Whether you are a professional trader, an apprentice trader or a novice trader, it would always be best to have a defined strategy on how you plan to conquer and eventually emerge as victor in this war of market trades and foreign exchange and currencies. You can have as many strategies as you want, and you can use them as often as you want to, just make sure that the strategies that you formulated on your own will bring you great profit and not regrettable loss. You can ask for the professional opinions of traders that are within your circle and compare and contrast which ones are better or, you can also devise your own based on your personal beliefs and professional knowledge and experience in this type of field. However, there are other traders that do not find it very easy to ask around for help or to think of their own technique. And that is the primary reason why this very brief but incredibly helpful guide is written, to help those who prefer to follow a complete and comprehensive set of instructions which are simplified in just 5 short and easy to follow steps.
Just a quick note, though: Keep in mind that the following set of instructional steps are just suggestions and you may change a few things here and there as do down the list should you think or feel the need to. You are free to make adjustments according to your beliefs and own learning.
1. It would be best to trade on market hours which are from 8:00 to 4:00 PM, especially if you are trading using US Dollar.
2. Avoid using indicators. Instead, use resistance lines and forex price analysis.
3. Trade using currencies which are often used like: USD, EUR, JPY and CHF.
4. When you trade, ride with the wave of and follow the trend, but keep the ratio of your trades (the wins and the losses) low and simple.
5. Lastly, you must bear in mind that you cannot win in every trade that you make, but you can minimize how many time you loose by analyzing the market condition first.
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