Whenever someone hears about foreign exchange trading, they give up trying to understand it because it feels complicated. However, if all elite Forex traders thought the same way, they would have never been what they are today - billionaires in their own right.
To peep into the world of high level Forex trading, we bring you some of the well kept secrets that professionals have been using to make themselves richer every day.
Here’s a look:
Based on the price action method which relies entirely on market trade, this trick defines Forex hacking. Indicators such as candle sticks, support – resistance levels, and pivot points are used. This method doesn’t prescribe any import indicators such as RSI and MACD.
Bladerunner’s reliability increases during the initial opening of the Asian session.
It uses the exponential moving average which is basically a line that traces market trends by giving more priority to recent price action than historical data. Traders buy during retests, which is a point when trends lower much below the EMA and sell during breakouts, when trends jump over the EMA.
This is how elite Forex traders generate a lot of profit in any time frame using Bladerunner.
- Daily Fibonacci Pivot Trade
This method engages pivot point retracements and extensions to help traders make profit. It is surefire artillery in the arsenal of a Forex elite trader.
Retracements are sudden drops in stock prices that are an aberration to ongoing stock trends. Fibonacci extensions are tools used by traders to measure a point of breakout above the resistance. Buying and selling is done according to extensions and retracements. Since retracements are short term drops, this method is most suitable on a daily timeline, giving it its name.
- Bollinger Band Bounce Trade
Perfect for fluctuating markets, elite Forex Traders uses it along with other confirmation signals to make Forex sales and purchases.
Using Bollinger bands, when a trade hits the lower band or comes really close to it, traders check the RSI indicator. If the RSI indicator shows between 30-50 rising, they make an entry to make a profitable trade.
As one might already have guessed, these trading strategies need a lot of knowledge about trading indicators, market trends, and other specifics.
To better understand and comprehend these strategies, people should read more about foreign exchange trading. Here are a few things they can try.
Learn the basic concepts of Forex trading
Don’t try and learn the most complicated strategies first
Open a demo account on a good Forex platform to start trading
Once you get the hang of it, start by investing small amounts
Do not expect to become an overnight billionaire, patience is key
Keeping all of this in mind can be tough. However, one includes his/her name amongst elite forex traders with daily practice and viewing videos on the most successful trades. So, if you were planning on starting trading today, prepare yourself first.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.