Forex Technical Trading Strategies – Tips for FX Success

By Peter R Burgess

The world of Forex trading can be an exciting and heady place to be – but there are emotional issues, which you need to be aware of if you are to trade successfully. A number of different Forex technical trading strategies exist and you need to be able to recognise which one is likely to suit you best. Whilst Foreign Exchange trading gurus can ably teach you about the marketplace itself, the currency pairs, the trading fundamentals, use of technical indicators and their own preferred trading strategies, at the end of the day it will be up to you to decide which way is the best-suited to you.

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There is presently an enormous amount of hype surrounding Forex trading, but one of the issues, which is sometimes overlooked or (in some unscrupulous cases) deliberately avoided, is the emotional aspect of FX trading. Many people are comfortable with the learning process involved to acquire the basic fundamentals of technical training and to learn the usage of the most common technical indicators. These same people are usually also comfortable with learning and where possible demo trading the particular strategies being taught, whilst, of course, dreaming of the profits that they are going to make. And these profits are there to be made – there's no doubt about that.

However, many of these same people will not be aware of the emotional pressure and feelings of near panic, which can be encountered when you press the button on a live trade. Therefore, you need to understand the type of person you are emotionally and what sort of trading strategy is best for you, to ensure that you don't de-rail your trading before it's properly started.

Broadly speaking, there are four main categories of Forex trading (or indeed general financial trading): Inter-Day, Intra-Day, Scalping and Automatic Trading...

Inter-Day or End of Day Trading

Inter-Day traders place a trade on one day, which will usually not close that day and may be held open for days, weeks or in some extreme cases, months. Traders who use this methodology need to be comfortable with watching the inevitable up and down swings, which will accompany each trade in the belief that the market overall will move in their particular desired direction. They will probably check on the position only once or twice per day and make adjustments to stop-losses at the end of each day if necessary. Quite often this requires a level of detachment, which more anxious traders might not be comfortable with and similarly quite often the initial stop-losses on these kind of trades can be necessarily quite large. Watching a trade move 100 or 200 points into a loss-making position before going into profit might severely test the nerves and pockets of many new traders.

Intra-Day or Day Trading

Intra-Day traders place and close trades all within the same day and depending upon their chosen time-frame, may close trades within 30 minutes to a few hours of opening. The initial stop-losses tend to be less than for Inter-Day trades, but a good level of emotional control or detachment is still required, as there will be potential swings in the market during the trade time, and a trade could, for example, make an initial profit and then fall back into a loss-making position, before resuming the desired direction and go back into profit. The feelings of anguish when you decide to cut a trade short in its losing phase (to minimise your loss) only to watch it turn round and make a big profit are not quickly forgotten!

Scalping

Traders who employ this strategy are looking to make a fast kill from the market, maybe 10 -20 points, and average trade times are often only a few minutes. The upside emotionally is that stop-losses tend to be tight and you do not have the same amount of anguish in the trade, because it will normally only be of short duration. Many newcomers favour this method because of the limited financial and emotional exposure involved, and some use this as a confidence-booster before attempting longer term trading methods.

Automatic Trading

Increasingly over the last twelve months, the markets have seen the advent of Automatic or Robot Trading Packages, where with the aid of specific software, traders set parameters on their computers and the Trading Robots trade automatically on their behalf twenty-four hours per day, five days per week. From an emotional standpoint, this takes the involvement and fear out of the actual trading process altogether, because you are completely hands-off. However, you are, of course, completely reliant on the particular Robot Trading Package technology to place and manage the trades and therefore on the effectiveness of the package itself, which for some would induce a completely different type of fear and anxiety!

Understanding your own emotional make-up will help to prevent you from choosing the wrong Forex trading strategy and from experiencing the fear, which can be so potentially destructive to your early trading career. But if you choose the right one, you could be at the start of a whole new way of life.

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Forex Trading - 10 Minute Forex Wealth Builder - Full Review

System Author: Dean Saunders

Promotional Price: $77.00 (Normal Price $249.00)

Returns Policy: 8 Weeks Money Back Guarantee



This is a simple to learn and easy to implement end of day Forex trading system, which needs no prior trading knowledge, and more importantly which works. Moreover, once the charts are set up, it really will only take 10-15 Minutes per day to identify, to set up and manage new and existing trades.

So this won't eat into your leisure time nor affect your current job.

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What you get for your money

* 78 Page e-book manual in PDF Format – the information is laid out clearly and concisely and nothing is left out. This is not padded out with filler, but instead is straight to the point. The systems are clearly explained in a step-by-step manner. No prior trading experience is assumed.

* Two simply explained Trading Strategies – A Breakout Strategy and a Swing Trading Strategy.

* 10 Video Tutorials (2 on Opening a Broker Account and using charts, 4 on the Breakout System, 4 on the Swing System). All the information is explained in the manuals, and the Video Tutorials reinforce what you have learnt. Plus if you prefer learning by watching rather than reading, then this will suit you better. Additionally, there are useful live trading examples for each system.

* E-mail support for any questions or further clarification – the system is excellently explained, but it's always good to know that you can ask additional questions if required.

How does the 10 Minute Forex Wealthbuilder work?

Breakout System – This is a simple to understand mechanical Trend Trading system, showing you how to identify strong market trends, and how to trade Breakouts with them, based on price action. You are given precise instructions (no guesswork required) as to how to identify, trade and manage these trading opportunities, including how to place stop and limit orders effectively. Once you have placed the trade, you walk away and just check on it every 24 hours until its conclusion. This system identifies trades with an average profit target of 100-200 PIPs and with a profit to risk ratio of 2:1.
Importantly, the system also identifies when to stay out of the market.

Swing Trade System – The second system is also very simple to implement and shows you how to identify, trade and manage potentially large Forex market moves, based upon Support and Resistance and price action, such as price reversal. Once again, the strategy is clearly explained and the trade entry and exit points are precisely identified. You can expect targets of between 200-400 Points on this system and the trades will typically last 3 -7 days, with a profit to risk ratio of 2:1 or better.
It will only take you minutes to identify and place trades and then you leave the trades alone and just check on them every 24 hours.
You can generally expect the system to identify 2-5 trading opportunities per week.

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Why do I like 10 Minute Forex Wealthbuilder?

* No prior trading experience is necessary to make this work – everything is explained clearly and concisely to you in the manual and backed up with the videos, so it is simple and easy to learn.

* The system is nearly 100% mechanical, so no guesswork.

* You don't have to learn to use lots of confusing technical indicators as in other trading methods.

* Once you have set up the charts, which is all clearly explained to you, it really does only take about 10-15 minutes per day to identify, set up and manage your trades.

* You can spot your potential trades 24 Hours in advance and set up your orders in advance to take advantage of them.

* Unlike the automated Robot systems, which are being so heavily advertised and promoted at the moment, with 10 Minute Forex Wealth Builder, you are ultimately still in control of your money, which I for one find very re-assuring. You decide whether to take the trade or not.

* It takes the emotion and stress out of trading – if you have traded before and struggled with the two emotional trading killers, fear and greed, then this is great news. Once you have set up your trade, you walk away and get on with your life, just checking on it once per day, rather than staring at the screen for hours. Usually you will see your profits within 2-3 days.

* Great profit to risk ratio of 2:1 or better – whilst the system has averaged a strike rate of over 60% success, you actually need less than 40% to still be profitable.

* 10 Minute Forex Wealthbuilder works on all the major currencies.

* Teaches you the essentials of trading money management as used by the professionals.

* Very responsive e-mail support from Dean Saunders himself, a very experienced financial trader – if you don't understand anything, Dean is very helpful and will get back to you very quickly.

* Great value for money at the promotional price of $77.00

Click Here to visit the 10 Minute Forex Wealthbuilder Official Website

Any Drawbacks?

It's actually difficult to find fault with the product, because it delivers on what it promises and the system is good. It's simple and easy to learn and implement. If I had to be picky, then because the Interbank Metatrader works in GMT, the daily chart candle closes at Midnight GMT, and that time might not suit every one, but different brokers use different time zones, so you may just need to look around to choose your broker depending on where you live in the world. I live in the UK, so a closing time of midnight for the candle is not always ideal for me, but if you live in the US, then this would fit more comfortably into a late afternoon/early evening time slot. However, having said that, if no trade opportunity is setting up for that day, you would be able to spot that a long time before the close of the daily candle, so you would not be hanging around waiting.

Overall Conclusion

Highly Recommended – Our Rating 9/10

Check out Dean Saunders showing you Videos of live trading examples and making profits of 120 and 280 PIPS!

Click Here to visit the 10 Minute Forex Wealthbuilder Official Website