Forex Trading Strategy - A 3 Step Method for Success

Forex Trading Strategy - A 3 Step Method for Success

by kelly Price

Here we will outline a simple way to make money with a forex strategy anyone can learn and apply in a few days and it works. Let's look at this forex trading strategy in more detail.

First things first

The key to currency trading success is a simple robust method combined with discipline.

If you don't understand how and why your method works you will NOT be able to apply it - that's why you have to learn it yourself.

Currency trading success comes from within.

Now how do you trade?

1. Methodology

The first point is you need a simple robust method - simple systems work far better than complicated ones as there are fewer elements to break.

The best system to use is a breakout system, based upon support and resistance and confirmed by momentum.

2. A Forex Trading System

How should your system work?

Firstly, forget all about the idea of buying low or selling high it doesn't work in the real world of forex trading - the best way to trade is to buy breakouts to new highs or lows. Most big trends start from these breakouts and the odds are in your favour.

Trade breaks of valid resistance (the more test the better) and if possible in two different time frames spaced by weeks or months and the more periods the better.

When a break occurs you want to go with it. How do you decide?

You look at forex price momentum.

If you don't know about momentum indicators are, now is the time to start.

Get one or two you like - we favour the RSI and stochastic and you can look them up in our other articles.

If price momentum supports the move you are not guessing or hoping the move will continue - you are trading the confirmation.

Stop is then below the breakout point.

That's nice and simple then and it is - but breakout logic is timeless; most traders want to wait for pullback but on the big moves they don't come and their left missing the move - don't make the same mistake.

If momentum supports the break execute your trading signal on your forex chart and go with it.

Money Management & Discipline

You are only trading valid breaks of support or resistance and these normally lead to big trends so you keep your stop back - Do not trail too soon. When you do, make sure you keep your stop outside of normal daily volatility.

This system is based upon breakout methodology which works and is easy to understand.

You can also see why the bulk of traders don't do it.

You have to buy highs or sell a low which requires discipline - but if you want to make money and you have confidence in your forex trading system, then you will do it.

The fact is if you want to succeed remember this equation:

Robust simple system + Applied with discipline = forex success

You need both to come together in your forex trading strategy, to enjoy currency trading success.

It may be simple but that doesn't mean it doesn't work - it does. Furthermore, it should only take 30 minutes a day or less to apply and execute.

Forex traders constantly want to predict (this means hoping or guessing ) and lose, they also want to buy low or sell high - but this is not possible and also if you do it, your not trading high odds trades. A simple breakout system, you understand and can apply with discipline works best.

Try basing your forex trading strategy around the above and you could win big at forex trading

Drastically Reduce Your Forex Trading Risk With ACCURATE Forex Trading Signals

Drastically Reduce Your Forex Trading Risk With ACCURATE Forex Trading Signals

by Shane Alexander

For those who do NOT have access to accurate Forex trading signals, online Forex trading is tantamount to gambling. Typically, Forex traders pay huge amounts of money over time to signal generation companies to provide Forex trading signals that are often late or completely inaccurate! The essential problem is: How can you make money CONSISTENTLY trading on the Forex market without paying never-ending signal generation fees? I've managed to discover a SOLUTION--the only PROVEN AUTO-PILOT NO-GUESSWORK software SYSTEM that generates its own WORKING Forex trading signals and eliminates the "human error" factor by doing the vast majority of the thinking for you, which makes it so easy that even Paris Hilton can make money trading Forex.

==> http://evenparishiltoncantradeforex.blogspot.com

Just like the stock market or within any other investment arena, we simply can't ELIMINATE risk. We can only REDUCE our risk. For that matter, even staying in bed all day is risky. An airplane could crash through your roof and wipe you out in an instant. You just never know. Since we're clear that risk elimination is a virtual impossibility, let's just focus on drastically reducing your overall risk exposure when you're trading currency on the Forex market.

Accurate Forex trading signals indicate trends that affect the Forex market and tell you precisely when to buy, sell, or do nothing at all. Forex traders usually have to pay periodic subscription fees to independent service providers for these signals, which are essentially buy & sell recommendations. Accurate online Forex trading signals are based upon fundamental and/or technical analysis--NOT rumors or speculation. Accurate online Forex trading signals serve to reduce your overall online Forex trading risk exposure.

Trend identification alone is insufficient for consistently profitable Forex trading. To be a successful Forex trader, you need to know precisely when to profitably enter & exit the Forex market. You've gotta select just the right Forex market entry exit points. Otherwise, even if you're lucky enough to complete a few profitable Forex trades, in the long run, you'll eventually get financially screwed--BIG TIME.

I'm not an expert Forex trader--nor am I exceedingly brilliant. So, I'm living proof that anybody can make money trading Forex without any Forex Market-specific knowledge or prior trading experience at all. Making money trading on the Forex market is really easy--if you've got the software that tells you precisely what to do and when to do it. However, I assume that since you are inquisitive enough to read through this article, you wanna educate yourself enough so you'll actually know WHY you're making all that money trading currency on the Forex market.

Why would you pay hundreds of dollars in monthly fees for Forex trading signals when you can just create them yourself with an advanced Forex trading signal system?

Why would you spend all day waiting for signals that don't arrive in time?

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Now you can finally generate your own profitable Forex trading signals without monthly fees! Even if you lack brilliance or substantial Forex trading experience, you just have to be smart enough to select the only automated analytical Forex trading software system on the market today that empowers you to generate your own WORKING Forex trading signals and makes Forex trading so easy that even Paris Hilton can do it. Drastically reduce your Forex trading risk today. Massive Forex trading profits are just a CLICK away...