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The three in The 5-3-1 Strategy:

Next, you should pick maximum three specific strategies to use when trading. This limit applies both to the trading style you choose and the indicators you employ with technical analysis.

Keeping your trading plan focused on just three specific strategies allows you to focus your technical analysis on specific timeframes that best fit with your chosen indicators. It also ensures you don’t become confused by using too many indicators to the extent they begin to contradict each other and show mixed signals.

Number three can be further broken into three components:

First, pick a specific trading style that works best with your goals. This may be carry trading, scalping, news trading, swing trading, etc.

Then, choose a few indicators that work best with your chosen style. Moving average-based indicators like the MACD and Stochastic Oscillator work well for day trading, and the Relative Strength Index (RSI) is popular among momentum traders.

Finally, decide on a risk management strategy that best fits your style. You may prefer to set close stop-loss and limit orders to lock in small profit gains and prevent losses, or you can use trailing stops to capture gains during long-term momentum trades.

The five in The 5-3-1 Strategy:

The 5-3-1 trading strategy designates you should focus on only five major currency pairs. The pairs you choose should focus on one or two major currencies you’re most familiar with. For example, if you live in Australia, you may choose AUD/USD, AUD/NZD, EUR/AUD, GBP/AUD, and AUD/JPY. You may base your pairs around the times they are most traded, but we’ll get to that part of the strategy later.

By focusing on only five pairs, you can gain a deep understanding of how the pairs move.

The 5-3-1 trading strategy is a very simple guide used by forex traders to help establish the best forex trading plan for their own style.

The 5-3-1 strategy is very helpful for new traders who may be overwhelmed by the dozens of currency pairs available and the 24-7 nature of the market.

The numbers five, three, and one stand for:

Five currency pairs to learn and trade.

Three strategies to become an expert on and use with your trades.

One time to trade, the same time every day.


Let’s look at each element of 5-3-1 trading in more depth.

What is the 5-3-1 trading strategy?


This is A Strategy Very Helpful For Beginners.


Let's Reveal To You What It Entails.


Read On.

TossTos:
Recommended Lots size on all account balance type for XAUUSD, GBPJPY, GBPUSD.

$10 - $100 = 0.01 - 0.08 lotsize

$101 - $500 = 0.10- 0.30 lotsize

$501 - $1,000 = 0.25- 0.50 lotsize

$1,000 - $10,000 = 0.40 - 2.5 lotsize

$10,000 - $50,000 = 2.00 - 7.50 Lotsize

$50,000 - $100,000 = 5.00 - 15.0 Lotsize

$100,000 - $500,000 = 10.0 - 50.0 Lotsize

$500,000 - $1,000,000 = 50.0 - 100.0 Lotsize

Liked And Shared.


This is Recommended For Those Who Already Fully Understands The Dynamics of The FOREX Market.


I'll Prefer Beginners To Start Using Between 0.2 To 0.6 Lot Sizes As They Trade To Tweak Their Lot Sizes Within This Range According To Their Winnings/Losses in The Market.


A Great Staking Strategy Can Be Improvised When They Do This.

FOREX Trading Re-Sensitization: Except You Have Up To $3,000; Don't Use 1 LOT SIZE While Trading The FX Market As A Beginner.


As Much As You Need Good Capital To Breathe Comfortably in The Market; You Also Need To Take Your Trades in Smaller Lot Sizes Until You've Fully UNDERSTOOD The Dynamics of The Currency Pairs That You Major On In The FOREX Market.

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