How To Skyrocket Your Profit With 3 Simple Forex Trading Techniques
If you are looking for simple ways to increase your Forex trading profit, then you should continue reading this article. In this article, we will cover 3 simple Forex trading techniques – candlestick analysis, support and resistance theory and looking at the historical trend. After reading this article, you should be able to skyrocket your profit by several folds.
The first Forex analysis technique that you need to know is candlestick analysis. The Japanese candlestick is very important in determining the current competition between the buyers and sellers, and which side is gaining the upperhand. A standard Japanese candlestick chart consists of 2 kinds of candlestick – hollow and real body. The upper shadow of the body is the high price and the lower shadow is the low price. By referring to specific Japanese candlestick indicators such as doji, handman, shooting star et cetera, you will be able to understand the current market situation, so able to make the correct decision to reap short / long term benefit.
Another Forex trading technique that you should learn is applying the support and resistance theory. The theory suggests that once the price passes a resistance level, that particular level will turn into support level. By applying this theory and using the fibonacci sequence (retracement and extension level), you will be able to make the right decision to go long or so short at the best price.
Other than the Forex trading techniques above, it is vital that you look back and check the historical trend of the currency pair. By looking at the historical trend of the currency pair and by using moving average curve, you should be able to predict the long term price. The prediction can be improved by using a Forex prediction software that can help you analyze the data more accurately.
In conclusion, by combining the first 2 Forex trading techniques to gain short term profit and using the third technique to search for possible long term profit, you should be able to skyrocket your Forex trading profit easily. Remember, it is easy to win in Forex market, but you will need to have smart and have great technical skill.