The best strategy in my view is to follow and trade the trend. Within the trend there may be divergences and also if you trade a divergence in the direction of trend the odds will be in your favor. Another good stategy is to trade breakouts. Some times a breakout from a range will lead to a new trend (continuation of previous trend or reversal). Another strategy is to trade the ranges. So, ranges-breakouts-trends(continuation or reversal). Be carefull with the breakouts, many times there will be false breakouts. Above all, if your entry does not go as you want don’t be afraid to cut short the loss. If your entry is correct, don’t take the profit to early, let the winner runn.
If I am gonna give you one good advice today, it’s gonna be this one…No matter which strategy or method you choose to trade, make sure it has some kind of consistency and it lets you manage your losses wisely…Manage your losses, manage your losses, manage your losses first and then go look for your profits…If you look for profits first, without paying attention to how much you’re losing, you’d always end in losses or margin calls. Regards.
i’m just a noob trader .First of all i’d like to say sorry because of english wasn’t my nature language so may incorrect spelling and grammar.Started interesting in forex since 2005 but that time i didnt know muchABOUT FOREX. Plenty of tools signal etc in internet that saying profitable technic, analyze, EA, and much more. That i noticed, forex is like a traditional market where is buyer and seller, just a simple thing.
In this market you should know plenty of things in your mind. You cant say fundamentals is the right one to analyze price or technical is the right one. Actually both needed each other,fundamentals trader need technical for their reference and technical traders need fundamental as their reference. When you know the basic Supply and Demand you will noticed the price action because of trader psychology. No body wanna bee looser, there will be fear and greedy that will causing mass impact of the price.
What i use for trading was using technical to analyzed next movement and fundamental or news will be my reference , Based on weekly and daily chart. On that chart you will eliminated the noisy movement (we can say that fear and greedy movement). Find the support and resistance point and than calculate the RR.
I’ll describe the step below :
1. Find the Support and Resistance on Daily Chart and Weekly Chart
2. Check the price action on the Support or Resistance.
4. Calculate Risk and reward ratio.
5. Money Management.
6. STICK WITH THE RULE
there are the basic point from my side. Doesn’t mean for mentoring any one. Just a sharing.