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I have been trading Forex full time over 7 years now and have found numerous Forex trading systems and techniques.
After many trials and errors I've come to the realization that simplicity is key, therefore I have reduced my trading into 3 categories:
1. Forex news trading - this means utilizing the volatility surrounding economic announcements such as Non Farm Payrolls, GDP and others. For this I use software that broadcasts the news as it happens and can actually click the sell or Buy buttons. Occasionally your order will not be filled so it is possible to enter on a bounce back, based on the news direction.
2. My own Forex trading methods and strategies, these fundamentally come down to 2 basic methods:
2.1. Selling resistance and buying support, based on ascertained pivot points, Fibonacci numbers and trend lines.
2.2. Rapid scalps which involve trading for 2-4 points taking a very small risk. This requires practice, but once mastered it can be easy money .
3. Purchased Forex Trading systems - there are many systems for sale and most of them are ineffective, written by Internet marketers for the sole purpose of making money for the system vendor. These systems are a complete waste of time but the sales pitch is very good. I have found several that work well and complement my own trading methods.
Timing and time in Day Trading
It is of utmost importance to understand the time of day that you choose to execute trades in and grasp what you potentially expect at that time of day. This differs from instrument to instrument, so it is important to understand market behavior for your trading instruments. I ordinarily trade only 4 instruments; the DAX, Euro, Japanese Yen and the GBP/USD, and I am pretty familiar with their behavioral patterns throughout the trading day.
Other instruments have different behavior patterns and I will deal in them (I do irregularly trade WTI, Nat Gas, and other currencies) after I've studied their time related behavior. Most of my trades beside the DAX and GBP/USD are economic announcement related and of course, when figures are made public a different volatility exists which is regularly out of the normal patterns.
The prime time to execute trades in the DAX (German Index, and moves in tandem with the DOW mostly) is near the London open at 08:00 (03:00 EST), as the open usually brings a large rush in orders and it's an easy time to scalp. Occasionally the scalp will turn into a longer term trade, if a trend develops, however it is sometimes possible to achieve a gain of 20 - 40 points in the first half hour of trading. As my daily target is 30 points and it is often achieved within 30 minutes, I can then relax and look for great set ups that will not risk the gain.
A few of my fellow traders will stop trading then and do something else. It certainly gives one plenty of time, but those 30 minutes require intense concentration.
If you'd like to learn more please visit my blog by clicking the link.
The blog also contains many video with live trades.
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