If you want a simple strategy that can make money, you can understand and have confidence in then the one enclosed can lead you to triple digit profits in around 30 minutes a day...
The strategy is based on trading breakouts and if you want to win at forex understand this fact:
Most major trends start and continue from new market highs or lows and this is the way to trade forex. Traders who always wait for the pullback and who want to try and get in at a better price MISS The moves.
Most traders simply cannot psychologically buy breakouts but if you can then you can make huge gains. Of course prices don't follow through on every breakout and you have to be choosy.
So what is a good Breakout?
Generally the minimum amount of tests of the level is two - but the more tests the better and the more time periods and the wider they are spaced apart the better.
You are looking for levels the market considers important because, when they break they are the breaks that continue, as stops are hit and fresh positions kick in accelerating the move. If everyone thinks a level should hold and it breaks, it's probably a good one!
Do I just buy the breakout Then?
No you don't.
You must confirm the breakout and that price momentum is accelerating through the level. For this you need some momentum indicators. We have discussed these fully in our other articles - but two great ones, you can learn in about 30 minutes are - the stochastic and the RSI.
What About Stops?
Simple - the stop is directly under the level that has broken.
How do I take Profits?
This is really the key - you must NOT Put your stop to close. If the level has broken, give the market room to breathe and trail your stop up, outside of normal market volatility.
A good breakout can give you thousands in profit and you need to be patient and keep your stop back and accept short term price swings against you. These big breaks can last for many weeks or even months and you want to milk the trend for all its worth.
What Amount of Profit can I earn?
I know numerous traders who make 100% or more annually trading selective breakouts and you can too. The key is to be patient and only trade the big breaks.
You don't need to trade often to make a lot of money, just high odds trades.
How Long Does it Take Daily?
You can spend around 30 minutes a day, trading this way with your forex trading strategy and then go and do something else. You only need to check the prices once or twice a day and that's it.
Simple but Effective!
As long as markets trend breakout trading will work.
You have the comfort of knowing most traders can't do it but don't let that worry you, as the bulk of traders lose.
Breakout trading is a simple, easy, time efficient way to win at forex trading and if you base your forex trading strategy on it, you can enjoy currency trading success.
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