Forex Trading Strategies 12

Currency Trading Strategy Number 61:
You need to get to the point where, when you look at a chart without
any visual aids, you see indications as to where price is going. This
has to become "second nature." At that point, you can trade with
ease. And, your stress level will go down, because you will be in
control of the market, not the other way around. This only comes
with practice, day after day. This takes patience, and staying power.
You must hang in there until you get it. Winners never quit; quitters
never win.

Currency Trading Strategy Number 62:
At first, if you are fearful, don't trade until you see what you consider
to be an ironclad set-up that you are familiar with – an easy one.
That may mean waiting out a session or two, but that's okay. There's
no rush. I find with some people they seem to have to prove
something to themselves or someone else. Some people think they
have to scalp all day long for some reason that is beyond me. After
all, you are in control. Take your time. Relax. Enjoy it. Sooner or
later, you will see a bona fide set-up that you recognize, and bingo
you're in. When in doubt, do nothing. When there is no doubt, do
something, do anything – pull the trigger.

Currency Trading Strategy Number 63:
Unfortunately, you will not always get all the signals you need to pull
the trigger. After all, this is as much an art as it is a science. You
cannot always be 100% sure that you are doing the right thing. If
you wait forever to get all your ducks lined up, you may wait a long
time. My favorite analogy goes something like this: Pretend you are
sitting in your garage at home wanting to go to work, but you are
waiting for all the street lights along the way to turn green before
you pull out of the driveway. Guess what folks? You'll never get to
work. Same with trading. Sometimes, you just have to make an
educated guess (based on the currency trading strategy
recommendations contained at this site) and go with it. You won't
always be right, but this isn't about being right. It is about making a
decision, sticking with it, and reversing course if you have to. Accept
getting stopped out as God's way of kicking you to a higher level.
Just one more step to success.

Currency Trading Strategy Number 64:
Thanks to Tom for this: There are two choices to be made – LONG or
SHORT when a certain point in the session(M1, S1, R2, Pivot ... etc.)
is reached. The BASIC rule is BUY (go long) below the pivot in the
S1, S2, M1, M3 zone and SELL (go short) above the pivot in the Zone
R1, R2, M2, M4. Obviously it isn’t as simple as this and other
indicators such as MACD divergence, reading bars, trends, and
patterns all add to the question LONG or SHORT. Bang on Tom! Way
to go!

Currency Trading Strategy Number 65:
I have said previously that you should make your buy/sell decisions
around pivot points. However, for example, if price is meandering in
between pivot points and then does a double top, that would lead me
to believe that price is going down. So, there are times when you
would want to make your move before waiting for a pivot point to be
hit. Of course, there's nothing wrong with waiting for price to do so
and then reacting.

Currency Trading Strategy Number 66:
Thanks to Harry for this one: He indicated that I sometimes refer to
"price rejection." And, what does that mean. It simply means that a
price reversal bar has formed, causing the bar in the middle to have
a higher high than the bars on either side of it. The price bar in the
middle is essentially a key reversal bar. And, what you have is a
"swing change." That is, price is reversing course, and heading
south. The same holds true when price is reversing and heading
north. You then have the bar in the middle of the three-bar pattern
with a lower low than the two on either side, and the one in the
middle is the key reversal bar.

Currency Trading Strategy Number 67:
Repetition is the key to success in any endeavor in life, including
trading the forex. The more you practice trade, the more you trade
real money, the better you get. You just have to keep at it - over and
over and over again. Persistence is the key. You're bound to get
better at something if you do in constantly and don't quit. Don't let
the market psyche you out. When you have a down day, just treat it
as experience. Lessons learned. But, try to learn from your mistakes.
Keep those journals going. If it's not written, it doesn't exist.