Forex Trading Strategies
Based on the highly popular e-book „Forex basics & secrets in 15 minutes” it offers super friendly explanations and expert tips about fx Social trading. And the most successful traders continue to be successful by taking on every next level advancement in their trading career, from PAMM ( Personal Allocation Management Module ), SuperTrader (FxPro’s most recent development), EAs (Expert Advisors) and today’s consideration; Copy Trading (signal or social trading).
For professionals who have already mastered the forex market, set for themselves profitable and, importantly, psychologically comfortable trading methods we suggest to visit the sections like: Creating and Believing in a Forex Strategy, Warren Buffet trading Strategy, CFD, as well as others forex trading course pages that contain a lot of useful, refreshing and interesting information on forex trading.
I am in the business of teaching people to trade the markets so I undoubtedly have a somewhat biased view on this but I honestly believe that anyone with the right attitude and approach to the markets can one day profit from them – whether it be forex, stocks, bonds, options or futures markets that they choose to trade.
But beware of such websites and online trading portals, as per RBI circular No. 53 dated April 7th, 2011 and circular No. 46 dated September 17th, 2013, it has been clarified that overseas forex trading through digital trading portals, in respect of the margin payments being made by their customer for online forex trading transactions (directly /Indirectly) through their credit cards / Net Banking is prohibited for resident Indians.
We will go through some trading methods that work but before we do this, its worth pointing out that most beginners pick strategies which will NEVER work and lose money so it’s important you don’t try any of the following – scalping or day trading strategies, FOREX robots and so called Expert Advisor’s, with perfect market timing and show big profits and just small dips in equity.
My strategy is actually heavily based on a trading system created by a gentleman named Edward Monroe, which he outlines in his book Swing Trading with Heiken Ashi and Stochastics It is an excellent read, and one that I would highly recommend if you are interested in Forex and have a penchant for trend-following strategies.
Also, personally what appealed to me about this course was that fact that it was not cheap, therefore I would be forced into investing my time and effort to learn the system rather than discount it in a very short period of time.After signing on for the course, it took me (a complete beginner) about 6 months to learn the system and get comfortable trading with it on a demo account.
If you have been following my blog for any length of time you will know that I am a strong believer in trading with clean charts on the higher time frames.Â What do I mean by clean charts?Â I mean using very few, if any, indicators, and relying on price alone for clues as to what a particular currency pair may do next.
Several months back I provided a review of a forex trading tool that I have become quite fond of and continue to use very regularly known as Andrew’s Forex SystemÂ As explained in part I of my Andrew’s Forex review ( click here to view Part I) this system is a very simple tool which helps one determine which forex pairs are currently trending, and allows one to enter a trade at a sweet spot” in the direction of the trend.
In our professional articles you will also find much useful information on how to consider ways to study the statistics of your own trades to optimize subsequent forex trading results, not only in terms of profitability, but also from the standpoint of uniformity of growth of your capital, which is very important.
In Forex market its a similar concept, every scenario is different and while we will lay down some general guidelines, these should still be reviewed by you, in light of the individual trading scenario you are looking at. I do not think swing trading can be reduced to pure set rules and an outline of rules which you can review on each pair and pull the trigger on is a far better way of trading.
On December 15th, the USDJPY closed at 121.64. The price moved to a high of 123.52 on December 18th before starting a prolonged bearish move to the June 2016 low of 99.02. The current price is much lower at 115.05. That pair is trading above the 100 week MA at 114.66. The low this week stalled just above that level at 114.71.
Naturally as a complete beginner to forex trading, having gone through the course notes and while testing the system out on demo, I had a hundred questions I wanted answers for.I have always gotten a response to my emails the same day, and when ever I have wanted to talk to him on skype, he has made himself available.
Simply put, there is no ‘free lunch’ in trading, still, many traders think by finding that one great trading system or indicator they can sit back and watch the money roll on. The truth is that nothing that is fully systematic will ever be a truly effective way to trade the forex market because the market is not a static entity that can be tamed through black box mechanical systems.