*Important tip: Before you place any forex trades, be sure you know where to get out positive or negative.
Forex Trades With Trends
Forex trades with trends is very lucrative. My goal here is to show you how patience can work in your favour when you place forex trades with trends. My intermediate trades follow the trend in the 8 hour time frame chart. These trades usually last 2 days or more. The setup on this long term intermediate trade is the same as that of the 15 minute intraday forex trades setup. See the chart below for a simple buy and sell setup following a trend. You must develop spine to watch these trades unfold. The most difficult part of following the trend is the waiting for your exit signal when the market is pulling back. Just be patient and wait for your exit signal. You will reap the rewards if you don't give up.
Click here for clearer picture
*Important tip: Do not close your trade without a clear exit signal
As you can see from the chart,there was an uptrend from around June 24, 2010 and this trend ended around August 10th. There were 3 trades based on my trading setup here for a move of roughly 900 pips. From August 10th to August 30th, there was a downtrend and again another uptrend which resulted in at least 5 trades. This step by step forex trading is key to making huge profits in forex trading with trends.Adding trades as new signals occur without closing the old trades is key to making huge gains. Just focus on the what the MACD Histogram is doing. The MACD Indicator with settings at (40,50,20), identigy the beginning of the trend and the end. Very important to keep this in perspective. The full trading system will bring all these together. Read on!
Profitable Trades in Forex
Profitable trades in forex will come when you focus on managing your losses. Practice taking really small losses. This is possible when you place your initial stop loss as specified in the exit strategy.
*Important tip: Never proceed with any trade without initial stop loss. This protective stop is your main insurance policy to protect yourself when disaster strike.
Forex Trades Conclusion
Your forex trades can be 80% of the time positive. Implementation of your trade is what makes the difference between winning traders and losing traders. So as you read this pages and get ready to implement my strategy, take note of the important points. Your forex trades will become easier and easier to implement as you practice sticking to the trading plan. If you realize, you made a mistake, close the trade immediately. There will always be another forex trade for you to take right around the corner. Don't hang unto a losing trade, expecting it to reverse. The trading setup, entry and exit are simple and straight forward. So read the rules until they become yours.
You can now continue your forex trading tutorial with a lesson on Support and Resistance.
If you came directly to this page from the search engines, then I encourage your to goto Forex Trading Tutorial. Get started with Trading Basics Menu. You will gain much by starting here.
|Are you new to forex trading, then I strongly recommend the course Beginning Forex Trader. This course comprised of clearly laid out video and audio designed to take you from A-Z of Forex Trading.You will learn everything you need to know to start trading the Forex the right way.Highly Recommended