If you're new to forex trading or you're looking for a new forex trading strategy to try out, you should consider breakout trading.
Breakouts are easy to spot. And trading breakouts can prove effective. Some forex traders only trade breakouts.
So what exactly is breakout trading? And what sort of market conditions suit breakout trading?
Let's take a closer look…
What is breakout t... ››› more
Once you've conducted your analysis and pinpointed the forex trade you're going to put on, there's one more thing you should check.
You need to see if there's any important economic data due out. Certain data can have a large impact on the forex market. And this could cause your trade to react in a very different way to what you expect.
So what sort of economic events should you look out for... ››› more
If you decide to trade forex, you have two ways to do it. You can use currency futures or spread trading.
The type of instrument you pick will depend on the currencies you're trading. If you want to trade the rand against major currencies, you need to use currency futures. If you want to trade major currencies, you need to use spread trading.
So if you want to short a major currency, how doe... ››› more
When you trade forex, it's easy to concentrate on your next trade and forget about past ones, especially the losers.
But in actual fact, this is one of the worst things you can do. You need to record ALL of your trades so you can review your performance and use it to improve your future performance.
This might sound like a lot of hard work, but once you set up a way of keeping track of your ... ››› more
If you chatted to different forex traders, chances are they would use different trading strategies to pinpoint trades.
But there's one thing that's paramount to being a successful forex trader, making money and sticking at it long-term.
It all boils down to risk management.
So what sort of risk management should you employ that will work with your trading strategy?
Read on to find outâ... ››› more
If you're a short-term forex trader, you might have trades on only for a few hours.
When you trade intraday, you need a forex trading strategy that suits. A great technical tool that you could put to work in the forex market is pivot points.
So what are pivot points? And how do they work?
Let's take a closer look…
What are pivot points?
Pivot points are a popular tool with pro... ››› more
Trend lines are an integral part of any forex trading strategy. Trend lines form the basis of support and resistance lines.
To make sure you use trend lines to their full potential, you need to adhere to a couple of rules. Stick to these rules and you'll increase your chances of success.
So what are these rules for drawing trend lines?
Read on to find out…
Drawing trend lines rule... ››› more
If you're new to forex trading, you may feel a little overwhelmed with all the trading strategies to learn about.
Before you can understand and use any forex trading strategy, there is something that you need to know about first.
That is: Trend lines.
So what are trend lines? And how can you use them as part of your forex trading strategy?
Let's take a closer look…
What are tre... ››› more
If there's one technical indicator that professional forex traders can't live without, its Fibonacci retracements.
Fibonacci retracements are great to help you find key support and resistance levels. And it can help you decide when it's time to take profits from your forex trades.
So what are Fibonacci retracements? And how can you use them?
Let's take a closer look…
The ins and o... ››› more
If you want to start trading the market that never sleeps, you'll need some tools to help you unearth opportunities.
And when it comes to forex trading, technical analysis is a fantastic way to find trades. Using technical analysis-based forex trading strategies also allows you to check the market trend, and find good entry and exit levels.
But the number of forex trading strategies is vast,... ››› more
If you're looking for a technical indicator that generates accurate buy and sell signals, where should you look?
One technical indicator that does just this and has a good hit rate is the moving average convergence divergence or the MACD for short.
In spite of its complicated name, this indicator is great at flagging up when you should buy a currency pair and when you should sell a currency ... ››› more
When you put a forex trade on, you don't want to have a trade on if the currency pair is heading into overbought or undersold territory.
So how can you check? There are different technical analysis tools that you can use to help you. These tools are called oscillators.
One popular oscillator is the stochastic oscillator. This tool also generates trend change signals, and buy and sell signals... ››› more
If you're looking for great forex trades, where should you start?
One tool you can look at is Bollinger bands. They're a modification to moving averages. And they have a surprisingly high hit rate.
So what exactly are Bollinger bands? And why are they worth using when you trade forex?
Let's take a closer look…
What are Bollinger bands?
Bollinger bands take their name from their... ››› more
If you're a forex trader, moving averages are a must. They're versatile and can tell you a lot about what's going on with a currency pair.
Not only can they tell you the overall market trend, but they're great at showing you areas of support and resistance.
So how can you use them in as part of your forex trading strategy?
Read on to find out…
Using moving averages with forex trad... ››› more
Moving averages are great at highlighting market trends and price action.
But you have to be careful about which moving average you opt for. The results can be quite different.
So how do simple moving averages react differently to exponential moving averages? And what differences are there between a simple and an exponential moving average?
Read on to find out…
Simple moving avera... ››› more
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