FOREX: LET THE TREND BE YOUR FRIEND

by Michael on July 12, 2011

For me and my Forex trading, my most profitable and current situation has come about ever since I adopted the motto of letting “the trend be your friend”. In fact now, I only ever trade in the direction of the trend.

I used to trade like a maniac – I would try out every different strategy I could find on the internet, read all the books I could buy from Amazon and my trading charts looked like somesort of crazy spiders web of lines. If I wasn’t actively trading I thought I was losing on on potential profits….. risk was my middle name, drawdown – how large could I make it, there was no limit to the number of trades I could make in the day…. (I shudder at the memory).

Luckily that is behind me. Keep It Simple Stupid (great advice).

Use the short-term charts to gauge your entry point and your long term charts to tell you the direction. A simple moving average will help you. After that with a sprinkling of patience and good money management, you too can make money on a daily basis with the Forex. It certainly is not rocket science !!

 

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