15/03/2022
Chapter 1 | Read Time: 2mins 30sec
INTRODUCTION
This app will discuss the different forex trading strategies a trader may follow. It will discuss each strategy giving a short introduction, the most effective timeframe, entry price, target price, stop loss, and will end with a few examples.
A few reminders before anything else:
(1) Forex trading is risky and you may lose all your invested capital.
(2) Strategies stated here are the most commonly used by traders around the world. There is no one strategy that will guarantee a profit. Test each strategy to see which one fits your risk tolerance, free time, trading capital, style, and emotions.
(3) Forex strategies are not absolute. One strategy may work for you but fail with another even if you are looking at the same chart. Psychology, mindset, culture, financial status, risk tolerance plays a major role in trading decisions.
(4) Strategy only accounts for 20% of the whole formula for success. Proper risk management and trading psychology (patience and sticking to your plan) account for the remaining 80%.
(5) Try each one on a demo account to avoid blowing your account. If you are into building EAs for backtesting, you can build one using FxDreema.com.
(6) Strategies mentioned in this app use indicators. Below are the specific use of different indicators.
(7) Different indicators and strategies will work in different market conditions. Moving Average and MACD work best on trending markets, while RSI and Stochastics are good for non-trending markets. Read on to find out more.
About the Author:
Education: MBA & Financial Planning
Experience: Real estate investing, stock market, and Forex trading.
Disclaimer: This app is for educational purposes only and is not an investment advice. Consult a professional for proper guidance.
Build expert advisors and scripts for MetaTrader 4 and 5. No programming skills required. Free for basic projects!
