Everyone‘s heard of the Big Ben. This British icon is familiar to people around the globe. It’s also known as a tactic for trading in the Forex.
According to the experts who make a lot of money, anyone can trade the GBP/USD or the GBP/JPY using the “Big Ben” method. And these individuals say that the method can lead to capturing enormous gains which result from the first movements of the day. But the “Big Ben” is best utilized when trading short term and when following currencies showing an established trend. It’s perfect for those who wish to close a position within the business day. Therefore, if you practice the Muslim faith, this may be an ideal strategy to follow when trading currencies.
When we speak of trading this English icon, we’re not referring to pattern trading in Forex. So how can you benefit from it?
First, experts teach it’s important to be patient and study how the currencies are behaving. You’ll notice that the monetary unit often declines between 20 and 30 pips when the London market opens. During that brief period, the currencies reverse and retrace roughly 25 pips. Then, a brief reversal occurs, and finally, the currency drops below the initial lows. What does it mean? Well, that the GBP/USD or other currency pair you’re observing dipped over 25 pips below the opening price. It’s a good opportunity for shorting the British Pound while placing stops between 30 and 40 pips away from the entry.

If you’re trying to be another of the successful traders we hear about in the Forex market, it’s likely you’re following the advice of the experts or the educators you studied with when you enrolled in a currency trading course.
You’ve learned to assess the big picture, to trade with the trend and to identify support and resistance to spot the ideal entries and exit prices.
But there’s more to know in order to become a pro Forex trader. For starters, the experts say that they got into the habit of mapping trendlines when conducting technical analysis. In other words, they recommend connecting the lows and the highs for the day. The daily highs will help you identify a profit-conducive resistance level. The daily lows will help you find the strong support. If the prices break through either of the two levels, you can assume the currency pair is setting a new path for the intra-day action. So if you’re looking at the Pound/Dollar, the trendlines may help you gauge the direction in which it will go. Some of the experts may suggest that as you gain experience, you learn how to go about trading on the mean currency price.
And while currency values are superb indicators, the pros say they obtain the best results when they implement at least 2 signal indicators. However, utilizing them requires knowledge. Therefore, it’s important to try a few of them and practice with different market conditions to gain experience.

Even if you’ve completed a Forex course or you’ve been trading in the currency market for years, the experts say it’s always a good idea to further your knowledge. A doctor never quits studying as there are always new advancements and new techniques. The same is true for the currency trading enthusiast.
Take for instance the tools for a Forex trader. You may know all about them; however, experts may have different ways by which to use them advantageously.
If you’re idea of success includes identifying the trend, there are incredible technical tools at your disposal. Fibonacci levels are one example. But have you ever utilized them to find support and resistance?
And while you may have become a master at spotting trend directions, have you learned about measuring the currency trend’s strength? Strength is one of the elements of trend trading that the experts say should not be overlooked. Trying to buy when the currency is trending low to sell high is usually the downfall of the inexperienced individual. And while such technique works rather well with a market that’s ranging, the pros avoid using it when the market’s conditions are different. Thus, many have learned that the Average Directional Index is a vital tool for determining the strength of a currency’s movement.
Lastly, skilled currency participants believe that learning about psychological levels can also be practical. A trader ought to be able to spot price areas wherein the interbank may trigger big order flows.

The Forex is for everyone. It’s an exhilarating market for people who are ambitious and who’d like to put their skills to work in an extremely competitive environment that offers significant financial rewards. Becoming a pro is certainly not the easiest thing to achieve; however, with effort and time, as well as some time devoted to practice, an individual can excel to an advanced degree. Having to learn a new market scares potential traders, especially those who have time constraints. But here, we have good news. The foreign currency exchange is designed to offer flexibility; this means that a person can make money part-time.

In fact, many say that the biggest advantage the Forex money exchange provides is the unlimited level of flexibility. Therefore, you can be a part-time Forex trader regardless of whether you choose to be a long or short-term trader.

If you choose to be a part-time short term trader for instance, the experts suggest using the technical approach to analyze the markets while applying conservative money management techniques. They recommend avoiding times of extreme volatility unless you have ample time to devote to watching how the movements develop, or to absorbing the stream of news that may be released in that period. The pros often say that a part-timer tends to thrive during calmer market conditions; so volatility, volume and price patterns ought not to enter into the trading decision. Even a part-timer can learn the right way of looking for buy/sell signals.

In the Forex, the opportunities for making money are simply astounding. Did you know that there are people making money on the extension between Fridays and Sundays when the markets are closed? That’s right. Some of those individuals make between 20 and 30 pips, especially after a Friday that has been extremely volatile. This number of pips may not sound impressive, but added together, they may be substantial enough to pay for your next vacation.

As a strategy, the traders investing online wait for non-farm payroll days or for Fridays in which a big economic release has caused major movements in the Forex markets. Often, after the currencies settle down following the news, they continue in the same direction for the remaining of the day. The London market closes and liquidity dwindles down. Investors and traders exit their positions in anticipation of the close of the New York session.

Note that these traders assume the market will continue to move throughout the weekend as it did on Friday afternoon. Sydney opens and the trades are processed; thus, the currencies continue to trend in the same direction until the Tokyo hours.

In summary, the technique is rather simple. The experts say: place the trade on Friday between 3 and 5 pm EST.; close it on Sunday evening EST. Avoid trading with the Yen’s shifts.

Keep in mind that these trades only include pairs with the U.S. Dollar; in addition, they’re never placed without a stop loss.