Secret strategy forex. The world of foreign exchange is fraught with opportunities and threats for you. But how will you be able to tell them apart? This is a difficult and tedious task for you, as a trader. Everyone wants a Forex secret strategy to help them get away with the highest returns on all their trading transactions. Here is a list of few strategies.

Secret strategy forex

4 Forex Successful trading Strategies,

Secret strategy forex. The world of foreign exchange is fraught with opportunities and threats for you. But how will you be able to tell them apart? This is a difficult and tedious task for you, as a trader. Everyone wants a Forex secret strategy to help them get away with the highest returns on all their trading transactions. Here is a list of few strategies.

Secret strategy forex


I know myself as a good and successful Forex trader, because I have been able to repeat my success every month for several years. I know many traders who started learning forex almost when I did, but they are still learning, testing different systems, and losing money.

Why did I started making money after few months of learning and practicing, but these people are still learning?

What is the secret of my success? We already have everything we need to trade and make money. All of the tools we need are accessible for free. Why should we make our lives too complicated? I learned the technical analysis and candlestick signals and patterns. This is what I did as soon as I started learning how to trade Forex. After a while, I almost mastered the technical analysis and candlesticks.

I have explained it here. So I kept everything simple from the first day, and I started getting good results very soon. I did not try different indicators, because I did know that if I wanted to do it, I would have to spend the rest of my life on it. There are zillions of indicators, trading systems, and…. But there are some simple and easy to use tools that have been already tried by thousands of traders, from Japan to USA, and it is proven that they work.

So I used those tools and forgot about the others. I simply use what I have learned and the tools I have. I am not looking for anything else. I do not let any emotions interfere and make me decide wrongly. I check the charts and I place the orders if I see a strong signal. It is as simple as that. There is nothing complicated about trading. Everybody can do it. Checking the daily time frame of the currency pairs and stocks that you follow, is what you have to do every day.

If there is any trade setup, you can see it instantly because a strong trade setup yells on you to take it. You should also check the weekly time frames every weekend and the monthly frames once the new monthly candlestick opens. These are the strongest time frames and the trade setups they form can be so profitable.

If you are spending more time on analyzing the charts, then I can say that you are not a profitable trader yet. If you are trying to convince yourself that a strong trade setup is formed while you know that it is not a strong, then you still need more time to learn and become a disciplined trader.

Some weak trade setups form on the charts every day. Those setups are for the traders who want to lose money. They are not for the professional and experienced traders. So I leave those setups for the others. I wait for the best and strong setups, and fortunately they always form.

They form not as frequently as the weak setups. But they are enough to make some profit every now and then. It is a long time that I am used to it. We are not supposed to have strong trade setups every day. Stop loss is one of the most important things in trading. You can easily wipe out a million dollar account with just one position, if you do not set a proper stop loss. I have seen someone who wiped out a 7 million dollar account, because he foolishly did not set any stop loss and a proper risk management, and emphasized that his positions were correct and the market would finally turn around to follow his favorite direction.

The market did turn around, but when his account was already blown up. Your trading system should tell you about the best and most optimum place to set the stop loss, otherwise you should look for another trading system. For each of the positions you take, you should set a proper and reasonable stop loss which is not too tight or wide. You should not widen your stop loss when the price goes against you and is about to hit the stop loss.

Also, please note that a too wide stop loss is like having no stop loss. And a too tight stop loss causes you to lose money even when your position is correct.

Checking the charts when you have open positions can trigger the negative and harmful emotions that cause you to make mistakes. When you see your position is losing, you get emotional and you close your position not to lose more, or you will widen your stop loss because you are afraid of losing too early and you want to give your position more time. I take the positions, set the stop loss and target and then I come back the next day. Therefore, when they take a position and it goes against them, they take more positions probably to hit the market turning point finally.

However, in most cases the forex market keeps on following the same direction and these traders will lose all they have in their accounts. This is not trading. A good trader is not someone who doubles his account every month.

You can double or triple your account by averaging down if the market turns around finally and you close all your positions with profit. However, you will wipe out your account the next time that you repeat this method because the market is not supposed to turn around every day. Strong trends can be continued even for years. A good trader is someone who properly follows the markets strong movements and trends.

That is the key secret. Over-trading is another syndrome I see among novice Forex traders. Over-trading does not help you make more money. It causes you to lose your money faster. It is possible that you double your account within a short time through over-trading, but you will wipe out your account the next day, because you are not going to be lucky every day. If you trade based on luck, one day you win, and the other day you lose all you have already made. I am not greedy at all. I do not try to become multi millionaire and make millions of dollars every month.

It is possible to make millions on the paper and with the demo account, but live trading is different. I never open a big account to make my broker greedy. I trade with a small amount of money, raise it into some reasonable amount, and then withdraw most part of it and leave a small amount in my account again.

I always do this. I enjoy growing a small account. This is too hard when you trade through retail brokers. This is much safer, and besides, it eliminates the harmful emotions, specially fear. You can save your profit and turn it into a huge capital after a while. Then you trade through a bank account. This is what professional traders do. You have to be happy with a small account and small profit while you have to trade through the retail brokers.

Any trader looks at the market from a different angle, so traders can not compete with each other. I know myself as a good trader, and I do not try to compete with a friend who trades more than me and makes more money. We are both good, but just our trading style is different.

Trading style has a direct relationship with personality. Trading is an investment opportunity to grow your wealth, not a good way to make a living. Hi, I have been reading your articles on bollinger bands and candlesticks including the doji articles. I completely understand how to set stop loss and where to enter but I am unsure as to what my profit should be in terms of where I set it.

I want to ensure that I hit my profit wherein I do not set my profit too high that I make a loss before I make a profit. How would I go about this? If the trade setup is strong, then your target can be even x3 of the stop loss. I do enjoy all your article, every bit of it has always been motivating and inspiring me to learn better. Thanks for helping me as a trader. May God bless you. Dear sir , Kamel has really got the point what i was looking for.

What is a healthy number of trades to place for an experienced trader after analysing 20 currency pair? It is impossible to give an exact answer to this question.

On some days I take no positions. Sometimes I take a few. I mean 1 to 3 positions. The best time for the daily candle close is 5pm EST. You should use the platforms that their daily candle closes at 5pm EST. The reason is that at that time all the markets, specially New York and London market are closed and the formed candle reflects both of these markets movements.


More...

1566 1567 1568 1569 1570