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Forex
Strategies
When you are just starting out, strive to carve out 20 pips per session,
and that’s it. Then, turn it off, and study some more.
Spend most of your time on the small time frames.
When
you first start out in any particular session, look at the 1 hr chart to
get an overall perspective on trend
MACD
rules on the 15 min chart. Even if MACD is, say, trending up on the 1 hr
chart, if it is trending down on the 15 min chart, that’s what you take
your cue from
Only
use MACD for divergence, not for buy or sell signals. It is a lagging
indicator, and as such is useless as a trigger
Always “protect” your money by using 20-30 pip stops. Mental stops are
okay, but not if you are dead serious about using a “disciplined”
approach to managing your money. You will lose three out of ten trades.
The three losses should be kept to 20-30 pips. Your wins will by far
surpass your small losses
Look
for 4 hour chart for the following information. If 5 period moving
average cross 13 period and both cross 50 period for sure the the trend
is set
Select only 1 or 2 currency pairs and play with them. This technique
gives grip on the currency pair and its behavior
Be
disciplined on stop losses and profits. Do not be either depressed or
greedy.
Do
not play on calendar events if you are not sure. High volatility and
thus risk.
