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    •        You can develop your own technique and trade the market independently.
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    No matter which way you choose to go it would be a good idea to have a sound grounding in hands
    on practical trading to understand what drives the market and price movements and the main
    different trading approaches that can be adopted. It is important to understand the strengths and
    weakness different trading approaches and techniques even if you are using any of the above
    mentioned method of making lots of money in this market. We will give a very brief review of the
    various trading approaches and philosophies that can be adopted.  The approach adopted by a
    trader will determine the specific trading techniques and strategies used. Below, are different
    approaches adopted by traders: -

    1   The "with the trend" trader   This trader is looking for a lower risk, going with the flow type of
    feeling when trading. It has been established that trading with the trend is more rewarding and
    reliable than other approaches. Most trading techniques or black box systems are with the trend
    systems. Expressions such as "let the trend be your friend" or "go with the flow" seem to fit quite
    nicely into most people's philosophy and psychology.

    The with the trend trader will wait for a trend to be established and then only enter into trades
    that are in the same direction as the trend and ignore any trends that are in an opposite direction.
    The key requirement of this method is the establishment of what the trend is. This is not always as
    easy as it sounds or would appear. Many indicators give exactly opposite trend signals depending
    on what time scales you are looking at.
      

    2   The retractment / retractment trader  The philosophy behind this trading approach is that any
    movement in the currency price, which is excessive and unsustainable, is bound to retract or correct
    itself sooner or later. The excessive movements are measured by the sheer rate of movement over
    a short time span, over sold / bought conditions, moving average line gaps, new highs or lows,
    strong resistance and support areas etc.

    The philosophy and psychology behind this approach appears to be almost directly opposed to the
    "with the trend trader", but this approach is only in respect of method of entry. When the entry is
    made, a "with the trend" approach is adopted until the transaction is terminated.

    This is a high risk, high return approach which results in a high percentage of successful
    transactions but requires very big stop losses should the transaction be entered into too soon.
    This approach requires the use of multi time frame confirmations and experience to succeed but is
    very rewarding. Often fundamental information results in a trend change.

    On the whole the best traders are retracement traders that trade back into a trend or sideways
    movement using support and resistance levels which sometime are based on Fibonacci levels.

    3   The Breakout Trader   Traders who wait for low volatile markets or market opening jumps or
    economic information announcement days or major news announcement breakouts are breakout
    traders.

    This is a very opportunistic approach and the market needs to be studied very carefully to spot
    these opportunities. These traders rely a lot more on the market's reaction to fundamental
    information than technical indicators, although technical indicators can be used to confirm the
    breakout climate and the possible strength of the breakout.
           
    4   The Price pattern trader  The Price pattern trader uses the breakouts from well-established price
    formations and trend line violations as their entry criteria. These breakouts can be price
    continuations or reversals.

    The philosophy and psychology behind this type of trading is that should the price move in a
    certain direction which confirms a trend-line violation or price pattern completion it is likely that
    the move will be a considerable one and worth entering into.

    Traditional price patterns include Head and shoulders, double tops, triangles etc. There are also
    market behavior patterns such as a consolidation breakout prior to the UK market opening.
                             
     5  The fundamental information trader    This trader interprets the economic, political and any other
    news and bases trades on the anticipated impact on currencies. There are many Internet based
    services providing ongoing minute by minute news, which impact currencies, as a standard service
    to clients.  TV stations such as CNN and Bloomberg give excellent coverage in this respect. Most
    major moves in the market occur as a result of favourable or adverse news. The problem is getting
    the news timeously so that action can be taken. Most news has already been discounted in the
    market or the impact is so great that the jump has already occurred, by the time the trader hears
    the news.

    6   The multi-skilled trader     This trader adopts the approach of scanning the market and news for
    any potential opportunities that may exist during the times that he trades. This trader is skilled in
    all the mentioned approaches and uses all or most of the approaches to confirm a trade.   

    CONCLUSION
    One has to find an approach and a trading strategy that fits your personality, dedication, discipline
    levels, personal circumstances and resources. There are success stories of specialist traders
    following one approach or even only one technique, as well as traders using all the above
    approaches.
How an industry insider and a
mathematician can TURBO
charge your Forex Profits on
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What The World's Most
Powerful, Most Dangerous,
Most Successful Forex Traders
Know About These Real-World
Lethal Trading Methods
Range trading successful
Expert Advisor that lets
your earn huge profits while
you sleep.
How an industry insider and a
mathematician can TURBO
charge your Forex Profits on
AutoPilot
What The World's Most
Powerful, Most Dangerous,
Most Successful Forex Traders
Lethal Trading Methods
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