Website design By BotEap.comWhen trading currencies in the Forex market, it would be stupid to do so without a coherent plan or strategy. If you don’t know what you’re doing, you will surely end up losing a lot of money. The strategy your device needs needs to be simple so it can be executed easily and consistent, which means you need to give it time to work. Test your strategy by trading a how-to demo and perfect it before risking real money. Website design By BotEap.comOne trading strategy that many traders rely on is breakout trading, a system that relies on support and resistance levels and the use of momentum indicators. They feel that it is unrealistic to buy low and sell high and that it is easier to trade breakouts to new highs or lows. When a breakup occurs, how can you be sure it will be sustainable? It will use price momentum indicators like RSI and Stochastic to confirm the trend. Your stop becomes the point just below the breakout point. Many traders wait for the confirmation of the retracement that doesn’t work in a big market move, so they could miss the opportunity all together. Website design By BotEap.comThe other thing to remember is that when price momentum indicators support a genuine breakout, you are likely looking at a sustained trend, so be careful when setting your stop loss. Set a trailing stop that is well outside the normal range for market volatility, so you don’t prematurely exit your position and miss out on profit opportunities. Website design By BotEap.comThis approach clearly indicates why many traders will not like the methodology. If the momentum indicators signal a genuine breakout, you will often buy high and sell low, which is the complete opposite of the traditional trading high. But if you’re absolutely sure of what you’re doing, a reverse approach sometimes helps. After all, the vast majority of traders lose money and if you follow them, chances are you will too. Website design By BotEap.comEquip yourself with the best automated trading software or Forex robots you can find. You’ll have access to accurate market analysis and the trading signals you’ll trust will be accurate, consistent and reliable.