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Currency Trading Methods - Reviews And Conclusions
I have been trading Forex as my main income source over 7 years now and have discovered diverse Forex trading systems and strategies.
Further to many trials and errors I've come to the realization that simple is best, therefore I have reduced my trading into 3 categories:
1. Forex news trading - this means utilizing the volatility surrounding economic announcements such as Jobs, Claims, Interest rates and others. For this I use software that relays the news as it is announced and can actually hit the sell or Buy buttons. Sometimes your order will not be fulfilled so it is possible to enter on a bounce back, based on the news direction.
2. My own Forex trading methods and strategies, these basically come down to 2 basic methods:
2.1. Going short at resistance and long at support, based on ascertained pivot points, Fibonacci numbers and trend lines.
2.2. Aggressive scalps which involve executing short and sharp trades and minimizing risk. This requires some training, but once mastered it can be easy to profit .
3. Purchased Forex Trading systems - there are numerous systems for sale and most of them are ineffective, written by Internet marketers for the one reason only of making money for the system vendor. These systems are a complete waste of time but the sales pitch is professional. I have found some that work well and balance my own trading techniques.
Timing and time in Day Trading
It is very important to understand the time of day that you choose to trade in and grasp what you potentially expect at that time of day. This is different from instrument to instrument, so it is important to understand market behavior for your trading vehicles. I regularly trade only 4 instruments; the DAX, Euro, Japanese Yen and the GBP/USD, and I am pretty familiar with their behavioral patterns in the trading day.
Other trading vehicles have different behavior patterns and I will only trade them (I do irregularly trade WTI, Nat Gas, and other currencies) after I've got to grips with their time related behavior. Most of my trades bar the DAX and GBP/USD are figures related and of course, when figures are published a different volatility exists which is normally out of the ordinary patterns.
The prime time to trade the DAX (German Index, and moves closely with the DOW often) is near the London open at 08:00 (03:00 EST), as the open usually brings a large rush in orders and it's easy to scalp. From time to time the scalp will turn into a longer term trade, if a trend ensues, however it is sometimes possible to achieve a gain of 20 - 40 points in the first half hour of trading. As my daily target is 30 points and it is often hit within 30 minutes, I can then relax and look for great set ups that will not risk the win.
Some of my fellow traders will stop trading then and do something else. It certainly gives one plenty of time, but those 30 minutes require intense attention.
If you need more information please review my blog by clicking the link.
The blog also contains videos, charts and discussions.
Forex Trading Methods -
This Forex Trading method is the only purchased system that I currently use. I use my own methods and systems that are detailed in my blog, and have added Forex Rebellion to my arsenal.
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