Forex For Beginners The First Steps - A Simple 1-2-3 Step Strategy For Making Money

Forex For Beginners The First Steps Making money in the foreign exchange is pretty easy as long as you don't over-complicate things

. And to be honest, if you are a beginner, then you are far ahead of many other traders because you don't have bad habits you have to break. I want to show you a simple trading strategy that anyone can make money with. 1. Find the daily trend Every time you trade, you should trade with the daily trend. It doesn't matter which timeframe you use (assuming you are using one smaller than the daily), you have to trade with the major moves. Identifying the trend is not that difficult. A lot of traders use the 200 simple moving average to identify the trend. If the price is above, the trend is up. If the price is below, it is down. I always like to throw a smaller SMA in there (usually the 50) just to give me a shorter term perspective. Forex For Beginners The First Steps 2. Use Bollinger bands Now that you have identified the daily trend, drop down to the lower timeframe and look at the Bollinger bands. You are looking for the price to hit the extreme band that is against the daily trend. When this happens, it means that the market has hit an extreme on the lower timeframe and is due to turn around. That is exactly what you want because when it turns around, the market will be heading back in the direction of the daily trend! Now wait for the price to close away from the extreme band, and you can get settled in to make a trade. 3. Set stop loss and take profit Your stop loss should naturally be below the extreme low or above the high (based on which way you traded). Your take profit should be about twice the amount of the stop loss. Since you are trading with Bollinger bands, you have a natural take profit area. Many traders wait for the price to hit the middle band and then move their stop loss to break even. Then they target the extreme band in the direction of the daily trend. Forex For Beginners The First Steps

Forex For Beginners The First Steps - A Simple 1-2-3 Step Strategy For Making Money

By: Forex Expert

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