Forex Killer Strategy - Join The Forex Trading Elite

Forex Killer Strategy - Join The Forex Trading Elite

by Peter C Johnson

A true forex killer strategy will involve minimizing risk through the medium term trade, predicting trends and acting upon them with precise timing. If you can do all these things, you will be well on your way to becoming a forex killer. This is something new traders fail to realise- many use statistical data up to a point, but in the end base their trades on emotion and instinct- this is a sure-fire rote to failure in foreign exchange.

There is oftentimes bad press about the currency trading market- that by and large only the big players can really compete. Governments and large financial institutions such as banks do indeed make the majority of the profits, and have the greatest influence on market swings, however there are a lot of individual traders (spectators) who consistently make thousands of dollars trading foreign currency. It is not rocket science; however there are certainly some fundamentals that set them apart from those that fail.

Here are some key skills of the elite forex trader's

1) Favor The Medium Term Trade

It has been shown time and time again that by favoring the medium term trade you effectively minimize risk, and increase the chances of consistent profits. Think of it this way, you are better off making consistent small wins as opposed to large win's and large losses. As Justin Kuepper, contributor to Investopedia.com suggests favouring a medium term trade will “help you save money and ultimately become a profitable retail forex trader.

2) Predict Trends

Foreign exchange, unlike the stock market is a relatively small playing field (4 main currencies and 34 second tier currencies). The beauty of this is that it makes it easier and faster to interpret past market data and make educated decision's based on fact rather than instinct, There is no doubt that the most successful trader's use some form of forex trading software. Such platforms allow user's to efficiently read market signals and know when to act upon them for the greatest chance of profit, and the smallest amount of risk- this is effectively a true forex killer system. If you can efficiently manage the statistical data on the foreign exchange market, you are well on your way to success.

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3) Act Upon Trends With Precise Timing

It is all good and well to have access to statistical data, but reading it and knowing when to buy and sell is another thing. Unless you are super experienced, again forex trading software will be the best place to start.

Conclusion

If you are serious about succeeding in currency trading, and being amongst the forex trading elite you need to favour medium term trades, be able to interpret and predict trends and act upon them with precise timing. If you can do these things, and ensure you never base a decision on emotion or instinct you will have the greatest chance of making massive profits in forex.