Forex is a market which offers huge liquidity. Perhaps, it's one of the reasons why there are so many participants. The market is very widespread, and with so many traders around, it is only logical to find a supernumerary of trading strategies existing. For newbies, the sheer volume of methods available can discombobulate their minds and leave them completely blank.
To aid them in their start-ups, here are some forex trading made ez methods to include in their arsenal. Call it a habit or a curse, but most traders tend to over complicate their strategies.
They incorporate sophisticated instruments, methods, and schemes to derive the most resounding results from the market. Though it works for them, there is no assurance that it would work for you too. Simpler strategies are always good and suggestive as per experts. And for a newbie, it is important that their method is easy to work with. On that basis, here are a couple of forex trading made ez strategies to use for newbies: Markets consolidate between ranges of Support and Resistance.
Breakouts happen when the market moves pass the limits of consolidation and reach new lows and highs. This signifies a new trend, but before every trend, a breakout situation always happens. Such breakouts going beyond the highest and lowest for a lengthy period is known as Longer Trend. And if it happens for a short period, it denotes a Shorter Trend. Henceforth, with this strategy, you can formulate your approach as per the result of the arcade trend.
You buy when the price is breaking over the day High and sell when it breaks ahead of the day Low. However, you can also reduce the timeframe and set it to hours for shorter strategies. Make use of Stop loss and also ensure you back-test it with MT4 to know the exact impeccability of this strategy.
Another forex made ez strategy which new traders can use is Moving Average Crossover. In many ways, this is a lagging indicator and makes use of old price data and also moves slowly in response to currency movement. The lengthier SMA averages over the period, the slower it moves. Example- When the faster and shorter SMA moves across the long one, it denotes a change in the market trend. Moving above it also means that the prices now are above the old ones.
It denotes Bullish trend or a Buy prospect. It shows a Bearish market and a Sell proposition. These are two of popular forex trading made ez strategies which one can think of. Do think of using these simple and reliable strategies when practicing with a demo account.
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