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 ‘Lows’
Best Forex Trading Strategy – For Making Big Profits in 30 Minutes a Day!
November 1st, 2009Forex Trading Strategy – Simple Tips for Huge Gains
April 20th, 2009
If you want a forex trading strategy for success then these simple tips can help you make big gains. There simple to learn, easy to apply and even better will enhance your profit potential.
1. Get a Simple Method You Understand
To make money at trading you need a method you understand and can have confidence in because if you do you will have the discipline to follow it.
Many traders blindly follow others and lose because they haven’t the confidence when they hit a period of losses to stay with the system. If you don’t have the discipline to follow your forex trading strategy, you don’t have one! Many traders are lazy or greedy and don’t understand that confidence comes from understanding and learning currency trading for themselves.
2. Be Patient
Many new traders want to trade all the time – they think the more they trade the greater their chances of currency trading success – their wrong. You don’t get paid for effort, you get paid for being RIGHT and that’s it.
I know traders who trade all the time and lose and others who trade a few times a year and several hundred percent!
3. Look For Breakouts
It’s a fact that most big trends develop from new highs or lows. Most traders however can’t buy these as they want to wait for a pullback to get in at a better price and miss the trade. You can make money simply by buying high odds breakouts and we have covered this in numerous other articles – check them out.
4. Have The Courage To Accept Big Gains
A paradox of forex traders is that most traders want big gains but can’t accept them. Why?
Because they can’t deal with volatility, they hit a big potential trend and get a profit, the bigger it gets the more excited they get but the problem is daily swings eat into their open equity and they snatch the profit.
If you are trading long term trends you can see on a forex chart that they last for months or even years and can yield huge profits – but they dip back every so often – if you don’t accept this, you wont maximize your profits. You have to accept big short term swings against you, to pile up profits longer term.
5. Don’t Diversify
If you are trading a small account and looking for high odds trades don’t diversify.
Diversification just means you will dilute your profit potential. Instead risk as much as you can on a high odds trade and have the courage of your conviction. Forex trading success is all about taking calculated risks, with as much as you can afford at the right time.
If you like the buzz of trading or you are not prepared to learn the basics your going to lose but if you incorporate the above trading tips in your forex trading strategy you can make a lot of money and build serious wealth.
By: Kelly Price
The Best Forex Trading Strategy Used by Forex Experts
January 21st, 2009
All forex experts know that in order to be successful in the forex market, you must have the best forex trading strategy tools to give you an edge. It is also as important that your forex trading strategy must fit your personality. There are some forex traders who trade for a short term position (scalping), while; others are trading for a long term position (hourly, daily, or monthly charts).
Before you enter into a trade, it is important to have a pips goal with limits and stops. Every expert trader understands that the best forex trading strategy is not perfect everytime but it does give you a surplus at the end of the month; if you are willing to give it a chance. It is essential for a forex strategy to have 3 elements to be the best. These three elements are…
1. Resistance Lines – Every forex expert understands the importance of using resistance lines to produce the best forex results. Not, only will resistance lines will prove you with entry and exit to the market, but also provide you with limits and stops. Resistance lines provide with how high the market was willing to go and what lows it has rejected. If a resistance line gets broken, it will provide you with a signal to either go long or short depending on the direction the price action is moving.
2. Price Action Analysis – The forex market respects the currency price, while, the forex indicators and bots don’t. Since, this is a real market with real people trading, they know and see what price is being accepted and rejected. A forex indicator or bot, calculates based on previous market highs or lows and odds of winning. All forex experts know that a forex bot or robot is no different from gambling. In order to succeed in the forex market, you must understand and analyze the price action. Draw an up, down, or straight line to get a better picture on where the market maybe heading.
3. Japanese Candlesticks – One must look at the Japanese candlesticks as more then colors but as the “psychology of the traders”. The Japanese candlesticks provide very important information such as, how are the traders reacting to a certain price, have the traders accepted or rejected the latest movement, and what direction is the forex market moving.
Again, I will recap that in order to have the best forex trading strategy you must have resistance lines on your chart, follow the price action of a currency, and understand the Japanese Candlesticks psychology.
By: Al Habib