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You are here: Home / Finance / Forex Trading Strategies that Work: 5 Tried-And-True Tips
Forex Trading Strategies that Work: 5 Tried-And-True Tips

Forex Trading Strategies that Work: 5 Tried-And-True Tips

September 17, 2020 By Cade's Team Leave a Comment

Today in 2020, it feels like nearly everyone is trying to become a successful Forex trader. The foreign exchange market—also known Forex or FX— is a multinational marketplace for the exchange of national currencies. Forex trading is the exchange of blocks of currencies, always one specified currency for another. For example, you could trade the U.S. dollar (USD) vs. the Canadian dollar (CAD), the Euro (EUR) vs. the Japanese Yen (JPY), and so on.

While the stock market tends to be better known among the public, the Forex market is actually the largest and most liquid market in the world. Every day, trillions of dollars of currencies are exchanged.

If you’re looking for Forex trading strategies that work, below are five tried and true tips that you’ll want to know.

How to analyze the price pattern in the Forex market

Different traders use different techniques and to try and make millions in profit from Forex trading. Despite this, most savvy investors learned trading in the old fashioned way. They spent a lot of time learning price analysis, so as to be able to make better decisions without having remorse.

Analyzing the price pattern may seem easy, but it is a very tough job for novice investors. For those who aren’t familiar with the term, the price pattern is a naturally occurring pattern that appears (and typically repeats) when foreign currency prices are plotted on a graph over time.

In this article you’ll learn tactical tips to change the way you analyze the price pattern.

1. Analyze the daily time frame

This tip is simple. Stop looking at the chart in the hourly time frame.

If you try to make bold moves by analyzing the data in the hourly time frame, you have a long way to go. You have to find the trade setups in the daily time frame.

The daily time frame gives more important data to retail traders.

Once you start analyzing the daily time frame, you will be able to change things fast. Most importantly, the trend of a trading strategy will be easier. While daily time frame trading can be a boring technique, it will give you an important position from which to open your new trades. So, spend time analyzing the daily time frame.

2. Use the major chart pattern

This tip is also straight-forward. You should be using the major chart pattern from the start. A chart pattern is exactly what it sounds like. It is a pattern that appears within a chart when prices are graphed.

Forex chart patterns are important because specific patterns can be associated with a higher than average probability of follow-through in a particular direction. Meaning, they help you to play the statistical odds.

For this tip, you’ll need to use a reputable trading platform. Consider using Saxo’s platform since they are well reputed and they care about their clients. Once you get the best trading platform, it will be much easier to analyze the critical data.

The chart pattern will position you to securely trade the large market movements. People who are looking to find profitable trades by using the important indicators should focus on the major chart pattern.

3. News analysis as part of your trading business

Both global and regional news can create massive fluctuations in the price movement of international currencies. Failing to analyze major news events can result in big losses. People who are looking to build their empire in false pride often ignore the importance of major news.

If you’re going to be a Forex trader, then news analysis unquestionably needs to be a part of your trading business.

Unless you do this effectively, it will be tough to stay profitable and overcome your losses. Thousands of traders who have tried to develop themselves as full-time traders have failed because of their lack of knowledge in fundamental analysis.

Simply put, fundamental analysis is a way of looking at the Forex market by analyzing economic, social, and geopolitical forces. These forces can substantially affect the pricing of international currencies, often within a short period of time.

4. Know Your Charts (and Candlesticks)

In this tip, we are referring to candlestick patterns. Candle stick patterns are way to show all four metrics relevant to a single trading day in one simple visual.

Put simply, they show a currency’s opening and closing price as the thick part of the “candle” and the high and low prices of the day as extensions (“wicks”) protruding from it.

By Probe-meteo.com – Probe-meteo.com, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=26047737

Knowing about the major candlestick pattern of a currency is a great advantage and can notably boost your performance.

People who are looking to build their empire in the Forex world have a lot to take in. To make things easier, you should study the Japanese candlestick pattern since it provides powerful data in a simple, visually accessible format.

But, knowing your price action trading strategy is not enough. It is a part of this business. You’ll also have to find your support and resistance levels to take advantage of this trading technique.

5. Money management

Money management might the most important factor in trading. Money management refers to how you manage the pool of money you have available to invest. It is the set of techniques that you use to maximize gains, minimize losses, and grow your trading account over time. Good money management is the key to preventing a total wipeout of your account.

People who ignore the role of money management often make big mistakes, as they don’t have the skills to analyze the price pattern effectively.

As you study the major price pattern with the help of a demo Forex trading account, you’ll slowly develop your skills.

Don’t be a greedy trader who always looks for the home run. At times you will badly hurt by this market. You’ll have to accept those scars and move forward anyway.

Learning Forex trading strategies that work

Most importantly, never break your tried-and-true trading rules or pretend you know everything about this industry. Be honest with yourself, because this is an ever evolving industry.

What questions do you have about Forex trading strategies that work? Ask them in the comments below.

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Filed Under: Finance, Investing Tagged With: Forex

About Cade's Team

Cade Hildreth is an LGBTQ+ entrepreneur, real estate investor, and former USA Rugby Player. Cade has founded 7-figure businesses, scaled websites to millions of views, acquired a portfolio of income-producing residential and commercial real estate assets, and played rugby worldwide.

As a world-class athlete, Cade has represented the USA Rugby Team, trained extensively at the Olympic Training Center, and played with elite squads from across New Zealand and Australia.

Often compared to Tim Ferriss and Ramit Sethi, Cade teaches millions to expand financially, while living an authentic and adventurous life.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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