Powerful Forex Trading Strategies For Consistent Profits
If making money in the FOREX Market is as easy as what the Internet marketers wanted us to believe, poverty will no longer exists in this world. However, please do not feel discouraged and mistake the fact that making profits with Forex Trading is a challenge next to impossible. In fact, making consistent and lucrative profits by solely trading Forex is indeed very achievable. In order to attain this successful feat, however, we must be prepared to commit your time and effort into mastering one of the most profitable Forex Trading Strategies.
In writing this post, I assume that the readers are already familiar with the basics of Forex Trading and Strategies, and hence we shall be brief and venture directly to the key components. I’d also avoid getting into comprehensive analysis on how the Forex market is structured or details of major banks mechanisms working behind the scene.
From my Forex Trading Experience, the best way to trade the market is by monitoring the Price Actions of the market. There are many Forex Traders who have suffered huge losses in the Forex Market, without really ever spending time applying this particular important strategy. There are several key advantages that enables Price Action Monitoring to aid Forex Traders in their trading.
First of all, it would be next to impossible for solo Forex Traders to follow all global fundamental news that possess potential impact to the currency market, and making informed decisions based on all the news. Consider this scenario over a particular day, as follows:
Japanese feeling risk-adverse in the Asian market, and Gold rose by 1.7% at the same time. Then we have rumors a BOE is planning to raise the GBP interest rate by 25 basis points in the upcoming meeting. Fifteen minutes later, we get a news that terrorists are attacking certain parts of Europe. The list goes on and on and global events are happening 24 hours a day, 7 days a week – with or without your concern. Any reasonable man will have trouble keeping track of these overloaded information alone, more so making wise trading decisions out of it.
The next question we should ask ourselves is that – Do all these global events move the currency markets? Some textbooks have claimed this to be true in theory, but experiences have reflected otherwise! That’s the exact reason why monitoring at the Price Action is much more effective that following the Fundamentals.
If any of such fundamental global events were to possess an impact big enough to the currency market, it shall first be reflected in the Price Action.
There are also many people who confused with the fact that they would require certain indicators to provide them with a better perspective of the Forex market, and to some extent, to filter out the ever present “noise” too. In my humble opinion, most, if not all, indicators are lagging because they based on historical statistics. While consistent and profitable Forex Trading Strategies have been constructed based on indicators alone, pure Price Actions could provide much more insights to the current behavior of the collective market participants and ultimately provide much better entries and exits signals.
Much of Forex Vice’s trading practices have been based heavily on trading Pure Price Actions, while we have spent considerably screen time to monitor the markets, we are glad that the rewards are many times better. If you are having troubles making time for such laborious monitoring, let us do the job for you!