How do I identify potential forex spread betting opportunities, i.e. what fundamental/technical details……?
I am 18 years old have been practicing and reading about spread betting for months now and I’ve discovered I’m best at trading currencies with it.
What I do is look at the current trend in a certain time period, then look at Yahoo finance and see if the trend indicates the direction that I want to trade in based on fundamental news, and also on price quotes such as up; green+%, or down; red-% to make my trading decisions.
What I would like to know is if this is the best way to do my spread betting on currencies, and if/if not, is there a better way to do it?
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Tagged with: 18 years • Currencies • decisions • finance • spread • time • time period • trading • trend • way
Filed under: Forex News
The most popular and useful indicator is the Simple Moving Average. I’m sure you have heard that the trend is your friend and the simple moving averages can be quite good in determining when a forex trend has been established. You can then jump on it and be sure of a much greater than evens chance of a profitable trade. Use your charts to test various periods of simple moving averages and their effectiveness in confirming trends in the past.
If you find that the most reliable periods are 10 days and 60 days on a daily chart, then if, for example, the 10 day simple moving average crosses the 60 day simple moving average going up then it would be a strong signal that an upwards trend was establishing itself.
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http://www.fxsuperb.com/important-areas-on-forex-market/