is 1.9050, so you put BUY STOP at 1.9070)
- At the same time SELL STOP at 20 pips below current price, (example current price is 1.9050, so you put SELL STOP at 1.9030)
- Cancel one of them it the price starts touching the charts.
- Set Take profit 100 pips- Set trailing stop 15.
Trading on this news once a month will make you profit at least 100 pips without technical analysis. What you want to see is the schedule for that news on every month of the first Friday.
For the other news you can do the same thing, and I am sure that every week you will make good profit without technical analysis that usually make traders confused and finally loose the trade.
Happy trading.
Krisman Situmorang
http://forex-winning.blogspot.com
Article Source: http://EzineArticles.com/?expert=Krisman_Situmorang
By Krisman Situmorang
Amazing Forex Strategy is one of the most important tools for all traders but most of the writers or traders said that only few traders can make money from trading. Is that true? How can you lose money while there are so many tools which can help you beat the trading!.
If you are still new to the trading there is still chance for you to make a lot of money after reading this article. I’ll try to explain here the strategy you as long as you follow the rule. I will explain How to win Forex Without Technical Indicators.
Technical Analysis is the biggest aspect that influences the trader’s mind and decision when start trading. Thousands of indicators even strategies and tricks can be easily found in many forex forums but only few make money? Right. Why do you fail using technical indicators? The answer is because technical indicators can not beat NEWS or Fundamental Analysis.
Fundamental news may cause all your technical indicators or strategy not work, this is what so many traders forget when begin trading. They use technical indicators by not considering fundamental analysis.
Herewith we will try to take a look at fundamental / news affects to your trading. So if you feel that you always lose your money, try just to follow this simple method Every week there are some NEWS that will affect the price that you must know. They are:
1. NON FARM PAYROLL
2. TRADE BALANCE
3. INTEREST RATE STATEMENTS
4. DURABLE GOOD
5. PRODUCER PRICE INDEX
6. PPI excl. FOOD AND ENERGY
7. CONSUMER PRICE INDEX
8. CPI excl. FOOD AND ENERGY
9. TRICHET, BERNANKE, & FUKUI SPEAKS
10. UNEMPLOYMENT RATE
1.NON FARM PAYROLLRemarks :# Pip : 100 – 200 pips# Country : USA# Currencies : all USD pair
2. TRADE BALANCERemarks :# Pip : 70 – 120 pips# Country : USA# Currencies : all USD pair
3. INTEREST RATE STATEMENTSRemarks :# Pip : >100 pips# Country : ALL# Currencies : all pair
4. DURABLE GOODRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
5. PRODUCER PRICE INDEXRemarks :# Pip : 50 - 60 pips# Country : ALL# Currencies : all pair
6.PPI excl. FOOD AND ENERGYRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
7.CONSUMER PRICE INDEXRemarks :# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
8.CPI excl. FOOD AND ENERGYRemarks# Pip : 50 - 100 pips# Country : ALL# Currencies : all pair
9.TRICHET, BERNANKE, & FUKUI SPEAKSRemarks# Pip : 30 - 100 pips# Country : E-12, USA, & JPN# Currencies : EURO, USD, & JPY
10.UNEMPLOYMENT RATERemarks# Pip : 30 - 50 pips# Country : ALL# Currencies : all pair
All the above news can be seen in this following site, It is clearly explained what news to be released in the week and we have to bookmark this page to make us easier to look at the News everyday. There are many sites now providing traders with News that we have to bookmark.
How can we start trading the news?
TIPS 1 : NON FARM PAYROLL (NFP)The Great in Forex Trading
Check your calendar news this month, you don’t have to take care of what news to be released. Just remember that Every Friday of each month the above news will be released at 12.30 GMT.
The effect of this news is really big (100 -200 pis) only in a few minutes. So lets try to put the TRAP against the price direction.
Strategy
- Before the news released, do not trade, but just be prepared to trade on Brit / USD.
- 30 minutes before the news, open your- Metatrader (Your chart station) with 30 minutes chart.- Look at current price.- BUY STOP at 20 pips above current price,(example current price is 1.9050, so you put BUY STOP at 1.9070)
- At the same time SELL STOP at 20 pips below current price, (example current price is 1.9050, so you put SELL STOP at 1.9030)
- Cancel one of them it the price starts touching the charts.
- Set Take profit 100 pips- Set trailing stop 15.
Trading on this news once a month will make you profit at least 100 pips without technical analysis. What you want to see is the schedule for that news on every month of the first Friday.
For the other news you can do the same thing, and I am sure that every week you will make good profit without technical analysis that usually make traders confused and finally loose the trade.
Happy trading.
Krisman Situmorang
http://forex-winning.blogspot.com
Article Source: http://EzineArticles.com/?expert=Krisman_Situmorang
Online Forex Trading Strategies
Online Forex Trading Strategies
By Kent Pinkerton
Forex trading is one of the money-earning activities that anyone can get into. Many people, some not even full-time or heavily experienced brokers, have gained a lot of profit from trading foreign currencies. And with the intensive use of information technology, more and more people are finding it easier to try their hands at forex trading.
Online forex trading requires only that you have access to the Internet as well as some initial capital to buy currencies. Your initial investment need not be too big. A small amount, when invested wisely, can go a long way. To be more successful in this endeavor, you may also need to be updated in the fluctuations of the exchange rates of the different currencies. Fortunately, forex charts are available for free in almost all forms of media. Monitoring of forex is done by major news agencies, and they often flash these data as running headlines during their broadcasts. The previous day’s forex chart, as well as projections for the day, is printed in the financial section of daily newspapers. And, of course, you can also find or procure up-to-date forex charts from providers on the Internet.
For first time online forex traders, it is recommended that they begin by concentrating on a few foreign currencies first before venturing into keeping a more complex, multiple-currency portfolio. Some established forex traders and brokers are willing to assist neophytes by offering free consultative services and the use of their forex charts. There is also forex software available to aid in the faster computation of forex gains and losses and in the more accurate projection of trends.
Online forex trading is also the most practical way to expand your experience and network in forex trading. Through the Internet, you can keep pace with the forex markets of the world since they open in real time.
Forex provides detailed information on Forex, Forex Trading, Forex Brokers, Online Forex Trading and more. Forex is affiliated with Forex Market Makers.
Article Source: http://EzineArticles.com/?expert=Kent_Pinkerton
By Kent Pinkerton
Forex trading is one of the money-earning activities that anyone can get into. Many people, some not even full-time or heavily experienced brokers, have gained a lot of profit from trading foreign currencies. And with the intensive use of information technology, more and more people are finding it easier to try their hands at forex trading.
Online forex trading requires only that you have access to the Internet as well as some initial capital to buy currencies. Your initial investment need not be too big. A small amount, when invested wisely, can go a long way. To be more successful in this endeavor, you may also need to be updated in the fluctuations of the exchange rates of the different currencies. Fortunately, forex charts are available for free in almost all forms of media. Monitoring of forex is done by major news agencies, and they often flash these data as running headlines during their broadcasts. The previous day’s forex chart, as well as projections for the day, is printed in the financial section of daily newspapers. And, of course, you can also find or procure up-to-date forex charts from providers on the Internet.
For first time online forex traders, it is recommended that they begin by concentrating on a few foreign currencies first before venturing into keeping a more complex, multiple-currency portfolio. Some established forex traders and brokers are willing to assist neophytes by offering free consultative services and the use of their forex charts. There is also forex software available to aid in the faster computation of forex gains and losses and in the more accurate projection of trends.
Online forex trading is also the most practical way to expand your experience and network in forex trading. Through the Internet, you can keep pace with the forex markets of the world since they open in real time.
Forex provides detailed information on Forex, Forex Trading, Forex Brokers, Online Forex Trading and more. Forex is affiliated with Forex Market Makers.
Article Source: http://EzineArticles.com/?expert=Kent_Pinkerton
Forex Trading Strategy - Finding the Right One For You
Forex Trading Strategy - Finding the Right One For You
By Mike Singh
The first thing someone needs when beginning in the Forex market is a well thought out Forex trading strategy. This is because those who do not have a good foreign exchange trading strategy usually end up failing miserably. Of course those who are also in it just for a quick buck, will invariably end up losing in the long run. Those without a clear trading strategy will either lose constantly or just break even.
A lot of times the Forex trading strategy will be different depending on different traders. This is because different kinds of traders needs require different kinds of forex trade strategies. A Forex trading strategy for a day trader will reflect their need to be concerned with day-to-day fluctuations than long-term data. This means that someone who is deciding to become a Forex trader needs to first decide what kind of Forex trader he or she are going to be. Once they decide which kind of trader they are going to be they will better be able to plan their trading strategy.
A very important aspect of every strategy is to be able to lessen any losses or eliminate them altogether. This part of the Forex trading strategy is one that needs to be followed strictly or it can make things a complete mess. Someone who is a day trader will most likely make smaller stops. On the other hand a swing trader will have stops that are less limited. These are both different kinds of foreign exchange trading strategies, but can both lessen losses immensely for either kind of trader.
Another part of a good Forex trading strategy is to plan the size of transactions. This allows many different trades to be made at any time instead of just one huge transaction. This will lessen any loss, by dividing the trades, so not all are affected. This also brings in more discipline to the equation.
Following the trading strategy that you plan out requires discipline and following it to the letter, because the Forex market does not always lend itself to the best opportunities in trading. In the Forex market it is mostly about timing, if not all about timing. Understanding this and incorporating it into your strategy is how you will benefit the most from it.
A few other things that need to be incorporated into a good strategy is first of all acquiring accurate knowledge about the way it works, different things that can affect trade and what various software and services that are available to meet their needs for charting and such. One last thing that needs to be included of course is what other Forex traders are doing, allowing the strategy to be planned accordingly.
As you can see a lot needs to be looked at when entering the Forex market. Thoroughly and completely researching all these different aspects is an important way of preparing yourself to do so. Coming up with a Forex trading strategy that benefits the trader in the best way possible is definitely the way to go.
Check out http://www.forex-made-ez.com/ for more articles on learning to trade forex and how to read forex charts.
Article Source: http://EzineArticles.com/?expert=Mike_Singh
By Mike Singh
The first thing someone needs when beginning in the Forex market is a well thought out Forex trading strategy. This is because those who do not have a good foreign exchange trading strategy usually end up failing miserably. Of course those who are also in it just for a quick buck, will invariably end up losing in the long run. Those without a clear trading strategy will either lose constantly or just break even.
A lot of times the Forex trading strategy will be different depending on different traders. This is because different kinds of traders needs require different kinds of forex trade strategies. A Forex trading strategy for a day trader will reflect their need to be concerned with day-to-day fluctuations than long-term data. This means that someone who is deciding to become a Forex trader needs to first decide what kind of Forex trader he or she are going to be. Once they decide which kind of trader they are going to be they will better be able to plan their trading strategy.
A very important aspect of every strategy is to be able to lessen any losses or eliminate them altogether. This part of the Forex trading strategy is one that needs to be followed strictly or it can make things a complete mess. Someone who is a day trader will most likely make smaller stops. On the other hand a swing trader will have stops that are less limited. These are both different kinds of foreign exchange trading strategies, but can both lessen losses immensely for either kind of trader.
Another part of a good Forex trading strategy is to plan the size of transactions. This allows many different trades to be made at any time instead of just one huge transaction. This will lessen any loss, by dividing the trades, so not all are affected. This also brings in more discipline to the equation.
Following the trading strategy that you plan out requires discipline and following it to the letter, because the Forex market does not always lend itself to the best opportunities in trading. In the Forex market it is mostly about timing, if not all about timing. Understanding this and incorporating it into your strategy is how you will benefit the most from it.
A few other things that need to be incorporated into a good strategy is first of all acquiring accurate knowledge about the way it works, different things that can affect trade and what various software and services that are available to meet their needs for charting and such. One last thing that needs to be included of course is what other Forex traders are doing, allowing the strategy to be planned accordingly.
As you can see a lot needs to be looked at when entering the Forex market. Thoroughly and completely researching all these different aspects is an important way of preparing yourself to do so. Coming up with a Forex trading strategy that benefits the trader in the best way possible is definitely the way to go.
Check out http://www.forex-made-ez.com/ for more articles on learning to trade forex and how to read forex charts.
Article Source: http://EzineArticles.com/?expert=Mike_Singh
Forex Trading Strategy – Don't Work Hard Work Smart 3 Profit Tips
Forex Trading Strategy – Don't Work Hard Work Smart 3 Profit Tips
By Sacha Tarkovsky
Many traders don’t win because they try to hard with their forex strategy, however there is no correlation between the effort you make and the profits you earn.
Let’s look how to work less on a forex trading strategy, work smart and make bigger profits.
1. Your method
Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.
A simple system is more robust than a complicated one and another reason for a simple system is that its:
Easier to understand.
This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.
Many traders get frustrated with systems they don’t understand or are to complicated and chop ad change – don’t make this mistake.
A simple system based on sound logic is all you need.
Don’t tick watch
Many traders watch the markets all through the day for hours.
There is absolutely no point in doing this all short term moves are random only watch the prices once a day.
2. Trade longer term
If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.
3. Applying your system
If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so that’s around 30 minutes a day. Place your orders set your stops and that’s it.
So how long does it take to do your forex trading strategy?
Getting a system that suits you is the longest part and we have given in the past advice on how to do this.
It doesn’t take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.
Big profits
Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and that’s it.
Trade sparingly
Only look for the best risk reward trades on breakouts, that could yield big profits and don’t look to do marginal trades.
The big trades per currency only come a few times per year so be patient.
That’s about it.
There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.
You need to work smart not hard on your forex trading strategy – remember that.
FREE TRADING PLAN PDF + OTHER ESSENTIAL TRADER INFO
On all aspects of becoming a profitable trader and for an exclusive forex PDF's visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
By Sacha Tarkovsky
Many traders don’t win because they try to hard with their forex strategy, however there is no correlation between the effort you make and the profits you earn.
Let’s look how to work less on a forex trading strategy, work smart and make bigger profits.
1. Your method
Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.
A simple system is more robust than a complicated one and another reason for a simple system is that its:
Easier to understand.
This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.
Many traders get frustrated with systems they don’t understand or are to complicated and chop ad change – don’t make this mistake.
A simple system based on sound logic is all you need.
Don’t tick watch
Many traders watch the markets all through the day for hours.
There is absolutely no point in doing this all short term moves are random only watch the prices once a day.
2. Trade longer term
If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.
3. Applying your system
If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so that’s around 30 minutes a day. Place your orders set your stops and that’s it.
So how long does it take to do your forex trading strategy?
Getting a system that suits you is the longest part and we have given in the past advice on how to do this.
It doesn’t take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.
Big profits
Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and that’s it.
Trade sparingly
Only look for the best risk reward trades on breakouts, that could yield big profits and don’t look to do marginal trades.
The big trades per currency only come a few times per year so be patient.
That’s about it.
There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.
You need to work smart not hard on your forex trading strategy – remember that.
FREE TRADING PLAN PDF + OTHER ESSENTIAL TRADER INFO
On all aspects of becoming a profitable trader and for an exclusive forex PDF's visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
Killer Forex Trading Strategy for Beginners
Killer Forex Trading Strategy for Beginners
By Chris Robertson
If you've just begun trading Forex, you probably want all the help you can get. Though Forex trading can be very lucrative, you'll want a Forex winning system that will work for you. There are several Forex killer systems available just as there are in marketing, sales, and other forms of business. You must find the Forex strategy that works for you, and develop good trading habits for long-term success. Here's a brief Forex winning guide for getting started.
Develop a Forex Trading System that You Can Stick With
Not only do you need a Forex strategy - you also need a system. You can have the best strategy in the world, but if you don't do it systematically, you could lose. Create a schedule of when you will do your Forex trading. Then, create a budget to manage your money coming in and going out. Just like operating any business, you'll have good and bad times. Stay with your Forex trading strategy through up-times and slumps for the best results.
Develop a Forex Trading Plan in Advance
Before the Forex market opens, you should already have a plan as to how you will trade. Don't get caught up in the moment. Carefully plan your investment as if you were making a big decision such as buying a home or a car. Even if the Forex trading amount seems small, treat it as if it were a million dollars. It could turn into that amount one day.
Expect Small Losses
If you plan to do Forex trading for the long haul, expect and accept small losses. They will occur no matter how well you know the market. A Forex winning system is one where you are prepared to accept the small losses in hopes of acquiring something greater in the future.
Be Patient
Remember, steady and slow is the key to any long-term Forex success. Don't sit staring at the quotes all day long! Take a break, enjoy life, and don't see a loss as the end of the world.
Avoid Forex Trading Strategies You Don't Understand
When developing a Forex winning strategy, avoid using methods you don't fully understand. Use helpful Forex guides and tutorials, but beware of Forex scams. There are many out there today - especially email scams. Be leery of companies who want to do your Forex trading for you. Develop a plan with the help of Forex experts, but please do your own trading or choose a reputable broker.
Develop an Exit Plan
Know when it's time to take your money and run! Don't hope for the best when all evidence points toward the worse. It's better to exit your trading with some of your money than to lose it all in a risky trade. Before you begin trading, set limits on how much you will invest - and stick with your limits.
Use this quick Forex guide to develop a strategy that works well for you. Forex trading doesn't have to be stressful. You can realize Forex trading success sooner than you think!
Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies on the web. Learn more about Quick Forex Guide for Beginners or Majon's FinancingInvesting directory.
Article Source: http://EzineArticles.com/?expert=Chris_Robertson
By Chris Robertson
If you've just begun trading Forex, you probably want all the help you can get. Though Forex trading can be very lucrative, you'll want a Forex winning system that will work for you. There are several Forex killer systems available just as there are in marketing, sales, and other forms of business. You must find the Forex strategy that works for you, and develop good trading habits for long-term success. Here's a brief Forex winning guide for getting started.
Develop a Forex Trading System that You Can Stick With
Not only do you need a Forex strategy - you also need a system. You can have the best strategy in the world, but if you don't do it systematically, you could lose. Create a schedule of when you will do your Forex trading. Then, create a budget to manage your money coming in and going out. Just like operating any business, you'll have good and bad times. Stay with your Forex trading strategy through up-times and slumps for the best results.
Develop a Forex Trading Plan in Advance
Before the Forex market opens, you should already have a plan as to how you will trade. Don't get caught up in the moment. Carefully plan your investment as if you were making a big decision such as buying a home or a car. Even if the Forex trading amount seems small, treat it as if it were a million dollars. It could turn into that amount one day.
Expect Small Losses
If you plan to do Forex trading for the long haul, expect and accept small losses. They will occur no matter how well you know the market. A Forex winning system is one where you are prepared to accept the small losses in hopes of acquiring something greater in the future.
Be Patient
Remember, steady and slow is the key to any long-term Forex success. Don't sit staring at the quotes all day long! Take a break, enjoy life, and don't see a loss as the end of the world.
Avoid Forex Trading Strategies You Don't Understand
When developing a Forex winning strategy, avoid using methods you don't fully understand. Use helpful Forex guides and tutorials, but beware of Forex scams. There are many out there today - especially email scams. Be leery of companies who want to do your Forex trading for you. Develop a plan with the help of Forex experts, but please do your own trading or choose a reputable broker.
Develop an Exit Plan
Know when it's time to take your money and run! Don't hope for the best when all evidence points toward the worse. It's better to exit your trading with some of your money than to lose it all in a risky trade. Before you begin trading, set limits on how much you will invest - and stick with your limits.
Use this quick Forex guide to develop a strategy that works well for you. Forex trading doesn't have to be stressful. You can realize Forex trading success sooner than you think!
Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies on the web. Learn more about Quick Forex Guide for Beginners or Majon's FinancingInvesting directory.
Article Source: http://EzineArticles.com/?expert=Chris_Robertson
Online Forex Trading Strategies
Online Forex Trading Strategies
By Oliver Turner
Forex trading strategies are the key to successful forex trading or online currency trading. A knowledge of these forex trading strategies can mean the difference between a profit and a loss and it is therefore imperative that you fully understand the strategies used in forex trading.
Forex trading is very different from trading in stocks and using forex trading strategies will give you more advantages and help you realize even greater profits in the short term. There are a wide range of forex trading strategies available to investors and one of the most useful of these forex trading strategies is a strategy known as leverage.
This forex trading strategy is designed to allow online currency traders to avail of more funds than are deposited and by using this forex trading strategy you can maximize the forex trading benefits. Using this strategy you can actually utilize as much as 100 times the amount in your deposit account against any forex trade which will make backing higher yielding transactions even easier and therefore allowing better results in your forex trading
The leverage forex trading strategy is used on a regular basis and allows investors to take advantage of short term fluctuations in the forex market.
Another commonly used forex trading strategy is known as the stop loss order. This forex trading strategy is used to protect investors and it creates a predetermined point at which the investor will not trade. Using this forex trading strategy allows investors to minimize losses. This strategy can however, backfire and the investor can run the risk of stopping their forex trading which could actually go higher and it really is up to the individual trader to choose whether or not to use this forex trading strategy.
An automatic entry order is another of the forex trading strategies that is commonly used and this strategy is used to allow investors to enter into forex trading when the price is right for them. The price is predetermined and once reached the investor will automatically enter into the trading.
All these forex trading strategies are designed to help investors get the most from their forex trading and help to minimize their losses. As mentioned earlier knowledge of these forex trading strategies is vital if you wish to be successful in forex trading.
We have made the most comprehensive research on Forex trading. Check it out on Online Forex System – Secrets Revealed. All about Forex on http://www.leandernet.com/Forex/Online_forex_trading.php
Article Source: http://EzineArticles.com/?expert=Oliver_Turner
By Oliver Turner
Forex trading strategies are the key to successful forex trading or online currency trading. A knowledge of these forex trading strategies can mean the difference between a profit and a loss and it is therefore imperative that you fully understand the strategies used in forex trading.
Forex trading is very different from trading in stocks and using forex trading strategies will give you more advantages and help you realize even greater profits in the short term. There are a wide range of forex trading strategies available to investors and one of the most useful of these forex trading strategies is a strategy known as leverage.
This forex trading strategy is designed to allow online currency traders to avail of more funds than are deposited and by using this forex trading strategy you can maximize the forex trading benefits. Using this strategy you can actually utilize as much as 100 times the amount in your deposit account against any forex trade which will make backing higher yielding transactions even easier and therefore allowing better results in your forex trading
The leverage forex trading strategy is used on a regular basis and allows investors to take advantage of short term fluctuations in the forex market.
Another commonly used forex trading strategy is known as the stop loss order. This forex trading strategy is used to protect investors and it creates a predetermined point at which the investor will not trade. Using this forex trading strategy allows investors to minimize losses. This strategy can however, backfire and the investor can run the risk of stopping their forex trading which could actually go higher and it really is up to the individual trader to choose whether or not to use this forex trading strategy.
An automatic entry order is another of the forex trading strategies that is commonly used and this strategy is used to allow investors to enter into forex trading when the price is right for them. The price is predetermined and once reached the investor will automatically enter into the trading.
All these forex trading strategies are designed to help investors get the most from their forex trading and help to minimize their losses. As mentioned earlier knowledge of these forex trading strategies is vital if you wish to be successful in forex trading.
We have made the most comprehensive research on Forex trading. Check it out on Online Forex System – Secrets Revealed. All about Forex on http://www.leandernet.com/Forex/Online_forex_trading.php
Article Source: http://EzineArticles.com/?expert=Oliver_Turner
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