Forex trading can be a lucrative venture, but it often intimidates newcomers with its complex jargon and demanding time commitments. However, fear not! In this blog post, we will explore a straightforward and efficient trading system known as the “Blue Sky” method. This system is designed to be easy to understand and requires no more than 15 minutes of work per day, making it an ideal choice for both beginners and busy individuals looking to make money in the forex market. Accumulating wealth is a major way to buffer a potential economic crisis.
What is the “Blue Sky” Trading System?
The “Blue Sky” system is a straightforward approach to forex trading that focuses on identifying short-term trends in currency pairs. Instead of constantly monitoring the market, this method allows traders to make informed decisions based on a simple yet effective indicator. The system’s core principle is to catch the “blue sky” moments when a currency pair is on an upward or downward trajectory.
Step 1: Selecting a Reliable Forex Broker
Before diving into the “Blue Sky” trading method, it’s essential to choose a reputable forex broker. Look for a broker with a user-friendly interface, low fees, reliable customer support, and appropriate regulatory certifications. This step is crucial to ensure a safe and hassle-free trading experience.
I personally use Oanda, but I have no affiliation with them. There are many other reputable trading companies out there.
Step 2: Understanding the “Blue Sky” Strategy
The “Blue Sky” trading strategy centers around two key indicators:
- Moving Averages (MA): Moving averages help identify trends and smooth out price fluctuations over time. The “Blue Sky” system relies on one MA – the 9 EMA (Exponential Moving Average).
- Price Chart: Plotting the price movement of a currency pair on a chart over time is vital for trend analysis.
Step 3: Placing the Trade
Once you identify a “Blue Sky” moment, it’s time to place the trade. Here’s how:
- Determine the position size: Never risk more than 1-2% of your trading capital on a single trade. Use this rule to calculate the appropriate position size.
- Set stop-loss and take-profit levels: Protect your capital by placing a stop-loss order below the recent swing low. For take-profit, aim for a risk-to-reward ratio of 1:1.
- Go on with your day, your job is done.
Conclusion
The “Blue Sky” trading system offers a simple yet effective approach to forex trading, making it accessible to traders of all levels of experience. By focusing on short-term trends and employing basic technical indicators, this system allows you to spend no more than 15 minutes per day on your trades. With patience and consistency, you can potentially unlock a profitable and stress-free forex trading experience.
For the complete “blue Sky” package, including:
- The complete guide to the strategy
- An introduction to Forex trading
- A guide on the mindset of profitable traders
Head on to Proxima Forex. They are having a sale right, the price is 67% for an unknown amount of time
