How to trade ForexForex? Can I be successful if I follow any strategy and trade? This question keeps popping up among those of you who are new forex traders. You would be surprised to know that 95% of traders cannot earn money from Forex, they make losses, so only 5% of people profit in Forex trading.
So I say, making money from forex trading is not so easy. Again not as complicated as you might think. I am yours in today’s blog. I will teach two winning strategies. If you can follow well, you can be one of those five people. Guaranteed.
How to trade Forex
Every forex trader has a strategy. It would help if you created a system. I will help you create a plan today. Follow the steps below.
If you do not have an account, you can trade in Hot Forex. HotForex is the best broker in Asia. Click here to create an account.
Remember, my strategy is for you if you have a balance of 1000. Don’t go less than your full potential. I promise, in three months, your account size will double.
Moreover, I cannot be held responsible if someone follows this strategy and blows up his account. If you agree, move forward.
Determine the lot
First of all, let me tell you, to trade this way, you must have a balance of ০০ 1000, and each of your entry lots must be in my designated lot. That means you have to take 0.01 lot per entry.
No entry can be more significant than this.
Look at the trends first.
First, you need to understand the market trends. It remains to be seen whether the market is uptrend or downtrend. How to understand?
Look at the extensive timeframe. Look at the monthly candle pattern, then the weekly, then the daily, and the four-hour candle pattern.
From here, you decide what the trend in the market is. If the market is on an uptrend, then prepare mentally to give a buy, and if the market is a downtrend, you can prepare to sell. But not now.
Remember, look at the daily time frame to find out the trends. But you will see the time frame of four hours for giving entry.
Always be on the side of the trend, never go against the trend.
Remember, the trend is your friend until it bends.
You are reading this article; I mean, I have your idea of support, resistance already. Check out the last six months’ candle. Mark the support-resistances. Draw lines if necessary.
In the previous step, if you get an uptrend, you will buy by support, and if you get a downtrend, you will sell at resistance. This is the basic rule. Still, wait. Decide by checking many more factors.
And yes, wait until the current market price reaches your target point or entry price. Do not rush. Remember, the market is not fleeing.
If your bounce before your desired entry price does not come out again, find new support resistance, fix the new entry price, and wait.
Winning Strategy 01 – Trade for the trend
Step 1: Take the entry
Once you get to your desired entry point, take a 0.01 lot entry. If the market goes against you this time, keep taking access at 0.01 every 50 pips.
In this way, create a package to take 0.01 entries. The more the market goes against you, the more likely you are to make a profit.
Never panic because you are in favor of the trend. It would help if you made a profit today or tomorrow. Do not close the trade or enter the big lot out of undue fear.
Remember, most traders are impatient to lose and trade in large lots without following money management. You keep a cool head.
Step 2: Find the exit point.
Remember, it is elementary to take the correct entry, but finding the right exit point is not easy. So be very careful in finding out the exit points. You can use the Fibonacci tool to find out the exit points.
Since you favor the trend, the advantage for you is that you can hold the package. However, seeing the strong support resistance, it is wise to close the trade and realize the profit.
Keep trading like this. Inshallah, you will succeed.
However, never trade two currencies at the same time with a balance of 1000. The market is very volatile, and it can move 400-500 pips against you at any time. So stay with a currency. If you follow this trading strategy in more than one currency at a time, your account may be compromised.
Winning Strategy 02 – Trade against the trend
The lower the risk of trading for a trend, the higher the risk of trading against a trend. Even then, I will teach you a strategy where you can make a good profit.
Find the currency
There are many currencies in the Forex market; find a pair that has risen or fallen every day for 5-10 days in a row. See Daily Candle.
Now, look at the RSI of that pair.
If it is increased for 5-10 days in a row, you will get RSI between 85 and 90. And if it is less than 5-10 days, you will get Daily RSI between 25-35.
Take the entry blindfolded.
Now blindly take the buy or cell entry. If it is increased for 5/10 days, give cell, and if it continues for 5/10 days, then give bye.
But lot but 0.01 lot. I can’t give you more. Now, no matter how much the market continues to go against you, keep taking entry at 0.01 lot every 50 pips.
Don’t be afraid. Do not increase the lot. Never mind
The market is reading a lot and will not read, or the market is growing a lot and will not grow; we kill big lots.
He died doing this. There is no way for survive. Remember, the market will never be on your side. It will always be the opposite of what you think. So do not trade in large lots with risk.
Exit understands time
Since you are against the trend, be very careful. Eliminate the thought of holding on for a long time. If you have a 3% -5% profit, you close all the trades and wash your hands and face.
Never be greedy. Don’t take unnecessary risks. Success will come.
And yes, as before, I would say never enter more than one currency at a time. Whenever you enter a coin, you will not trade in that currency even if there are thousands of opportunities in another currency.
Finally, it is easier to lose than to gain in the Forex market. Keep a cool head. Your whole month’s income can end up being a little forgetful one day.
Never heat your head. If the head gets too hot, you can’t control yourself – take leave from the trade. Don’t look at the market for a week. Don’t even come near the edge of the market.
And yes, remember, forex trading is illegal in Bangladesh. If you are excited after reading this blog of mine, start trading – that is your responsibility. I can’t be blamed in any way.
However, anyone outside the country can trade. In most countries, there are no legal impediments to trading Forex.