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Beginner Forex Trading Strategies The biggest problem most novice traders face when trying their hand at Forex, is that they don’t understand the basic strategies to use when trading. Trading in forex for beginners can be cumbersome and if you have zero guidance on this as a newbie, it’s going to be virtually impossible to succeed. After all, it’d be like walking blindfolded into the woods. You won’t know what to expect. But of course, the purpose of this article is to discuss Forex trading for newbies. So, in essence, this will be a Beginners forex trading strategy guide. Follow the Trend Simple and easy to get the hang of, follow the trend is a great strategy for Trading on forex for beginners. Once established, you only need to open positions in the direction of the trend. Market trends can be long, medium or short term. You must first decide what kind of strategy you want to follow: a long-term or shorter time. This decision will determine the type of charts to use. But the strategy will always follow the trend. Should there be an upward trend regressions are expected in the price to buy a pair, to ensure a good entry price. In case of a downward trend, wait for a recovery in the price, before selling the coins. Market trends can be long, medium or short term. Locating Support and Resistance Levels Find the support and resistance levels. It’s best to buy near support levels and sell near resistance levels. The resistance level is usually a peak above the previous high. When resistance is finally broken, it automatically becomes a support. Likewise when a support is finally defeated, it becomes in turn a resistance. Retracements and Corrections Generally the market correction, up or down, runs a significant portion of the previous trend. Corrections can be measured in an existing trend in simple percentages. A fifty percent trace above trend is the most common. The Fibonacci retracements of 38% and 62 % are also two of the highest levels followed by investors in Forex, including the biggest players, such as banks or financial institutions. Trend Lines One of the simplest and most effective charting tools is trend lines. Draw a straight line connecting two points on the chart. If the trend is upward, a line is drawn below connecting two or more low points. If the trend is down, a line is drawn over the chart also connecting two or more high points. Prices often respect these trend lines when approaching them. When a trend line is broken, this is often an indication of a change of the mainstream.
