I have decided to write another post on Forex Trading Strategies from the point of view of an experienced and successful Forex Trader in Nigeria. Who will enlighten us on the subject "How To Trade Forex Profitably", ie their professional recommendation on How to trade forex profitably.
You can pick some of our researched forex trading strategies below (Links open in new tab);
Forex Trading Strategies For BeginnersFree Forex Trading Tutorial for beginners
How To Calculate Position Size Forex StrategiesBut today I have here with me Mr.Chinedu Michael, he his the Managing Director of INSTAFOREX AFRICA a successful forex trader, an accredited FOREX BROKER representative of Instaforex Nigeria. His company has been responsible for the renounced "FOREX DANCING COMPETITION" held yearly in Owerri.He has a track record of successful Forex trading strategies he has been employing over the pass few years and I must say I was really grace to have him share some of his recommendations with us on this blog.
CHINEDU MICHAEL- Forex trading strategies.
1. Plan ahead - Make your work plan in advance. Know the position size, the Stop Loss Points and the Take Profit Points (SL and TP) before you start to trade.
2. Play it safe - Do not risk over 2% of your balance. For example, if your personal balance is 1000$ and you enter a 10,000$ deal (10:1 leverage), the maximal Stop Loss point will be 20 Pips which equal 20$ (2% of 1000$).
3. One pair at a time - It is better to focus on one pair than try to "conquer" many pairs.
That way you could allow yourself to consider any new financial data or event concerning the relevant pair.
4. The trend is your friend - Trade in correlation with the trend: Do not buy in a downward trend, and do not sell in an upward trend.
5. Cut your losses - While they are still small. Once you lose, do not keep on buying in the same direction, and hope the market will get your investment back.
6. Stop Loss, Stop Loss, Stop Loss - Never enter a position without giving a Stop Loss order. It is your last line of defense.
7. Two indicators or more - Do not enter a position based on only one indicator. Look for other indicators that supports your assumption.
- Positioning stop loss order
The positioning of the Stop Loss has a crucial part in the success of a deal, since it will determine the maximal loss. The positioning is based on strategic points along the graph and is not based solely on the maximal amount loss (i.e. 2% of your balance).
How to place a Stop Loss order:
1. When opening a Long Position, place the Stop Loss in a lower rate than the position entering rate - Place the Stop Loss at the last trough point prior to opening the position.
2. When opening a Short Position, place the Stop Loss in a higher rate than position entering rate - Place the Stop Loss at the last peak point prior to opening the position.
3. Very Important! If the SL is over 2% of your balance, don’t make the deal.
4. The Take Profit will usually be placed in a point where it will yield a profit at least twice as big as the maximal possible loss.
We believe that one should be flexible when placing a Take Profit. In any case, it is highly recommended to place one in every deal.
Mr.Chinedu Michael - Managing Director http://instaforex-africa.com
In conclusion
-STRATEGY 1. Exit rule is get out of a long position just as it takes off like a rocket and get out of a short just before the price drops like a stone.
-STRATEGY 2. Just find the major support and resistance lines and trade from there with small stop losses.
For more free Forex Trading Strategies with Michael Chinedu, you can visit http://www.instaforex-africa.com InstaForex Africa- as they offer forex traders a distant learning course for beginners. Within the campaign “Deposit $69 or pay to any of their bank’s account and get a distant learning course”, that includes the basics of fundamental and technical analysis in forex trading. Having a forex trading tutorial course enables a trader to receive great advantage in making profits in the forex market and become better in how to trade forex. +234 813 345 0038 Call us to Learn more…
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PDFI have decided to write another post on Forex Trading Strategies from the point of view of an experienced and successful Forex Trader in Nigeria. Who will enlighten us on the subject "How To Trade Forex Profitably", ie their professional recommendation on How to trade forex profitably. You can pick some of our researched forex trading strategies below (Links open in new tab); Forex Trading Strategies For Beginners Free Forex Trading Tutorial for beginners How To Calculate Position Size Forex Strategies But today I have here with me Mr.Chinedu Michael, he his the Managing Director of INSTAFOREX AFRICA a successful forex trader, an accredited FOREX BROKER representative of Instaforex Nigeria. His company has been responsible for the renounced "FOREX DANCING COMPETITION" held yearly in Owerri.
He has a track record of successful Forex trading strategies he has been employing over the pass few years and I must say I was really grace to have him share some of his recommendations with us on this blog. CHINEDU MICHAEL- Forex trading strategies. 1. Plan ahead - Make your work plan in advance. Know the position size, the Stop Loss Points and the Take Profit Points (SL and TP) before you start to trade. 2. Play it safe - Do not risk over 2% of your balance. For example, if your personal balance is 1000$ and you enter a 10,000$ deal (10:1 leverage), the maximal Stop Loss point will be 20 Pips which equal 20$ (2% of 1000$). 3. One pair at a time - It is better to focus on one pair than try to "conquer" many pairs. That way you could allow yourself to consider any new financial data or event concerning the relevant pair. 4. The trend is your friend - Trade in correlation with the trend: Do not buy in a downward trend, and do not sell in an upward trend. 5. Cut your losses - While they are still small. Once you lose, do not keep on buying in the same direction, and hope the market will get your investment back. 6. Stop Loss, Stop Loss, Stop Loss - Never enter a position without giving a Stop Loss order. It is your last line of defense. 7. Two indicators or more - Do not enter a position based on only one indicator. Look for other indicators that supports your assumption. - Positioning stop loss order The positioning of the Stop Loss has a crucial part in the success of a deal, since it will determine the maximal loss. The positioning is based on strategic points along the graph and is not based solely on the maximal amount loss (i.e. 2% of your balance). How to place a Stop Loss order: 1. When opening a Long Position, place the Stop Loss in a lower rate than the position entering rate - Place the Stop Loss at the last trough point prior to opening the position. 2. When opening a Short Position, place the Stop Loss in a higher rate than position entering rate - Place the Stop Loss at the last peak point prior to opening the position. 3. Very Important! If the SL is over 2% of your balance, don’t make the deal. 4. The Take Profit will usually be placed in a point where it will yield a profit at least twice as big as the maximal possible loss. We believe that one should be flexible when placing a Take Profit. In any case, it is highly recommended to place one in every deal.
Mr.Chinedu Michael - Managing Director http://instaforex-africa.com In conclusion -STRATEGY 1. Exit rule is get out of a long position just as it takes off like a rocket and get out of a short just before the price drops like a stone. -STRATEGY 2. Just find the major support and resistance lines and trade from there with small stop losses.
