Basic Forex trading strategies for beginners

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Every trader wishes to get a stable income on Forex market simplest forex trading method making too much efforts: Very often traders wonder if there is the simplest Forex strategy which will not require special knowledge, education, skills and of course time. The answer is yes, such simple Forex strategy does exist and work. And today, we are going to share some examples of such strategies that can be used even by beginning traders without special skills and experience.

Really, why would somebody want to make Forex trading more complicated by adding different indicators simplest forex trading method difficult rules? All answers are always on the surface and it is more than enough to follow simple instructions to simplest forex trading method regular profits on financial markets.

The concept of this strategy is the following — the price can move only in one direction and rollbacks are followed by trends. To make sure, open any daily diagram of a currency pair. Almost every Japanese candle has tails in two sides. Therefore, this simple Forex trading strategy that works is so popular among traders of all levels. Subscribe To Trading Secrets. Tunneling Binary Options Trading: In fact, for most traders the right approach is unique to them simply because everyone has different risk factors.

We do our best to set up a credible fifteen minutes It is considered to be a trading pattern designed in Japan.

The system has been created to help market pl Until recently, one minute was seen as the fastest possible trade, however this is now cha But there are also some distinctions in these two activities. The stock options trading strategy implementation instru Binary Option Auto Trading Review.

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Not everyone is able to sit at the computer for hours a day and trade. In fact, many of you have full time jobs, family lives that keep you busy, yet you still want to be able to participate and trade in the market. A lot of times, these are the emails I get from people, whereby they have the lives above, and only have a couple hours to trade after work. If this resonates with you and your situation, I recommend trading rule based daily and 4hr price action strategies.

A rule based strategy generally goes something like this;. If you are having to constantly look for discretionary elements, levels, etc. By having rule based strategies , it simplifies the trading process for you so you can spend more time taking trade setups instead of analyzing and deciding if you actually have a trade or not. This means you do not have to manage them as they continue, or have stops based on indicators.

Sure, if you had hours to sit per day and could actively watch the markets, then there are some strategies I would consider managing, especially if they were designed to go for runners. But, I also have price action strategies which are completely quantitatively based over 10 years, meaning the statistical edge has been demonstrated over the last 10 years.

Thus, if you trade them as is, going for a fixed target, you can and will profit based on their edge. First off, there is nothing wrong with trading intraday time frames, using anything under 1hr charts.

There are traders making money on every time frame across the board. The time frame is not so important, but more a personal and stylized preference also availability. However, with limited time to find setups, monitor charts, etc. Generally, the lower the time frame, the more detailed analysis you have to do and more variables you have to incorporate. And time is commodity you have less of. Statistically, various patterns such as pin bars, inside bars , engulfing bars, etc.

But plug the same method and system on a 30m time frame or less, and the accuracy diminishes tremendously. In fact, accuracy for these 1 and 2 bar systems tended to degenerate tremendously below 1hr time frames. Now it should be noted this is not the case for all systems, and our statistics indicate some systems actually perform better on the 1hr time frame vs. Now getting back to the point, 1 and 2 bar patterns are pretty easy to spot and take little effort.

However with the daily charts, these are much simpler as you have one main candle to analyze for the day and the overall trend can be easy to spot. With the 4hr chart, only 6 per day. So overall, much less work, yet still enough to keep you active on a daily basis. Some people state the NY Daily Close is the best. But statistically, this time fails for many patterns and pairs. In fact, a pairs performance can vary wildly for the same price action pattern across different server times.

Imagine you are trading an inside bar pattern on the daily time frame for a certain pair, based on the NY Daily Close. Would you want to know that before trading it? Some pairs did statistically better across several server times, but completely failed on another for one price action pattern.

Yet on the same server time they failed on for pattern A, they profited highly on for pattern B. Volatility and order flow for that pair in relationship to the sessions. That plus the type of pattern all played a part. Information is key here. In Conclusion For those of you who have very busy lives, with a full-time job, family, and general commitments that you are unable to sit and trade for hours, there is a way for you to trade and participate in the markets, while not having to stay up all night.

For this, I recommend trading Daily and 4hr price action strategies that are rule based, easy to manage, yet allow you to be engaged in the market and able to make money. Generally set and forget strategies will be easiest to manage, while also making sure the server time is appropriate for your strategy. If you have all those in place, then you can trade on a weekly basis, make plenty of trades to be engaged, not have to hold positions for days on end to see a result, and only need a few hours to trade per day.

I hope this helps for all of you who fit into this category and that you found this article informative and useful. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: Want to improve your trading edge and mindset?

Check out my trading courses here. Hi Chris, Yes, these are the timeframes that suited me for the moment and also what I am trading on now. You have also pointed out the server time which is very true. So which server time work best for your H4 and daily TF strategies?

It really depends upon the pair and the system because the performance varies significantly depending upon the system and pair.

For example, some pairs do really well with inside bars on the NY close, but others fail miserably. Yet those same inside bars and pairs that fail miserably on the NY close, do really well on the London open, so depends upon each one.

This information is available to those in my Price Action Course which you are welcome to join. Their is however one thing what comes in my mind about the practicality of using different server times.

As you stated that patterns perform differently with different pairs on different server times. Unless of course you have a broker for each server time, I find it a bit unpractical! What is your view on this and how do you of your students manage this?

First off, many of my students end up just trading one server time which is totally fine. If you have the right server time, you can be plenty active in terms of finding setups and pairs.

So both of them are viable options, but none of my students ever really have any issues with this. Neither do my students or traders so seems like an unnecessary process to find good signals. I am in the process of changing things so I have the NY close charts. Just feels better for me. Keep up the good work and best wishes to you and yours! Hi Chris, Fantastic article — thank you for posting it up for all to read. Being new to forex would you advise to initially start trading with these time frames?

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Daily and 4hr Price Action Strategies 0 Engagements. A rule based strategy generally goes something like this; Conditions A, B and C have to be in place to make a trade. If you do, place your trade at X, your stop at Y, and your targets at Z. Along those lines, there is one last key point I want to make a Server Time Not all server times perform the same.

Chris Capre Verified Profitable Trader. You Might Also Enjoy. Another great, eye-opening article! De nada, glad it helped and thanks for the kind words Chris. Hello Eric, It really depends upon the pair and the system because the performance varies significantly depending upon the system and pair. Hello Chris, Very interesting post, enjoyed reading it. With good information for thought.

Hello Agnee, Some good questions here. This is the most simple approach. When it doubt — keep things simple. Hope this helps Kind Regards, Chris. Hello Stan, Glad you liked the article and content and good luck trading.

Kind Regards, Chris Capre. Best regards Haider London, UK. A Forex Trading Mindset Lesson: What Builds Confidence in Trading? Fixed Dollar Amount Which is Better? Reactions to Stress in Trading Engagements. Frustration Leads to Learning 86 Engagements. Forex Strategies Featured Previous Next. April, 5th - By Chris Capre. What would the best approach be for someone Am glad it helped and looking forward to