Lately I have been thinking that perhaps the best way to trade forex is also the most boring way.
To find long term trends through the daily/weekly charts, find trendlines, and enter a position based on the trendlines.
I would love to hear comments from people who have been successfully following this type of trading methodology.
Secondly, in your opinion what is the best approach to scaling up such long term positions?
For example, lets say I entered a long position lot and in a month it moved up 300 pips. Would you wait for a pullback to the trendline before you added more to your position? And how much more would you add for each subsequent pullback?
I now believe its futile trying to guess the tops and bottoms in countertrend swing trading. Are our odds not siginificantly better looking at the longer time frame and trading WITH the longterm trend with wide stop losses??
thnx
To find long term trends through the daily/weekly charts, find trendlines, and enter a position based on the trendlines.
I would love to hear comments from people who have been successfully following this type of trading methodology.
Secondly, in your opinion what is the best approach to scaling up such long term positions?
For example, lets say I entered a long position lot and in a month it moved up 300 pips. Would you wait for a pullback to the trendline before you added more to your position? And how much more would you add for each subsequent pullback?
I now believe its futile trying to guess the tops and bottoms in countertrend swing trading. Are our odds not siginificantly better looking at the longer time frame and trading WITH the longterm trend with wide stop losses??
thnx