A trading strategy is a set of rules or protocols used to execute a plan. Every successful business has a strategy to reach its target. Hence, as a trader, it is important to approach your trading like a business, not a hobby, because if you approach it as a hobby, you will later find out how expensive a hobby it is. Here I am discussing a simple and effective strategy named make $50 a day trading forex for you, who take trading seriously. This strategy can help you beat the market successfully and get the best benefit from the market.
Make $50 a day trading forex strategy review & the reason for naming
Applying this strategy in a one hour or 30 minutes chart you will easily get 50/60 dollars in every trade. This strategy is so powerful that you could even get more than 50 dollars in a single trade. Just imagine how many currency pairs there are? If you trade only trendy pairs among the 28 major pairs, you could gain even 300 to 400 pips in a single day. If you use 0.1 lot size then your earning will be 300/400 dollars in every single trade.
Which indicators are used in Make $50 a day trading forex strategy
The strategy is based on pure price action and the technical indicator RSI
RSI stands for Relative strength index. The indicator is self-explanatory. It is used to measure the relative strength of the price. Depending on the time frame, RSI can also spot other factors such as divergence, momentum, and reversals. The forex indicator can give high probability trade opportunities and use it with price action to make the best out of every opportunity.
I prefer to use the default settings of RSI. Which is period 14, levels 30&70
Sell trading signals example
The confluence for this setup would be the RSI coming from an oversold level and a double top price action setup. When we find Double Top patterns in candles, we will check for rsi. If the RSI indicator’s second top is lower than the first top, we will open sell trade.
Typical Buy entry signal
The confluence for this setup would be the RSI coming from an overbought level and a double bottom price action setup.When we find Double bottom patterns in candles, we will check for rsi. If the RSI indicator’s second bottom is lower than the first bottom, we will open buy trade.
Pairs you should trade in 50 pips a day forex strategy
There are 28 major forex pairs, but we will not open trade on each currency pair in this make $50 a day trading forex strategy. This is because if we open trade on choppy pairs like AUD/CHF or NZD/CHF, then there is a high probability we will make a loss. So instead, we will stick to only trendy pairs like EUR/USD, GBP/USD, EUR/AUD, GBP/JPY, EUR/JPY and some more trendy pairs.
Trade management in this trading system
Don’t expect too much, and don’t let your trade run for an infinite time. Instead, use a fixed stop loss and take profit system in this strategy. Your profit target should be 50 pips. And use 50 pips fixed stop loss in your every trade set up.
If you expect more and run your trade instead of taking profit, you will sometimes get backlash because you will notice that your profitable trades will turn into losing trades.
Why Make $50 a day trading forex strategy is a powerful strategy
Some strategy made up based on indicators, and some strategy made up based on price action. But when you get any strategy that is made up based on both price action and any powerful indicator like RSI, then that strategy is nothing but a beast. That’s why I call make $50 a day trading forex strategy a powerful strategy.
How to get 20 pips a day in forex market
Nothing but just come to a lower time frame like 5 minutes or 10 minutes and apply this strategy and you will get 20 pips easily. Trade double top double bottom with RSi indicator and get 20 pips easily. It’s not a big deal. Many scalpers use this strategy in their day to day trading system. So if you are also a scalper, use this strategy in 5 minutes and enjoy your consistent profit.
50 pips a day forex strategy book
Many professional traders want make $50 a day trading forex strategy book pdf. They just want to download the e-book and keep it on their pc, and when they get time, they study that pdf file. So for your convenience, I am giving here a downloadable make $50 a day trading forex pdf file. Just get it from here and study thoroughly.
Before there were indicators, experienced traders used pure price action to trade. Markets have a repetitive nature, and therefore if we can analyze the patterns as they happen and accurately predict the next move we can have no limit in potential pips that we can catch from the moves, another thing for sure is that sometimes the patterns fail so you need to have an exit strategy if else a potential setup fails. Lastly, I want to say to there is no alternative to forex education. No matter how powerful &solid forex trading system you are getting, if you don’t know basic trading rules, have no proper knowledge and education regarding the forex market, then you will fail to make money even with that rock-solid profitable forex trading system.
Q. Can you make $50 a day with forex??
A. Yes, of course, you can make $50 a day trading forex. Just use 0.10 lot size, and when you gain 50/55 pips, you will earn 50 dollars. But if your trading balance is low and you want to use 0.01 lot size, then trade top trendy multiple pairs. For example, if you trade ten pairs and gain 50 pips on each pair, you will gain 500 pips in ten pairs. In 0.01 lot size, 500 pips are enough to give you 50 dollars.
Q. How can I make $50 a day trading?
A.If you follow the Make $50 a day trading forex strategy that I described above, you can easily make $50 a day.
Q. How much does a good forex trader make a day?
A. A good forex trader makes 50/60 pips a day. So if he uses 0.1 lot, he will earn 50/60 dollars each day. But if his balance is healthy, he can use a 1.00 lot size. So he can make 500/600 dollars per day in that lot size.