You’ll find in this table a quick comparison and reviews for the the best and top rated Forex trading strategies offered by the best and most trusted forex traders.
How to Make Any Forex Trading Strategy Work For You, Not Against You?!
Are you still struggling in forex trading? Are you still not able to make consistent profits?
If you would like trade Forex successfully, then you definitely need to get a powerful forex trading strategy that yields profitable entry signals, however, the majority of beginner traders and as well a large number of so called professionals cannot get it done effectively.
In this post I’ll point out 3 basic actions that if put into practice, you’ll see your forex trading profits explode and will allow you to establish a long term success in Forex trading.
Step #1: Recognition of The Trade Opportunity:
Before everything else, you should be able to recognise the trading opportunity and to do this, you wont find a better technique than using powerful and effective trend lines to show you areas of support and resistance on the chart.
I can say for sure that that all you need is to know how to draw trendlines correctly along with the back up of moving averages and Bollinger Bands.
A large number of traders make big mistake of buying directly into resistance and selling into support withot any more confirmation signals, even though this just shows that that you’re counting on hope and if you just hope that a level will hold you’re going to lose.
You’ll want to get the probabilities working for you!
You should match up your Forex entry signals with indicators that’ll show you how to observe changes in price momentum, which will confirm your view of the direction of the the market.
Step #2: Entry to the Trade
All you really need is to find verification of whether it’s a break of support or resistance or not, in order t decide whether you will stick with the break or it’s just a weakness of price momentum, to indicate the levels will hold or not.
If you do not trade with price momentum, you are going to lose because you can’t get the odds on your side and trading is all about odds game.
What are good indicators to use?
Generally there are two indicators that are decent and must be regarded by any forex trader hoping to generate consistent profits, they are:
The relative strength index (RSI) and the Stochastic – basically, they’re the very best timing indicators you can use – they are vey easy to work with and simple to be familiar with and apply, this’s if used the right way, you’ll be able to increase probability of success significantly.
Step #3: How to Exit The Trade:
When you’re closing the trade to exit the market, then the same indicators previously mentioned will provide you with exit signals at the time the price hits the profit target or the hits the stop loss limit. to do this you can use some other indicators, and below the ones I suggest to you:
I like to use the ADX Line and use a move above 40% and turn down to take profits.
Within a strong sustained up trend, you may use spikes outside of the top Bollinger band to exit and get the profits, or if prices dip and penetrate the midline, then you should exit the trade.
One of the hardest parts of Forex Trading:
Is definitely trying to decide exactly when and where you should exit the trade. Many traders like to trail up stops carefully to get taken out of the market, but personally, I prefer working with a target and moving stops up gradually – its all about the personal preference you don’t wish to be stopped out quickly and also you like to generate as much profits as possible.
Try out the above mentioned indicators and spend some time to acquire a strategy which usually matches your persona.
There are certainly many indicators besides the ones I’ve discussed earlier but you will need to seriously think about these first in your forex trading, as they definitely will get the odds in your favour and help you succeed in Forex trading on the long term.