what is the best forex trading strategy?
Question by The Butterfly: what is the best forex trading strategy?
i want to know a proven strategy for forex trading (swing or long time) and will appreciate if it’s from a pro trader.
thanks
Best answer:
Answer by Jordan Wathen
For forex I recommend that you look into trading with moving average crosses.
Moving averages are very easy to read and since forex is very high volume, the charts are stable. Do some research in moving averages and it will pay off!
Know better? Leave your own answer in the comments!
Frankly it does not matter what strategies you follow as long as it is not foolish. The key thing here is discipline with your stop losses. Remember – stop loss levels you set for yourself are holy. Cut your position out if you hit your stop loss. Losses do hurt – but they are a part of trading. Rest should fall in place automatically.
http://www.FXCM.com
http://www.babypips.com/
Here is a couple good videos to watch,
http://www.forex.com/forex-seminars-developing-listen.html
http://www.forex.com/forex-seminars-developing2-listen.html
Here is a squido site for fxbootcamp that has several good video, if youll take the time to watch these you can learn a lot.
http://www.squidoo.com/fxbootcamp/
I like Oanda for a starting broker because you can trade with as little as 1 cent a pip on the line, of course youll only be making 1 cent a pip. then as you improve you can step it up a penny or a dime or what ever.
The only bad thing about them is 50:1 leverage and there spread gets very wide during news times.
I also agree with babypips good site.
a short but very good ebook
http://www.robbooker.com/books/Strategy10.pdf
Here is a good site to learn about the indicators. Just look all over it.
http://www.investopedia.com/university/movingaverage/default.asp
Use Oanda as a demo account. It doesn’t expire so you will have as long as you need to practice.
http://fxgame.oanda.com
check out this guy: http://www.robbooker.com/
http://www.freedominforex.com. I am trying it now. 3000 started on the 29th of September and the balance is up to 4237.00. I have gained over 200 in interest. And the account keeps growing daily. Once you get the hang of it and try it a few times. You will understand why the owner of the company had 160 percent return in 9 months.
This is just a section of the article (link at the bottom) that relates to your question. I believe that every person has their own preference on the strategies they use to trade in forex. All you need to do is to develop your own style/strategy. There probably is no proven strategy apart from gaining experience and developing your own style in the forex market.
In order to profit from the forex market, you will need strategies and also the will to change these strategies. Traders who lack a well thought out trading plan are prone to panic and confusion, when unexpected swings in the forex market occur. Many traders will tell you that trade driven by emotion is the fastest way to deplete your funds. Whether or not you are using a technical or fundamental style, it is still essential that you have a proper view of the market.
Developing your own trading style is a time consuming process and is often acquired through trail and error. It is unfortunate that there is no ‘golden’ rule’ to trade in the forex market and technical and fundamental styles of trade won’t be successful all the time. Successful traders often have a unique style of trading and take up various strategies during a trading session. Only continuous practice will help you gain a feel for the movements of the forex market.
Here are some systems developed by pro traders:
http://www.best-stock-trading-systems.com/forex_trading_system.html