How To Get Rich Fast Using,Relative Strength Index (RSI) In Trading Forex

There is a saying in the forex world that the fastest means to get rich in forex is to buy when the market or price level has reached an oversold level after a long downtrend and sell when the market has reached an overbought level after a long uptrend,but what they fail or deliberately won't want to tell you is how to trade this method. They don't tell you which indicator to use,what time zone to trade this method and how to get rich using this method.

I will be explaining how to trade this method as promised yesterday using the KISS (Keep It Simple,Stupid) principle which I discussed HERE, yesterday with today's trade as a case study and the Relative Strength Indicator (RSI) as promised yesterday too.

Relative Strength Indicator (RSI) is my best oscillator indicator in trading this method compared to other oscillator indicator (Stochastic oscillator, MACD, momentum, Ichimoku kinko Hyo, Envelopes etc).Firstly allow me explain RSI. The indicator helps to identify overbought and oversold regions in the market,it is scaled from 0 to 100.Normally readings below the 20th level indicate oversold,while readings over the 80th level indicate overbought.I personally edit my period of the RSI to be 14 which is the standard value and make additionally levels of 10,50,85,and 90 for stricter measures.It's a very simple strategy to trade,I buy on the 1 hour time frame (you can try it on other time frames but I prefer it on the 1 hour time frame) when the market is on the 10th level of the RSI,I aim for just 10 pips with a high volume/lot size mostly during/after news release.See the chart below,using today's trade as a case study.

And sell when the market is on the 90th level of the RSI. In order not to be too greedy I aim for just 10 pips with a high volume/lot size.See the chart below, also using today's trade as a case study.

That's how you get rich folks. Tomorrow I will provide prove of my own personal trades.For more details feel free to make your comment,I will respond to them or you can reach me through my email on my blog.