Wouldn't that be cool? Sitting in your PJs, trading forex for a couple of hours, and then taking off the rest of the day because you made $100? That would be cool. So how likely is it?
Well, let me give you a game plan, okay?
Here's how it works. You need to get your charts set to one minute or two minutes. Okay? If you're using metatrader, use the 1 minute setting.
Now just put on your charts a MACD indicator with the settings of 5, 15, and 1. Those are my favorite settings. Honestly it could work with just about any settings, but those are my favorites, and I can recommend them to you as working for sure. Okay, now that you're got that, you are ready to fade the market. Yep. You are going to trade against the market.
The reason you put the MACD on the chart is so that you can see when the market is making a divergence with the price. When you see that, you jump in on the next bar.
You should shoot for at least 10 pips of profit, and your initial stop loss should be around 5 pips. You want to do this with the lowest spread you can get (obviously). Now, when the market diverges at that level it usually moves 5 to 10 pips. If it moves 10 pips great. You got your money.
However, if it moves 5 pips, move your stop to break even. That way if the market turns against you, you just lose the spread (not much).
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