One of Many Ways to Succeed as Forex Trend Trader
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Written by cemara1Hello fellow eToro trader and investor, I am cemara1. After a while of trading, I have seen that a Forex trend trader’s potential to double or triple their money in a single day or week is possible once they catch the strong trend at that time.
Once traders are correct about the trend, the profits can be enormous. Imagine that a trader can surf the market trend all day long and every day plus leverage that will magnify the gains. High leverage should only be used when a trader is really sure about the trend.
How is a trend identified? The simplest way to identify a trend is best explained with a metaphor; when you see dark clouds in the sky you can assume there will be a rain storm ahead. Dark clouds represent all the bad news, flyer, red indicators of the economy. A technical chart might show higher lows or troughs in an uptrend or conversely lower highs during a downtrend; you might also use an indicator such as Bollinger Band or simple upward or downward 20-period SMA (simple moving average).
There are many identifiers of trend direction but there are also no fixed rules; hence, you can set your identifier at 15min, 30min, 1h, 1d or weekly. A trader should find the style that suits him and test it first before jumping into a real money account.
So, that is it for now; there will be continuing articles soon….see you next time.
(Ps: Big news can reverse the trend – fundamental always win)
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