8 FOOLPROOF STRATEGIES TO DOMINATE THE FOREX GAME IN 2020
There has never been a better time to trade forex, with 2020 looking to be a year of record-setting profits for those that do. To help you stay ahead in the Forex Game 2020, we have listed below 8 strategies that can be put to use immediately and can be helpful throughout the coming year for Forex Traders.
Tip #1:The Trend Is Still Your Friend
Yes, there are plenty of new strategies that require you to trade against the trend but don’t be fooled. Even in 2020, trend trading is still the way to go. Trading against the trend consistently will only lead to undesirable losses.
Tip #2: Work Smarter Rather than Harder
The key to greater profit is to work smarter, not harder. Modern platform-tools render the analysis process easier and more accurate than ever before. Move past any old, time-consuming analysis processes and embrace these tools to save time and boost profits.
Tip #3: Welcome Cryptocurrency Trading
If you’ve been bypassing digital assets, now is the time to give them serious attention. Massive profits have been generated by those who traded cryptos throughout 2019, as these assets provided clear, strong price trends to trade upon.
Tip #4: Stop Loss Is Your Best Friend
If 2019 has taught us anything, it would be that unexpected news can wreak havoc on the markets. Always set a stop loss. Not because you expect to lose, but instead to protect your account from the potential of a massive loss brought about by unexpected news.
Tip #5: Stop Trading The News
For years we heard about trading just before, during, or just aftermarket altering news was released. Today, we know that the best plan of action is to look for opportunities to trade once the dust has settled. In other words, allow the price action to tell you whether the news caused the market to be bullish or bearish.
Tip #6: Use a Demo Account For Testing
Even if you’ve been trading for years, always use a demo account to test strategies. Avoid testing a strategy with your hard-earned money and use mock funds instead!
Tip #7: Utilize Using a Mean Reversion Tool
Want to avoid entering into overextended markets? Use EMAs as a means reversion tool. Watch for the bearish or bullish signals that come from seeing an asset price move above or go below your selected levels.
Tip #8: Stop Ignoring Long-Term Trends
There is little to be learned from short-term price analysis. Long-term price action tells so much about what to expect from an asset. Consider ditching the less reliable short-term trades and opt instead for the lessened risk level that comes with being a wise and patient long-term trend trader.
Forex is your way to financial independence. Start earning now using the tips and strategies listed here to help ensure that you make the most of the limitless profit opportunities that come your way in the coming year.
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