Thursday, 3 March 2011

Forex Charting - How to Make A Triple Digit Income With FX Charts in 30 Minutes a Day!

By Kelly Price Platinum Quality Author

f you want to make big money in Forex trading in the least amount of time, you should learn Forex charting. If you use charts you don't need to watch the news or study the economy you can simply follow prices on a chart and trade Trends and anyone can do this - lets take a look at Forex charting in greater detail.
Take a look at the price of any currency and you will see trends which last a long time and these trends can last for many weeks or months and if you have a strategy to lock into them, you can make big profits - so how do you lock into these profitable trends?
Perhaps the simplest way is to buy breakouts of overhead resistance on a chart - all big trends start and continue there trend, from these breakouts and if you buy them you can make a lot of profit.
The reason why breakout trading is used so much by professional traders is - it puts the odds on your side and confirms, a new trend is in motion and all you need to do is jump on board and ride the trend.
Sounds simple?
It is - but you must only buy high odds breakouts and this means levels which have been tested several times before the price level actually gives way so only trade resistance levels which have been traded six times or more before the break.
So how Complicated Does Your Strategy Need to Be?
You need to keep your system simple! Simple trading systems will always beat ones which are to complicated because a system which is to complex will have to many inputs and will breakdown in real time trading.
You can actually make money by just trading breakouts on a chart and not using any indicators at all and I know many traders who make great profits doing this but personally I like to add a couple of indicators to confirm, price momentum is increasing as the breakout occurs because this increases the odds of success.
If you want to use some indicators I would recommend no more than 2 or 3 and my favourites are - The stochastic RSI and Bollinger Bands. These indicators can all be learned in a few hours, so look them up.
If you use Forex charts and look to trade breakouts of resistance, you can make a triple digit income. You can learn how to do it quickly, it's also easy to understand and best of all, you will only need to spend 30 minutes a day, earning a great second income.
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