The support and resistance level strategy is also basic trading strategy next to price action. The Bollinger bands, Fibonacci, chart patterns, and moving averages and any price movements system can be decide based on the support and resistance level. According to the Forex market support and resistance level plays a major role in the market so being the Forex traders it is important to have the better understanding of it. Anyways, we thought to convey certain tips for you regarding the support and resistance level strategy. If you use these tips it will definitely help you to trade the market even better. Why don’t you consider the round numbers The round numbers are important in support and resistance level strategy. There are major psychological levels in the support and resistance level so when the prices reach these levels you can sell or buy currency by targeting higher profits. Actually, it
Read moreLatest Posts
Importance of parabolic SAR indicator in forex trading
The Parabolic SAR is one of the popular Forex indicators. It helps you in finding the change of momentum when the momentum changes you will be able to get an edge to trade the market. SAR means the “stop and reverse” and it can be used to find the trend change as well as the tool to find the stop loss. For your better understanding, we are providing an example such as when the candlestick hits the recently developed high; a value will be set under that candlestick by the indicator. When the candlesticks produce new highs the value which is denoted by the indicators will also rise with the rice but still, will increase proportionately to the factors selected by the trader. Technical analysis related to the Parabolic SAR The simplest binary indicator is that Parabolic SAR. The indicator is used to forecast the trading strategies in certain instances
Read more
Major mistakes associated with money management
The important tool in Forex trading is that money management. If you cannot maintain the money in your account then there is a problem. It’s obvious that you cannot remain in the market. The money management strategy is the important tool among others; no matter how smart you are or no matter even if you know all the strategies to trade Forex if you are not capable of managing the money then you cannot remain in the market. Every trader must be intelligent enough to trade Forex by maintaining the money management strategy but usually, the traders do not give enough attention for it. There are many mistakes involved in money management, the traders should be aware of such mistakes in order to correct it. Let us learn the mistakes and correct it. You should focus on the trade, not only money As traders, you should think about the trade
Read more
Leading vs. lagging indicators and its underlying facts
There are many different types of trading strategies and techniques in forex trading. It totally depends on up to you how to trade the financial instruments in the global market. Most of the retail traders in the forex market tends to use different types of indicators for executing their trades in the market. They simply trade the different assets in the market without knowing about the exact functionality of the indicators and for this reason, most of them fail to make money while using the indicators. Indicators can be great tools for the traders if they know how to use them properly. But trading the live currency market without knowing their functionality is one of the major cause of failing in the forex market. Leading indicators: Leading indicators are those indicators which give them early trading signals to the traders. For instance, the RSI, stochastic and most of the oscillators
Read more
How trade the triangle chart pattern in the forex market
Chart pattern trading is often considered to be the most advanced form of trading strategy in the forex market. All the professional traders use the chart pattern trading technique in order to catch the large movements of the market. But if you are relatively new in forex trading then it will be extremely difficult for you to trade the different chart pattern in the forex market. But don’t worry! You can still trade one chart pattern with a great level of ease and confidence with the minimum guideline. Triangle chart pattern is often considered to be favorite chart pattern in the novice trader’s community since its extremely easy to spot and highly reliable. Before we go further let’s discuss the different types of the trading chart pattern. Triangle chart pattern is mainly of three types Ascending triangle Descending triangle Symmetric triangle These three are the most prominent triangle chart pattern
Read more