If you want to become a currency trader you need a forex trading strategy and here we are going to outline one which could make you big profits in 30 minutes a day or less. . .
Before we get started lets make some points in regard to getting the best forex trading education.
1. You don't get rewarded for effort, you get rewarded for being right and that means working smart Not Hard.
2. Forex trading can be learned by anyone and simple forex trading systems are best. This means you don't have to be clever and have a college education.
3. Ignore anyone trying to sell you forex robots or sure fire trading systems, as they always come with simulated track records and have never made money in real time.
So with those 3 points made, its time to start learning currency trading the right way and putting your proven forex strategy for profits together.
So what sort of forex strategy works best?
Take a look at any forex chart and you will see trends that last for weeks, months or even years. If you can catch just 50% of these major trends, you will be very rich.
Now look at your forex charts and you will see that most of the best trends start and continue from new market highs, so by buying them, you can make a lot of money.
A Long Term Breakout Trading System
So you are going to use a long term forex trading system, based upon buying breakouts and this is easy to do.
When buying breakouts though, you must only buy valid ones and this means areas that have been tested a lot and the market considers important. Look for lot of tests and the more time frames and the wider apart they occur, the better.
Once this is done you need to wait for the break and look to buy it - but before you do, you need to confirm that price momentum is on your side.
You can do this with just a couple of momentum oscillators, they will confirm price velocity is accelerating and confirm the move. There discussed fully in our other articles but two of the best are the stochastic and the RSI and they are visual indicators and will take you less than an hour to learn.
Once you have gone with the break, put your stop below the breakout and let the trend get underway, you then need to trail your stop outside of normal volatility.
Does it make money? Yes it does.
You need to be selective with the breakouts you choose - but the advantage of a long term breakout system is it only takes 30 minutes or less to execute a day and it can pile up huge profits in reward for your effort.
Most Traders don't do it and lose
This is why it's so effective.
When a break occurs, they won't go with it, they want to wait for a dip, to get in at a better price - but the valid breakouts don't pullback, so you need to take them. The above also means you don't trade much and while there is no correlation between how much you trade and how much you make, most traders like to trade frequently and lose.
I use a simple trend following breakout strategy and have for 25 years and believe me it's capable of giving you bigger profits, for less effort than any other trading methodology.
Simple yes, but very profitable.
If you want to become a currency trader from home, use a breakout strategy and focus on the long term and you can enjoy currency trading success.
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