| You are fairly new to the forex day trading market | | | | A good forex strategy will use some level of analysis |
| and you have been told that you must learn in-depth | | | | to make the above decisions about how to trade. |
| technical anaylsis if you plan to have any success. | | | | That's it. |
| Maybe you have visited some forums online or | | | | Furthermore, the truth is - you can implement |
| purchased books on trading forex strategies. You | | | | someone else's strategy - but the most successful |
| have heard that a person can make a living from | | | | traders have often developed their own strategies or |
| home trading the market and you think that you | | | | modified a proven strategy to make it work for their |
| could be successful too. But as you start learning, all | | | | unique trading personality and trading style. |
| the technical mumbo-jumbo seems like a foreign | | | | One very simple strategy which has become my |
| language. | | | | favorite is the forex breakout strategy. This is a |
| You also think that perhaps you need a degree in | | | | strategy by which you are able to use free technical |
| calculus or stastics to be successful. You wonder, | | | | analysis charts online, and each day you are given |
| "Are there any simple forex strategies that work? " | | | | multiple recommended entry points for all of the |
| Intuitively you know that trading forex does not | | | | major currency pairs. You can then decide at which |
| have to be as complicated as it sounds in the | | | | points you could enter, and you can also estimate |
| "textbook" analytical trading courses. You just wish | | | | how many pips you are likely to gain if you enter the |
| you could find strategies explained in simple terms | | | | market when the currency pair "breaks through" the |
| that you can start applying and profiting from soon. | | | | indicated point. |
| If you have had these thoughts, I can certainly | | | | You can also estimate exactly how much you will |
| relate. I wondered the same thing when I was 3 to 6 | | | | have to risk if the trade initiates. Because there are |
| months into my own trading experience. So what is | | | | many possible entry, stop loss, and exit points each |
| the answer? Are there any simple forex strategies | | | | day across all the major currency pairs, you can |
| that actually work? Of course there are. In fact, | | | | choose the trades that you wish to take according |
| developing an effective forex strategy involves just | | | | to the time of day that you trade and by how much |
| 3 things. | | | | you are willing to risk. You can also set limit orders |
| 1. Determining when to enter the market. | | | | based on the breakout points and thereby follow a |
| 2. Determining where to set your stop loss. | | | | successful trading plan without being tied down to |
| 3. Determining when to exit the market. | | | | your computer. |