Anyway, simple forex strategies, what i mean by that? In my mind these are strategies that are very simple :). I often see guys with super advanced entry strategies. They use MACD, RSI, ADX, 10 different MAs and EMAs, Fibbonaci retracement, Elliot Waves to predict the best entry point.
I think it's funny.
Because often these guys do not realize that actually there are only two types of indicators.
- Trend following - indicates whatever Market is in up or down trend (MACD for example)
- Momentum - tells you if Market is overbought or oversold (RSI)
How many oscillators do i use? I use none or zero, so in my mind forex strategy with 2 indicators is still complex strategy. Traders often say that you need a lot of indicators to get rid of false signal. But what i found out when i started using many tools was that i got as many signals that i should take LONG position as for SHORT position. So, keep in mind the old saying: sometimes less is more.
After eliminating all oscillators we are left with very simple tools:
- trend lines, as well as support and resistance levels
- Fibbonacci retracement
- Andrews' Pitchfork
- Standard Deviation Channel
Determine trend, but do NOT try to predict future, it is impossible. determine trend based on what you already have on the chart. There are at least three types of trend: up, down, consolidation, i think i already said it, but it is worth repeating over and over.
Determine Take Profit and Stop Loss, GO IN. That's it.
Ok so to sum this up. You can build a very complex strategy or system if it works for you, it didn't work for me at all. But remember, do not underestimate value and importance of very simple tools like trend lines, fibbonacci retracement and standard deviation channels.
14 comments:
"Forex trading strategies are tools that are designed to help the trader to make trading in the best way,
Good trade-saving strategies the trader from large economic losses and alternatively bring economic expressed dealer plates spaced on the merchant's investments."
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Trading with intraday SGX signals and having some little patience is also necessary for getting good returns.
A lot of patience is required by the side of trader in forex trading. Got to learn good point on forex market here. Traders willing to earn better returns must learn and keep themselves updated with market movements.
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The more simple a Forex strategy is the better. I think the more simpler you think about the trading process its the better as keeping the whole process simple is the main key to earn a good amount of money from the market with consistent profit ratio but sometimes the profit ratio is hurt with tweaks of brokers and i already faced such problems and i really appreciate lxmarkets.com as one of the best broker to provide best profit making service in my trading career. Super flexibility, lower commissions and spreads, fund safety and moreover a very supportive customer support peoples.
Strategy is an important matter for every Forex trader. Some prefer scalping strategy some prefer price action strategy. Among those strategies I prefer more scalping strategy. I can earn more through scalping strategy. For scalping I prefer more a broker called Trade12 having facilities like high leverage as well as low spread. They have more than 50 pairs and they take low spread in most of their pairs.
Forex is not a kind of difficult business if you keep it and make it simple with proper knowledge and a good broker. Above article marked some important facts about forex trading what we should to make our profit consistent. I already made my profits consistent with the best broker in the forex market. That is TryMarkets. Any newbie trader can join and try them, I can assure you that you are going to relive from your worries when you start to trade with them.
Strategy must be needed to trade with Forex. Without strategy a trader can not be succeed from here. Forex is the largest economic business in the world. There are many currency pairs to trade with. It is the main ingredient for a trader to trade. EURUS, USDJPY,GBPUS,GBPUSD are the polish pair here. Brokers are also a big factor here. So we should be careful of choosing a broker. I am a trader of Trade12 having high leverage up to 1:400, low spread, quick execution, no set up fees etc.
We are the honest, most reliable and profitable forex signal provider. you can visit our website www.equidiousresearch.com . We have an Expert Research Team who keeps an eye on every potential security to give the best earning chances to our customer. These analysts including CFAs, MBAs (Finance), CAs, Engineers and Analytical Experts who are skilled and impeccable in their analysis. These analysts, using their experience and latest software, are able to predict the movements in Equity/Commodity market in time and with a very high accuracy. As a result, using our tips, our clients gain the most out of the financial markets. Also we analyse the basic and fundamentals of the securities to enhance the gaining potential.
We don’t lie to our customer that we can double your money in a day or neither we make false promise of 95-100% accuracy. Because it’s just not possible in any security market in the world.We agree that after all the technical and fundamental analysis we can hit 75-85% accuracy. That’s a genuine figure and we work really hard to meet that.
"Which Forex pair and time frame is best to trade" is the frequently asked question and I want do give you the DEFINITE ANSWER.
Are you expecting that I am going to say something like EUR/USD on 5-minute time frame or GBP/USD on daily...? No, it is not so simple, but SIMPLE ENOUGH we can figure it out!
The "PROBLEM" is that markets change over time. If GBP/USD was a well trending currency pair a few years ago, today it is another one.
I actually want to let you know about a SPECIAL TOOL that I use to find the BEST TRENDING PAIRS among all the Forex pairs.
==> http://www.forextrendy.com?hfsdtb63546
The software scans 34 Forex pairs on all time frames from minute to monthly. This way you pick the best trending pair and time frame at the current time.
The system is running on our powerful computers, so you have nothing to download and install. Just join in and start using it within a FEW MINUTES! Get it on the link below:
==> http://www.forextrendy.com?hfsdtb63546
Thank you for the helpful information. I also think that simpleforexpips is a good website, it has very helpful
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