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Here we will give you a simple Forex trading strategy which you can learn in around a week and then seek triple digit profits with, in around 30 minutes a day. Lets take a look at it.
This strategy is based on two simple facts which are obvious, if you look at any chart of any Forex pair.
Firstly, currencies trend for long periods up or down and secondly, any currency which is bullish, will start its trend by breaking to new market highs and continue its trend by breaking to new highs.
So our strategy is simple - we will lock into long term trends, by buying important breakouts of resistance.
Most traders never use this strategy, as they are obsessed with buying the exact low of any move and when breakouts occurs, they want to wait for the pull back but it never comes; they sit and wait and miss the move. The smart trader, buys the break and sure he has missed the first part of the move but the odds favour the move will continue and he has plenty of profit ahead of him.
So what should you look for in a breakout?
The number of tests is important, its the more the better and you should really look for at least six tests before the breakout occurs and the wider these tests are apart in terms of time the better.
When any breakout occurs, it has higher odds of success if volatility in increasing and momentum is on the rise.
To check if this is happening, learn some momentum indicators and two of the best are the RSI and stochastic. We have covered these in other articles, they only take a few hours to learn so make them part of your essential Forex education.
Breakout trading in terms of risk control is easy - you put your stop under the breakout point and on good breakouts, this will give you low risk and the possibility of a high return.
Each month you will spot a couple of really good breakout trades to take and you can easily make triple digit gains with this simple Forex trading strategy.
You trade the reality of price, with no prediction needed and as long as Forex markets trend this strategy will make money. So trade the breakout and make yourself a great second or even life changing income.
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