Jayden - 2016-09-16
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While playing it slow is the way to go about in currency and commodity trading, you still need a working plan to kick start your endeavor. Here is the easiest Forex strategy that anybody can try out. This is a medium term plan with a working period of a day or more and requires very low capital investment.
Start off by choosing a Forex pair to trade. Try selecting a prominent pair, as that should allay much of the volatility concerns. Trend determination can be either achieved by going for an 8-period SMA (simple moving average) for both, closing and opening prices or an alternative HMA (hull moving price) for better graphing.
Check for fluctuation prospects by putting your selection through an oscillator indicator and tweak around with the values so that you can a clearer picture of any nearing price reversal. Reliability is a prime concern here, so make sure that the charts you choose have a longer period axis. Typically, D1 and H4 charts give you the detailed story, while H1 and M15 variants are great for seeking prospective entry points.
The combined crossing of SMAs along with the oscillator indicator crossing should be your ideal point of entry. Nevertheless, as a rule of thumb, do not invest more than 3% of your total funds and place a stop loss to add the extra safety net.
The best exit strategy here is to place a twofold profit extraction order. In the first, set it to a fixed level something in the vicinity of last five daily ranges while second can be a trailing stop so that you can cash in on any extra profits made by the trade. Nevertheless, a thorough knowledge of support as well as resistance levels is needed here for a successful exit trade.
Keeping monitoring the advancements and the moment prices reach a near your stop value, immediately go for for the lock in by moving your stop neared to the entry price. A trailing stop can also be pretty handy here as it closely follows the market movements.
There are a lot of honey traps out there like those claiming to double your money and the likes. Stay away from them at all cost; it is nothing more than gambling on your investment. Smart traders never like to do things in haste on the Forex market. After all, it is better to be safe than sorry.