In forex Trading, how far it is true that “Trend is your Friend”? It is always seen that, In any market situation, if you go against the trend, you loose. In Forex trading, market gives you an opportunity every now and then but if you analyze carefully, only those who cash the profit, those who stay with trend.
As a investor you are responsible for your own profit or loss, so don’t make any mistakes in recognizing trend. With trend there are only three things can happen, one- market may be Bullish, bearish or range bound. To recognize the trend you need to know the movement of the market and long term appearance of the candle chart.
It is obvious that when the Bulls are stronger than bears, in short when bulls pushes the price to new heights we can clearly say that market is in a uptrend and bullish. When, bears are stronger and brings the price down, we say that market is in a downward trend. Also when the market bounces between certain price range, we say that it is range bound. Having said this try to identify the trend of the market before placing the trade.
Don’t loose the money by placing the trade against the market.
Best of Luck
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