I have been reading about trading forex but I am unsure about the strategy I should be using. I have read about so many different strategies and they all claim to be the best and easiest. I was just wondering if anybody had any real experience trading forex that could recommend a good strategy to start out with.
What is the best forex trading strategy?
- Thread starter satokenta
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You have to experience it yourself with some of the reputable strategy.
Every trader has his/her own trading style.
Babypips forum & this forum is a good platform to learn
Every trader has his/her own trading style.
Babypips forum & this forum is a good platform to learn
Hey, I read about trading forex. Really informative..... I learned a lot of things from this Forum. There are a lot of strategy which is one of the best and easiest for us. Nice Work....
Difficult to say which is the best trading strategy to follow. A lot will depend on account size, appetite for risk, trading frequency, etc. Financial position also comes into it. For somebody like Bill Gates for example, losing 10K trading forex is less than peanuts. For me, losing 10K would come to a decent chunk of change.
The best strategy is the one that fits your trading profile.
Forex Trading
The best strategy is knowing deeply what you are investing. Why dont you try another demo account to have better understand? The deeper understanding forex you have, the lower risk you will make. People think that Warren Buffett always takes high risk investment. However, he said "It's not risk when I know what I'm doing" (I think his viewpoint can apply to forex).
While I'm playing at fxdialogue, I also ask the same question as you are asking on many forum. As a result I often receive the answer like this "Never start Trading without FIRST using a*DEMO Account. A Demo Account allows you to become familiar with trading procedures, such as placing Market, Stop and Limit orders without any risk. All dollar losses or gains in a Demo Account are imaginary but the EXPERIENCE is VALUABLE!"
My suggestion is to open a free demo account first, it helps you have better understand about fx and how it works.
The best strategy is knowing deeply what you are investing. Why dont you try another demo account to have better understand? The deeper understanding forex you have, the lower risk you will make. People think that Warren Buffett always takes high risk investment. However, he said "It's not risk when I know what I'm doing" (I think his viewpoint can apply to forex).
While I'm playing at fxdialogue, I also ask the same question as you are asking on many forum. As a result I often receive the answer like this "Never start Trading without FIRST using a*DEMO Account. A Demo Account allows you to become familiar with trading procedures, such as placing Market, Stop and Limit orders without any risk. All dollar losses or gains in a Demo Account are imaginary but the EXPERIENCE is VALUABLE!"
My suggestion is to open a free demo account first, it helps you have better understand about fx and how it works.
As a long time trader, I have to admit there is no ONE perfect trading strategy. My best advice would be to stick with a clear trend and don't enter at extreme levels. Also, Look for reversals patterns. The most important piece of advice I can give is to manage your money carefully: don't blow your savings and only put down what you can afford to lose!
Good Luck and Successful Trading
Good Luck and Successful Trading
I will go with Grace here. Unless you are working out different strategies at different times, you will never know which one is the best to execute in the current situation!
Forex trading can be simple if you have your favorite strategy and you know how to trade with it. There are many Forex Strategies , with forex trading education and practice you can adopt your own strategy. Good luck!
I believe an fx strategy falls behind an the personal characteristics of the traders, the platform you choose to use and the amount you risk. from my experience, I differentiated with different pairs of currencies USD/EUR and GBP/JPY..one way to aviod the euro crisis, for example Use demos read forums, but keep in mind that whatever others are doing/saying would not apply always. I personally use zulutrade, based on 2fold reason - demo base and monthly fees
Use demos read forums, but keep in mind that whatever others are doing/saying would not apply always. I personally use zulutrade, based on 2fold reason - demo base and monthly fees From what I read here the best strategy is not to jump into it until you really know the stuff. I didn't understand some of the basics so my test account was a mess too. Fortunately I was smart enough to not go with real money. So, I'd just test, learn and test again until I got it clear. Then you can start trading
To my opinion, the best trading strategy will be to use something easy, user-friendly that does not occupy much of your free time or brain cells A trusted auto-trading signal service will be the best solution for someone who either does not know much about forex or does not want to engage into staying 24/7 everyday in front of the computer screen. I started using Zulutrade and it solved all the above, important issues for me.
A trusted auto-trading signal service will be the best solution for someone who either does not know much about forex or does not want to engage into staying 24/7 everyday in front of the computer screen. I started using Zulutrade and it solved all the above, important issues for me.Learn by doing.Most successful traders have developed their approach and methodology over a long period of time. Start with demo accounts to get comfortable with what your doing and stay with demos until you begin to make consistent profits. This is a game that rewards patience and pays off on experience. Most importantly , be aware of the type of trader you are. Are you long on analytics and fundamentals, can you ride with a loss over a substantial period of time untill the trade works in your favor, or do you seek instant gratification and are really a scalper in your heart. Both types can make money , the question is where's you're comfort zone. Wherever it is don't trade against it.
I cannot agree more with you eyeball!!! usually what is practiced is that most traders passed their comfort zone, actually go way beyond it, without even realizing that and then blame it on the providers or the system their are using, where it has been only their fault. I keep on reading these type of examples in the forums constantly. It's like to blame London Stock Exchange when your stock index goes down......it is not their fault, you have all the info needed to know when to go out, but instead chose to stay in and get 'richer'.
I also agree with eyeball, and im guilty of the above myself when I was starting out. For me it was consistency, I had a total lack of consitency in all aspects of my trading(leverage, system, timeframe, expectations and many more). I think back an look at some of the ways I traded and some of them did have an edge but I never gave them a chance. Most simple methods do have a edge (technical or fundamental) and are profitable but it takes time to see it and then tweak it and build on it once you find your comfort level. Even the notorious MA cross can be traded profitably with consistent MM, expectation and time to become comfortable with its behavior and then tweaking it to avoid potential pit-falls.
if in order to trade forex, we need to be sophisticated traders, highly educated I mean here, then we would have never traded a forex market. Thank god for come of the automated platforms (of the Zulutrade kind or others) and made it easier for the general public to use smaller cash equity and not pay brokers if you like.
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