Forex Currency Day Trader

Simple Break Out Strategy

Here is a great breakout strategy that just made me 10 pips on USDCAD.   When you see price action go flat (usually after US market close and before UK, EU, and US Open) simply draw your trend lines and visually determine a good entry point 10-20 pips above and 10-20 pips below the high and low of the narrow channel that’s developed.

Place entry orders above the highs and below the lows to grab 10 pips and voila…

Some factors to consider…

• Upcoming News Times
• Market Open / Close Times
• Elapsed Time

Tags: Breakout, Market Hours, Newstimes, Trading Strategy

Trading Fundamentals

These are exciting times in the Forex Market. Whilst the world struggles with the economy, the Forex Currency Market has seen plenty of volatility.  Volatility presents “trading” opportunities.

“Don’t Seek Opportunities to Trade… Seek Opportunities to Profit!”

90% of Traders fail.  That’s good news for the 10% of traders that are making all the money.   What side of the spectrum you’re own really depends on you.  The biggest and most important principle that I want to get across is that it’s not about trading…  It’s about making profits!   Patience and a cool head are key here.

Tags: Fundamentals, Technical Analysis, Trading Plan, Trading Strategy

Spot Forex & Commodities – Trading Principles

From Forexyard:

• Have a clear strategy before you initiate a hedge trade. Hedging should be regarded as shot term trading strategies.
• Make sure to have clear technical and fundamental indicators before going into a trade
• Always control your leverage and make sure you have sufficient margin in the account with the leverage tool (trading amount)
• Always use stops and limits
• Learn how to use trailing stops and oco’s and how to utilize them in your trading activities
• In spot forex, you don’t want to keep your position open for over 72 hours. Most trades should be for a few hours or if the markets are volatile, a few minutes.

Tags: Trading Strategy

Technical Trading Tips

Technical Trading Tips

Recommended Indicators are MACD, RSI, Stochastic Slow and Bollinger Bands.

These are some principles you need to follow when trading spot fx:

1. Have a clear strategy before you initiate a hedge trade. Hedging should be regarded as shot term trading strategies.
2. Make sure to have clear technical and fundamental indicators before going into a trade
3. Always control your leverage and make sure you have sufficient margin in the account with the leverage tool (trading amount)
4. Always use stops and limits
5. Learn how to use trailing stops and oco’s and how to utilize them in your trading activities

Tags: Technical Analysis, Trading Strategy, Trading Tips