Best Forex Trading Strategy - This One Is Easy To Use And Makes Triple Digit Gains
If you are looking for the best Forex trading strategy
, the one we will look at here is very easy to understand and learn and will help you get into the biggest trends and hold them for huge profits.Most traders approach currency trading with the view that to make money, they need to predict where prices will go and that to "buy low sell high" is the way to make money and they lose. The pro traders know that to make money, you don't predict you trade the reality of price change and this means you may miss the exact low but the odds are on your side and that means huge gains.
When you trade currencies your a bit like a poker player, you trade the odds and to do this in currency trading the best way is to trade breakouts - trading breakouts means you will get in on all the best trends and profits - so what is breakout trading?
If you look at a Forex chart you will notice that every major bull trend starts the same way:
The price breaks through resistance and continues to break resistance levels as the trend develops and evolves - this is a feature of every major bullish trend and if you buy the best breakouts, you can make huge gains.
So what rules should you follow when you trade breakouts? Below is a simple check list you can follow, to get in on all the best trends and profits.
- Work on only trading levels that have been tested several times before they break. As a rule of thumb you should look for 6 previous tests and in terms of the odds, its the more the better.
- How widely spaced apart the tests are is very important and the gap between at least two of the tests should be a month and the wider the time frame is the better.
Once you have a level of resistance you are looking at, simply wait for it to give way and then, trade with the break. The stop goes below the level of resistance which has just broken which will now be support. If you do this, you will have a close stop and huge profit potential.
You can use some momentum oscillators to help you check the speed of price change as the break occurs because this will indicate the weight of buying power behind the break. There are many good oscillators to use and there all visual and can all be learned in a few hours.
The key to successful breakout trading is to be patient and trade only the best ones; you should get a few good ones a month and they should help you make triple digit gains in 30 minutes a day or less.
Some of the world's best Forex traders use breakout trading and if you base your trading plan on this method, you can make a lot of money. So if you are looking for the best Forex trading strategy - use a breakout trading straegy and get on the road to currency trading success.
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