Your Guide To Successful Forex Trading

If you were wondering; forex trading is nothing more than direct access trading of different types of foreign currencies. In the past, foreign exchange trading was mostly limited to large banks and institutional traders however; recent technological advancements have made it so that small traders can also take advantage of the many benefits of forex trading just by using the various online trading platforms to trade.
The currencies of the world are on a floating exchange rate, and they are always traded in pairs Euro/Dollar, Dollar/Yen, etc. About 85 percent of all daily transactions involve trading of the major currencies.
Four major currency pairs are usually used for investment purposes. They are: Euro against US dollar, US dollar against Japanese yen, British pound against US dollar, and US dollar against Swiss franc. Right now I will show you how they look in the trading market: EUR/USD, USD/JPY, GBP/USD, and USD/CHF. As a note you should know that no dividends are paid on currencies.

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Why are Forex trading strategies so important?

Why are Forex trading strategies so important? For a beginner trader Forex seems an enticing way to make a lot of money. Unfortunately, there is no one single key to successful trading. One has to acquire a deep understanding of quite many peculiarities of the market in order to trade profitably. Likewise, he should bear in mind that neither Forex, nor any other financial market remains in status quo indefinitely. All of them have their own cycles and understanding those cycles is essential in learning to trade specific Forex trading strategies. A simple, yet successful trading strategy used in proper time and within good risk management limits is critical in order to achieve consistent profits in trading Forex. Here I am going to review the main fx strategies that really work on a daily basis and are considered to be the best.

Forex range trading strategy

Most of the time currencies do not make sharp moves but stay within certain boundaries that could be called ranges. These time periods show indecision on the part of Forex investing community about direction of any given Forex pair.

Advantages of range trading strategy

1. As currency pairs spend most of the time in ranges you can expect a reversal at support and resistance levels.

2. You do not need understanding of economy to trade the strategy. You trade technically.

Disadvantages of forex trend trading strategy

1. Using this trading strategy your stops have to be larger as you are in the market long term. Therefore, you will be risking more.

2. Trends can reverse any day and prices start collapsing very fast. If you are not careful you can lose all of your profit that you have collected during months of holding your position.

Advantages of forex trend trading strategy

1. You do not have to sit hours every day glued to your computer screen and monitor your trades. 

2. You can concentrate more on your trades and make much better choices because you do not overtrade.

3. You can earn interest if you have a carry trade for a long time.

How to use Forex trend trading strategy

A trader could apply here a similar approach as in Forex breakout trading. Most trends begin with breakouts from ranges. Therefore a Forex trader can place an order or a few orders above the highest or lowest points of the range and simply wait for the ranges to be broken. Alternatively, if a trader expects the price to explode in a particular direction he can a take a ‘pilot’ position in advance. In this way, if he is right, his profit ratio will only increase. Majority of Forex trend traders and stock trend traders do not use other kind of strategies,

Forex trend trading strategy

“Big money is in big moves”. This was said by above mentioned legendary trader Jesse Livermore and I could not agree more. For a beginner trader, the best way to familiarize himself with Forex exchange trading and start pulling some money out of it is to learn using Forex trend trading strategy.