How successful have you been using this method? I tried it in the past and found that it is very easy to get whipsawed out of a trade. The market spikes one direction triggering your trade, then back to stop you out, and then triggers the order in the other direction, and reverses to stop that out, then decides to go the direction it originally wanted to go :mad:.
End results is that you get stopped out of both trades. Keep us informed of your progress. Hi Topgun This is very true floor traders and bankers do it all the time thing is these guys no every trick in the book what you are going to do and are always one step ahead. Well i never had beginers luck and now I am showing profit. I use fxcm. You can set your account up with no dealing desk, this alows you to trade news events. You can also do hedging no need for SL you will be able to trade both ways. Go to the site for more on hedging.
And as i say you could place TP to know you will take profit. I will sugest to test this with a demo account because some pairs are more stable so you can find them. If you PM me with your email address i will send you a link to a site with trade signals on news events.
Happy Trading.
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Hmmmm… No thanks. It looks like he is offering a link to another site that offers info on how to trade news. I take your point, topgun. As you know, popular forums tend to attract spammers of all sorts. Some days I am more easily annoyed than others. I joint this forum the become a better trader not to spam and if you want to become better you need to share all knowledge on how to do it and i was offended by that remark but i also accept your apology. I have had no success with this technique in forex; nor do I have an answer as to why.
Looking For The Perfect Trading Strategy?
I have come up with a grate idea, you know that one currency has more than one pair. The dynamics changed when FXCM changed to the no dealer desk, so I had to change my research focus—I needed to know how the spread fluctuated with volatility the first minute of the FA release. My research is starting to give me an idea of the probabilities.
I use a cheap little electric clock with a second hand to time me for modification of my entry order setup and launch—believe me, with some practice your mind can work the time. In a previous post I referred to using straddles in other markets currency futures. I was thinking the same thing when I first started trading with fxcm. I noticed the same time frame on my charts as you did and it seems the strategy would work.
I tried it on a demo account at fxcm prior to the no dealing desk switch over and the sofware froze as the news broke,I was not able to track my tradesd. Every trading strategy carries its own risks. So, if you can intelligently mitigate the risks, then there will be chances of making profits. However, do not be worried as many advanced forex trading strategies aim to help you make a satisfactory amount of profits. One such strategy is forex scalping, which is aimed to help you make quick profit potential.
The idea of this trading technique is quite simple and straight-forward.
It recommends you trade-in brief time frames when there are slight moves observed in the forex market. In this way, it opens up the possibility of making frequent profits. This forex strategy is undoubtedly impressive and innovative. But, if you opt for forex scalping, you must possess a thorough knowledge of the market. This strategy is typically thought to be suitable for day traders. Summarizing the key facts about forex scalping generally happens when traders get rid of a position for a brief period.
Here, the primary factor lies in identifying a brief period, but nobody is sure how long this period can last.
Foolproof Forex Strategy
The time between the opening position and closing position of trades is pretty short, and this period may last only for a few minutes. If you can successfully predict this brief period, you can make significant profits very quickly and efficiently. But, the cumulative gains from all scaling positions will be good enough. Plus, as you grow and cultivate your trading skills, you will place larger capital and volumes, increasing your profit potential. Do not exceed this time. Scalping rules: Buy asset if the price is above EMA on the daily chart EMA is flat not strong bullish or strong bearish price is near MA20 on the 1-minute chart MA20 is rising on the 1-minute chart.
Sell asset if the price is below EMA on the daily chart EMA is flat not strong bullish or strong bearish price is near MA20 on the 1-minute chart MA20 is bearish on the 1-minute chart. Top-earning traders often use this advanced forex strategy. This trading technique is quite different from day trading and forex scalping. As you have learned in the above sections, the forex scalping traders are expected to hold a position for a few minutes.
However, the strategy of positional trading is absolutely different.
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Here, the trade size is recommended to be small as compared to forex scalping. Plus, the holding period for positional trading is large enough so that you can aim to make more than pips. Rest assured that your position will be safer even if the market fluctuates. Positional trading has its own risks as well. However, you can avoid extensive risk as your trade size is small. Here, your trade will be kept for a few weeks to a few months.
Basics of forex trading strategies
Hence, your trading positions are subjected to swaps. Swaps are also termed as rollover fees or rollovers. Sometimes, the rollover fees become more than the pips you have earned. Plus, you should also be aware of the current geopolitical issues. It would help if you did the above analysis before considering opening a position, and you will again do another round of analysis to find the right exit point. Position trading strong-weak currency strategy Advanced foreign strategy using weak and strong currencies. Trading in foreign exchange is hazardous, with a large number of traders making losses.
Hence forex traders are always interested in finding out the right strategy for trading to make a profit in most of their trades. One of the most successful advanced forex strategies involves identifying stronger or weaker currencies than their typical values. Then the trader will make trades by going long on the currency he has identified as strong. In exactly a similar manner, he will go short on the currencies he has identified as weak while opening forex trades. Trading strategy. The first step in this trading strategy is identifying the currencies which are weak or strong.
In some cases, the trader will have to wait for some time since the currencies do not reach their high or low price. One of the most important aspects of this strategy is that the trader should be willing not to open any trade if he cannot find currencies that fit his criteria for being strong or weak. If the trader is opening trades daily even if he cannot find very strong or very weak currencies, he is likely to lose money Currency strength. Traders have different identification criteria to determine if a currency is strong or weak. Some traders are looking at the prices of the most widely traded currency pairs for a particular currency over a period of 50 days.
If the currency pairs are at a 50 day high, it indicates that the currency is strong. Similarly, if the related currency pair prices are at their lowest over a period of 50 days, it is an indication of the weakness of the currency.