subject: Technical Analysis - Simple Tips on How to Make A Triple Digit Income Using FX Charts [print this page] Technical Analysis - Simple Tips on How to Make A Triple Digit Income Using FX Charts
If you want to make huge gains at Forex trading you can, by learning Forex technical analysis which is simple to learn and even better, can make you big profits in just 30 minutes a day. Let's take a look at how to use Forex charts for bigger profits.
As you are simply following price action you don't have to spend time reading the news or learning economics, you are simply following trends on price charts. Your not interested in why prices are moving, you just want to make profits when they do.
Charting works because, the chart patterns reflect the psychology of traders and as human nature never changes, certain chart patterns repeat, these patterns, reflect the greed and fear of traders and can be traded for profit.
When putting together your trading strategy keep in mind that it needs to be simple and robust, if you make a strategy to complex, it will simply end up having to many elements to break. You should learn basics chart formations and then, use a few confirming indicators for better market timing. There are many indicators you can choose from but the ones every trader should look at are - Bollinger Bands, the stochastic, RSI and the MACD. There all visual and easy to learn, so make them part of your essential Forex education.
In terms of the time period you should trade in, follow long term trends and focus on the trends which last for weeks or longer. Many traders make the mistake of trying to scalp or day trade but all they do is - end up trading the noise of the market and take low odds trades and lose. Follow long term trends and you will spend less time on your trading and make bigger gains.
To make your strategy successful, you must trade with discipline and keep your losing trades small. You are going to get losses but if you keep them under control, you will more than cover them, with the big trends when they come around.
Forex technical analysis works, look at any currency pair and you will see big trends and if you have a simple robust trading strategy and apply it with discipline, you can enjoy long term Forex trading success.
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