Simplify your forex trading strategies

Copyright by James Taylor - http://www.fishingforexpips.com/ All rights reserved.

Simplify Your ForexTrading Strategies

By James Taylor

http://www.FishingForexPips.com

http://www.fishingforexpips.com/


Forex trading is a very serious business which can earn you a lot of cash in a relatively short amount of time or drive you into insolvency. Now, there are a lot of self help books out there which claims to have the newest, most effective or even secret technique to aid you in Forex trading strategy.



While some of them may actually help, most experts will agree that when it comes to Forextrading, it is always best to start with the basics. With that in mind this article will discuss Forex trading strategies in its simplest but most effective forms.



First, let us discuss Fundamental Analysis. Basically this means a consumer/trader has to put a value on a particular country vis a vistheir currency. This is a very tricky endeavor but it is one that will definitely pay off in the long run.



Before even attempting to analyze a country’s potential or value a consumer/trader has to be very familiar with:

1) Purchasing Managers (PMI) Index

2) Non-Farm Payrolls

3) Durable Goods

4) Retail Sales



Other factors may be relevant to fundamental analysis on a case to case basis but in most cases these four factors are relevant for most valuations. A very important tip is to always read the papers, watch the news, and be present in trade conventions to get commentaries,



quotes and alerts on inflation, interest rates, unrest and other relevant information that may affect a particular country. Remember, out of all these meetings never miss interviews and comments by individuals who oversee a country’s reserves like the Federal Reserve Chairman of the United States and never miss meetings



of the Federal Open Market Committee and Humphrey Hawkins Hearings. Second, is Technical Analysis. Basically this is a short term approach to a country’s viability as an investment via their currency. This type of strategy analyses price trends thru the Forextrading market.



When talking about technical analysis it is very important to be intimate with:

1) Fibonacci studies

2) Elliot waves

3) Pivot points



Make no mistake all legitimate Forex traders know both Fundamental Analysis and Technical Analysis but most of them choose to master only one approach. Now which strategy to choose is best left to experience. Trade and get to know Forex a little bit more then you can select which



basic Forex trading strategy is best suited for you. Just remember, it is only natural to make mistakes and reads the market wrong, just don’t do it too often and never repeat the same mistake twice.



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Simplify your forex trading strategies

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