Forex Trading Success - a Simple Method for Huge Gains

| Posted: 15-05-2008 | Comments: 0 | Views: 13 | Rating: (52)

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Here I am going to show you how to achieve forex trading success with a simple method which is logical, proven and you can use straight away for big profits. Let's take a look at it.

The best way to make money is buying and selling breakouts. If you incorporate them in your forex trading strategy you can use them to pile up huge gains.

A breakout is simply a break of new chart lows or highs and it's a fact that most big moves start from these breaks so if you buy or sell them you can get in on all the best trends and profits with your trading signals.

So if it's that easy why don't most traders make money with them?

The answer is - most traders can buy or sell breakouts they think they have missed some of the move and wait for a pullback to get in at a better price - but prices don't pullback and the trader misses the move. Of course, if they had got in they would have missed the start of the move but that doesn't matter - so long as you have a big profit!

When breakout trading you need to trade valid breakouts this means

- Several tests at least 2 but generally the more the better

- In as many different time frames and the wider the spaces in time the better

You need to be selective.

Don't trade breakouts that have only been tested a few times, look for ones that have had numerous tests and be patient until you see them.

Not all breakouts continue and some fail, so how do you spot the good ones?

You need to check price momentum is accelerating through the breakout point.

Use some momentum oscillators for this. We have discussed these fully in other articles - but two good ones are, the stochastic and RSI.

Once you have momentum on your side, your stop is obvious - put it behind the breakout level.

If your locking into and want to hold big trends, don't move your stop to quickly.

Wait until the trend is underway and trail it behind a key moving average ( we like the 40 day ma) you will miss a bit at the turn but that's ok if you got 60% of every big trend you would be very rich.

You must keep your stop behind random volatility, or you will simply get clipped out of the trade to early.

You can put a breakout system together quickly and easily and soon be trading for 100% + annual gains. Don't be deceived by the simplicity of the system - it works and simple systems always do.

Most traders can't enjoy forex trading success because they can't buy breakouts but if you do, then you have fantastic profit potential in less than 30 minutes a day!

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Frequently Asked Questions

I am looking for a reliable indicator/s to signal ...
By: basilc | 23-02-2008
I am looking for a reliable indicator/s to signal entry and exit points in the forex market. Trades lasting for 1 to 10 days are what I am interested in - not intraday trading.

On what chart period is the 7,9,11 and 25 day ...
By: jecklom | 20-11-2007
On what chart period is the 7,9,11 and 25 day period RSI set?

Does the method really works for intraday traders ...
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Does the method really works for intraday traders ? It seems like breakout strategy ?

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Forex Trading Success - a Simple Method for Huge Gains

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