For traders News and features Features 5 simple and effective trading strategies Share Article To the novice trader, the whole notion of trading strategies can seem daunting, or even intimidating.
If you learn only one thing from this site it should be this; look for obvious price action patterns from key horizontal levels in the market. What matters is if the two have come together to form a confluent price action trade. When you have an obvious price action signal, like a pin bar or a fakey signal, and that signal has formed at a key horizontal level of support or resistance in a market, you have a potentially very high-probability trade on your hands.
Far better, surely, to trade on instinct, to take each day as it comes and keep things fresh and spontaneous? Well, no.
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The chances are that they are big players because they have worked according to a strategy. There are some incredibly complex strategies out there, reminiscent of one of those horserace betting systems in which a range of different results all have to come out the right way for the punter to enjoy a hefty pay-out.
But the good news is that there are some reasonably simple strategies well within the capabilities of a new trader. The better news is that, properly handled, they can be effective tools in trading successfully. Five simple and effective trading strategies Price-signal trading In a sense, most trading involves responding to prices, but this is a very specific system that requires scrutinising past trading patterns to identify a level at which the security in question has met support or resistance.
- Further Reading Day trading strategies are essential when you are looking to capitalise on frequent, small price movements.
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- In particular, this article will guide you through three key Forex trading strategies that beginners can use, namely, the Breakout strategy, the Moving Average Crossover strategy, and the Carry Trade strategy.
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In a sense, that is the easy part and, of course, there is nothing to stop you simply buying whenever the support level is breached on the downside. But to achieve the sort of results for which a professional would be looking, you need to study the charts to spot when, in the past, the price has not merely recovered above the support level but has taken off strongly.
This may be after one, two or even three dips below the support level, so bide your time.
Patience is of prime importance. The ABC system This strategy is based on identifying and then riding an upward trend in the price of a security.
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In a sense, such a trend will identify itself, as the central feature of an uptrend is not that prices rise all the time but that each dip leaves the price higher than the last dip had. Moving averages There is a whole literature on moving averagesthe mean price of a security during the past X number of days. Some argue that moving averages should be weighted, with more emphasis put on how to make money in ideas most recent prices, given they are simple and effective trading strategy relevant in the here and now than those at the start of the period.
- Scaling Exit Strategies Traders spend hours fine-tuning entry strategies but then blow out their accounts taking bad exits.
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Historic oil price drop Trade Now Others retort that this is little better than taking the most recent price and forgetting about averages altogether.
The good news is that this system uses simple, unweighted moving averages to generate buy and sell signals.
The day moving average tells you where the price is going, and when that price has been rising; wait for it to fall below the day moving average as a correction. When it then closes above the ten-day average, it is time to buy. Alternatively, when a price closes below the day average, wait for an upward correction taking it to the day average.
When it then closes below the day average, it is time to go short on this security.
Inside Skrill New to forex trading and looking for some simple but effective trading techniques? Better yet, you set yourself up to try more advanced trading techniques down the line. Breakout trading Breakout trading is one of the simplest forex trading styles, making it a good choice for beginners. The reason breakout trading is an important strategy is because breakouts often represent the start of increased market volatility.
High-low trading The beauty of this simple and effective trading strategy is its elegant symmetry. High-low trading is so straightforward that it practically functions automatically. But as with all trading strategies, keep a record of how your trades turned out, in case your strategy needs fine-tuning.
Swing trading Of all the strategies we have examined here, the very mention of this one may be enough to spook the novice trader; it is usually associated with hardened professionals rather than beginners.
But, despair not, in fact, swing trading is another straightforward system simple and effective trading strategy making money out of markets that are drifting sideways. Swing trading is not suitable for a market with a strong trend, up or down — when the bulls are running or the bears growling, other strategies are needed.
However, a market in which little is happening and with no obvious trend is, in the jargon, range bound. The securities in that market will tend to move up and down in reasonably predictable ways, and these patterns can be discerned.
It is logical advice, but is rarely explained
The swing trader will try to ride the ups and downs in pursuit of profit. The final word on trading strategies Our simple but effective strategies come with a warning, however.
He has provided education to individual traders and investors for over 20 years. With thousands of articles, indicators, strategies, and traders all saying something different, how do you reduce it all down to the bare minimum and keep it simple? Keeping your trading simple means following three steps, on every single trade In a sea of ever-changing conditions, you need to filter out all the non-relevant information on your chart.
They work only if given a chance to do so. For a trader to chop and change strategies, or simply intervene capriciously themselves, would be an invitation to make losses.
Let the strategy run its course and then record how well it performed. Good luck!
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