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How to use the harmonic trading strategy to make big profit

Discussion in 'Money Making' started by Adam Smith, Jul 24, 2017.

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  1. Adam Smith

    Adam Smith New Member

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    Harmonic pattern trading is one of the most advanced ways of trading the market. Very few professional in the world truly knows how to use the harmonic pattern in the forex market. And when it comes to novice traders, I can assure you that none them have a clear idea about this trading system. Even after having many reliable trading systems some expert Swiss traders use the harmonic pattern trading to execute high-quality trades. But when you trade with the harmonic pattern you must keep in mind that this system basically allows you trade against the trend. So you are not following the famous proverb that the trend is your friend. However, if you know the perfect way to trade the harmonic pattern then you can easily make a huge amount of money in the live market.In today's article we will give you some amazing tips which will make a professional harmonic pattern trader.

    Power of fundamental analysis
    When you consider harmonic pattern trading you are actually looking to trade against the trend. For this very reason, you must learn the fundamental analysis. Most of the new retail traders in the online trading world ignores the fundamental analysis and use their technical analysis to place their trade. But fundamental news releases are so powerful that it even can change the existing trend of a certain asset. If you know the perfect way to do the fundamental analysis then you can easily understand the strength of a prevailing trend. Even the experienced traders often get a strong clue when the trend is going to change for certain assets. Some of the new traders will find extremely hard to master the art of fundamental analysis but to become a professional harmonic pattern trader you must master this skills. This is one of the key ingredients which will allow you to place quality trades in the financial industry using the different harmonic pattern.

    Price action candlestick pattern
    When you spot any possible harmonic pattern in the CFD market you need to use the price action confirmation signal to find out the reliability of this pattern. Price action trading strategy is very simple and it allows the traders to find high-quality trade setup at the key support and resistance level. Being a professional harmonic pattern it’s highly imperative that you learn about the highly reliable candlestick pattern so that you can use a precise stop loss. Those who trade the reliable pattern like Gartley, Butterfly etc. often have to use wide stop loss since they don’t use price action candlestick pattern. But if you look at the smart traders then you will see that all of them are using précised stop loss when they place their trades in the financial market by the virtue of their price action trading knowledge.

    The simple 1 percent rule
    Money management is the key success in the financial market. Risk tolerance tends to vary from traders to traders but being a reversal traders you need to follow the simple 1 percent rule of money management. When you spot any harmonic pattern you should never risk more than 1 percent. Since you are trading against the trend you must realize the fact that market loves to follow the trend.SO you are basically going to the market by using your trading knowledge. So chances are high that the trade will go wrong. But if you follow the simple 1 percent rule of money management then you can gain more than 3% + from your winning trade when you trade the reliable harmonic pattern.
     

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