Is Forex Investment Legit? A Guide To Avoiding Scams – Getting started in the forex market creates a life cycle of diving in head first, giving up or taking a step back, doing more research and opening a demo account. From there, new traders can open another live account and be more confident in their success, loss or profit. That is why it is important to create a trading system in the forex market, which we will explain below.
Why do we focus on medium-term trading and not long-term or short-term strategies? To answer this question, let’s look at the following comparison chart.
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A trader who wants to open and close trades within minutes, often uses small price changes and high volume.
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Larger capital and/or risk requirements and spread costs are more important as large scale is required to profit from such small moves.
Typically a trader looks to take positions for one or more days using existing technical conditions.
You will find that both short-term and long-term traders need large amounts of up-front capital to build up sufficient, long-term leverage to deal with volatility. Although both types of traders exist in the market, they are made up of high net worth individuals, asset managers or large institutional investors. For these reasons, retailers are more likely to succeed using a medium-term strategy.
The system discussed in this article will focus on one important concept: probability trading. To do this, we will look at different methods over a period of time to determine if the trade is worth it. But note that this is not meant to be a mechanical/automated trading system; but the selection system. You can choose to act on the signs you pay attention to or ignore them. The main thing is to find a situation where all (or most) technical signals are pointing in the same direction. These high probability trading situations will in turn be generally profitable.
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We will use a free software called MetaTrader to demonstrate this trading strategy; However, many other similar programs can be used that produce similar results. There are two main requirements for commercial software:
Now we will look at how to adapt this strategy to your chosen business plan. We also define a collection of metrics and the rules associated with them. These technical indicators serve as filters for your trades.
If you choose to use more indicators than shown here, you will create a reliable system with fewer trading opportunities. Conversely, if you choose fewer indicators than shown here, you will create a more unreliable system that will generate more trading opportunities. Here are the settings to use in this article:
Now you’ll want to use a more personal parameter, such as:
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The key to finding entry points is to check how often all the indicators point in the same direction. Each time signal must support the timing and direction of the trade. There are several specific points of increase and decrease:
It is also a good idea to set exit points (stop loss and profit) before trading. These points should be kept at the main level and changed only if there are changes in the business premises (usually as a result of foundations). You can set these starting points at a basic level, including:
Let’s look at some examples of specific charts that use a combination of indicators to find specific entry and exit points. Again, make sure that any trades you consider are active in all three periods.
Figure 2: A screen showing several pointers pointing in the same direction. Photo by Sabrina Jiang © 2021
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In Figure 2 above, you can see that most of the indicators are pointing in the same direction. There are head and shoulders trends, MACD, Fibonacci resistance and EMA crossovers (five and 10 days). We also see that Fibonacci support provides a good starting point. This trade is good for 50 pips and takes less than two days.
In Figure 3 above, we can see many indicators showing a long position. We have a high, Fibonacci support, and 100-day SMA support. Again, we see a Fibonacci resistance level that provides a good starting point. This trade is good for around 200 pips in few weeks. Note that we can divide this trade into smaller trades on the hourly chart.
Money management is the key to success in any market, especially in the currency market. Often fundamental factors cause the currency to move in one direction, which within minutes causes the exchange rate to change in the other direction. That’s why it’s important to limit your losses, use stops and trades only when your indicators show good opportunities.
Anyone can make money in the forex market, but it requires patience and following a certain strategy. Therefore, it is important to first approach the forex business with a cautious and moderate strategy to avoid the collapse of the big players in this market.
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Does not provide tax, investment, financial services or advice. The information is presented without regard to the investment objectives, risk tolerance or financial situation of a particular investor and may not be suitable for all investors. Past performance is not indicative of future performance. Investments carry the risk of losing principal.
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Abbreviation of the word Forex, Foreign
