10 Easy strategies to get you started in Forex

Forex trading can be intimidating even for the experienced trader so when starting out it is always a good idea to keep things as simple as possible. Below we have found quite an interesting article that details briefly ten strategies that can be employed easily in your trading.

10 Forex Strategies

When it comes to selecting strategies to trade, you have the choice between buying one off-the-shelf or trawling the Internet for freebies. The trouble with free forex trading strategies is that they are usually worth about as much as you pay for them. They haven’t been tested, and there is little evidence of their reliability.

The strategies covered here on the other hand, are ones that either I or successful traders I know have used in a consistently profitable fashion…

N.B. not all of the following strategies are equal in all markets. Some perform better than others, and each individual trader will find some strategies more suitable for them to trade than others.

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#1: The Bladerunner Trade

The Bladerunner is an exceptionally good EMA crossover strategy, suitable across all timeframes and currency pairs. It is a trending strategy that tries to pick breakouts from a continuation and trade the retests.

#2: Daily Fibonacci Pivot Trade

Fibonacci Pivot Trades combine Fibonacci retracements and extensions with daily, weekly, monthly and even yearly pivots. The emphasis in the discussion here is on using these combinations with daily pivots only, but the idea can easily be extended to longer timeframes incorporating any combination of pivots.

#3: Bollinger Band Bounce Trade

The BollingerBand Bounce Trade is perfect in a ranging market. Many traders use it in combination with confirming signals, to great effect. If Bollinger Bands appeal to you, this one is well worth a look.

#4: Forex Dual Stochastic Trade

The Dual Stochastic Trade users two stochastics – one slow and one fast – in combination to pick areas where price is trending but overextended in a short term retracement, and about to snap back into a continuation of the trend.

#5: Forex Overlapping Fibonacci Trade

Overlapping Fibonacci trades are the favourites of some traders I have known. If used on their own, their reliability can be a little lower than some of the other strategies, but if you use them in conjunction with appropriate confirming signals, they can be extremely accurate.

#6: London Hammer Trade

The extra volatility you get when London opens presents some unique opportunities. The London Hammer Trade is my take on an attempt to capitalise on these opportunities. Especially effective during the London session, it can be used at any time when price is likely to be taking off strongly in one direction, and possibly reversing from an area of support/resistance just as strongly.

#7: The Bladerunner Reversal

As mentioned above, the Bladerunner is a trend following strategy. The Bladerunner reversal just as effectively picks entries from situations where the trend reverses and price begins to trade on the other side of the EMA’s.

#8: The Pop ‘n’ Stop Trade

If you’ve ever tried to chase price when it bounds away to the upside, only to suffer the inevitable loss when it just as quickly reverses, you will want the secret of the pop and stop trade in your trader’s arsenal. There is a simple trick to determining whether or not price will continue in the direction of the breakout, and you must know it in order to profit from these situations.

#9: The Drop ‘n’ Stop Trade

The flip side of the pop and stop, this strategy trades savage breakouts to the downside.

#10: Trading The Forex Fractal

The forex fractal is not just a strategy but a concept of market fundamentals that you really need to know in order to understand what price is doing, why it is doing it, and who is making it move. This is the kind of inside info that took me years and many thousands of dollars to learn. It’s yours here for free, so make use of it. There are also several sites on the net offering free strategies. The problem with most of these sites is, as mentioned above, they just give a brief description of each strategy, with little real proof that they work. Consequently, there is a need for greater research on your part before using any of those strategies in your actual trading. Once you have selected a strategy from one of these sources you will of course need to thoroughly back test and forward test it. The various processes for this are covered in Forex Strategy Testing There are also several commercial systems to consider. Since these are more comprehensive than the simple strategies presented above, and thereby fall into the definition of Forex Trading System, they are dealt with separately in the following section, Forex Trading Systems.

Article by Authenticfx

Strategies For Trading Forex

tradeWhen you prefer to become involved with Forex trading, you’ve got to determine approximately how much you want to commit to trading. After which, locate a minimal cost course that’ll educate you to receive started. When you are ready to start trading, you must open a demo account and paper trade. You must practice until it is possible to earn a consistent profit. If you intend to earn money but at the similar time you don’t wish to lose too much. You’ll have to select the perfect set of the tools to begin the things successfully.

Determining Profitability

•Many people would believe that back testing is the most robust approach to determine a systems profitability.
•Platforms give the liquidity to any or all clients trading price.
•If you don’t utilize momentum indicators within your forex strategy, you are unlikely to have probability on your side.
•One should have the capacity to interpret charts to choose the suitable strategy.

Trading worries often come around any news. There are several things which you may set your investment on. Let’s decide the best way to invest some cash. Sure, you won’t win constantly, but once you learn how to trade the odds you can make a great deal of money.

If you prefer to begin in trading really soon, one particular way is to purchase a course on the internet that teaches a particular method of trading. For example, using Fibonacci ratios, Elliot waves, or alternative indicators that provides you a superior probability when placing a trade. The first and the most crucial tool, is the forex software. This is not only going to enable you to make more successful trades but will likewise enable you to receive a better mastery of the forex marketplace. The use of price-action analysis has turned out to be useful to a lot of forex traders and it can assist you too. So listen and pay close concentration to the market. Allow it to dictate which method you may use and which tool you use from your collection of strategies and techniques.

It’s vital to take your own time and learn how to trade properly before you begin committing capital. By multiplying your expectancy figure by means of your opportunity factor it’s going to explain to you how much you could expect to make over time. Remember, there isn’t any hidden law you’re dealing with probabilities not certainties. There is no single indicator which will always stand over the rest.

One of the key worries of the many traders is that they will need a ton of money as a way to manage to access this industry and begin placing trades. This is not the case. Many brokers offer the opportunity to have a Mini Account. It uses an alternate leverage calculation when compared to a regular (100k) account. Despite the fact that the normal trade size is 10,000 units, you aren’t restricted to trading one lot.

Trading Strategies

As a trader, its important to be aware of the method you’re trading with. Before you start trading, make certain your broker meets certain criteria. Take some time to work out a trading strategy that is effective for you. It’s the individual trader who must make a decision about what works best for him. But having a superb understanding of these concepts is not all you need.

An easy and popular way is to await price to close higher in relation to the previous 3 bars. You’re able to identify a trending market together with the aid of a trendline. The mind must also be made to think that nobody always has the choice to sell on top and buy when the market reaches the bottom. Manual trading isn’t suitable for everybody. So, many people have begun relying heavily on automated trading robots.

To begin with, I’d like to provide you with a simple idea about Fibonacci trading. The easiest way to become acquainted with Fibonacci retracements is go yo your platform and practice plotting the retracement points.

These Fibonacci extensions are generally plotted on a chart and is quite hassle-free today due to technology. There is absolutely no method that is certain stand-alone with no reference to something else.

Avoid Fibonacci Trading Mistakes

So as to produce a full understanding of forex trading and the reason it is even possible, you really need to understand a bit about the history of cash. It is essential to recognize that inflation is the escalation in money supply, or straightforward money. Essentially, it states an investor should be paid to take on risk. Because humans aren’t logical and don’t conform to a universal ideal, which should be quite obvious as if there was a scientific theory of human nature we’d all know the purchase price beforehand and there wouldn’t be any marketplace.

Becoming a Better Forex Trader

In Forex, the challenges most people face in the markets are pretty much all the same.  Why is this? The reason is simple there are only three possible results for any trade any trade win, loss or breakeven. In addition, we can only be in a and also because the only thing we can ever do in the markets is buy, sell or sit on our hands.

Success means simply focusing on solid execution of our trade plan and then actually letting the plan control the trade.

When a trader realises that they have zero control over the outcome of their trades, it is then they are likely to start being profitable and gain the consistency needed to be successful. How many times have you rewritten or changed a trading plan or strategy hoping to increase its strike rate? Often the answer is too many times If you are constantly changing the plan, you will never discover what actually works. To prove a system, it needs time so that you have enough statistics to judge.

In order to be successful you have to find out what is working with your trading and what isn’t. This requires proper information. It is also immensely important to keep your strategy simple. Remove all the superfluous indicators and objects from your charts that obscure your vision and concentrate on price action. If you have many conflicting signals it makes it very difficult to be decisive. You also have to understand that when using technical indicators to base your trading decision on you are using historical information so the indicators are lagging so your entry will never be perfect as you are using imperfect information. Good trading practice needs pre-planning so that you know precisely the reasons for entry as well as where your stops and profits should be rather than following the price.

Success means simply focusing on solid execution of our trade plan and then actually letting the plan control the trade.

Live Forex Trading Room Stream

Live forex trading room stream gives you an idea of what it is like in a live forex trade room. As you can see from this recording of the live stream we have a professional trader, Chris, analysing the price action and call the trades. In this clip he successfully shorts EURUSD for +7 pips. Although he was stopped out later his analysis proved spot on as it fell 100 pips over the course of the rest of the London session morning.

 

Winning Trading Forex

There is no doubt about it, forex is a tough business to master but a very lucrative business if you can. Here we will be looking to provide up to the minute news, as well as traing and advice in order to help you win trading forex.