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How to Create a Forex Trading Strategy?

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How to Create a Forex Trading Strategy? The word ‘Strategy’ itself is intimidating to novice traders as there are no foolproof techniques to create a flawless strategy. You might have a tight grip over the concepts of trading, but that doesn’t come in handy when creating a strategy. So, here are the basics to help you create a strategy. Step 1: Identify the trader in you The first factor to consider before developing a trading strategy is the time frame in which you can trade. In Forex trading , you can trade at your convenience, but sticking to a routine will help you make an effective strategy. Day traders are those who can spend most of their time reading charts and numbers. They make over a dozen trades in a day. Swing traders hold on to a stock for a few days, and the time they spend is only to keep themselves up to date. Step 2: Foresee the trend The better you know the trend, the better are your chances of profit. The trend is the way in which the market mov...
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Trade the Bullish and Bearish Rectangles

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Trade the Bullish and Bearish Rectangles Chart patterns have been the closest ally of day traders. You can easily slither out of a bad trading day with chart patterns for their easy-to-the-eye formation and evident profit margin. One such formation is the rectangle chart pattern. Of course, the price action doesn’t give us a perfect rectangle, but it can be predicted with the cues of the chart. Here is how the pattern works. Pattern Formation If the price bounces between a fixed range, the support, and the resistance become parallel to each other as a straight horizontal line. Support is the line below which the price finds it hard to slip, and resistance is the line above which the price action struggles to strive. Once they become parallel, they set up the fundamental for the rectangle. The line enclosing the left side is drawn at the starting of the fluctuation bounces, or to put it in simple terms, the line is drawn at the start of the horizontality of the support and re...
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How Head & Shoulders Pattern Work in Forex Trading?

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In forex trading , Many Forex traders have made ginormous profits using chart analysis. It is designed to identify the highest probable outcome when the prices follow a certain pattern. Chart analysis has a higher chance of returning you with profits. And every analysis has a theory of the trading trend which makes it quite reliable. Head and shoulders pattern is one of the basic chart analysis methods which has a set of rules to identify the pattern and make profits. Left Shoulder: When the prices rise to a certain peak and then fall, the peak is known as the left shoulder. Head: When the prices rise again to an even higher position than the left shoulder and then it falls, the peak is identified as the head. Right Shoulder: When the stooped price from the head rises to form a peak lower than the head but almost equaling the left shoulder, the right shoulder is formed. Neck Line: After spotting the left shoulder, head and right shoulder on the chart, the lowest ...
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