Forex hedging is a very simple strategy where you have to look for a currency pair the are closely correlated with one another. A good example for this forex hedging strategy are the currency pair EUR/USD and USD/CHF. The process is to go LONG on both of this currency pair at the same time. All you have to do is to wait for un-correlation to happen where one of the currency pair gains a higher profit that the losing pair. For example the EUR/USD reaches +126 profit while the USD/CHF only reaches -100 pip loss, you can close both orders earning you a profit of +26 pips. You can then re-enter again for you second trade. However, to make this system successful you need to have a good money management.
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