Can anyone recommend a simple, easy to understand forex trading strategy?
SarahG asked:
I am looking for simple, easy to understand, MANUAL forex trading strategy ideas. NO autotrading system recommendations please! Does anyone have recommendations? Preferably a strategy you have actually used with some success.
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I am looking for simple, easy to understand, MANUAL forex trading strategy ideas. NO autotrading system recommendations please! Does anyone have recommendations? Preferably a strategy you have actually used with some success.
May 18th, 2009 at 7:21 am
Learn how to read indicators like the fast stochastic, bollinger bands, MACD etc. These are for short term swing trading/scalping. Stay away from currency pairs that have large bid/ask spreads. Also, keep an eye out for monetary policy changes which are easy to track on a site like fxcm.com. Changes in interest rates, payroll data etc. will greatly affect the corresponding currency pairs. Keep in mind that currency trading uses a great deal of leverage and therefore you can lose a significant amount of money FAST if you don’t know what you are doing. I would recommend practicing on the demo version of the forex screener which you can download at fxcm.com. good luck!
May 21st, 2009 at 2:03 pm
Hi
You can try out this system as I am not sure how simple is simple.
The website also has load of forex education.
May 21st, 2009 at 3:19 pm
you may check your options in this source. the site it will lead you to specializes in web based forex trading platform. they have lots of learning materials, tools and innovative features specially developed for manual traders. and if you open an account with them, they will provide you a personal account service manager to be your consultant to discuss live via phone, email or chat whatever strategy you need to enhance in your trading deals. all the best.
May 25th, 2009 at 1:34 am
Sarah,
You may use other people’s systems but ideally, you should define your own system because it would suit you the best. Trading is a lot about psychology, as you will find out. You need to set money management rules as well.
Good trading,
Mark
PS: for ONE Day Trading system to get “inspiration” from, check my blog as I am explaining it:
May 26th, 2009 at 5:12 pm
A great forex system means you need to constantly have high probability trades. You also need to be concerned with the currency pairs in real time. Hopefully this blog can help. Remember, no system will be full proof, so be cautios about the claims some trading systems make.
May 26th, 2009 at 5:23 pm
The forex heatmap works and its so simple it will make you sick.
Heatmap Youtube Videos - Videos on how it works.
Good Luck
Mark M - Level 3 Yahoo Responder