3 ways How to find strong currencies and weak currencies to use Forex Strategies on.

 

3 ways How to find strong currencies and weak currencies to use Forex Strategies on.

Use this link for more information:   Relative strength of currencies

What does most successful and best Forex traders have in common without knowing it. Besides the psychological advantages successful traders have over average traders there are a big number of technical activities they perform without really consciously knowing that they are in fact doing them. This is because these have become an ingrained habit in their trading process.

Winners use multi time frame perspectives of the Forex Market

Experienced traders know that there are actual 3 Forex Markets active at the same time. There is the longer term swing trading market driving the big trends,  the day trading market reacting to short term Forex market activities and then there is the micro short term scalping market focusing on very short term movements. They are aware of all three these markets and refer to them all before placing a trade.

Profitable Forex traders use multi-currency approaches.

The relative strength, volatility and liquidity plays a very big role in deciding which Forex currency cross to trade. Successful traders know when the market is US Dollar or Japanese Yen or Euro dominated and which opportunities those conditions create

Experienced Forex Traders use multiple Forex trading techniques.

Market conditions change day by day. You can’t just blindly trade the same technique in different market conditions and expect consistent and the best Forex trading results. The best Forex traders have a range of Forex trading techniques for each different market phase.

Fundamental information is important to them.

Fundamental information drives the direction of the price movements. Technical analysis helps the best Forex traders enter at the most opportune moments. They know the short term and long term impact an adverse economic announcement or a political or financial speech can have. This knowledge is used to their advantage.

They know market behaviour.

Experienced Traders have studied and experienced the price action under a number of market conditions and have a good idea of what to expect when the major European and US markets are active. They know instinctively how the market behaves at time outside these times. The precise percentage of times weekend gaps get filled is known to them. Prices reaction when the market comes out of the Tokyo tunnel and hits the early European and Big Ben opens is known to them. They know what happens before and after a major announcement.

Like driving a car these trading skills can initially be formally learnt and taught. It is only when they become an unconscious trading habit that they become of real trading value.   Join our onsite live Forex trading training courses to learn more about these Forex trading techniques and systems. Alternatively these Forex trading techniques are available in our Forex trading courses.

3 ways How to find strong currencies and weak currencies to use Forex Strategies on.

How often do you buy weak currencies and sell strong ones?

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