It seems that some on this thread think that forex is some mystical art that can not be learned no matter what, well folks that is again one of those myths.
Here are somethings that work for me and some of the tools I use.
1. Price action & S/R: I focus on price action on the smaller time frames (5 min) around areas of higher time frame S/R.
2. Moving averages as floating support/resistance. There are several that work very well, like the 1hr 62 ema, the 200 sma across a variety of time frames, the 60 ema on the 5 min etc and the 5/10 emas across a number of time frames. Using the 5/10 ema on the 15 min charts you can make a killing trading bounces off of these emas when they are parallel to one another and clearly moving in one direction or the other.
3. Trade the times when the currency pairs you are trading are most likely to move, and stay away from afternoon trading in the US.
4. Stay away from the news.
5. Respect the trend on the time frame you are trading.
6. Strict money management, never risk more than 3% of your account on any given trade.
7. Have a defined set of rules to trade by and stick to them.
8. If your goal is to become a trader you have to Treat this like a business, because it is. This is probably the most important part of the whole thing.
Here are somethings that work for me and some of the tools I use.
1. Price action & S/R: I focus on price action on the smaller time frames (5 min) around areas of higher time frame S/R.
2. Moving averages as floating support/resistance. There are several that work very well, like the 1hr 62 ema, the 200 sma across a variety of time frames, the 60 ema on the 5 min etc and the 5/10 emas across a number of time frames. Using the 5/10 ema on the 15 min charts you can make a killing trading bounces off of these emas when they are parallel to one another and clearly moving in one direction or the other.
3. Trade the times when the currency pairs you are trading are most likely to move, and stay away from afternoon trading in the US.
4. Stay away from the news.
5. Respect the trend on the time frame you are trading.
6. Strict money management, never risk more than 3% of your account on any given trade.
7. Have a defined set of rules to trade by and stick to them.
8. If your goal is to become a trader you have to Treat this like a business, because it is. This is probably the most important part of the whole thing.