By George Knoechel
The Foreign Exchange (Forex) is undoubtedly a great place to go to produce profits and add to your investment portfolio. It is available electronically and open to any investor, so basically the only physical, hard requirements to get into Forex trading are Internet access and some capital to invest. Will having those two things earn you profits?
Well, no, not unless you happen to find yourself getting beginner's luck. You also need something else to become a winner on Forex; you need to know what you are doing. You need a strategy and great indicator to guide you. This forex trading indicator is a proven and very effective means by which to make consistent profits in the currency market.
The Relative Strength Index, or otherwise known as the RSI, is a very effective trading indicator and can help you earn money. The RSI compares the relative strength of a certain currency compared to its strength in the relative past and rates that strength on a scale of 0 to 100. Usually, the strength is compared over a 14-day time period, but the number of days can be manipulated. When the scale rating falls to 30 or less, the currency is being oversold; when it climbs to 70 or higher, the currency is being overbought.
By carefully examining the RSI and sticking to the 30/70 buy and sell guidelines, it is possible to predict trends and cash in on profits. Try the RSI for a time-tested, reliable indicator on Forex and increase your currency trading performance.
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