The video showcases a forex strategy that the speaker uses while trading. They recommend checking the economic calendar before trading and using a specific strategy. They also share their trading portfolio and winning rates. The strategy involves using specific indicators and time frames for trading.

How to Use Forex Strategy for Profitable Trading

Introduction

Forex (Foreign Exchange) involves trading currencies where traders hope to make a profit by buying currencies at a lower price and selling at a higher price. However, for traders to be successful, they need to have a strategy that will guide their trading decisions. In this article, we will look at a forex strategy that uses indicators and economic events to ensure profitability.

Checking Economic Events

One of the primary steps in the forex strategy is to check economic events that may impact the market. To do this, traders need to visit Myfxbook.com and check the economic calendar. Avoid trading on any day when there is a medium or high-risk event that may affect the market negatively.

Examining the Portfolio

Traders need to examine their portfolio to ensure it aligns with their strategy. To succeed in forex trading, one needs to diversify their portfolio across different currencies. Traders can trade on currency pairs such as USD/JPY, USD/CAD, and GBP/USD. However, it is important to note that trading on Euro currency pairs may not be advisable.

Installing Indicators

After selecting the currency pairs to trade on, traders can install indicators such as Moving Average and Relative Strength Index (RSI). These tools are essential in determining when to enter or exit a trade. Traders need to insert these indicators on all the currency pairs they want to trade on.

Preparing the Chart

After installing the indicators, traders need to prepare their charts based on their preferences. The recommended timeframe is five minutes. Traders need to ensure that all the currency pairs are on the same timeframe to avoid confusion.

Waiting for a Signal

Once everything is set, traders need to wait for a signal to enter a trade. The signal is indicated by an arrow in the chart pointing either upwards or downwards. When the signal appears, traders need to enter a trade.

Monitoring the Trade

After entering a trade, traders need to monitor their trade to ensure everything goes according to plan. If the trade is profitably, traders can exit the trade, but if it is not, they can wait for the next signal to enter another trade.

Conclusion

Forex trading requires a well-planned strategy to be successful. Traders need to check economic events, diversify their portfolio, install indicators, prepare charts, and wait for a signal before entering a trade. By following these steps, traders can make a profit and build a successful career in forex trading.