Trading is a lucrative profession, it’s possible to earn a lot of money for a short time period. However, maintaining discipline is the key aspect of it, but saying that discipline needs to be maintained is much easier than actually doing it, and one of the best ways to make it happen is sticking to successful Forex trading strategies. A well-reasoned and backtested strategy will make you a confident trader making it much easier to follow through with any plan. According to the opinion of american online casino, forex trading is profitable like online casinos. Here are the top Forex trading strategies.
Daily Fibonacci Pivot Trade
This strategy is all about combining Fibonacci retracements and extensions, with daily, weekly, monthly, or yearly pivots. Although the emphasis here is on using the mentioned combinations exclusively with daily pivots, the idea can be modified to work for longer time periods.
London Hammer Trade
As soon as London opens, you are presented with some unique opportunities due to the market’s volatility. Although this strategy can be used at any time when the price is the most likely to skyrocket or plummet (possibly reversing from the previous trend), the London Hammer Trade is by far the most effective during the London session.
The Bladerunner Trade
Suitable across all timeframes and currency pairs and offering a fantastic EMA crossover strategy, the Bladerunner Trade is extremely efficient at picking breakouts from a continuation and trading the retests. Essentially, this Forex strategy is all about following trends.
The Bladerunner Reversal
As a trend-following strategy, the abovementioned Bladerunner Trade is an excellent asset in a trader’s toolkit. Conversely, the Bladerunner Reversal is just as effective at picking entries from situations where trends reverse and price begins to trade on the other side of the EMAs. A top-notch trader will efficiently utilize both strategies for maximum profit!
The Pop ‘n’ Stop Trade
One of the biggest keys to effective trading is knowing whether or not the price will continue in the direction of the breakout – it’s a basic skill you must learn in order to make a profit on your trades. Chasing the price when it bounds away to the upside and ending up with an inevitable loss upon the reversal is a nightmare that knowing the secret of the pop and stop trade can easily prevent.
The Drop ‘n’ Stop Trade
On the opposite side to the pop and stop, the drop and stop trades savage breakouts to the downside. Knowing how to apply both to your trading style is just as essential as it’s the case with the “Bladerunners”.
The Forex Fractal
Finally, one of the most important secrets to trading is knowing the Forex Fractal. Firstly, this is not a mere strategy, but rather a concept of market fundamentals that you must know to understand what’s going on with the price at all times, who is making the move, and, most importantly, why the price is doing what it’s doing. Essentially, this is a comprehensive way of using other successful Forex strategies and any outside knowledge is more than welcome here. For instance, commodity trading is something well-worth combining with the Forex Fractal: it enables you to trade precious metals, like gold, silver, copper, and even crude oil across two different trading products. This knowledge, however, is nowhere near as useful in itself, as it is when combined with the knowledge of market fundamentals that the Forex Fractal trading “strategy” offers. A website like online pokies australia can guide you well to plan a successful strategy.
These Forex strategies aren’t always best used in combination with one another, but knowing the basics of each one will bring more opportunities to the table for you, as a trader. Keep in mind that being a trading pro is all about knowledge and experience!