Here we will look at the best Forex trading strategy for making the biggest possible amounts of profit in the least amount of time and the good news is anyone can master this great method for Forex trading success.
Many traders think they can make money with no effort and buy a cheap Forex robot and lose, while another group think the more they learn and the more often they trade, the more profit they will make and this group is wrong. In Forex trading there are no rewards for hard work or a college education, you get your reward for being right and that means working smart – not hard.
If you want to make the really big profits, forget about scalping and day trading, this is a lot of effort, with the odds against you and instead, focus on the big trends that last weeks or months, these make the big profits and you need to get into them.
The good news is – ALL big trends start and continue, by breaking to new market highs – so buy some good breakouts. With this method you can lock into the big trends and then sit back and wait for the trend to unfold.
Do most novice traders do this?
Of course not – but that really shouldn’t concern you , as most traders lose money. These traders are focused on, predicting exact lows and highs and fail to see, that this is just hoping or guessing and they lose. They refuse to buy breakouts, because the move has started and want a dip in price, to get in the trade but prices don’t come back on the best breakouts and the trade is missed.
Forget about being perfect and what you may have missed and think about, what you could gain by buying these breakouts and if its a good breakout it’s a lot of money!
When buying breakouts be patient and selective, only trade a level other traders or the news says is important, because when the level breaks the breakout will probably continue. Look for a lot of tests ( the more the better) and also look for at least two tests, to be a few weeks apart in terms of timescale. If you do this, when the breakout comes the odds are in your favor.
With this method, you can trade a few times a month and spend just 30 minutes a day working, for a triple digit return and that makes this strategy in my view the best Forex trading strategy. Learn to trade breakouts and you have a quick and easy to learn method which piles up huge gains.
By: Kelly Price
Posts Tagged ‘Day Trading’
Best Forex Trading Strategy – For Making Big Profits in 30 Minutes a Day!
November 1st, 2009Forex Trading Strategy – The Easiest Trading Method for Novice Traders
February 13th, 2009
If you are a novice trader perhaps the easiest forex trading strategy to use is a swing trading strategy as it overcomes two problems that most novice traders face but cant overcome.
By using a swing trading strategy not only can you overcome these problems, you can give yourself a great chance of currency trading success.
Let’s look at this forex trading strategy in more detail
1. Patience
Most novice traders lack patience and they think the more they trade the better.
Most go for forex day trading which is probably the best way to lose money you can get – day trading simply does and cannot work, due to the fact all short term volatility is random.
You can never get the odds in your favour and you can never win – PERIOD.
Other traders however lack patience when long term forex trend following – they simply cannot accept the profits it wants to give them!
We all want profits – but when you sit on a long term trade and see open equity dips of thousands of dollars the temptation to take it is huge and most novice traders bank profits far to soon.
If you are forex trend following you need to take a bit more risk and that means hanging on for longer term gains.
Most traders simply don’t have the patience and discipline to do this and it’s hard even for pro traders.
Swing trading when incorporated in a forex trading strategy overcomes the problem.
You are looking at making profits in periods of 3 days to a few weeks, so you are never holding a position for long periods, and there are plenty of opportunities to keep the trader interested and finally, stop loss protection can be tight keeping risk low.
Forex swing trading is easier than long term trend following as you don’t have to be so patient, it’s easy to maintain discipline, which is the key to big forex gains.
2. Swing Trading is simple
Swing trading tends to be quite simple to learn.
All you need to do is look at support and resistance and use some momentum indicators to time your trades.
One or two timing indicators are all you need to judge price momentum as it moves into test support and resistance and your all set to swing trade.
Being simple to understand is a big advantage, because from understanding comes confidence and from confidence, flows discipline – the key to successful trading is having the disipline to foloow your plan through periods of losses and is a trait all succesful traders have.
So if you want to trade currencies then try swing trading its simple, easy on the mind and can be very profitable.
Consider it as part of your forex trading strategy and let it help lead you to the currency trading success you desire.
By: Kelly Price
Forex Trading Strategy – The Basics of a Successful Strategy For Success
January 1st, 2009
If you want to win at Forex trading, you are going to need a logically based Forex trading strategy and while this may sound obvious, most traders don’t get the basics right. If you want to win, this article will give you the basics of a Forex trading strategy for success.
Let’s look at the basics all successful Forex trading strategies have in common.
The Best Strategies are Simple
Never complicate your strategy! All the best strategies are simple and yours should be too, a simple strategy will be more robust with fewer parameters to break. You really only need two or three indicators at most and support and resistance lines to make money. Don’t make your strategy more complicated than it needs to be, there is no correlation between complexity and Forex success.
Trade Confirmation of the Reality of Price Change
If you are going to try and predict exact highs and lows, your going to lose. Prediction is nothing more than hoping or guessing instead, be prepared to miss the exact turn and get confirmation that price action has confirmed your trading signal. You won’t catch the exact high or low but you will make a lot of money, as you will be trading with the odds on your side and that means big long term profits.
Trade a Time Period in Which You can get the Odds on Your Side
If you think you are going to make money scalping or day trading, think again because you will lose. The day of the short term trader being able to make money has gone, with the arrival of instant price communication via the internet. If you trade short term moves your trading in random volatility and that means you will lose long term. If you want to win base your system on swing trading overbought oversold levels over a few times or on long term trend following.
Understand Volatility in Relation to Stops and Profits
The hardest part of Forex trading is knowing where to place your stops, so you don’t get taken out to soon and knowing how to trail them, so you can run trends for bigger profits. If you want to win, you must have a strategy to deal with it and any trader, needs to make a study of standard deviation of price part of their essential Forex education.
Money Management and Discipline
There are many ways to make money but all successful traders know, they need to have sound money management to ride out periods of losses until you hit a home run. You must be prepared to take your losses and keep them small and keep your emotions out of your trading. This requires confidence in what your doing and the discipline to follow your strategy. Always remember – if you don’t have the discipline to follow your plan – you don’t have one in the first place!
Winning at Forex You can do it!
Anyone can make money in Forex, just make sure you include the above basics in your Forex trading strategy and you are all set, to make a great income in 30 minutes a day or less.
By: Samuel Leslie Berkovits