Early bird Forex trading

Forex Trading Nigeria

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Posted by on Thursday March 1, 2012 16:34:17:

If you have already been trading forex online in Nigeria bu you still find out that your losses are much more than you gain, then perhaps your strategy is not working for you.
I would want to introduce to you a kind of trading strategy I would calle Early bird forex trading. This means trading forex in the early morning and this has got its own advantages:
- No need to do day trading
- Have time for doing your leisure
- Keep your job while doing forex
- Minimizes your risk

Early bird is a good strategy if you want to make easy money online from forex. Here are my few tips:

1. Get up as early as 6a.m Nigerian time (GMT+1) and enter a trade
2. Buy with your funds using also the margin allowed by your broker.
3. Set your exit target price at 10 pips
4. The trade closes within an hour or 30 mins with a ten pip profit.

I have been using this strategy and it keeps working everyday.

For instance, if you have about $250 in your forex account, you could invest $200 and trade with 20,000 using a 100:1 margin from Marketiva and then maybe using only $10,000 to buy Euro when it is at $1.2304 and then setting an exit target at $1.2314 meaning than you stand to gain 0.0010*$10,000 = $10 for every ten pip movement. You could as well minimize your losses by working on a 20 pip range for $5 each so that would give you about $10 profit for every win

That is Ok for the day if you are using this Early bird strategy. As your fund grows you can trade for larger lots.

You could be trading and making a profit of $100 a day if you have around $1000 - $2000 in your account without working for the full 24 hrs. So I just wished to share this tip which has been working for me for sometime now.

Tip: The idea is to gain from price appreciation just before the London market opens but it may not work on all days. Best is to use candles to understand the market trend before taking a position.