Strategies for trading on Forex are difficult to find. It is also not so easy to develop own forex trading stategies as good trading systems are often born after years of dedicated studying and active trading.
Every trader has unique trading individuality: trading habits, profit goals, time limits, risk comfort levels, etc. That´s why some trading set ups and rules that work for one trader may not be suitable for another trader, even thought both pursue the same goal-making profit.
Here are some tips that can help you find your strategy:
Markets have 3 phrases:
1. Trending up
2. Trending down
Indicators are desig to perform these tasks:
1. Identify momentum
2. Identify trend
3. Identify support & resistance
4. Identify volatility
5. Assist the trader with enter & exit decisions.
Remember the ONLY reason indicators are used is to assist the trader in predicting price movements. They have no other use and they must be used in conjuction with price charts and a different type of indicator, they must be only a part of the trading rules in any trading system and trading plan.
It is also important to understand that no single indicator is suitable for all market phases or currency pairs, time of day or specific international exchange.
Hope this information will help you get your trading system.
All the best,
Smart solutions to your professional trading.