how to trade forex 1 hour a day

200 characters left Include your email address to get a message when this question is answered. 3, decide what binary options pro and cons currency you want to buy and sell. I may also opt to give it only two chances to go in my favor if the setup is slightly less favorable (trend not as strong). Buy again when the price stalls at support and then moves higher. Article Summary X To trade forex, choose a brokerage that is regulated by a major oversight body like National Futures Association (NFA) or Financial Conduct Authority (FCA) and open an account. When you have a very strong trend with long trending waves, like in the chart below, it is reasonable to assume that some pullbacks will be more complex or deeper than others. By this pointabout 16:15 we can see that average wave is only about 4 pips.

What you are basically doing is planning your trades before the market even moves to your entry location. Waves had been moving about 10-12 pips prior to our trades, so a 10 pip target is realistic, along with a 5 to 6 pips stop loss. The same concepts apply to downtrends. If it moves in my direction three times but doesnt hit my target, I look to exit. Days like the above are fairly easy.