|
|
Forex Trading Methods - Articles And Conclusions
I have been trading Forex as my main income source over 7 years now and have discovered many Forex trading systems and techniques.
Subsequent to many trials and errors I've come to the conclusion that simplicity is key, therefore I have reduced my trading into 3 categories:
1. Forex news trading - this means riding the volatility surrounding economic announcements such as NFP, GDP, CPI and others. For this I employ software that relays the news as it is announced and can actually bang the sell or Buy buttons. Occasionally your order will not be executed so it is possible to enter on a retrace, based on the news direction.
2. My own Forex trading methods and strategies, these basically come down to 2 simple techniques:
2.1. Buying support and selling resistance, based on computed pivot points, Fibonacci numbers and trend lines.
2.2. Aggressive scalps which involve executing short and sharp trades and keeping very tight stops. This requires practice, but once mastered it can be easy to make money .
3. Third party Forex Trading systems - there are many systems for sale and most of them are ineffectual, written by Internet marketers for the sole reason of making money for the system owner. These systems are a complete waste of time but the sales pitch is professional. I have found some that work well and add to my own trading methods.
Timing and time in Day Trading
It is highly important to understand the time that you choose to execute trades in and understand what you potentially expect at that time of day. This differs from instrument to instrument, so it is highly important to study market behavior for your trading vehicles. I regularly trade only 4 instruments; the DAX, Euro, Japanese Yen and the GBP/USD, and I am very familiar with their behavioral patterns throughout the trading day.
Other trading vehicles behave differently and I will only trade them (I do infrequently trade WTI, Nat Gas, and other currencies) after I've understood their time related behavior. Most of my trades except for the DAX and GBP/USD are figures related and of course, when figures are published a different volatility is in place which is generally out of the usual patterns.
The best time to execute trades in the DAX (German Index, and moves closely with the DOW chiefly) is soon after the London open at 08:00 (03:00 EST), as the open usually brings a large rush in orders and it's easier to scalp for sharp moves. Occasionally the scalp will turn into a longer term trade, if a trend ensues, however it is often possible to achieve a gain of 20 - 40 points in the first half hour of trading. As my daily target is 30 points and it is often achieved within 30 minutes, I can then relax and look for very low risk opportunities that will not risk the profit.
A few of my fellow traders will stop trading then and do something else. It certainly gives one plenty of time, but those 30 minutes require intense attention.
If you'd like to find out more please visit my blog by clicking the link.
The blog also contains live trade examples and videos.
Getting The Best Forex Trading System - What You Absolutely Must Think About Before Using One In Real Life Trading
Over the years, there has been a plethora of forex trading companies offering the best forex trading systems for their clients. Most systems utilize advanced technologies that let you do back checking of previous market conditions.
A Review On Forex Ambush Version 2
If you were to do a search for Forex Ambush 2.0, then you would see some rave reviews written by supposedly "unbiased" users who have made real money with the automated software.
What Is Yen Carry Trade And What Kind Of Impact It Could Have On Your Currency Trading Results?
The JPY is the currency most frequently involved in carry trade. This is because over the past years it has consistently been a major currency with the lowest interest rate. The BoJ, which controls Japanese interest rates, has set them at a a very low level.
How To Analyze A Currency Graph And How To Apply It In Your Investing Ventures
The forex chart is among the most basic tools in a forex trader's arsenal. Simply put, it is a graph of a particular currency pair's performance over a given period of time.
Uncover The Secret Gems Of Supra Forex Robot And Grab The Most Effective Of It.
Failure to read the accompanying material is often the downfall of every software program on the market. Nowhere is this truer than with forex robot software, so read through this Supra Forex Review.
Forex Trading: The Best Way Towards Financial Success Despite The Difficult Financial Environment
Yes, there are many things that you can try to fight the tough financial conditions that you are faced with. But not everybody is lucky enough to succeed in every venture that they try to cope with the situation
A Forex Trading Simulator Program Shows You How It Works Before You Get Engaged In Real Trading
A forex demo platform is a a smart way for new investors to start. Reading books and taking online courses can teach you the basics, but the best way to learn anything is to get some hands-on experience.
|
More Articles
Blogroll
|
