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FXstreet Trading Strategies

This is a discussion on FXstreet Trading Strategies within the Forex Trading forums, part of the Trading Forum category; If you’re someone who has ever considered telling your boss to “shove it,” before jacking in the day job to ...

      
   
  1. #21
    Senior Member FinanceGlossy's Avatar
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    Why You Should Trade End-of-Day, Today

    If you’re someone who has ever considered telling your boss to “shove it,” before jacking in the day job to pursue a career as a stay-at-home trader, in your slippers, then you’re in good company!

    Unfortunately, the shocking and ironic truth for those who do go ahead and make the leap of faith and quit their 9-5 job to trade from home is that they end up blowing up their trading account and shattering all dreams and aspirations they’ve ever had about making a killing from the market.The good new is, though, is that this does not have to happen to you. You can become a “full time” trader who enjoys the full benefits trading can bring while keeping the day job and enjoying the financial stability it brings.*The little known truth is that you can actually be a highly successful and profitable trader who trades from minutes a day (from home), without being glued to the screen all day, or spending a fortune on“magic bullet” software or computer hardware.You can achieve this this by trading end of day (the daily chart) or even end of week (the weekly timeframe). It may make trading a little less exciting and less hi-octane, but as you will soon discover, the advantages of keeping trading “boring” and slow far outweigh the disadvantages.

    The Lazy Trader’s Top 3 Reasons to Trade End-of-DayIt makes trading less stressful and panic ridden

    As you may have already experienced for yourself, the smaller the timeframe you trade, the more emotionally charged your experience in the market will be. Often, through watching the charts for prolonged periods of time, you will see a trade, which does not actually exist, take it out of boredom and lose money. You could then find yourself taking a trade out of revenge to try and make the money back and some extra…except, you lose trade number two. Sound familiar? Face it, you’re only human and we have all been there before!However, it actually is possible to have a style of trading where you have minimal contact with the charts, where you can simply set your trades up and walk away.This will help to prevent you from falling victim to the temptress of the market, rapidly reducing the potential of self-sabotage from taking impulsive trades based on boredom, frustration and anger that do little more than lose money. Thanks to trading the daily and weekly chart, you will be engaging in a style of trading that allows your money to work on auto-pilot for you while you having to spend time “working for it”.Yes, you will still be in the market to the potential profits but you do not have to be there in order to benefit from it. What a win-win!

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  2. #22
    Senior Member FinanceGlossy's Avatar
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    How to build a forex trading strategy that works

    FXstreet Trading Strategies-priceaction1.png


    Are you new in forex? Or have you been trading for a while?

    No matter how long you have been trading, these resources on how to build a consistent and profitable trading strategy will be worthy.

    FXstreet Trading Strategies-priceaction2.png


    The most important advice is that the key is comfort. No matter what strategy you use, you have to be comfortable with the system you chose. It has to fit your personality or style in order to last and be efficient. Also, having a personalized strategy will prevent a collapse that could bring more losses than profits.


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  3. #23
    Senior Member FinanceGlossy's Avatar
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    How Can You Be A Successful Trader?

    To be a successful trader you need to know a few things first. And you need to do a few things. However, once those things are known and done, you’re good to go and you can trade away to your heart’s content. Within reason. There are rules you need to follow – that’s what separates the successful from the not so successful – of course.

    The First Step Towards Success

    Stop trading. It’s that simple. Stop everything you’re doing, step away from the trades. It may sound counter-intuitive, but if you really want to be a successful trader you need to not trade for a week or so. That’s because you need to look at what you’ve been doing in the past and work out what it hasn’t been working for you. You can’t do that if you’re caught up in the middle of a trade. You need to be objective,distant from the action, and really interested in finding out what went wrong.*Now that you’re not trading, you’ve got a week to get ready to go again. The first things to do is look at your trading plan.If you’ve not been successful so far, your plan is not doing its job. You need to update it, or completely start again. Or create one if you don’t have one.There are a number of online courses that will show you exactly what to do, and it’s vital that you have a workable plan that will lead you where you want togo every time; that’s how to be a successful trader. Or at least, that’s one of the ways.*You also need to organise yourself and becomes more disciplined. That includes seemingly small things like printing out a nice, neat chart and posting it up on a board. Learn patience. You’re going to need a lot of it. Trading is not about rushing in, guns blazing, shooting at every trade you see in the hopes that you’ll hit something worth hitting. It’s about taking the time to plan, aim, and only firing when you are absolutely sure.

    The Next Step: What Is Success?

    Until you know what your definition of success is (note: your definition, not the definition) you won’t know how to reach it, or even if you already have. To be a successful trader you must have a clear goal in mind. The definition of success might be lots of money, a sports car, a huge house with a swimming pool, but your definition will have to be different if you want to succeed from the beginning. Shift your thinking.Success is about making the right trades at the right time. That will lead to the money and the material thing. But if you can’t take the time to learn to trade and how to be a successful trader, you’ll never get there.

    Finally, This Is Not A Game

    Dead right. Trading is not – or shouldn’t be –considered a game. This is real money, real trades, and if you get it right it can go very right indeed. Unfortunately, if you get it wrong… well, exactly.Let’s not think about that. You’re going to be a successful trader, so it shouldn’t be much of a problem. The key is not to gamble. Once you become a gambler, you lose that plan you so meticulously worked on and it becomes all about trading more and more – and that’s not sustainable. Trading can become addictive, and that’s when things get dangerous. If you feel that you’re straying from your plan and you’re making mistakes, step away. Take some time to think and refocus. You’ll be glad you did when you come back to be a successful trader again.

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  4. #24
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    5 Order Flow Trading Strategies You Must Try In 2016

    New traders will often hear of Banks & institutions in the markets, active at certain levels, and indeed will often see the huge moves created by their activity, but alas are sadly unable to gauge where these players are entering the market, and even less able to gauge how to benefit from these constant streams of liquidity. We at Littlefish have developed an indicator which tracks the flow and volume of Banks & institutions in the markets and generates signals offering the opportunity

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  5. #25
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    Harmonic Trading – Different Gartley Methods Unveiled

    The beauty of the original Gartley pattern comes from the money management system involved. Money management with Gartley allows for hefty 1:3, 1:4 or even more as risk-reward ratios. If you want a Fibonacci and Gartley approach, look for no swing above 61.8% of the previous move lower. The series of lower highs overwhelms. Bulls look trapped.

    Gartley labeled this segment A-B. The longest in the pattern. And then, suddenly, bulls catch a bid. This is the B-C segment.

    How do we know this bounce matters? The answer comes from the A-B characteristics: the lower highs series gets broken by the B-C segment.

    FXstreet Trading Strategies-111111.png


    Larry Pesavento took Gartley’s original work to a new level. Because of him, the Gartley 222 pattern became a well-known harmonic pattern today.

    The “Gartley 222” method as described by Pesavento derives its name from the page no. 222 from the original Harold’s Gartley’s book.

    The most simplistic representation of the Gartley 222 pattern looks like this:

    FXstreet Trading Strategies-22222.png


    Carney was a student of Pesavento. He didn’t like to leave to many possibilities for the retracement levels, so he worked on finding a better approach.

    Carney’s approach to harmonic trading was made public at the turn of the century. His approach uses specific Fibonacci ratios between the Pesavento’s Gartley 222 pattern.

    FXstreet Trading Strategies-3333.png


    Traders need to know that harmonic patterns work best with a sound money management system. Before defining the target, one must deal with the potential loss.

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  6. #26
    Senior Member FinanceGlossy's Avatar
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    Favorite Currency Pair - AUD/NZD

    Why Many Forex Traders Consider AUD/NZD Their Favorite Currency Pair

    Reactive trading and news trading - the strategies that are based on your interpretation of the events - are always a hot topic. While it is popular among cryptocurrency enthusiasts, who may have access to the best first-hand knowledge about the coins they are trading, it may be not the best strategy when trading Forex.

    FXstreet Trading Strategies-audnzd-w1-metaquotes-software-corp.png


    There is a currency pair that shares these features - it's AUD NZD called within forex lingo Aussie/Kiwi.


    Both currencies are considered risk-on. This combination helps you avoid situations where a big economical or political event blows-up the strategy you built on the technical analysis. If you are trading a risk-on currency - like the Australian dollar or New Zealand dollar - against a risk-off currency that is considered a safe investment in times of high uncertainty - such as Japanese yen - you are prone to unexpected situations. Trading two risk-on currencies at the same time make your trading strategy more robust.

    On the other hand, both Australia and New Zealand have been able to stay away from the global headlines. There's hardly ever a top breaking news story about these markets.

    FXstreet Trading Strategies-audnzd-w1-metaquotes-software-corp-2.png


    As for the currency pair itself, it has all the qualities a day trader looks for. It is highly volatile (although not the most volatile pair there is, which may expect the relatively low popularity of Aussie/Kiwi).

    One last but not least feature of the Aussie/Kiwi pair is the early timezone. If you are trading daily candlesticks from Europe, the Americas, Africa or the even Middle East, the news that may affect your strategy come very early in the cycle. You can adjust your positions if anything unexpected happens, which makes it an even more comfortable forex instrument for traders that want to focus on technical analysis rather than reactions to the news.

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    Last edited by FinanceGlossy; 03-09-2019 at 03:23 PM.
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  7. #27
    Senior Member Taylor Woods's Avatar
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    For many reasons’ traders face loss, it could be by fear, or by greed or even by emotional decisions. There are more than thousands of traders who join in Forex market but few of them can survive and run a profitable Forex trading. A trusted and secured broker I pick who offers interesting and amazing services for which I have chosen them. They have great expert assistance, educative sessions, smart technology, promotional offers etc.

  8. #28
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    EUR/USD - daily breakout; 1.1494 for the breakout to be continuing; 1.1095 for the bearish reversal to be started

    EUR/USD has fallen to around 1.1350 as the market mood improves after a market massacre on Monday. Optimism about US fiscal stimulus and other factors are pushing yields and the dollar higher.

    FXstreet Trading Strategies-eurusd-d1-fx-choice-limited.png


    EUR/USD extends the Asian retreat below the 1.1400 level into early European trading, as the US dollar recovery gathers steam across the board, with bears now targeting 1.1300 ahead of the Eurozone GDP release.

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