Simple Forex System Trading

This is not a breakout system but looks fairly easy to set up.  It does not require you to glue to the screen.

Here is a system I have been testing since the beginning of the month. I am 3000+ pips and still running strong. I like this system because you only need to trade once a day (I trade w/IBFX so @ 00:00GMT). I trade most of the pairs (all majors & crosses) offered through them.  Here are the details.

Originally appeared on babypips.com

All it takes is some crook in a company to make unauthorized trades and bring the company down.

Oct. 21 (Bloomberg) — Citic Pacific Ltd.tumbled the most in 18 years in Hong Kong trading after predicting HK$15.5 billion ($2 billion) in losses from unauthorized currency bets…  The losses are based on an exchange rate of 70 cents to the Australian dollar, $1.35 to the euro and 6.84 yuan to the dollar, it said. The outstanding Australian contracts have a weighted average strike price of 87 U.S. cents to the Australian dollar, it said.

On bloomberg.com

I came across this discussion on the Oanda board today about someone’s margin call experience.  Somewhere in the thread, someone mentioned that always use a stop loss and never use the margin call as the stop loss.  I couldn’t agree more.  Don’t let each trade lose more than 2% or 3% of your total investment capital.  Strict money management is king to the successful Forex trading.

This is not a set and forget method, but it is a well documented breakout system using candlestick patterns as well as support and resistance levels.  You can find all the details about this strategy on forex4noobs.com