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But is it profitable?Most likely not!That is why we are releasing this free Forex trading strategy guide book. A filter makes sure that we only trade upon a certain set of conditions, which gives us Forex traders that edge. The edge we are looking for in the strategy is to catch a currency when it isa either going to make a trend continuation orb either going to make a substantial trend reversal. In other words, this strategy is aimed at finding turning or continuation spots on the day chart. That sounds very simple… and it is. Before we move on, make sure to read these vital articles:1 the process of trading; 2 trying a new strategy. So now you might be wondering, how do identify those continuation or reversal spots within our Forex strategy?We thought you’d never ask!We can measure a pause in the market by monitoring the highs and lows of the day candles and keeping track whether and when it fails to make a new candle high or low. If the currency fails to make a new high or low, it equals a minor resistance or support level in the market. Here is the definition:In an uptrend a pause of one day no new daily high is equal to a minor resistance;In an uptrend a pause of two days no new daily high is equal to a major resistance;In a downtrend a pause of one day new new daily low is equal to a minor support;In a downtrend a pause of two days no new daily low is equal to a major support. These minor or major resistance and support levels are great trading opportunities because they indicate either a potential trend continuation trade or a trend reversal setup. Now we have formulated the definition of a trend:A trend is when the currency makes new highs or new lows;A temporary halt of the trend is when the currency fails to make a new high or low.
how to trade foreign currency
Risk warning: Trading Forex foreign exchange or CFDs contracts for difference on margin and with other financial instruments carries a high level of risk and may not be suitable for all investors.
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This brings me to another practice that is very common among traders, Signal Providers or developers of automated systems, and that is to bypass the Stop Loss rule by entering a very large Stop Loss.
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top currency traders