Received an email form my FX broker (FBS.COM) about a guy who made $1,000,000 in just 40 trades.
Here's the exact article,
"Today I am going to tell you a story of a guy named Fred who managed to earn $1,000,000 with just 40 trades. Very impressive, I agree. Here is one of the strategies he suggests. It’s called a 30 pips a day forex trading strategy. You know that GBP/JPY is rather volatile currency pair that can make big swings (from 100-200 pips). So, our aim is not to capture all this price margin in the course of a trading session, but just 30 pips. Once we are done with embellishment of a story, we can proceed to real things – the description of the strategy.
“Key ingredients”:
Choose GBP/JPY currency pair
Switch to the 5 minutes’ screen
Add some indicators to your chart: 10 and 26 exponential moving averages (EMA)
How to trade:
If 10 EMA intersects 26 EMA and goes up, we are facing with an uptrend. If 10 EMA intersects 26 EMA and goes down, there is a downtrend. After we found the EMA’s crosses, we should identify traders’ action zone (a reversal zone, a zone of buying or selling depending or what the market main trend is). It occurs at the end of the minor rally in the dominant bullish trend.
Imagine that the market main trend is down, there could be some minor rally in a downtrend market. That price rally (short-term upward price move) usually ends in a traders’ action zone when the price starts falling in the direction of the main trend again. A similar in logic, but opposite situation also happens if the market is bullish.
Your actions in the case of a downtrend:
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