Looking for Forex Strategy!! Here is one… at Nobullshit Network Forum

jazzz · 06-18-2009, 06:28 AM

We have heard many times that forex is difficult, a loosing game etc . But I feel Forex is an interesting game played with intelligence and smartness. Often newbies seek some Forex trading strategy, which is simple and profitable. I am going to share a forex strategy which is not complicated or confusing and anyone who wants to trade can easily use it, the only condition is that it should be executed correctly if you want to double digit of gains with less efforts. Here are some simple steps:

Look at Fundamentals

The very basic place to start analysis is with the fundamental demand and supply situation. This will be helpful to set the your targets for the long term trends that can last for days, months or years .
Set You self Into on The Action

Currencies trend for years we all know that but its getting in on the trends that is the hard part and your aim is to get in and then simply hold the trend. Any currency that is bullish will become overbought at some point and break and when these breaks come you buy them

Use Sentiment tools

Always use these two sentiment tools - Net Traders Positions and % Bullish to check that sentiment is not in over bought territory when you enter the trade. Start with your weekly charts and look for support and time your entry with your daily charts.

Risk - Reward

Don't over do the leverage!

You can get 200:1 but on a trade about 10:1 is fine for a buy and hold strategy. What you are going to do then set a stop and leave the currency alone.

Hopefully it will trend for months and make great gains if you have been careful in your selection.

That's your Forex trading strategy! It's extremely simple but it will make money if executed correctly.