Forex best signals
15 / 04 / 21
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There are quite a few newcomers trading on the D1 chart, specifically, because a beginner trader wants to make more trades and gain experience quickly. As for professionals, here they are just as eager to work with day trading strategies as with scalping. Do not assume that if the majority prefers scalping, then it means you can earn the most amount of money through short-term trading. It should be noted that the majority generally prefers to trade without any training at all, sometimes even without a primitive trading strategy and loses money because of it. There is nothing wrong with scalping but Forex day strategies are in no way inferior to it. It is not a question of what is better. Everything relies on the psychological state of mind of a trader and their personal preferences. As for profits, you can profit by many methods, if you prepare and study any trading strategy.
Forex day trading, as the name implies, involves making transactions within one trading day without transferring them to the next day. It is also worth mentioning that it is beginner day traders who most often go on to violate discipline rules and ignore the trading plan since the pace of trade causes rapid decision making and it presupposes certain experience.
The essence of the Forex strategy on the daily charts "Stochastic + SMA"
The strategy consists of only two indicators that are included in any MetaTrader terminal by default. This is the Stochastic and SMA oscillator. You are supposed to earn money on corrections on a daily chart and small movements with a global trend. In general, this trading strategy can be classified as medium-term because you are going to keep the position for about 5-7 days, rarely longer. The average profitability of one trade is 100 points.
The first step is to set the indicators in your terminal. To do this, click Insert - Indicators and then search for the tools we need in the pop-up list. Moving average period is set at 20, the Stochastic settings are standard, you do not need to change anything. Next, you are going to wait for a trading signal to buy. To open an order, you must comply with all these conditions: there are two candles under the moving average with the closing point of the second one must be necessarily higher than the opening point of the first one. In this case, they do not have to point in the same direction. For example, the first can be bearish (moving down), and the second can be bullish, or vice versa. The third candle is bullish and its closing point is above the moving average or directly on it.
If all these conditions are met, you enter the market at the time of the third candle closing (you will have to calculate at what time you have to do it depending on your time zone, otherwise, you will miss some of the profit). If the first two conditions are met and the Stochastic does not give a signal - wait for it and enter the market if at the moment the indicator crosses the upper dotted line and the chart is still above the moving average. You can also enter the market if the Stochastic gave a buy signal earlier than the first two conditions.
Step three is StopLoss - for an open position it must be placed on the minimum point of the first candle if you enter to buy or at the maximum point of this candle for selling. You are not to set TakeProfit (you can put 100-150 points if you really want to) but you should leave the market when the next candle closes lower than the previous one opened.
"The7"
You need only one indicator which is there by default in the MetaTrader terminal - two moving averages. First, check to see if you have done everything in order to get started. You must have a D1 timeframe selected, set two moving averages of different colors on the chart. You can use any currency pair or you can even work with gold or oil. The scale of the graph should be reasonable so that you can look at each candle in detail.
As a step two you are waiting for a signal to buy or sell. You enter the purchase if the price broke the lower moving average and the closing point of the last candle was outside the channel formed by the MA; a bullish (upward) candle opened outside the channel, broke through the moving average and closed above it within the channel.
You enter to sell if the price broke through the upper moving average and the closing point of the last candle is outside the channel; a bearish (downward) candle opened outside the channel, after which broke through the upper moving average and closed below it within the channel.
The third step: if you buy, StopLoss is set at the minimum point of your signal candle (which broke through the moving average), if you sell - at the maximum point. As a result, that Stop is small enough for medium-term trade - from 15 to 40 points on average so if the signal turns out to be incorrect, the losses will be minimal. TakeProfit is put above the entry point at 400-500 points. Generally, the price does not go that far so you should exit when the strategy gave the opposite signal. At the same time, you can immediately enter the market in a new direction. The average profitability of one transaction is 100-200 points.
Forex signal systems can be a valuable basis for all of a trader's trading strategies or trade decisions. Some traders prefer making trading decisions using their own personal strategies and then to also use a signal system as an additional trading strategy. Forex trading signals are divided into the main three categories:
• News signals. This is a fundamental approach to free signals and its purpose is to learn news as early as possible and use these data to maximize revenues after the news is released in the short term. News signals mostly come with some comments and analysis on the basis of daily or weekly data.
• Technical signals. Technical trading signals are just trading tips based on technical analysis of the currency exchange data. Such signals are usually issued with various risk management strategies that help to minimize losses if the situation does not go according to a trader's plan. The majority of free Forex trading signals belong to this category, which considerably complicates the process of their classification.
• General signals. This type of service provides traders with trading tips without any specification. General signals combine both fundamental (news) and technical signals components.
When choosing what the best Forex trading signals for you is, there are three points that a trader should pay attention to, namely:
• Reliability. Every trader is familiar with the situation when the signal does not provide a correct notification, which results in losing trades. So you have to watch out as not all signals turn out to be correct all the time. All you need to determine the reliability of signals is the prevalence of winning trades over losing ones. That is why the rate of success should be no lower than 80-90%.
• It is easy to manage. A trader needs a system of signals that will be easy to manage - you just enter the size of the trade and then everything happens automatically. You do not want to spend ages adjusting settings because it contradicts the very purpose of Forex signals.
• It is easy to understand and use. In addition to being easy to manage, signals should also be easy to get the hang of. The notification sent by the signal system should be clear and concise, which will immediately let a trader know how to act in the current situation.
There are a huge number of suppliers of such services at the moment - brokerage companies, private financial organizations and even individual traders. And, if you decide to use such trading signals, then it is necessary to take your choice seriously. Even if you are an experienced trader, Forex day trading signals might help you work on your skills even more and also add some lucrative strategies to your overall technique. You can also use the best Forex day trading signals to communicate with other Forex traders via chats and in real trading premises.
