Forex Strategy Trading Tips: 3 Easy Ways to Select High Probability Trades

I’m writing this article after I spoke with one of my traders earlier this week and she was asking me about how to exactly to discover high probability trades to profit from the markets.

Forex strategy trading requires you to follow your trading plan, be disciplined, and only trade high probability trades.
Most Pro traders use simple strategies with strict money management to help them achieve their trading goals and profit consistently from Fx trading. In this portion of my Forex strategy trading tips series I’ll be speaking about 3 easy methods I use to help me select high probability trades.

Never go against the market current:

Even though I actually do use many custom indicators and trading strategies, nearly all of my trading continues to be based upon basic trading principles. I always respect the overall trend and don’t attempt to go against it. I also respect strong support and resistance levels as they represent the area where demand and supply meet. The Forex market is bigger than us and even when you have millions of dollars in your trading account it is nearly impossible to ever manipulate the market and make it go your way.

Make use of the K.I.S.S Principle:

The KISS principle means “keep it smooth and simple”. Among the best ways to get confused, commit mistakes, and lose money is to utilize complicated trading strategies that you simply don’t really understand. I have already been trading the markets for years and I still only use very basic (but extremely powerful) trading strategies that allow me to make the type of returns I expect from Forex trading. There is a Forex myth that says that “complex Currency trading systems are better and earn more money than the simple trading strategies.” This is not always true. I know some very successful traders who don’t use more than a set moving averages and a MACD indicator to enter the market and make money from it. So don’t forget no matter what system or strategy you decide to use continue to keep it simple and running smoothly.
Give attention to your trading strategy and plan & ignore all the “noise”: The foreign currency market is full of opportunities. There are thousands of Forex robots, indicators, strategies, mentors, signal providers, etc... However, the actual challenge is to filter the good guys from the bad guys and sometimes all the noise coming from other traders or companies can distract you tremendously.

This happened to me initially when I first started. When I got started as an Forex trader I was trading with several professional Forex traders who all trade in many different ways. This made discovering my trading personally and my trading style very hard. Nevertheless, I understood that if I wanted to become a professional trader I was going to need to perform analysis and trade based upon my own personal judgment, not someone else’s.

To summarize, I strongly believe that anyone who aspires to become a profitable trader needs to develop themselves as traders and trade based on their own judgment (even if you use someone else’s trading system, you are the person who must make the system work!).
Over the next couple of days I will be teaching more Forex strategy trading tips straight from my Forex currency trading vault.

To your trading success,

Jay Molina