I have been trading in the Forex Market for almost 12 years. I have tried many different forex robots, forex strategies, forex signals, forex trading strategies, techniques, and 1000’s of different indicators. You know what? None of them have worked. The only thing that has worked for me is doing an analysis of the forex trend. For the experienced traders that are reading this, I’m sure you have heard over and over again that “the trend is your friend.” The forex trend has been my friend for quite some time. I will be adding new Forex Strategies in my videos. Click on Videos in the menu bar to view them. For Forex Trading tips and forex brokers you can click on the Resources page in the menu bar. To learn more about the Forex Trend and why it’s so important click on Free Ebook.
When I do my forex trend analysis, I start with the largest time frame possible which in the Metatrader platform is the Monthly Chart (M1) and then drill all the way down to the 5 min chart. On some time frames I see great looking trends only to find out on the smaller time frames that the trends don’t look so good. The forex trends can also be subjective. What exactly makes a good trend? What exactly makes a bad trend? How many tops and bottoms does the trend line need to touch for confirmation? If I’m trading off of the daily, weekly and monthly charts, do they all have to show good trends? If I’m waiting for a pullback on the daily chart, what will that trend look like?
Would you like to be a scalper, swing trader or position trader? You should consider being all three types of trader. You might be asking yourself why? Everything that you have probably learned says to be good at just one, not all three. Do you think the market really cares what type of trader you are? Of course it doesn’t. If you are a position trader and the daily, weekly and monthly charts are choppy then you will be waiting a long time for those trends to establish a new forex trend. If you are a scalper and you buy low, sell high, but then buy again at a higher price, are you kicking yourself in the butt that you didn’t stay in the trade longer?
If you answered all of these questions you might be asking yourself “That’s great but how do I look at 34 currency pairs, on all time frames and pick out the trends without wasting hours and hours of my day? Even when I pick out those trends, are they really trends?”
You could consider getting a second opinion on those trends or just let the computer do that for you. There is an online program called Trendy Trades that will do all of this work for you. It will find all of the trends on the 34 currency pairs in all time frames and it is continually updated while the market is open. It will also give you alerts when new trends are in place. Now you can trade any time frame with just about every currency pair you have in your arsenal.
Click on Contact Us in the menu bar if you have any questions or would like for me to review any other software. I don’t believe in Robot trading so I will not review any of those programs. I believe trading should be done by clicking the buy/sell button or at least semi automated. Semi automated trading is where you place an automated trade at a specific price and be alerted when the currency hits the specific price. You then look at the trade to confirm that you should be in the trade.