As Forex traders, we all can agree that keeping your Forex strategy simple; will simply keep your stress level in check. With, the thousands of indicators and strategies we have out there; no wonder why majority of the new Forex traders leave within couple of months after diving there accounts to $0. Choosing and keeping your Forex strategy simple, is only one of the steps to succeeding in the Forex market. I have listed 7 easy and simple Forex trading strategies that you need to know now before it's too late.
1. Trade only during market hours. The major currency that is traded 80%+ of the time is the US dollar. The US market opens at 8:00am (EST) and closes at 4:00pm (EST). If you like to trade other currencies, then you would need to research it's opening and closing times. Currencies are most accurate and active during it's market hours.
2. Do not you use indicators as your entry and exit point. Indicators are inconsistent and in the long-run you will always return your earnings back to the broker. If you are using indicators then you are just making it more difficult for yourself.
3. Do use a plain Japanese candlestick or bar charts with resistance lines. Look at the Japanese candlesticks as more then just green and red bars; try to learn the "psychology" of the candlesticks and you will create a better chance of succeeding.
4. Price action analysis is the way to go because it keeps you away from ever relying on indicators. It's simple, live, and profitable. Forex price action trading allows you to get a great feel, when your entry and exit ought to be.
5. Choose a pair of currencies that you are comfortable with and look at its monthly, daily, and 1 hour movement. Focus on one currency pair till you become more experienced.
6. Stay away from Forex news trading. When you have large amount of traders shifting the market it can get very unpredictable.
7. Wake up at least 30 minutes before you start Forex trading. Check on your currency pairs movement and Forex calendar for any upcoming news events.
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Article Source: http://EzineArticles.com/expert/Al_Habib/436497
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