Saturday, June 14, 2008

Candlestick Common Sense Strategy

Do you know that it any methods in the forex trading is possible. And it is a matter of how good you can master the strategy. Today i am going to discuss about scalping with common sense by just using the simple candlestick.

I have made some success in the past when i was really a real beginner. It was because of fear of losing i have come to think of an idea how can i make sure there will be no substantial losses.

So i set my target profit around 5 to 10 pips and put the limit to allow automatic close when it reaches those points. And set your stop losses around 4 pips or a little more. I have made a good statistic records from this trade.

Even though you may think that this system is like a zero sum game keep practice it and you will the results whether you make more or less.

Unlike lottery where your chances is very low forex has 50:50 or more chances of winning. Small losses of 4 pips mostly can be overcome easily. Try a demo account and track your statistic you might notice something interesting. This is one of the way professional who are playing million of dollars playing the forex. They use common sense and expecting to earn 4 to 5 pips because the amount is so large.

Use smaller pip spread pairs like EUR-USD.

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