Forexfactory - The online forex forum where you can learn forex trading strategies for free
I have learned so many things about forex trading on forexfactory which is probably one of the best online forex forums. I have been a lurker on the forex forum since I started forex trading in March 2007. It is surprising to me that such valuable information is available for free.
The forex trading strategies or trading systems that I have found more effective after so many trials and errors, at least for me, are...
Until I found Spudfyre's thread, I had known nothing about how to use stochastics indicators. His explanation on stochastics is easy enough for a newbie to understand the theory. If you want to incorporate stochastics indicators in your trading system, I would recommend reading his posts.
I am also indebted to Harold4x's "Key to the Mint" system for my current trading system. I like the simplicity of his trading system.
There are other great systems on forexfactory. So if you are interested, just explore the site to find forex trading strategies that meet your needs.
Monday, March 24, 2008
Wednesday, March 19, 2008
Forex News Trading Strategies- Federal Open Market Committee (FOMC)
Forex News Trading Strategies - Federal Open Market Committee (FOMC)
I prefer trading currencies on volatility. Although some people say that forex news trading is risky, and could erase one's account in a matter of second. It is true, but I would rather see forex news trading an opportunity to make money in a very short time period.
Below is an article on "Trading On News Releases" from Investopedia.
"One of the great advantages of trading currencies is that the forex market is open 24 hours a day (from 5pm EST on Sunday until 4pm EST Friday). Economic data tends to be one of the most important catalysts for short-term movements in any market, but this is particularly true in the currency market, which responds not only to U.S. economic news, but also to news from around the world. With at least eight major currencies available for trading at most currency brokers and more than 17 derivatives of them, there is always some piece of economic data slated for release that traders can use to inform the positions they take. Generally, no less than seven pieces of data are released daily from the eight major currencies or countries that are most closely followed. So for those who choose to trade news, there are plenty of opportunities."
How I traded on the news release of the rate decision by FOMC on March 19, 2008
The picture on the left shows how I traded upon the news release about the interest rate decision by FOMC on March 19, 2008. I traded USD/JPY for about an hour 1o times from upon news release. I went short almost immediately after the direction of the price movement was confirmed.
The initial strong downward movement lasted 1 minute or so. Surprisingly, it bounced back to the original place as you can see the long candle stick in the chart soon. I managed to exit from the initial trade earning 45 pips when it shows the definite rebound move.
Then, I waited for the price to complete the rebound, and went short again, but this time I made 5 trades separately selling on the small rebounds.
Lastly, I kept going long several times. The total pips earned for this news trading this time was 92 pips. All went well.
I prefer trading currencies on volatility. Although some people say that forex news trading is risky, and could erase one's account in a matter of second. It is true, but I would rather see forex news trading an opportunity to make money in a very short time period.
Below is an article on "Trading On News Releases" from Investopedia.
"One of the great advantages of trading currencies is that the forex market is open 24 hours a day (from 5pm EST on Sunday until 4pm EST Friday). Economic data tends to be one of the most important catalysts for short-term movements in any market, but this is particularly true in the currency market, which responds not only to U.S. economic news, but also to news from around the world. With at least eight major currencies available for trading at most currency brokers and more than 17 derivatives of them, there is always some piece of economic data slated for release that traders can use to inform the positions they take. Generally, no less than seven pieces of data are released daily from the eight major currencies or countries that are most closely followed. So for those who choose to trade news, there are plenty of opportunities."
How I traded on the news release of the rate decision by FOMC on March 19, 2008
The picture on the left shows how I traded upon the news release about the interest rate decision by FOMC on March 19, 2008. I traded USD/JPY for about an hour 1o times from upon news release. I went short almost immediately after the direction of the price movement was confirmed.The initial strong downward movement lasted 1 minute or so. Surprisingly, it bounced back to the original place as you can see the long candle stick in the chart soon. I managed to exit from the initial trade earning 45 pips when it shows the definite rebound move.
Then, I waited for the price to complete the rebound, and went short again, but this time I made 5 trades separately selling on the small rebounds.
Lastly, I kept going long several times. The total pips earned for this news trading this time was 92 pips. All went well.
Tuesday, March 18, 2008
About Forex Trading Strategies Notes
About "Forex Trading Strategies Notes"
Welcome to "Forex Trading Strategies Notes" - a Blog that helps beginners in forex trading accumulate knowledge and skills required to be a profitable forex trader.
My name is Ken and I’m a part time forex trader who is learning to make a living from forex trading. Although I'm not a native speaker of English, I have decided to write this forex blog in Englsh in order to get to know other people from all over the world who have the same interest, namely, making money from trading currencies in the foreign exchange market.
What you will find on this forex blog, "Forex Trading Strategies Notes"
On this forex blog, "Forex Trading Strategies Notes," I am going to show my own trading strategies that I have applied to my actual trading so far, and also to review other forex traders' forex trading strategies that may or may not be helpful to you and me;)
Welcome to "Forex Trading Strategies Notes" - a Blog that helps beginners in forex trading accumulate knowledge and skills required to be a profitable forex trader.
My name is Ken and I’m a part time forex trader who is learning to make a living from forex trading. Although I'm not a native speaker of English, I have decided to write this forex blog in Englsh in order to get to know other people from all over the world who have the same interest, namely, making money from trading currencies in the foreign exchange market.
What you will find on this forex blog, "Forex Trading Strategies Notes"
On this forex blog, "Forex Trading Strategies Notes," I am going to show my own trading strategies that I have applied to my actual trading so far, and also to review other forex traders' forex trading strategies that may or may not be helpful to you and me;)
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