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In this never ending race of earning billions in forex, thousands of traders lose their mental composure, their uniqueness and individuality. Foreign exchange is equivalent to madness .After few days it becomes monotonous and repetitive .A forex trader can stand out only when he has an out of the box way of trading. The trading plan can compliment money making only if the trader follows a unique strategy .Different forex traders follow different strategies. Some don’t try to make tons of money on each trade whereas some are simply scalpers sitting and making 20 seconds for a few pips at a time.
A Different Strategy
Set up a good trade that seems to have good potential in coming future. Then initially give it a shot by shooting merely 10 pips. Not more than that because by doing this one doesn’t let lose a lot of money all in just one attempt. Once this threshold is met, the trick is to get satisfied with this set of 10 pips. One has to simply realize the fact that one can turn $10,000 into $130,000 in a year on the basis of just 10 pips a day! This strategy is totally innovative, different and revolutionary. By this strategy you are going to attract both novices and advanced traders.
Limits In Gains.
Limits are similar to stops. If you set your limit at 1.1535 on a trade then later in the day when the value of currency rises upto 1.1535 then the system automatically exits the trade and you earn money. This will happen irrespective of the fact whether you are on a street live or dead! The unique thing about this trade being ,it is the only way to trade if it gets impossible for a person to sit and observe everything .In a nutshell this forex technique involves doing the following one by one:-
1. Technical analysis to create a proper half an hour, daily ,weekly and monthly chart.
2. Putting STOPS and LIMITS.
3. Following the discipline of just 10 pips a day.
7:10 Principles:Yet Another Strategy
As the name suggests this technique involves 7 basic requirements against the same goal of 10 pips a day.
1. It involves buying and selling simply on breakouts.
2. Not targeting $8 million on every trade.
3. The limit to be set at only 10 pips a day not more or less than that.
4. Goal still remains the same 10 pips per day.
5. If you are lucky enough to earn more than 10 pips on your trade because your trade moves very fast in your direction that day then first a stop at your 10 and protect and then go ahead .
6.There is no makeup strategy .If you lose after your that day’s set of 10 pips then the you can’t make up for this loss the next day by targeting 20 pips!
7. The last rule is the time restriction .If you are unable to trade your set of 10 pips in say 5 hours then its better to close your trading platform for that day.
These are some highly disciplined and organized strategies in forex trading which have made some of the traders reach the apex of success .But yes, it cannot be guaranteed from this that the technique will work for yet another individual or not. After all, its all about uniqueness and innovation in forex!!