what is the 5 3 1 rule in forex?

@tony_xhan - 5 months ago - Forex Trading Strategies

I hear traders talk about how following the 5 3 1 rule helped them become better traders and become more disciplined. Anyone care to explain how the 5 3 1 rule works?

@liam_calgary - 5 months ago

The 5 3 1 rule means: trade only 5 currency pairs, using only 3 tested strategies and trade only during 1 forex session.

5 currency pairs should be the major ones including EUR/USD, and you should focus on just these 5 pairs and become a master of them.

3 strategies should be used when trading these pairs, and you should repeat the strategies every day irrespective of the outcome of the trade.

Pick 1 forex session during which you will be trading (for me i chose the London session), do not go trading at any time of the day or you will be tempted to over-trade and lose all the profits you managed to earn.

@kemi_allen_omevia - 5 months ago

Quoted - liam_calgary

The 5 3 1 rule means: trade only 5 currency pairs, using only 3 tested strategies and trade only during 1 forex session.

5 currency pairs should be the major ones including EUR/USD, and you should focus on just these 5 pairs and become a master of them.

3 strategies should be used when trading these pairs, and you should repeat the strategies every day irrespective of the outcome of the trade.

Nice one, I didn't know about this 5 3 1 rule.

@liam_calgary