Forex Profits | Daily Forex Profits Strategies | Maximize Profits
First of all, you should review the market activity of the previous day so that you know what the market sentiment is and how investors may be feeling now.
Most operators rely on fundamental or technical analysis or in a combination of the two.
Focus on the pairs you are most interested in and see how they behaved beforehand. For example, check the highs and lows that have hit and the levels of support and resistance they have touched.
Support and Resistance: look for the high and low values of the couple you want on the day before.
Common currency pairs
EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, CHF/USD, USD/NZD, AUD/USD, USD/CAD
You should also check yesterday's news to get the market sentiments.
In this case, it is important to pay attention to unemployment (NFP) and indicators of economic growth (GDP) and, more importantly, interest-rate decisions.
Second, you should review the economic calendar and evaluate the news and announcements planned for the day.
Item: Time
GDP: 6.00
BOE: 10.00
ECB: 11.45
IPC: 12.30
NFP: 12.30
FOMC: 18.15
Exchange rates tend to react to economic reports as their main barometer of the country's economic health.
Central Bank and employment-related ads may be the biggest volatility in the market, so it is important to take into account the time of day of scheduled releases and currency pairs that can be more impacted.
You should also review the daily summaries of the day that give signs of market sentiment.
Then it is important to check the performance of the stock market.
Examples: FTSE, DAX, & 500, DJIA, Nikkei, and HSE
Over the past four years, price movements in most financial markets have been heavily influenced by stocks.
In stock markets, full traders can liquidate positions in riskier assets and transfer funds to less risky assets seeking safe shelters in currencies such as USD, the Swiss franc, the Japanese yen, and gold.
On the contrary, when stock markets increase, there is a higher demand for riskier assets and high-yielding currencies such as Canadian, Australian, and New Zealand dollars.
Finally, you should review the technical analysis of the currency pair that you are interested in trading. The technical analysis begins usually with the identification of the chart patterns.
There is a multiplicity of tools that can be used to interpret the chart patterns that can help to determine the technical opportunities of buying and selling based on market price action.
Forex markets often move in long term identifiable trends. The technical analysis can be used to detect a trade opportunity and help measure whether a trend for a particular pair can continue.
A technical dealer can look at the news to confirm the strength of his technical signal.
If the news is positive, I would give more confidence in the trade.
Remember that a trend is your friend and unless you are the scalp of the market, it is safe for trade in the direction of trend. Once you complete your analysis, you're ready to trade.
It is important that you secure your trade with a pre-defined risk-reward relationship.
You should never risk more than you are willing to lose. The ratio is calculated by dividing the amount of profit you expect in reward and the amount you have to lose if the trade goes against you.
Expected gain/amount to lose
A good risk reward strategy should have a 3/1 relationship.
$600/$ 200 = 3/1
The margin must not exceed 3% of its total capital. After opening a trade, it is important that you continue to monitor your performance as well as what is happening on the market.
You may want to change trade in response to market conditions. Remember, the forex market is very fast and volatile, and it is essential to reassure your investment is protected by a default stop loss and take the point of profit.
First of all, you should review the market activity of the previous day so that you know what the market sentiment is and how investors may be feeling now.
Most operators rely on fundamental or technical analysis or in a combination of the two.
Focus on the pairs you are most interested in and see how they behaved beforehand. For example, check the highs and lows that have hit and the levels of support and resistance they have touched.
Support and Resistance: look for the high and low values of the couple you want on the day before.
Common currency pairs
EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, CHF/USD, USD/NZD, AUD/USD, USD/CAD
You should also check yesterday's news to get the market sentiments.
In this case, it is important to pay attention to unemployment (NFP) and indicators of economic growth (GDP) and, more importantly, interest-rate decisions.
Second, you should review the economic calendar and evaluate the news and announcements planned for the day.
Item: Time
GDP: 6.00
BOE: 10.00
ECB: 11.45
IPC: 12.30
NFP: 12.30
FOMC: 18.15
Exchange rates tend to react to economic reports as their main barometer of the country's economic health.
Central Bank and employment-related ads may be the biggest volatility in the market, so it is important to take into account the time of day of scheduled releases and currency pairs that can be more impacted.
You should also review the daily summaries of the day that give signs of market sentiment.
Then it is important to check the performance of the stock market.
Examples: FTSE, DAX, & 500, DJIA, Nikkei, and HSE
Over the past four years, price movements in most financial markets have been heavily influenced by stocks.
In stock markets, full traders can liquidate positions in riskier assets and transfer funds to less risky assets seeking safe shelters in currencies such as USD, the Swiss franc, the Japanese yen, and gold.
On the contrary, when stock markets increase, there is a higher demand for riskier assets and high-yielding currencies such as Canadian, Australian, and New Zealand dollars.
Finally, you should review the technical analysis of the currency pair that you are interested in trading. The technical analysis begins usually with the identification of the chart patterns.
There is a multiplicity of tools that can be used to interpret the chart patterns that can help to determine the technical opportunities of buying and selling based on market price action.
Forex markets often move in long term identifiable trends. The technical analysis can be used to detect a trade opportunity and help measure whether a trend for a particular pair can continue.
A technical dealer can look at the news to confirm the strength of his technical signal.
If the news is positive, I would give more confidence in the trade.
Remember that a trend is your friend and unless you are the scalp of the market, it is safe for trade in the direction of trend. Once you complete your analysis, you're ready to trade.
It is important that you secure your trade with a pre-defined risk-reward relationship.
You should never risk more than you are willing to lose. The ratio is calculated by dividing the amount of profit you expect in reward and the amount you have to lose if the trade goes against you.
Expected gain/amount to lose
A good risk reward strategy should have a 3/1 relationship.
$600/$ 200 = 3/1
The margin must not exceed 3% of its total capital. After opening a trade, it is important that you continue to monitor your performance as well as what is happening on the market.
You may want to change trade in response to market conditions. Remember, the forex market is very fast and volatile, and it is essential to reassure your investment is protected by a default stop loss and take the point of profit.
