The Best Trading Strategy for forex - forex news trading bot

The Best Trading Strategy for forex ~ forex news trading bot

The best trading strategy for forex should become the next important thing you must learn if you agree to invest your money in forex. You can’t play with your own money or just gambling in this market, because you can get higher risks about it. Just like everything in this world, you should have enough plan, preparation and strategy before you want to take a real action. If you just use your imaginary or take random acts, you can get bad result or maybe even the worst result you will regret. 

Before we talk about trading strategy for forex and how to take the best way, let’s talk about forex itself. What is forex? For beginners or people who don’t really have a clue about money investment and trading, forex is only a strange name. But more than that, forex is so important and actually take a role in our every days life. Forex is the largest financial market on earth, often known as foreign exchange market, where you can potentially make profit from the movement of trading market. Nowadays, forex market is not only full with traders or money investors but also ordinary people in ordinary life. Yes, everyone can join forex market as long as they have money and strategy to make the great result. 

Now let me just tell you about the best trading strategy for forex :

Because forex market involves significant risks and fatal result for people with no strategies, that’s why you should prepare the best plan and strategy when you want to be involved in Forex trading market. With great strategy about trading, sure you will get the best result that may change your life forever. Remember that George Soros ever made a billion dollars in a day by trading currencies. That’s one perfect example about how smart and great strategy for forex can improve the best result you will get. 

In the very first time, make sure you learn about basic knowledges about trading market before you try or challenge yourself in real trading acts. It’s also one of the best strategies to try small investment with small amounts of money for forex market. Because forex is accessible and not only for high-class, you don’t need a lot of money to get started in this business. If you worry about the higher risks, invest small amounts of money can be your best option.

Not only that, try to take trading demos to practive and improve your skill in trading market. It’s not only a perfect place to know and learn the basics but can be the best way to practice your strategy in forex trading market.

another forex strategy

• The Three Ways of the Best Forex Trading Strategies for Beginners

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FOREX TRADING 101 CONTD - forex news trading techniques

FOREX TRADING 101 CONTD ~ forex news trading techniques

in my last posting, I promised to provide answers to some questions. To do this, I will first make an attempt to provide an insight into the reasons why most traders, failed with live accounts. These reasons are: a) Lack of knowledge or understanding of the forex market: Majority of new traders jumped into forex trading without adequate knowledge of how the market works. And it well-known fact that people perish for lack of knowledge. Such traders jumped into forex trading without being equipped with adequate knowledge on how the market works and ended up being swallowed within an instant. If you don’t have enough knowledge on how the market work, never open a live account or only open micro accounts with less that 1o% of the amount you wish to trade with. b) Most new traders think forex market in an avenue to get-rich quickly:Most new traders including this author are attracted to forex because of the misinformation that forex trading is an avenue to make quick money and the ultimate solutions to your financial worries. In fact, I was actually attracted to forex by the information that I can make between 10-30% of my account within 24 hours. How wrong I was! I started trading with the mindset to double my accounts every month. To achieve my target, I overtraded by opening many positions at the same time and whenever the market is in my favour, the reward is usually mind boggling. However, whenever the market turn against me, the consequence are usually disastrous. Most times, after increasing my account by 60% over two weeks or three weeks period, I often ended up blowing such accounts within two to three hours when the tide turned against me. The lesson is you should aim at realistic returns on your investments and increase your returns over time as you acquire knowledge, experience and expertise. c) Under-capitalisation: Most new traders started trader with gross under-capitalisation and ended up being annihilated within seconds. Most people starting with ridiculous low amount of between $100-$500 and expect to turn it into millions within months. How ridiculous! In a market where $1.5 trillion dollars are traded on a daily basis, majority of the traders are small flies capable of being crushed in milliseconds. Forex is business and should be treated as such. My advice is if you don’t have enough capital to start trading, don’t ever dream of opening a live account. The fact that you don’t have capital should not discourage you. For a start you can build your trading capital over time while acquiring skills through demo trading. If you have less than $1,000, don’t ever dream of trading live. d) Lack of trading plan: Most new traders enter trade without adequate trading plan or no plan at all. Such trading is akin to crossing a twenty-lane highway with your eyes close. For such a pedestrian, death is a sure certainty. Plan your trade to the last detail before your entry. Your plan should include, entry point, expected profit and exit point and retreat strategy (stop loss) if things go against you. Stick to this plan because it is your only chance of survival in this high risk endeavour. e) It is not compulsory that you must enter any trade:Most new traders never want to miss any opportunity. No trade opportunity is compulsory as there are many more trade opportunities by the corner. f) Be very sure of the direction of the market before you enter a trade Most inexperienced traders believe that they can predict or anticipate the direction of the market end enter a trade with such erroneous belief. This is usually not the case. Most of them are often fooled by what sideways movements. For moving averages, look for sharp angles and an obvious degree of separation between the two lines to determine upward and downward trend. Once this separation is obvious and a few candles have opened higher than the previous (lower than the previous in the case of a downwards trend) the market has shown its true colors. At this point, you should be looking to pull the trigger. g) Profit should never be your main motive principle Most new and inexperienced traders go into trading thinking that they could begin to make profit instantly. The fact of the matter is that most businesses do not begin to make profit until their fifth anniversary. Furthermore, most financial investments would be rated 1st class if they are able to return between 10-20% annually. In spite of these obvious facts, most traders think they can achieve a return of between 30-100% on a monthly basis. In other to achieve their unrealistic target they gamble away money and ended up being losers. The forex graveyard is full of greedy traders. Please don’t be part of the casuality. Your profit target should be realistic. If you are able to achieve a return of between 2-5% on a monthly basis, you would have outperformed most blue chips investment outfits in the world. As a new trader, fund preservation should be your number first priority and profit distance second. Once you acquire experience, making profit will come naturally. h) Cut your losses and live to fight another day Most new traders hate losing money by closing loosing trades. They often leave such with the expectation that the market will turn around in their favour. The resultant effect is that 40 pips ended ground to 100, 200, 200 and perhaps 1000 pips. The main message is cut your losses and live to fight another day! i) Psychological deficiencies Majority of new traders are psychologically deficient to handle trading live trading. Their trading is guided by inadequate knowledge, greed, desires to get rich quickly amongst others which are perfect recipes for disaster. As a new trader, make your trading as mechanical as possible because you definitely lack the psychological control to handle live trading. Live trading is high pressure game and is not meant for the inexperience and faint-hearted. In my next post I will address how to be a successful trade. Happy reading!

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500 Pips Trade set up - forex trading latest news

500 Pips Trade set up ~ forex trading latest news

Welcome to a new trading year - 2011. What I will be discussing this year is taking our trade to higher levels. Looking for those highly profitable set up for the major pairs. This first posting will be on the GBPUSD. The principle are simple as follows:

1. We rely of the weekly chart for the overall direction
2. The daily chart determines whether to buy or sell
3. H4 or M15 for excellent entry.

Based on the above analysis, here is the set up for a potential 500+ pips trade based on Head & Shoulder on the weekly .

a) The weekly trend is up
b) The daily RSI is getting close to 70 RSI and currently withing a possible left shoulder of Head & Shoulder on the weekly chart.
c) It took about 21 days from when the signal was given on the daily and roughly 750 pips so far.
d) The yellow area is where we are watching now. A daily open and close above 1.61140 area will invalidate our head & shoulder set-up. If this happens a second kiss of 1.63000 is possible to give us double top.

Until this happens our H&S is still valid. Furthermore the daily RSI is currently kissing 70 point mark. This means the cable is getting ripe for short. However, we need to see where the daily candle closes today.

If you are ready for a 500-pips or more trade, you can begin to short between 1.610000 - 1.630000 or the first reversal candle (bear candle on the daily). Everything is in the chart!

Enjoy your trading!
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Trading Strategy Explained - forex trading on news

Trading Strategy Explained ~ forex trading on news

Let me use this opportunity to explain and make some clarifications in respect of following aspects of my trading strategy.

a) Candle trades
b) Monthly chart
c) Weekly chart
d) Daily Chart
e) 4-Hour chart



Candle trades:

For the candle trades I use weekly and monthly candles and I have a micro account with Alpari which I use for these trades, because I am still experimenting. However, whenever a unique opportunity present and it aligns with my trade set in the charts, I replicate such trades on my main account. For the candle trades, I dont use RSI. I simply follow the candle, if the candle is bearish, I will go short and if the candle is bullish, I will go long. If you want to try this, open a separate micro account or even try it on a demo account over a period of time to properly understand it.





Long Term trades:



For long term trade, I follow the daily, weekly and monthly charts using RSI as a guide. The signals on these period are usually few, but of the best quality.



Monthly RSI gave a buy signal in March 2009 and over the next 4 months, price rose by about 3000 pips. The next signal was given in June 2010 and yield about 1800 pip. Using the monthly RSI, there is no signal to sell yet.



Weekly RSI gave six signals on the chart 3 buy and 3 sell as shown on the chart.



Daily RSI gave three signals so far, 1 buy and 2 sell as shown on the chart.



I attach herewith a daily, weekly and monthly charts for GBPUSD to illustrate the points. The place where the signals are given highlighted in blue boxes.



How do you interprete all these based on where we are today for your long term trade?



Monthly: The buy signal was given in June, if you miss it wait for another signal. Most importantly, dont trade in the middle of channel. You can get your trades on other timeframe.



Weekly: The weekly gave a buy in May and sell signal in August indicated by the spots highlighted. Price is currently on 50 points. Wait for another signal if you want to trade weekly long term.



Daily: The daily gave the sell signal in between August 2-4 and has currently cross the 50 point mark down. The next signal you should watch out for is buy. If you miss the signal in August, wait for the next one.



For a trader who missed all these signal for medium term, trade, what does he do?



If you miss all this signals, the next option is to trade intra-day using H4. The horizontal line on the RSI is your guide.



For a trader who misses all of these signals, what does he do?



The best option is to stay out on the sideline and wait for the next signal, because that is the only way to be a successful trader.



I took time to clearly enumerate the steps to show that is important for a trader to be methodical in his approach. If a set-up is not right, ignore such trades. To give you more trading opportunities, you can monitor between 2-4 majors and only trade the one that presents the best opportunity at any point in time.



Happy trading!
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BOJ Intervention JPY - forex flash news trader.mq4

BOJ Intervention JPY ~ forex flash news trader.mq4

The intervention by the Japenese Government was an extra-ordinary event. However, if your look closely at the two H4 charts below for GBBJPY and USDJPY you will clearly see that the H4 was on a bullish move, when the intervention occurred. H4 clearly explose the move so also the current retrace. USDJPY was even more exact to the point at the point of intervention and the retrace.
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Forex Strategy Builder - best forex trading app iphone

Forex Strategy Builder ~ best forex trading app iphone

Forex Strategy Builder

is complete solution for building and testing on-line foreign exchange market trading strategies. It is free for use and distribution. With Forex Strategy Builders user friendly interface you can create and back test a profitable trading system with just a few clicks. Thanks to the programs automatic system generator a successful market strategy can be quickly produced without detailed technical analysis or programming skills. Using market rates, dating back to the 1980s, Forex Strategy Builder immediately calculates statistics and creates charts for the whole trade. You can easily create and test highly complicated trading systems using a wide variety of indicators and logic allowing for almost infinite combinations.

The program also includes unique interpolation methods yielding reliable test result within each data bar. Forex Strategy Builder looks inside the current time frame using all shorter data periods to produce a realistic market back test, calculates the most profitable combination of parameters for the selected indicators, shows the average result balance between all possible market scenarios (while protecting from curve-fitting), shows you the price fluctuation inside each bar, and recognizes all the ambiguous bars in the back test.

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SigmaForex Strategy - apple forex trading

SigmaForex Strategy ~ apple forex trading

Strategy

Strategy - a careful plan or method consisting of precisely determined efforts toward a goal.

No strategy

quite simply with no strategy, you have no plan or map to reach your investment goals. You may get lucky, but sooner or later, you will lose your money, so start off on the right foot, and develop a strategy that is proven to work. If you have no clue where to start, go here.

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