subject: Why People Keep Losing Money At Forex Trading [print this page] There are many ways to trade with currencies and two of the most popular are the Euro and the US Dollar, which are also the focus of some top Forex trading strategies. Before you decide on your forecast for a trading week, check the closing state of your previous one, with regards to those all- important levels of resistance for a set price. What you are interested in most, is the candle's closing.
The weekly candle you will be most interested in, is the one which shows the purchasing trends, which will also tell you about priority purchases. The daily trades can often close with a sign of confidence towards the one, or the other currency. Of course, the weekly price tends to be far from easy to predict and its movement isn't quite clear to a beginner, but you should still aim to close above the highs of your of previous week, every week.
If the price still trades below the rising trend line, you should make some realizations about the sales' priority. If the price is near to the top of all trends, it suggests a roll back down and a possible reversal in priority purchases. Pay attention to the closures for each previous month.
Follow only the significant resistance lines in trades, so that you may close above the breakdown of a given day. This will also suggest that upward movement is highly likely to continue. Look out for corrective movements, alternating from past highs and indicating a channel with a long-term downtrend.
It's these "insights" that will be the fastest attainable first goal. From this, the trends will quickly return again to a previous state. On this basis, a line can be thought of as a leveling measure for purchases and transactions. This is especially true, if important Fibonacci levels are at play, for instance. Do a stop- loss before the last upward movement's next Fibonacci level.
Similarly, you should be interested in closing the day above the line of your long-term channel. Most strategy plans work within a day, characterized by more precise rules for opening and closing positions. One of the main problems of short-term trading is the lack of sufficient time to make an informed decision.
Sometimes the situation evolves so rapidly, that the situation assessment and decision making processes have a few minutes to several seconds. Naturally, under the circumstances, the possibility of trading miscalculations is rather high, considerably increasing the psychological strain implied. Do not risk your money any further and implement effective Forex trading strategies immediately.
by: Mary Robins
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