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Forex Trading Strategy - Simple Tips On Building Your Own For Triple Digit Gains!
Author: kelly Price
Here we will look at putting a trading strategy in simple steps and if you follow the steps enclosed you could be on the road to triple digit profits in just 3 minutes a day - lets take a look at how to build a trading strategy for success...
You should be able to learn all you need to know in around two weeks and then your ready to trade so let's put our simple system together...
Decide Your Time Frame
Avoid scalping or day trading, all you are doing is trading the market noise and making a lot of effort to take low odds trades instead, either swing trade or follow long term trends, the odds are better and the work you have to do is less - so don't make more effort than you need too.
Keep it Simple
Many traders think the more complex their strategy is the better but this is not so - cram a strategy with to many indicators and it will have to many elements to break. Just use basic chart formations, have a good understanding of support and resistance and use two or three momentum indicators to confirm your trades and your all set.
Trade the Reality of Price Change
The buzz word in is prediction but this is really just another world for hoping or guessing and if you try it you will lose. Always miss a bit of the start of the trend I.E make sure its started before getting involved. If you do this the odds will be on your side and that's exactly what trading success is based on - trading the odds for profit. A great methodology to use is Breakout trading so look it up, we have written frequently on this methodology and it really is a timeless way to make money.
Use Objective Money Management Rules
You must cut losses and keep your equity under control so have an objective exit strategy - don't trade without stops! If you do you will want to run losses and hope they turn around and that can lead to disaster. Have a pre determined exit point and be prepared to take your losses but don't worry, if you keep your equity intact, the market will reward you with some great trading profits.
If you want to win with your strategy, you also need to understand the next key point!
You must follow your system rules with discipline and stay on track - if you can't you have no system! Discipline is based on confidence and as you will have devised the strategy yourself, you will understand exactly how it works and why it will win which will allow you to stay on track.
If you follow the above steps, you will soon be on the road to a triple digit income and trading success, in around 30 minutes a day or less.
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