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 ‘Lot’
Best Forex Trading Strategy – For Making Big Profits in 30 Minutes a Day!
November 1st, 2009A Simple Forex Trading Strategy
March 29th, 2009
If you want to make it in this business, you need to recognize that simple forex trading as a strategy is going to beat out any other elaborate complex strategy. This is a very old business and you’re probably not going to reinvent the wheel.
When Do I trade?
You want to trade during the peak hours of trading. This is the time when the volume is highest. Since the volume in this market is high during peak hours, there is no one trader that could influence the movement of the market with a trade. Therefore you can see the market is moving completely by market forces. The off peak hours are when it’s more dangerous for a small trader to be working. Big firms and banks that make massive trades will end having an effect on the direction, since the volume is much lower. Stick to the peak times and you’ll do fine.
How Do I Handle A Bad Trade?
The best thing you can do is learn from them. Obviously the less bad trades you make the better. The problem is that you’re never going to get rid of them. You’ll always run into trades that go bad. It’s just part of life. Learning to cut your losses is a skill that can save you a lot of money. We all think if we hold onto the trade, things will improve, but that rarely ever happens. Just cut your losses and move on.
How can I Identify Profitable Trends?
Learning about reading graphs, the problem is that it takes time to go through graphs and figure it out. Usually there is a lot of different ways to determine them and it’s hard just for one person to find them all. Try using software like Forex Killer, which will automatically go through the currency graphs looking for trends that are profitable.
This is the simple forex trading strategy that I follow. I always keep my businesses following simple philosophies because they work.
By: Charles Nash