Understanding price action is one of the safest tips in the world of trading Forex. This step refers to the analysis and interpretation of the latest currency exchange rates. These figures can be displayed in a variety of forms, such as candlestick charts or lines. Price action is regarded as a representation of price movements in the market. By understanding price action in trading Forex , you can build the right strategy, including determining entry and exit points to get the best returns in trading.

The levels of support and resistance indicate the range of price movements of an asset in trading Forex. This strategy is quite common for both beginners and professionals who are looking for safe trading techniques. Support shows the approximate price point the value of a falling asset does not breakthrough.

Meanwhile, resistance in trading indicates the estimated value a rising asset price does not exceed. This idea is fairly simple.

Yet, by plotting these areas, you can determine the approximate price of the asset when trading Forex. Breakout in trading Forex refers to the phenomenon when the price movement in the market exceeds the expected resistance point for the asset. Basically, when this happens, there is a possibility that the value will continue moving in line with the trend observed while trading Forex.

Therefore, you should always consider the possibility of a breakout when trading Forex. Fibonacci search is helpful in trading Forex, even for beginners. It prioritizes the analysis of asset price movements over a certain time period in the past. The foundation of this technique for trading Forex is the Elliott wave theory, which states that large waves of price movement will always be followed by small waves.

It is taught to newbies, and anyone can use this pattern to accurately predict the real value of an asset in the future. This approach is suitable even for beginners , especially when trading Forex in the long term. To be able to apply this trading Forex strategy, you must rely on analysis of the value of your currency. If it tends to be quite popular, has high volatility, indicates a high level of global use and support from central banks, a trend-following strategy in trading Forex can be your key to profit.

In trading Forex, the value of certain currencies may show a steady tendency to move within a horizontal range. This phenomenon can be observed when the value has never been bullish or bearish, which would change the pattern of price movements to diagonal. If you find the corridor pattern while trading Forex, you can easily predict the next currency value.

The MT5 Forum It is a forex-focused community that is generous in providing members with an incentive program for participating in its forums. The MT5 forum interface is fully equipped with beyond basic features — a treat for many as membership is free for such a great forum! Aside from the usual categorization of threads and topics, the forum also has an economic calendar, forex events and quotes to keep members updated on the latest see purple box below.

Other than this usual format, you can also find a live ticker of popular posts per day see black box below. MT5 Forum discussions are geared towards Forex markets and trading. It dissects every aspect and looks at it through 4 different lens:. MT5 topic search capability is top tier.

It breaks down the search criteria in tiny bits to generate narrow results. The advanced search ability can search multiple content types — this is unlike other threads reviewed. With this advanced function, members can tick multiple content types to search through. These content types include:. Another unique search function is the Search Tag Cloud which displays the 70 most-searched-for-thread tags.

Words with bigger fonts and bolded are those that are gaining more activity. The MT5 forum offers the same services as those previously reviewed. It serves as a platform of discussion among members and guests operating like a community.

There are several ways to partake in the discourse: Read and learn, post a new thread, reply to thread and reply to a post. The MT5 forum is a great place to read about the latest on forex markets and learn about forex concepts. Moreover, a quick browse in the home page gives members a glimpse of the latest currency pair quotes and upcoming critical data releases.

Much of the learning comes from the lively discussions in threads. To read through these, follow these simple steps:. To begin, follow these steps:. This action is akin to posting — similar to the previously reviewed forums. There are two ways of responding either through quick reply or advanced reply.

The advanced version has the additional options akin to the posting a new thread function, with the exception of the poll option. You can open this advanced reply function by clicking Go Advanced see black box above. To subscribe, follow these easy steps:. There are several ways to do this. see blue box below. Notice that you can view all the posts and started threads by the same member.

see purple box below. Subscribe to a thread can be done by clicking the down arrow beside Thread Tools then select Subscribe to this Thread see black box below. MT5 Forum membership is for free. Follow these steps to jumpstart your membership:. The popular desktop and mobile application. MetaTrader 5 is a trading platform that provides the whole package. One of its popular functions is its sophisticated charting software that utilizes the MetaQuotes Language 5 MQL5 programming language.

This language is used to develop indicators and trading strategies for the MT5 charting software. The MQL5 community is a web-based forum that consists of many conversations about programming in MQL5 and MQL4. Beyond that, discussions are also geared towards trading, strategy testing, and technical indicators from MetaTrader 5 and MetaTrader 4. Many of the threads in this forum are leaning towards the technical and algorithmic side of trading. The forum follows a traditional structure where the main page displays the 7 main categories, each showing a list of its most recent threads.

It is a simply a two-tier structure:. Exploring topics is through manual scrolling as all categories are lumped into one page.

Unfortunately, the forum lacks a navigation tool to help with the browsing. Topic searches are done quite differently in MQL5. The search function renders results from data found in the MQL5 database, which includes all its services.

The probability of generating search results is very high given the library of resources. Users can narrow results by only selecting Forum not Everywhere. More so, the search results can be sorted by relevance or by date. Many of the members that come to the forum are MetaTrader 4 and MetaTrader 5 users.

Because of this, many forums are dedicated to answering questions that relate to the technicalities of the software as well as sharing of tips and tricks in utilizing it at its maximum capacity. Other than asking questions, the MQL5 forum is also used as a platform of sharing the latest trading systems and indicators, insights on trading stocks and futures, as well as striking a conversation with expert advisors.

MQL5 is the best place to ask even the simplest question regarding the MetaTrader platform. From the ins and outs of its complex technical indicator library to a step-to-step guide in plotting lines on the chart.

Surely someone from the community, whether a co-member or the moderator, will engage you in a conversation with you. Asking questions, sharing an insight, and engaging with other members can be done either by creating a new thread or posting a reply to an existing post.

Keeping in touch with other members is a great way to learn and create a discourse on a deeper, more personal level. As mentioned above, signing up for a membership will grant you access to all MetaTrader services with only a single account. Registration is free but other services may require fees.

Welcome to TradaMaker, a site dedicated to all things trading. This blog is designed for those who share a love of trading. My goal is to provide a valuable resource that shares my insights into the retail trading world. I make regular updates to this site. To receive notification of my latest posts and join the community please subscribe to our newsletter below.

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Table of Contents 1. Forex Factory 2. com 3. Elite Trader 4. EarnForex 5. Trade2Win 6. MT5 Forum 7. MQL5 Forum 1. Forex Factory Forex Factory is a thriving community that aims to connect traders to the markets and to each other. Pros Active and thriving community — As of writing, Forex Factory has , members.

Simple design Interface is easy to learn for beginners. Posts are moderated inline with code of conduct. Cons Simple design — The forum might come off as too simplistic for modern traders. Lacks compartmentalization of topics — Organization of threads can be done better as the current version is not pleasing to the eyes. Can be difficult for some users to locate appropriate topics.

Limited actions as Junior Member — Several actions and features are inaccessible to Junior Members: starting threads, emailing other members, sending private messages, liking posts, large allotment of space for attachments. Did you know that you can learn to trade step-by-step with our brand new educational course, Forex , featuring key insights from professional industry experts?

Click the banner below to register for FREE! One of the latest Forex trading strategies to be used is the pips a day Forex strategy which leverages the early market move of certain highly liquid currency pairs. The GBPUSD and EURUSD currency pairs are some of the best currencies to trade using this particular strategy.

After the 7am GMT candlestick closes, traders place two positions or two opposite pending orders. When one of them gets activated by price movements, the other position is automatically cancelled. The profit target is set at 50 pips, and the stop-loss order is placed anywhere between 5 and 10 pips above or below the 7am GMT candlestick, after its formation. This is implemented to manage risk. After these conditions are set, it is now up to the market to do the rest.

Day trading and scalping are both short-term Forex trading strategies. However, remember that shorter-term implies greater risk due to the nature of more trades taken, so it is essential to ensure effective risk management. Below is a screenshot of the MetaTrader 4 trading platform provided by Admirals, showing the EURUSD H1 chart from the Zero.

MT4 account:. Source: Admirals MetaTrader 4, EURUSD, H1 chart between 26 May to 31 May Accessed: 27 April at am BST - Please note: Past performance is not a reliable indicator of future results or future performance.

The orange boxes show the 7am bar. In some instances, the next bar did not trade beyond the high or low of the previous bar resulting in no trading setup unless the trader left their orders in the market.

The effectiveness of the 50 pips a day Forex strategy has not been tested over time and merely serves as a platform of ideas for you to build upon. Past performance is not a reliable indicator of future results.

The best Forex traders swear by daily charts over more short-term strategies. Compared to the Forex 1-hour trading strategy, or even those with lower time-frames, there is less market noise involved with a Forex daily chart strategy. Such Forex trade setups could give you over pips a day due to their longer timeframe, which has the potential to result in some of the best Forex trade setups and potentially some of the most successful trading strategies around.

Daily Forex strategy signals can be more reliable than lower timeframes, and the potential for profit could also be greater, although there are no guarantees in trading. Traders also don't need to be concerned about daily news and random price fluctuations. The Forex daily strategy is based on three main principles:.

While there are plenty of trading strategy guides available for professional FX traders, the best Forex strategy for consistent profits and creating the most successful trading strategies can only be achieved through extensive practice. Let's continue the list of trading strategies and look at another one of the best trading strategies. You can take advantage of the minute time frame in this Forex strategy.

In regards to the Forex trading strategies resources used for this type of strategy, the MACD is the most suitable which is available on both MetaTrader 4 and MetaTrader 5. You can enter a long position when the MACD histogram goes above the zero line. The stop loss could be placed at a recent swing low. You can enter a short position when the MACD histogram goes below the zero line.

The stop loss could be placed at a recent swing high. Below is an hourly chart of the AUDUSD. The red lines represent scenarios where the MACD histogram has gone above and below the zero line:. Source: Admirals MetaTrader 4, AUDUSD, H1 chart between 20 May to 31 May While many Forex traders prefer intraday Forex trading systems due to the market volatility providing more opportunities in narrower time frames, a Forex weekly trading strategy can provide more flexibility and stability.

A weekly candlestick provides extensive market information. Weekly Forex trading strategies are based on lower position sizes and avoiding excessive risks. For this strategy, traders can use the most commonly used price action trading patterns such as engulfing candles, haramis and hammers. One of the most commonly used patterns in Forex trading is the hammer which looks like the image below:.

The chart below shows the weekly price action of NZDUSD and examples of the patterns shown above. Source: Admirals MetaTrader 4, NZDUSD, Weekly chart between 19 August to 31 May Accessed: 27 April at pm BST - Please note: Past performance is not a reliable indicator of future results or future performance. To what extent fundamentals are used varies from trader to trader. At the same time, the best Forex strategy will invariably use price action. This is also known as technical analysis. When it comes to technical currency trading strategies, there are two main styles: trend following and countertrend trading.

Both of these FX trading strategies try to profit by recognising and exploiting price patterns. When it comes to price patterns, the most important concepts include support and resistance. Put simply, these terms represent the tendency of a market to bounce back from previous lows and highs. This occurs because market participants tend to judge subsequent prices against recent highs and lows. Therefore, recent highs and lows are the yardsticks by which current prices are evaluated.

There is also a self-fulfilling aspect to support and resistance levels. This happens because market participants anticipate certain price action at these points and act accordingly.

As a result, their actions can contribute to the market behaving as they had expected. Did you know that you can see live technical and fundamental analysis in the Admirals Trading Spotlight webinar? In these FREE live sessions, taken three times a week, professional traders will show you a wide variety of technical and fundamental analysis trading techniques you can use to identify common chart patterns and trading opportunities in a variety of different markets.

Sometimes a market breaks out of a range, moving below the support or above the resistance to start a trend. How does this happen? When support breaks down and a market moves to new lows, buyers begin to hold off. This is because buyers are constantly noticing cheaper prices being established and want to wait for a bottom to be reached. At the same time, there will be traders who are selling in panic or simply being forced out of their positions or building short positions because they believe it can go lower.

The trend continues until the selling is depleted and belief starts to return to buyers when it is established that the prices will not decline further. Trend-following strategies encourage traders to buy the market once it has broken through resistance and sell a market once they have fallen through support.

In addition, trends can be dramatic and prolonged, too. Because of the magnitude of moves involved, this type of system has the potential to be the most successful Forex trading strategy. Trend-following systems use indicators to inform traders when a new trend may have begun, but there's no sure-fire way to know of course.

Here's the good news: If the indicator can establish a time when there's an improved chance that a trend has begun, you are tilting the odds in your favour to use the best Forex trading system. The indication that a trend might be forming is called a breakout. A breakout is when the price moves beyond the highest high or the lowest low for a specified number of days.

For example

Forums can be a great resource for trading questions and offer the opportunity to become part of a community to share ideas. For those interested in seeking out the best forex trading forums. In this post I have compiled a list of what I think are the best forex trading forums available today.

Forex Factory is a thriving community that aims to connect traders to the markets and to each other. Its goal is to be the resource where each trader seeking to learn can find fresh ideas, knowledge, and be abreast of current events.

Forex Factory offers a multi-faceted approach in promoting discourse. Products include a forum, news, calendars and access to market data. Anyone can get access to all these resources for free as long as acting in the capacity of a member and not a guest. Users can access the forum easily through any web browser. The main structure of the Forex Forum follows a segregated discussion based on several categories.

Each thread displays specific information and data, such as the source thread and the number of replies. Because the variety of topics is so vast, Forex Factory provides a search function to help locate the right thread that suits your forum needs. The search function has two types: basic and advanced. Forex Factory is home to over , members from all parts of the globe.

Populated by both experts and novice traders. There are two ways to do this either through the search function or by simply browsing through the main forum page. An excellent starting point when in search for a random topic is to go through the hottest threads section where one can find threads that received the most activity. Note that there is a certain account level required to start a thread. Junior members cannot start a thread yet. Another action that users can take is subscribing to a thread of interest.

By subscribing, the user is notified of new replies to the thread. By default, a newly opened account is categorized as a junior member. This membership level is limited only to a few actions. Baby Pips is a website dedicated to forex education and training. Its fun and interactive content promotes a light atmosphere that eliminates the feeling of complexities associated with forex markets.

Notably, the language used by the content creators is also simple, quirky and fun — consistent with the overall theme of the website. Baby Pips offers a comprehensive library of forex resources that are available for learning forex from a fundamental level all the way to advance. The educational resources are organized and broken down well so novice forex traders will have a clear starting line to jump from.

This is a community where users can freely ask questions, discuss, share, and learn from others. Any trader regardless of experience will find insightful and quality threads and conversations that will suit their skill level and knowledge. The forum is supervised by a 6-man admin team where 3 of the admin members act as moderators of the forum. Active moderation keeps the forum well-filtered with quality insights and questions while ensuring clean and non-offensive language.

All the discussions are structured into well-defined categories which are outlined and organized on the left-hand side on the main page of the forum. On the right-hand side, the latest threads are displayed along with the location of the main thread. Clicking on a main thread will direct the user to its page.

Each thread contains different topics along with — replies, views, activity — to display the level of activity. Topics are organized well with topic replies hidden to keep the interface clean. A filtering tool can also be accessed by the user to find a topic of interest. The user can choose to filter by Categories, Latest, or Top. com offers a search function where users can search for topics, posts, categories, and other users. This is where users can narrow the search results further by qualifying key words.

Babypips Forum is an easy web-based application to play around with. There are several ways to interact and contribute with the thriving community. Users can do any of the following: start a new topic, post on a thread, and interact with a post.

One of the main actions a user can take that keeps the community alive is to start a new topic that relates to the main theme of the category or its sub-category.

The most common way of contributing to the community is through interacting with existing posts. According to the website, The Elite Trader forum now has , threads containing over 4 million posts.

This showcases the abundance of activity that the forum generates. Elite Trader accommodates a variation of financial instruments as topics.

Traders can actively contribute on the topic of Stocks, Futures, Options, and Currencies. Elite Trader has two ways of displaying threads. Firstly, a list of threads will appear. Notice that these threads have corresponding categories in accordance to activity:. I will indulge in this in the next section. If you are interested in topics that are currently relevant, such as trade ideas and political issues.

Elite Trader has a multitude of threads that cater to this type of need. Many contributors share trading ideas and insights about current market conditions which can be very helpful for onlookers searching for a trade opportunity.

As mentioned, Elite Trader also organizes threads into general categories. Zooming out, the Elite Trader forum has a vast library of topics — from geopolitical issues that may tip over the balance of market conditions to stocks making the biggest moves.

Every topic that grapples with the vast world of financial markets can be discovered here. Because of its vast library of threads, Elite Trader has a search function in place with advanced features.

Generally, the search function can match the typed in keyword with results from 4 different sources:. The advanced feature includes a set of filters which users can apply to further narrow down results:.

According to its website, Elite Trader has over a hundred thousand members with over , threads. There are several ways to interact as an Elite Trader member. Generally, users can take part through reading, following and interacting with the various different topics and the insightful Elite Trader members. What makes Elite Trader a successful forum since is the vast library of financial topics and the ever growing number of threads that talk about the latest events, whether politically, economically or company-driven.

Nearly, if not all, topics about the financial world are talked about in the forum. Members can read or sift through these threads for leisure or to enhance knowledge. Begin your reading just by selecting a category then a thread that interests you. You can do this by simply clicking, which will automatically display the posts within this thread.

Unlike other forums, Elite Trader is a tad bit more lenient when it comes to moderating. Members can freely post thoughts without being warned about language. Interacting with posts is quite similar to Facebook interactions.

There are 4 possible actions that a user can take:. Clicking Reply will immediately quote the selected post on the textbox below. Clicking share will automatically generate a permalink for the selected post. To share, copy this link and paste it on your social media via post or tweet.

Relative to its peers, Elite Trader has a lengthier application form. Despite this, the application is still quick and easy. Established in , EarnForex. com is a forex-focused website offering tools, such as calculators and downloadable indicators, as well as resources like articles, videos, news flows. Other than this, EarnForex is also committed to providing free educational resources.

The team is composed of qualified writers, coders, and editorial staff. Most of the team members are directly involved in the world of currency trading. The EarnForex forum is one of the resources offered by the website. Its core focus is forex-related topics. Discussions on currency markets are quite vast with threads about two main analyses in trading forex — fundamental and technical — as well as general forex education and newbie questions.

Beyond the forex category, other main topics include Trading Platforms and Off-Topic unrelated to Forex. Like its peers, the EarnForex Forum categorizes its many threads into 6 main categories. Each category consists of forums to further compartmentalize threads.

Each forum gives a quick view of the number of threads and posts as a means of gauging the popularity of the main topic. The forum is composed of 6 main categories but with content tilted heavily towards forex discussions. EarnForex members use the forum to not only share insights and thoughts but also resources and tools to promote a healthy learning environment.

All these questions and more can be answered in the many threads dedicated to each main and sub-topic. Threads are what makes the discussions lively in any forum. Posting a thread is akin to starting a new topic that relates to the main topic or sub-category.

For example, starting a new thread in sub-category Forex News would require sharing forex-related news. Note that EarnForex allows two ways of posting either through standard text discussion or adding a poll.

This lets them plan their next steps in trading Forex. Developed by - Analyticdave Distributed by Special thanks to ProVishal. Its forum is its core offering. Service Forums — Forums dedicated to feedback and improvement on EarnForex. Originally posted by Mike O View Post.

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