Every trader would love a very easy and profitable trading strategy that works; strategies that will reduce the time spent in front of your PC and you can have more time for family. Well, there is good news.
Today, I will show you the very easy and profitable trading strategy MT4 that will guarantee you success if applied.
Furthermore, the good news is that there is a profitable strategy; the only challenge is that you require some time and effort to create a trading strategy that is unique to you and works. Keep on reading to find out this profitable trading strategy MT4 for trading forex.
WHICH TRADING STRATEGY IS THE BEST FOR BEGINNERS?
This is one question many forex traders ask when they start trading, many beginner traders come with a preconceived idea about a trading strategy before they start trading and this is why they end up frustrated after several blown accounts.
The best forex strategy for beginners is beyond having a bunch of indicators on your chart; it is beyond a candlestick closing above a moving average.
The best trading strategy for beginners will be to first Identify a trending market (find the dominant trend) after a market impulse on a higher time frame H1 and above, be patient and wait for a retracement and join in on the trend continuation using a lower timeframe.
Note that there are other confirmations to look at for using your Fibonacci tool, you can pinpoint a possible zone of retracement on the market and use a chart pattern on a lower time frame or a candlestick pattern to confirm your entry on the trend continuation.
RELATED: METATRADER 5 BROKERS LIST
RELATED: HOW TO TRADE FOREX WITH $10
RELATED: HOW MUCH CAN I MAKE TRADING FOREX?
VERY EASY AND PROFITABLE TRADING STRATEGY MT4
The very best and most Profitable trading strategy for MT4 that works is below:
- Find the dominant trend
- Analyze on higher time frames
- Use Fibonacci tool
- Find chart patterns and confirmations
- Wait for retest or breakouts for entry.
FINDING THE DOMINANT TREND
As simple as this sounds, this is a problem for many traders, being able to identify the dominant trend changes everything and gives you a better edge over other traders.
To find the dominant trend you will have to look at higher timeframes H1 and above. However, the weekly chart will be too long for retail traders so I wouldn’t recommend that.
ANALYZE ON HIGHER TIMEFRAME
Structures formed on higher timeframes are much more stable compared to lower time frames; another reason is that sometimes even the fundamental news tends to continue in the direction of the dominant trend on higher time frames.
USE FIBONACCI TOOL
The Fibonacci tool is good for a simple trading strategy as it helps traders identify possible reversal and retracement zones. Also with the Fibonacci tool, you can tell how far a market would go and set your take profit.
FIND CHART PATTERNS AND CONFIRMATIONS
There are many ways to trade the forex market and a chart pattern is one of them. When you learn to identify chart patterns and entries, then you have a simple profitable trading strategy that works.
RETEST AND BREAKOUTS
Retest and breakouts are based on your understanding of the market structure. After the study on chart patterns, breakouts and retests will give you a good place for entry.
RELATED: HOW TO SET STOP LOSS AND TAKE PROFIT IN MT4
RELATED: HOW TO KNOW WHEN A TRADE IS ENDING
BEST FOREX STRATEGY FOR CONSISTENT PROFIT
Sometimes complex problems come with very simple solutions, the best forex strategy has nothing to do with a bunch of indicators, but rather has the best forex strategy.
You must first identify the dominant trend, as simple as this sounds, this is a big deal as it changes everything and sets you on a course of consistent profit.
Identifying the dominant trend is part of the market structure I always talk about in all my articles.
RELATED: MT4 OR MT5 FOR BEGINNER
100% ACCURATE FOREX STRATEGY
It is important you learn to manage your expectations in the forex market as there is no such thing as a 100% accurate forex strategy. Part of the process in trading is that you will have to lose some but in all your account keep growing.
So that being said, stop fantasizing about a 100% forex strategy; rather focus on learning the basics of trading the forex market.