I've been trying out forex for more than a year, demo and live account, tried various types of indicators, robots, you name it. I read forums, blogs, to get more information on forex. I've created and tried out my own systems. It worked, and started winning trades the way i wanted, but only for few months, after that, started going down hill. Those systems just coundn't stand the test of time. This keep happening. I'm sure you have encountered this too.
I start thinking there must be a way of trading which will stand the test of time. I spent few weeks staring at the charts without trading. Then i realise, why should we use all those lagging and inconsistence indicators. I deleted all those indicators in my chart and stared at it for few more weeks (I'm just another noob, i'm no genius). As i staring at the chart, i see hope again. I found something that can really stand the test of time...... THE PRICE......
Compared to the ever changing, lagging indicators, the price has magic in it. I'm sure all the traders out there seen it too. The price is repeatedly in the same pattern. Is either uptrend, downtrend or sideway. It is easy to say, but how to know whether the price is going uptrend, downtrend or sideway?
Then i found a way. Everyday, at certain time, the market is inactive, which mean it is a sideway market, and when open market time comes, the price will break, it's either up or down. We know in our heart, it happens everyday. But still, a problem, how to place and enter a trade? If anybody out there, sharing the same thought with me, and found a best way to place or enter a trade, please share with me, and share with all the readers of this blog. You can leave your comment here. Thanks for sharing.
Forex....
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actually there is a better thing is trading the news. visit www.forexfactory.com there we can see the list of news break out that are going to happen and their forecast. first we should have to see whether the news is really going to make any big movement. this facility is available in the site itself. before any big news break out the market will move in sideways. at that time see the past high and low. the see the price action and with a common sense make both buy and sell entry with 50 stop loss for buy and 50 stop loss for sell. after the news breakout the market will move in a single trend. that means it will be an uptrend or downtrend. we must be online at the time of news break out. after the news break out for an eg., if the market goes downtrend.. close the buy order immeditely and lets make a take profit sell 50 pips or even at 35 pips. that's it. the main aspect of this technique is that we must be free from disturbances and we must be very careful at that time. becoz in after news break out the market seems extremely volatile. so if we done anything in hurry means it may even results in disaster of our balance. so we should be concentrate on our trade. traders hope u understand this technique and make use of it. thank u
Congratulations! You almost found the secret to trading FOREX! The consistent trend is the exact thing that I looked for when I started trading Forex. I ignored all that mumble jumbo lagging indicators crap. You are on the right track. Depending on the pair, the trend direction is the same almost 99% of the time. You just have to create a strategy for entering the position at the right time. I am still tweaking my strategy, but for the past three weeks I have snagged at least 10 PIPs on each trade. Next week I am taking a loan on my 401k and I am going for the gusto of trading a lot size of 1 mil (25k leverage). I plan to trade my strategy consistently for two weeks, and if successful, telling my boss to take my job and shove it!
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