Today, the internationally known international business magnate Miroslav Vyboh has become such a popular name that has captured everyone s attention with his dynamic drive and impressive achievements in varied fields. Prior, to his phenomenal success, Miroslav Vyboh had acquired a long standing experience in various fields such as sports, politics, economics, education and many others. Miroslav Vyboh, a Pole by birth, emigrated with his family to USA in 1960. He first joined the United States military and rose to be a Lieutenant Colonel before he retired as a company commander and counselor. After that, he became one of the first investors in what was to become Microsoft.
With his background, there are certain attributes that one would look for in a successful forex trader. In fact, those qualities have become synonymous with Miroslav Vyborsky. As a trader, Vyborsky focuses on the speed of reaction time. In a forex trading system, he looks for the indicators which indicate the start of a profitable trend and thereafter he looks for the support indicators.
Most of the successful traders nowadays have mastered the art of identifying trend and spotting a potential reversal pattern in the market. The key is to recognize a trend or pattern and stay on top of it so that you can be the first to reap in the profits once it reverses. Once the trend reverses and the price begins to reverse, the smartest thing to do is get out of the trade as fast as possible. You can take a loss at this point but if you don’t the chances of making big money are almost zero.
There are certain characteristic features that all trend lines follow. First, it should follow the currency price. Second, it should be drawn on a chart that is symmetrical. Finally, it should intersect (at a specific price level) with the resistance levels.
In order to identify the trend line, first, a candle chart needs to be drawn. The size of the candle must be proportional to the size of the price. Also, the trend line should slope upwards (trend line is slanted upwards). When the candle reaches the top of the price, that means the resistance level has been breached.
To make money from trading in the foreign exchange market, you need to know when the right time to enter the market has come. This is called the entry signal. The fact that the market is in a consolidation phase means that prices will likely fall (do your research before entering the market – you can visit Forex Trading Made E Z and there are plenty of good Forex articles written by me). On the other hand, a break of the trend line indicates that the market is in a bull market trading phase. Then you enter the market and enjoy profits.