Forex Trading Strategies for Beginners – Every trading guide or instruction emphasizes that a trading strategy is essential to successful trading. First of all, when you choose your forex strategy, you will have a clearer picture of the trading process, which will help you reduce trading risks.
Forex trading strategies for beginners
A profitable forex strategy is a specific instruction, and without using any system or plan, the trader faces high risks. So if the trader follows the instructions of the trading strategy precisely, he will avoid many mistakes. The market is hard to predict, and trading errors often result.
Our beginner forex trading strategies will tell you what to do in various changing market conditions. And your trading strategy should be suitable for any situation.
You will not try to guess when to enter or exit a trade. Your trading strategy will tell you when you should enter or exit the market. This does not mean that even the best forex strategies cannot be changed. But it should not contain any illogical elements.
Top three Forex trading strategies for beginners in terms of profitability
Important! These strategies form the basis for developing your own forex trading system for Forex trading strategies for beginners. The suggested setup and recommended levels for placing pending orders is nothing more than a recommendation.
If you don’t like back testing or performing on a live account, the strategy may not be a failure. You just need to find the individual variants of the indicators that are suitable for a particular asset or the current market situation.
note! The description of each strategy contains a sample trading system with indicators and brief instructions for its installation. At the end of the article, there is a separate section devoted to practical recommendations. There is an explanation of how to apply these templates to real trading and start making money with Lite Finance.
If you are interested in a particular strategy, open a demo account with Lite Finance, and follow the recommendations in this general explanation. If you have any questions, feel free to ask them in the comments section!
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Scalping strategy “Bali”
These within Forex trading strategies for beginners are very popular, and you can find explanations on many trading sites. However, Internet resources indicate different recommendations regarding the “Bali” trading system for Forex trading strategies for beginners.
According to the developer, “Bali” is a forex scalping strategy, and it is designed for short-term time frames.
It is also good for day trading. It suggests setting short Stop Loss (SL) and Take Profit (TP) levels. However, the recommended timeframe is rather long, hence signals are rarely sent.
The price breaks the orange line of Trend Envelopes, heading upwards. Forex trading strategies for beginners at the same candlestick, the bearish orange line changes into a bullish blue line.
The candle is above the LWMA When the previous condition is met, expect the candle to appear above the moving average. The candle should close above the red line of the LWMA and there should be a blue line of Envelopes Trend at the signal candle for Forex trading strategies for beginners.
The additional line of the DSS of Momentum at the signal candle should be green. This line should be above the dotted signal line (that is, it is trying to break through it or it has already broken it).
Enter the trade when the signal candle closes according to Forex trading strategies for beginners. I recommend setting the stop loss at a distance of 20-25 pips in the four-digit price. Take profit at a distance of 40-50 pips.