Well today has been a tremendous trend day, of course the US Dollar has regained some strength and the trading has been pretty easy, go short on the confirmation of your short signals and then just follow the market down, down, down. Have done that and if you did things right, with the right leverage and position placement during a trend, you can, in a few hours, increase your account significantly.
OK, so everyone knows you can make money trading currencies in the FOREX market but you also should know that you can lose your entire account trading FOREX. How do you figure this successful trading stuff out? Specifically what I'm talking about here is a low risk FOREX Trading Strategy. How do you know if your FOREX Trading Strategy is Low Risk? Well you've investigated the risks of your entry and exit signals and you then take advantage of of these Trading Strategies to enter and exit the FX Market at a profit. Do this consistently and you can make money.
Watching your signals you determine that you're getting in way to late and you're getting out way too late, that doesn't make for low risk trading strategies or for may money, real money. When you find yourself in this situation you need to step back and optimize your indicators for the market. Every market has a sweet spot at any give moment and the markets change, with that in mind, if you leave all of your indicators at a specific setting, behold, they are only going to be accurate a small portion of the time and the rest of your trading is going to be hit and miss. Optimizing isn't hard but it does take time.
Only with optimization for the current market can you really make good entry and exit decisions. Something to remember as well, each currency pair is in it's own market and on top of that, each time frame you can trade, ie. the hour vs daily, has it's own market. The 15 minute chart is a different, although not by much, from the 5 min chart, but the 5 min is very different from the 4 hour chart. So it's important that you know what market you are trading and optimize your indicators for each of the individual market.
Oh, by the way, don't forget your fundamental analysis which will play a part in your trading, think tomorrows Non-Farm-Payroll. Optimize your strategy, standardize your entry and exit strategies, and win more trades overall.
If you feel that you want some help with the optimization or if you don't have a FOREX trading plan, then we're here to help. You should understand, that while services such as this cost money, the improvement of your trading process more than pays for this investment which is actually an INVESTMENT IN YOU!
Think about it, it does work and has for many people who now trade successful.
Happy trading, always use good money management as it's a very risky world.
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