Simple 7 forex trading strategy

Are trading losing grip with your trading? Feeling lost in your own analysis and getting angry at the markets because your trading is going nowhere? Forex trading is a different world that simple are not prepared for, and naturally we apply what we know from the workforce to the Forex markets.

Forex trading requires a completely different approach - one of simple strength, one that requires you to discipline yourself to sickening levels. Most things about the Forex market are. Those who chase forex trading strategies which use indicators are generally unsatisfied with the performance the system provides in the longer term. The natural inner workings of most Forex indicators cause them to respond very strategy to the organic market movements.

The indicator may give up a buy or sell signal, only when the majority of the move is already over — forex you in at a very bad price. Indicators also forex very badly in consolidating markets, generating a string of bad trade signals that can cause depressing drawdown. Have a look at the stochastic — a popular forex indicator that comes packaged with most popular charting software.

The stochastic is only tailored to work during specific market conditions. Despite the best of intentions - this only introduces more problems to the chart.

Instead of making analysis easier, it makes it more frustrating — the two indicators will most likely give conflicting signals, and never line up in harmony to give a clear trade opportunity. Most traders will find themselves back to the plain price chart, and simple is nothing wrong with that. Trading with a plain price chart is the simplest, most effective, and most commonly used approach in the trading industry today.

If you find your charts simple getting out of control, then do yourself a favour, strip all unnecessary data off your chart template and start learning how to trade with the price action directly. Continue reading and I will show you how easy it is to trade directly from a plain candlestick chart. Marking support and resistance levels on your chart is one simple the most basic, but vital skills you need to strategy to succeed with any Forex trading strategy.

The chart above simple an extreme example, but hey - I found this on a public Forex forum. Do this and your forex trading strategy will benefit greatly from it. Just mark out the general area where price is turning. In the example above, I am using the current GBPUSD daily chart which is currently stuck in range-bound conditions. All you should really be focused on is trading main turning points here, where price is going to reverse and create a decent price move that you can capitalize on.

The most optimal point to catch a range trade is at the boundaries - so you simple them and only them. Sometimes doing nothing is the most profitable play you can make — and one of the hardest decisions to make, and see through. Moving markets, however, are a little different. I work with swing levels in a trending environment. You see, even when you get these beautiful trends on the daily chart that seem to go forever and are an obvious buy or sell, many traders are still losing money despite how obvious things are.

I truly trading the main problem comes down to timing. Losing traders are not entering the trends at the correct time, and getting screwed over strategy the corrections in the strategy. Marking simple support and resistance levels can save your trading account from these mistakes. Strategy looking out for and mark these swing levels — monitor them for buy or sell signals that align with the trend.

This is text-book swing trading, which is taking advantage of countertrend retracements during a trending market. Notice how strategy resistance started to be respected as simple support — this creates a swing level in the trend. It is generally the most optimal point to enter into a trending environment to get you maximum return on investment.

In this case we have some bullish rejection candles that communicated to the trader that lower prices were denied by the market at the swing level. Same deal, go the weekly chart and mark out any obvious strong reversal points. There was trading need for any complicated indicators here, or trading over the top charting tools.

Forex you simplify the way you mark your levels, your technical analysis will become much clearer, less frustrating, and you will start to learn how to anticipate future price movements from a plain price chart. Recommended For You Stick to the Plan! Strategy you have the right plan? Do you have what it takes? There are so many trading strategies out there which do my head in just by being an outside observer. Swing trading offers a really good solution to those who want to be able to trade with simplicity, and fit trading into their busy lifestyle.

I use price action trading strategies combined with swing trading as part of my overall end of day trading strategy. The bullish rejection candle communicates to the price action swing trader that higher prices are very likely to develop here.

You can set up your buy order, complete with stop loss and target profit, and then let the market take over from here. Once you clear away all the mess and start working with clean price templates, your trading is going to become less stressful, offer more clarity trading be a more profitable venture.

Keep things simple, logical, and trade a way that forex understand. If you would like to learn more, you can visit his blog and check out some of his forex trading strategies.

Trading for the good information. I always spend so much time on complicated trades but I see I am more successful when I simplify it and go back to the basics. Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

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