They say Forex trading is more of an art than science. However, it requires some discipline to avoid losing your money. One way to be disciplined is following specific strategies and committing to them. This does not mean that you cannot apply more than one strategy in different situations. Here are some of the most effective Forex trading tips and strategies.
- Swing trading
You can use your free Forex trading signals to look at the short-term price patterns while holding positions for several days. Most swing traders look at the bars each hour or half an hour.
Scalping is a strategy where the trader seeks to beat the bid by skimming a few profit points before closing. It is ideal for very short-lived trades mostly for a few minutes. You need best Forex signals to achieve this.
This strategy involves following the trends for a long period with the aim of maximizing profit on major price shifts. The trader may only look at bars once a day.
Day trades are exited before the end of the day. This helps the traders avoid losses for bad night price shifting. Most of these trades also last for a few hours.
Pop ‘n’ stop trade
This is a breakout chasing strategy. Breakouts do not last for long. Pop ‘n stop strategy helps you determine when it is the best time to follow or jump into a breakout to avoid making a loss.
Drop ‘n stop trade
This is the opposite of the pop ‘n’ trade strategy and looks at the downside breakouts. When your free forex trading signals show a downside breakout, you look at the average daily range to determine the price at which the stock may settle at after the breakout.
Forex fractal trading
This is a deep analysis strategy to uncover the reason behind the movement of the prices. Look at the forex trading signals, determine the trends, and predict the likely direction after the current.
Trade candlestick patterns with moving averages
There are several moving averages in day-to-day trading such as simple moving average and exponential moving average. You then look at candlestick patterns that come from the price movements.
This is one of the best Forex trading strategies with EMA movements as it makes use of the price action to find your entries. Traders also use round numbers, resistance levels, and pivot points to indicate the best stocks and the best time to jump in. The strategy works well when the price is slow or has settled from a breakout.
Simple gap trading strategy
Several gaps appear in the course of the day whether common gaps, breakaway gaps, exhaustion gaps or runaway gaps. When a gap appears, the trader waits for a candlestick pattern to appear. You should not trade when the candlestick is opening. Wait until it closes so that you can use it as support.
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