Core Principals You Should Know About Forex And My Trading System Strategies To Exchange International Currency Like A Pro
Forex is one of the biggest currency exchange markets in the world. It was designed so that you can make profit by exchanging one currency to another. For example United States dollar (USD) to European Union euro (EU).
I met some experts who earn huge amount of money every day and you know what? You can too.
You just need to learn fundamentals of buying and selling currency in Forex marketplace.
If you want to be successful in Forex you have to take first step and learn different trading systems and techniques, schemes and Forex trading strategies so you can set up everything in the way you want.
It is very easy to lose money; honestly it happened to me a lot in the past. Lots of different Forex gurus claim that they have the best fx trading approach and it is very hard to choose. But I found some that really works for me. First of all brokers like fxcm provide intuitive software for easy trading and if you decide to trade in forex note that they are my best bet.
Remember, that everything will change after you understand the core principals of foreign currency trading and master the system which fits your needs.
Attention, I had tried many get rich quick products but none of them work. Don’t waste your money.
I will provide one Forex trading system that I use later here. But I can’t guarantee that you will profit from it. Give it a try. I am giving it away for free so you have nothing to lose.
The best way to learn how to trade Forex is to gain a good understanding of robust technical analysis techniques, money and management. You can get help from GKFX.
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You have to find your trading style that fits your best. I like strategies that prevents from entering trades against the trend and in this way boosting the chance to make money. Of course you may want to grow your patient and defensive trading style because of the nature of the systems.
Before you find best of best trading strategy, use Google do some research and find some forums about this topic. Find some authority forums first and discover some free Forex trading strategies to work on. Don’t invest your money in to learning products from the start because you can lose them all.
After you test some step by step models you will be aware of the basics. Only after that you can invest some money in to the better system. This is the approach I used and earned money from currency exchanges. This was my ticket to free life.
First ask yourself what trading system do you need? I found a lot of different tactics for free and schemes with various options. So it is hard to choose if you are new in to this business.
The best money making system is that you can implement and leave it. After that, live normal life and watch how mony are coming to you. You want that? But this is not true. This is a myth and was created by other people who never made money from Forex foreign exchange market.
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Golden rule you should know and write down right now is never relay on price for calculations.
At the moment I am working and trying to develop my own super currency exchange system so that I can apply it to different trading pairs and multiple timeframes.
Forex trading system that works
Now time to make it shine and introduce you a working currency trading system that I tried personally with great results.
This method is easy to use and you can start right away. It is very productive when prices are moving in one direction. Of course this system has good and bad sides but if you think what you are doing I am sure that you will make money in Forex currency market.
I like this quick Forex trading system because it has one little thing that will prevent you from blind guessing and not knowing what you are doing.
You will know exactly if prices are in an up or down swing phase. Let’s get started.
Only three charts involved: 4hr, 1hr and 5min. There is one indicator you should look at – 60 period simple moving average (in other words – 60 sma) plotted on each chart.
1 Trading Step
It is simple; you look at 4hr chart because it is the largest time frame and see if current prices are above or below the 60 sma. If you find that current price is below the 60 sma you can consider selling. Now move to the second step.
2 Trading Step
Look at your 1hr chart and if you see the current price below the 60 sma you now have confirmation and can move to the 3 step and if you don’t you can’t move on.
3 Trading Step
If you found in first two steps that current prices are below their 60 sma you can look at 5 min chart and you can sell when price crosses below the 60 sma. Also let prices break the last low on the 5 min chart.
I made money from this trading strategy in Forex because it tells you to be a buyer or a seller. Try to use this system with EU and USD pairs, but of course you can try on others.
You can use this scheme again and again. I hope you enjoy and take care.
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