Thursday, 3 March 2011

Forex Charting Success - Simple Tips on How to Make Huge Gains Using FX Charts

By Kelly Price Platinum Quality Author

If you want a simple way to make money in Forex then you should learn how to use FX charts. You don't need to have a college education to learn this method of trading or spend a lot of time on your method, all you need is 30 minutes a day and your all set to make huge gains.
If you look at price charts of currencies, you will see the them move in trends up or down which last for weeks or longer and these are the trends you need to focus on and if you do, you can trade a few times a week and make a great second income.
When trading with charts you don't need to study the health of the economy or look at the financial news because this is opinions of where the price may go but you are going to trade the price as it is on the chart. You are not focused on why a currency is going up or down you want to make money when it does.
The above sounds simple and it is and the good news is you can learn a strategy in a few weeks and then, start making big gains in 30 minutes a day or less.
When putting together a strategy, you should focus on keeping it very simple and this means learning high odds formations and using two or three indicators to confirm your trades. Many people make the mistake of thinking complicated strategies make more money but this is a myth - make a strategy to complicated and it will have so many inputs, it will simply break down in real time trading.
You can win with a simple Forex trading strategy but you must make sure you cut losses quickly and run your profits. Most professional traders only win around 50% of the time but because they keep losses small and run their profits, they still end up making huge gains.
Can you learn to spot repetitive high odds chart patterns?
Of course you can and if you trade your strategy with discipline and confidence, you can make huge Forex gains in around 30 minutes a day.
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