Find the Right Trading Strategy For You
Looking for the perfect Forex trading strategy is a waste of time. No trading strategy is perfect for every trader. You can't expect to win every trade you take. However, you can lose 99% of the time if the 1% that win are bigger gains than the losing trades combined. No one wants to lose 99% of the time. You need to be realistic with your methods. You need to work through the motions and don't expect everything to come easy and perfect.
By: Richard Sobin.
Forex News Trader can provide you with tools to help increase your trading performance over the long run. By using these techniques you will feel more comfortable and confident in your trading going forward.
There are plenty of trades during the week. If you miss a Forex Trade, another will follow shortly. Don’t force trades and don’t let emotions affect your outcome.
Forex trading strategies are a dime a dozen, so choosing the ones you want to use will take some time and effort. The great thing is you will be able to test as many strategies as you want.
Non Farm Payroll Trading Strategy
If you are going to choose a news trade to trade during the month, then the NFP announcement is your best option for movement. If the economic release comes in as expected, you will only see a fair movement on the currency pair you are trading (GBPUSD). If the announcement comes in better or worse than expected you can expect to see some fireworks. What looks to be a dud sometimes can work out to be one of your better trades. You need to watch for more than just the release. NFP Strategies can kick in at any moment. Watching a short term chart as the news comes out, wait until a support level and a resistance level are formed. Once either of these lines are broken, enter the trade looking for as much profit as possible. Once in profit, it is wise to move your stops closer to your opening price.
Remember, to keep the profits going in the right direction for your trading strategy, you need a few things working for you.
- Having the right broker could be the single most important thing, especially when it comes to trade execution
- If you want to lower your transactions costs, receiving Forex Rebates is a must. Start earning Forex Trading Rebates now.
- Keep your emotions out of the trade and trade with a positive attitude.