Submitted by Edward Revy on May 26, 2009 - 20:14.
Basic strategies - where the education for all beginner traders starts.
Basic strategies use simple chart pattern recognition rules and one or two basic indicators. By learning to recognize and trade simple patterns, novice Forex traders will be able to make a much smoother transition to more advanced trading systems and methods.
We start from the very basic Forex trading strategies that will help beginner traders to identify entry and exit points and foresee market turns; and we will gradually advance to more advanced Forex trading systems.
Before we start: two words about Stop Loss orders – they should be set either in fixed amount of pips (you may try to use 20-30 pips with those simple Forex systems) or, if chart permits, slightly over the last highest/lowest price swing point.
Attention all traders: trading strategies are posted for their educational purpose only. Trading rules may be subject to interpretation. Planned risk levels may be increased dramatically under extreme market conditions. Use the ideas and/or modify them to suit your trading style, but only at your own risk. We recommend testing your trading system on demo account before investing real money.
Edward Revy and my best Forex strategies Team