Forex Technical Analysis - How to Make a Triple Digit Income Using FX Charts

Forex Technical Analysis - How to Make a Triple Digit Income Using FX Charts

In this article, we will look at how to make triple digit gains using Forex technical analysis which can be learned quickly and can make you huge profits in just 30 minutes a day. Let's look at how, to put together a simple and powerful Forex trading strategy, based on using FX charts you can use for huge profits.

When you use Forex charts the huge advantage is you don't need to watch the news or learn economics all you need to do is to follow trends and you will see these on any Forex chart. You are not interested in why prices are moving, your aim is simply to get in and hold the big trends and for profits when they do. So what are the basics of building a good Forex trading strategy based on technical analysis? Let's take a look.

The best Forex trading strategies tend to be very simple, the reason for this is that a simple Forex trading strategy is more robust than a complex one, with fewer elements to break and anyone can learn a simple strategy which can make huge gains.

In terms of Forex charts, the best trends are the ones which last for weeks or months and you should focus on these long term trends. Don't make the mistake most traders do which is to day trade and scalp the market. If you trade short term you are trading the market noise and will make a lot of effort, end up taking low odds trades and losing. Focus on trading the long term trends and you will make bigger profits and at the same time, spend less time on your trading.

Many traders also make the mistake of thinking, you need to predict price turns in advance but this is just hoping and guessing, because Forex markets can't be predicted instead, wait for a trend to be confirmed before entering your trade. If you do this, you will have the odds on your side and will make bigger profts.

Learning to use Forex charts is easy but you must also keep in mind, that you have to execute your trading strategy with discipline and this means - keeping your losses small and running your profits. Most traders do the opposite, they run their losses and hope they turn around and snatch profts early, to cover their losses and get wiped out! If losses are kept small and you will keep your equity intact and be able to run the big trends when they come around, for huge overall profits on your account.

Forex technical analysis works and will always work, because certain chart formations reflect the psychology of traders. Human nature is constant and never changes and neither does, the profit potential of using FX charts.

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