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If you want to be a successful FOREX trader then you need a plan or a strategy to help you decide what trades to make. There are many different types of strategies but none of them are a one size fits all. Each trader needs to develop a strategy that suits them and their circumstances. Some traders will rely only on fundamental analysis where others will only utilize technical analysis however it is far more common for investors to use a combination of both.

There is a common saying in the FOREX market “The trend is your friend”. This is because prices tend to move in trends if you can spot and ride these trends then you will be profitable. Technical analysis is based entirely on finding and examining these trends. The market moves in distinctly classifiable patterns, the patterns have been studied for years and are well known. Learning these patterns and developing the capability to read these trends is the basis of a solid strategy based on technical analysis.

There are many tools acquirable to help examine and comprehend the market movements and patterns. As a beginning FOREX trader you should study apiece tool independently to develop a good working knowledge of its function and use. As you master apiece tool you can continue to use it while you educate yourself on the next tool you want to learn. Since many of these tools are similar you will find that the time it takes you to learn a new tool continues to drop as you become familiar with more of them.

You will find many trading strategies are based on “support” and “resistance” levels. The support level is what is considered the bottom price for a currency; the currency will drop to this level and then eventually rise again. The resistance level is just the opposite this is the top price that the currency will reach but does not normally exceed. Once it reaches this point it will eventually drop again. It is normal for support and resistance levels to gradually shift over time.

If a currency suddenly moves beyond it’s normal support or resistance levels then it is expected that the currency will continue to move in that direction for a time. A currency is considered to be “bullish” when it is moving up, if a currency becomes bullish and breaks through its normal resistance level it is expected to continue moving upward for a time.

You need to study price charts to determine the support and resistance levels for a currency. You study the charts looking for an unbroken pattern of high and low prices that the currency does not exceed. The longer time span you use for your charting the more accurate and dependable your final analysis will be. You can then use these levels to determine at what point you want to enter and exit a trade.

This just one strategy that a trader can used, this one is based entirely on technical analysis. To be truly successful a FOREX trader needs multiple strategies that they can employ based on market conditions.

Forex Softwares

More and more traders are now using forex software in their trading. What this means is that if you are not using a forex software in your trading, you should begin thinking about using one now. The currency market has been flooded with many fx robots. In this article, I will speak about Forex Joe and his ground breaking new Forex Software, “M3 Forex Navigator” that is the game changer for forex traders.

First let me introduce Forex Joe. Joe Atkins a.k.a Forex Joe was a Texan sport bettor for 30 years. He had his own broadcasting speak show. Over the years, he developed certain proprietary mathematical formulas for sports betting that he used highly successfully in making a fortune. He ran his own sports betting advisory service.

Some years back, he discovered the world of FX. He was astonished by the uncanny similarities between sports betting and forex trading. So he decided to apply his proprietary sports betting formulas to the currency market. Lo and behold, he prefabricated a fortune in forex trading as well. Forex Softwares

Some six years back, he teamed up with two guys Gary Albrecht and Bill Tainter both had very good project management and software development experience to translate his proprietary mathematical formulas into a forex software that could than make all the calculations. You see, his proprietary mathematical formulas depended on certain numbers known as the Bias and Key Levels that could predict the turning points in the forex market with laser like precision.

M3 Forex Navigator Software was the result of six years of hard work. Now, this software uses those Bias and Key Levels plus something more that turns it into a killer forex software. Then Forex Joe and his team took that software and practically demonstraded using it to grow an IRA statement into six figures in a matter of one year.

As stated earlier, the forex market is flooding with many forex robots. These robots are also trading softwares that when attached to the chart, monitor the currency pair price action to trade when the conditions are right. But the right way to trade the forex market is to combine manual trading with a good software. You see, no robot is capable of looking into the future. Market conditions keep on changing, the underlying fundamentals change. So, these robots are always lagging behind the market and start flat when the market changes. Forex Softwares