There are thousands upon thousands of Forex strategies and methods that are available for someone to use to trade the forex market with profits. One downfall of using someone else’s strategy is that it may not be tailored to every individual trader. It may only suit the trader that created it.
What I am going to teach you in the videos I am making is how you can take what makes up a basic forex strategy and from there you can create your own as well as use tools such as technical indicators to help you in your trading. Technical indicators aren’t required to trade profitably yet they do help some people.
I recommend everyone, especially beginners, to learn to use the technical indicator called Ichimoku Kinko Hyo. You can download a guide for free to read about this indicator. I also teach about this indicator in my videos. Many are afraid of ichimoku kinko hyo. It is not as complicated as it may seem. Once I walk you through understanding it, you’ll see how it can be an asset to your trading.
I recommend Ichimoku Kinko Hyo so much because it does several things for professional traders as well as beginning traders.
Ichimoku Kinko Hyo tells you when:
- The market is bullish, bearish, or consolidating / ranging.
- It tells you where support and resistance is.
- It tells you where future support and resistance will be.
- It shows prices interacting with historical support / resistance levels as well as current support and resistance levels.
- It tells you more than I have told you here as well. The above are just some important basics. Basics that can help beginning traders tremendously.
The basic elements needed in creating a forex strategy are:
- Determine the type of market. Is it bullish, bearish, consolidating / ranging ?
- Determine when to buy or sell.
- Determine where you will place your stop loss.
- Determine where you will place your take profit unless you are going to use a trailing stop.
That is all there is to it. Often people have a method of when to buy or sell but they don’t have a method on determining the type of market. As a result, they buy in a bearish market or sell in a bullish market and can’t figure out why they are having losing trades.
Or they may sell in a ranging market, only to have sold at the bottom of a range and so prices shoot upwards and they have another losing trade.
Watch my videos and let me be your forex trading strategy teacher and I guarantee you will have less losing trades and more profitable trades.