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Currency Trading Methods - Major Trading Systems
I have been trading Forex as my main income source over 7 years now and have come across diverse Forex trading systems and methods.
After many trials and errors I've come to the conclusion that simplicity is key, therefore I have reduced my trading into 3 categories:
1. Forex news trading - this means utilizing the volatility surrounding economic announcements such as Non Farm Payrolls, GDP and others. For this I have software that relays the news in real time and can actually hit the sell or Buy buttons. Quite often your order will not be filled so it is possible to enter on a retrace, based on the news direction.
2. My own Forex trading methods and strategies, these fundamentally come down to 2 basic methods:
2.1. Selling resistance and buying support, based on calculated pivot points, Fibonacci numbers and trend lines.
2.2. Aggressive scalps which involve trading for very small moves and minimizing risk. This requires some practice, but once mastered it can be easy money .
3. Third party Forex Trading systems - there are many systems for sale and most of them are ineffective, written by Internet marketers for the sole purpose of making money for the marketer. These systems are a complete waste of time but the sales pitch is professional. I have found a few that work well and balance my own trading methodology.
Timing and time in Day Trading
It is of utmost importance to understand the time that you choose to execute trades in and understand what you potentially expect at that time of day. This differs from instrument to instrument, so it is important to study market behavior for your trading vehicles. I usually trade only 4 instruments; the DAX, Euro, Japanese Yen and the GBP/USD, and I am very familiar with their behavioral patterns during the trading day.
Other instruments behave differently and I will deal in them (I do irregularly trade WTI, Nat Gas, and other currencies) after I've studied their time related behavior. Most of my trades aside from the DAX and GBP/USD are figures related and of course, when figures are released a different volatility is in place which is commonly out of the typical patterns.
The best time to execute trades in the DAX (German Index, and moves closely with the DOW mostly) is close to the London open at 08:00 (03:00 EST), as the open usually brings a large rush in volume and it's easy to scalp. Sometimes the scalp will turn into a longer term trade, if a trend develops, however it is often possible to achieve a gain of 20 - 40 points in the first half hour of trading. As my daily target is 30 points and it is often achieved within 30 minutes, I can then relax and look for great set ups that will not risk the gain.
Some of my fellow traders will stop trading then and do something else. It certainly gives one plenty of time, but those 30 minutes require intense focus.
If you need more information please check my blog by clicking the link.
The blog also contains many video with live trades.
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