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Sunday, October 24, 2010
Tuesday, September 9, 2008
Don't give up on your Forex strategy now!
Today is September 9, 2008
Last two or three weeks almost all currency pairs were going wild, canceling the forecasts, denying logic, causing lots of troubles to many Forex participants both large and small.
The chaos in Forex still continues, however, already on Sunday, Sept 6, we saw the first glimpse of logic awakening in the market, which created a huge opening gap for major currency pairs and crosses.
Although it signalized about the first attempts to put those unexplainable rallies and sell offs on hold (which is good), it's shaken well everyone whose trading strategies were weak, causing to accept losses or give back all profits earned (which is bad).
Whatever you Forex strategy brought you during those weeks shouldn't scare you much. These conditions were a bit extreme and highly unpredictable even to expert traders. Therefore don't give up on your trading system, give it another chance to recover.
If you system, on the contrary, passed this market test with Flying colors - congratulations! You must be going in the right direction!
Cheese
Forex mouse ~C:>
Last two or three weeks almost all currency pairs were going wild, canceling the forecasts, denying logic, causing lots of troubles to many Forex participants both large and small.
The chaos in Forex still continues, however, already on Sunday, Sept 6, we saw the first glimpse of logic awakening in the market, which created a huge opening gap for major currency pairs and crosses.
Although it signalized about the first attempts to put those unexplainable rallies and sell offs on hold (which is good), it's shaken well everyone whose trading strategies were weak, causing to accept losses or give back all profits earned (which is bad).
Whatever you Forex strategy brought you during those weeks shouldn't scare you much. These conditions were a bit extreme and highly unpredictable even to expert traders. Therefore don't give up on your trading system, give it another chance to recover.
If you system, on the contrary, passed this market test with Flying colors - congratulations! You must be going in the right direction!
Cheese
Forex mouse ~C:>
Saturday, June 28, 2008
A simple recipe for success in Forex
I have my own recipe for profitable Forex trading. This is my personal research after the long time practice. I'm now sticking to this recipe.
Here it goes. It is often difficult to determine what time frame to trade in Forex. I'd say, trade 1 hour TF, or 5 min TF. These are the best. Trade daily TF only if swaps by the end of the trading day are in your favor or exit your daily trade no matter what before the swap is added to your account, which means before 5 pm.
A thing of the paramount importance is exit. Use fixed and clear rules for exits, use Pivot points and trend lines for exits, use Fibonacci for exits etc. Whatever you use, make sure you stick to your rules and follow them.
Final recipe factor is timing. If you want to trade 1 hour charts in Forex, you must know what hours are the best for trading and what are the worst. Learn about best Forex trading hours and tighten your trade to those hours. Do not over trade. Whatever you got with your trading strategy for the day, take it and wait for the next day and a new opportunity to profit from Forex market.
That's it. The rules are simple: trade 1 hour, 5 min or daily charts, don't leave your trades without control, take exits in time, define a period during the day where your trading will be the most successful. Enjoy trading Forex!
Here it goes. It is often difficult to determine what time frame to trade in Forex. I'd say, trade 1 hour TF, or 5 min TF. These are the best. Trade daily TF only if swaps by the end of the trading day are in your favor or exit your daily trade no matter what before the swap is added to your account, which means before 5 pm.
A thing of the paramount importance is exit. Use fixed and clear rules for exits, use Pivot points and trend lines for exits, use Fibonacci for exits etc. Whatever you use, make sure you stick to your rules and follow them.
Final recipe factor is timing. If you want to trade 1 hour charts in Forex, you must know what hours are the best for trading and what are the worst. Learn about best Forex trading hours and tighten your trade to those hours. Do not over trade. Whatever you got with your trading strategy for the day, take it and wait for the next day and a new opportunity to profit from Forex market.
That's it. The rules are simple: trade 1 hour, 5 min or daily charts, don't leave your trades without control, take exits in time, define a period during the day where your trading will be the most successful. Enjoy trading Forex!
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