To be able to start being part of forex trading it is essential to have a strategy for trade, without this strategy you would find yourself drifting and most likely you will not see results.
Therefore, you must maintain good discipline. Traders often use many forex strategies to find the right one.
Then we will show you some good strategies that have worked for a lot of people and they may work for you.
The best 2 Forex trading strategies
Normally people talk about Forex strategies, and usually refer to specific negotiation methods, however this is a mistake since it is generally only one facet of a complete negotiation plan. So, a good forex strategy that is advantageous is one that provides good profit signals.
Because of this there are several types of negotiation styles that may or may not be good for you, but now I will show you two of them.
Forex 1-Hour Trading Strategy
This is a famous strategy; with this strategy you can take advantage of the 60 minute time frame in the Forex trading.
The easiest currencies to trade with this strategy are the EUR / USD, GBP / USD, USD / JPY and also the AUD / USD. To make a use of this strategy you would need a 100 pips impulse indicator which is available in MetaTrader 4.
Forex Weekly Trading Strategy
Even if traders normally prefer to use intraday trading, since market volatility generally offers more profit opportunities in narrower terms, there is no denying that weekly forex trading strategies are usually able to provide more flexibility and stability. .
Then, a weekly chandelier can provide extensive market information. It also contains five candles daily and changes that reflect the real trends of the market.
Weekly strategies are usually based on lower position sizes and, because of that, avoid excessive risks.
Then, to make use of this strategy, we simply resort to the use of the Exponential Moving Average indicator.
London Hammer Trade
The London Hammer Trade is undoubtedly an attempt to capitalize on several unique opportunities that are usually obtained from the additional volatility obtained when London is opened.
This is usually quite effective during what is called the London session, because it can be used at any time when the price will probably take off suddenly and abruptly in one direction and therefore it is also possible to return from a support area and very strong resistance.
When you start looking for a good strategy to use, you should remember that the strategy that may be functional for someone may not be beneficial or functional for you. However, do not worry about trying a strategy that looks good and has positive comments that give you a little push to trade with that strategy.
On the other hand if you get a strategy that seems to be a fraud and also has certain characteristics that you think will not be favorable, it would be best to stay away from them, and thus avoid bad times and losses of money.