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andysteven

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andysteven    10

andysteven
Posted

Developing a profitable forex trading strategy requires passion, persistence, and discipline, but most of all it requires that you obtain a genuine and effective forex trading education. There are many forex strategies floating around the internet that you can learn from, some of these are effective, many of them are more trouble than they are worth however.

 

It's important to choose a strategy or system that is easy to follow with your daily trading schedule and that can be applied successfully with your account balance size.

 

Price Action Forex Strategies

 

These strategies will fit both short-term and long-term traders that don't like the delay of the standard indicators and prefer to listen as the market is speaking. Various candlestick patterns, waves, tick-based strategies, grid and pending position systems — they all fall into this category:

 

Fundamental Forex Strategies are the based on purely fundamental factors that stand behind the bought and sold currencies. Various fundamental indicators, such as interest rates and macroeconomic statistics, affect the behavior of the Forex market.

 

Price Action Forex Strategies are the currency trading strategies that don't use any chart or fundamental indicators but instead are based purely on the price action. These strategies will fit both short-term and long-term traders that don't like the delay of the standard indicators and prefer to listen as the market is speaking.

 

Inside Bar Forex trading strategy — a popular system with a nice win/loss ratio but a rather rare occurrence of the proper entry conditions. It doesn't require any indicators and can be applied on the bare candlestick or bar chart.

 

Simple Price Based Forex trading system — an interesting system that was developed by one of the Forex traders recently. It works for any pair (though, EUR/USD is recommended) and in all market conditions.

 

Martingale trading system — is based on the popular betting (gambling) system of the 18th century France. The main principle of this system is to double the bet each time you lose so that if you win (considering a 100% bet win/loss each time) you recover a previous loss and will also gain the first bet amount. If one had an infinite amount of money, this strategy would be a sure-fire thing as with the infinite amount of bets the necessary result will with probability 1 eventually come

 

Support and Resistance Forex trading strategy — is a widely used trading system based on the horizontal levels of support and resistance. These levels are formed by the candlesticks' highs and lows. A break-through of these levels after a period of consolidation gives a signal for a trend.

 

Trading guide

 

Choose an important news release that has an effect on the Forex pairs.

For EUR/USD I recommend: U.S. GDP, U.S. nonfarm payrolls, U.S. interest rate decisions, Eurozone interest rate decisions and U.S. budget deficit reports.

Stop-loss for the Long position should be set around the 1-2 hour local minimum.

Stop-loss for the Song position should be set around the 1-2 hour local maximum.

 

The best way to know when to get into a trade or to get out of a trade is to understand the market signals. This means understanding the market, to a certain extent. You don't have to know it backwards and forwards, that will take trading time and experience. However, having a general market knowledge and knowing what signals to look for will help you to get on a trade quickly and will help you to get out of a trade in order to either maximize profits or minimize losses.

 

Note: You won’t get rich overnight in the forex market, it takes time, effort, and discipline to become a consistently profitable trader.

The particular forex trading strategy you use to navigate the market each day can have a profound affect on how you think about and view the market, in other words, on your trading psychology.

 

Forex strategies that teach traders how to “fish for themselves” are the genuine ones that have a higher probability of returning positive results in the long run.

 

Even the best forex trading strategy on earth will not make money if you don’t practice proper restraint and money management.

With these simple steps, you will have established some reasonable and common sense approaches to trading. Once you have the basics down, you can then start to work on more detail orientated trading methods and strategies.You today to explore Forex trading strategies and systems with us and hope You find some useful information for yourself that will eventually improve your trading!

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