What Is The ULTIMATE Way To Trade Forex?
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In order to answer this question, you should first of all consider a few things.
👉 What type of trader do you want to be?
– Day trader.
– Swing trader.
– Investor.
– Scalper?
All types of trading have their pros and cons. Make sure you do your research and understand completely what exactly each of those means.
👉 How many assets and which type of assets are going to be trading?
– Stocks.
– Bonds.
– Derivatives.
– Options.
– Forex.
– Indices.
– Cryptocurrencies.
– Commodities.
There are plenty of options to be considered. Again you will find pros and cons in each category. Maybe you want to trade multiple asset categories at the same time? Or you want to invest and build up your portfolio for a long term investment?
👉 What type of analysis are you going to use in your trading?
– Fundamental analysis.
– Technical analysis.
– Sentiment analysis.
– Mix of two or all three.
As a rule of the thumb remember that fundamental analysis is usually related to longer term trading strategies. While technical analysis could be applied to both longer and shorter term trading strategies.
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👉 What type of strategy suits you best?
– Trend following strategy.
– Reversal trading strategy.
– Range trading strategy.
– Breakout trading strategy.
The market is constantly changing and going over the phases that we all know (trending/ranging). Having a strategy suitable for all market conditions is not a bad idea at all.
👉 Trade management
– No stop loss trading.
– Stop loss trading.
– Fixed profit levels.
– Profit/Target based on trailing stop or manual exit.
👉 Technical Analysis – this is a huge subject with plenty of options.
– Price action – this is the core of technical analysis. Everything derives from price action.
– Technical indicators (RSI, CCI, PSAR, MACD, Stochastic, Bollinger Bands) just to name a few. Are those going into your trading strategy or you believe lagging indicators are worthless?
– Patterns (Japanese candlesticks, chart patterns) – those are considered as “leading” indicators that can signal where the price is going next. Many traders rely on patterns alone to make a living out of trading.
– Combination of multiple methods.
👉 Technical Analysis
– Multi time frame analysis
– Single time frame analysis
👉 How many trading strategies?
– Single strategy.
– Multiple strategies.
The question on strategies is an interesting one. Consider this when you are deciding which way to go. If the market is constantly changing and shifting between states (trending, consolidating, ranging, zigzagging) how can you have a single strategy that works well in all market conditions?
👉 Full time vs Part time trading
👉 Track your performance – best way to see if you are going in the right direction or not.
What are my trading techniques? You can watch the videos here and discover great forex strategies
• Fibonacci retracement – https://youtu.be/Dok77B_socA
• Cycles and waves trading (Price action trading) – https://youtu.be/wRpcME6R3Rc
• Japanese Candle patterns – https://youtu.be/iPXeKYruqQQ
• Trading In The Channels – https://youtu.be/ckXD7joXcv8
• Trend lines – https://youtu.be/9qwAk9h3Hds
• Divergence, Hidden Divergence – https://youtu.be/WUCSHDVjdJ0
• Convergence and false breakouts – https://youtu.be/siSZZte6QHI
Here you can find feedback from my members –
https://www.forexpeacearmy.com/forex-…
You can read my daily posts and trading ideas here –
http://b.link/vladimirblog
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