Knowhow-Now Article

The One Bar And Go Forex Trading Method

This is a trading method that I created out of frustration of having to sit in front of a computer screen all day. I wanted to do more in life than sit and watch Forex all day but I also wanted to make daily income. Sure swing traders and other traders don't have to look at a screen all day but it takes them days and even weeks to get paid. I need daily income. My system allows me to put in trades once a day and I come back later in the day to check my results.

Tip: Most people think stop loss markers can be seen in the market, which makes the value fall below it before it raises again. This is not true.

The only way this works is that you must use a small percentage of your account on each trade, you have to have a stop loss and in my case, I have a take profit programmed.

Tip: Don't use the same position every time you open. Some traders open with identical positions and invest more funds than they can afford or an inadequate amount to begin with.

I usually target 50 pips everyday and I also have a 50 pip stop loss, this is a 1:1 ratio, which means that it takes an equal amount of trades to break even. I like this because my trades are high probability trades and I use only 1% of my account balance on each trade.

Tip: Most beginners feel the need to invest in several currencies. When you begin, you should only focus on one pair of currencies at a time.

I call this the one bar and go because this is a daily bar continuation system. What that means is that I guess the direction of the market based on the close of the previous day. I am looking for trending marketing with large bars in either direction. I make my trades in the direction of the current trend. My trades are made each morning at 12 AM, when a new bar is forming to signify the new day.

Tip: New forex traders get pretty excited about trading and pour themselves into it wholeheartedly. The majority of traders are only able to devote their time and energy to the market for a matter of hours.

After I put in my trade, I got to sleep. Don't mistake that I only put it one trade because I don't. I trade at least 5 currency pairs and if there are opportunities in all 5 currency pairs, then I will make trades in all using this system.

Tip: Find your own way in the Forex market, and trust your instincts. This is the best way to be successful in forex and make a profit.

I have a high winning rate using this system and it is a rather carefree way to trade the market. It keeps you from making to many decisions and trading out of boredom. Since I go to sleep after I enter my trade, there's no chance for me to second guess myself.

Tip: You should not use advice without considering how it will affect your portfolio. An approach that works for one trader may not be the same thing that will work for you.

I check my trades when I wake up in the morning. Sometimes I wake up, having hit my target, sometimes I hit my stop loss and other times I wake up to trades that are losing a little or winning a little. I close all trades that morning and get on with my day.

The One Bar And Go Forex method is an easy way to trade the currency market. It has natural built in safe guards to protect you from over trading and making to many mistakes. It also uses a money management system that will keep you in the game when things go wrong. This is a system that will make trading Forex profitable, easy and fun without the risks of other methods of trading.

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