In today’s world, forex trading is promising business executed by thousand traders. To execute such business, some beginners should think about what forex strategies for beginners because the appropriate strategies for beginners help to minimize the risk at the first trading.
Since the novice traders lack of the knowledge on how to execute forex trading, forex strategies for beginners are recommended to pick up the applicable simple strategy that help them to manage their emotion and mental when trading. In accordance with the frequent problems that might arise at the beginning of trading, novice traders also should find the forex strategies for beginners that will boost the profit. Based on the problem above, these following strategies might work for the beginners :
Pin Bar Trading Strategy
The first forex strategy for beginners is pin bar strategy which is commonly called Pinocchio bar. Such strategy offers the novice trader with obvious pattern that help the traders to analyze the pattern of the chart. A pin bar itself can be defined as the individual candlestick with long wick and small body whose the wick is longer than its body. To execute the forex trading using pin bar strategy, the trader should open the bar after the pin bar has formed.
Inside Bar Trading Strategy
Inside bar trading strategy also can be considered as the common forex strategy for beginners because it has high probability toward the risk or profit and this strategy does not need a big stop loss. A novice trader can use this strategy when the market condition is trending and stop for a while to do consolidation. Pin bar strategy will work the best at the time frame four hours and daily even though at the lowest time frame, this strategy is applicable but the probability is small.
Forex Breakout Strategy
The concept of breakout strategy is different from what we commonly understand. In this regard, the trader buys above the resistant point and sells under support point. Breakout strategy is applied at raging trending and market condition and a trader, in such situation, has to find the raging trend for managing the probability before the trader does breakout.
Those three forex strategies for beginners above need to pay attention for the novice traders who want to obtain more profit. Therefore, it is advised that novice traders choose one of strategies above.