What is the most profitable method to trade the forex market?
Hi there,
I find day trading as the best trading style.
A day trade is a position initiated and closed out the same trading day (before 5PM NY time), the typical objective for a day trade is 15-100 pips. The best day trading opportunities are found during the EURO and US sessions.
Day trade setups are typically found using intraday charts with medium length timeframes such as a 15, 30, 60 and 240 minutes. Most online currency traders are day traders and typically, they use technical analysis (support & resistance, chart patterns, indicators,..) to set up their trades.
Swing Trading
The main difference between a swing trade and a day trade is the length in holding the open position, typically, swing traders will hold their open position(s) 2-5days looking for 100-250 pips profit potential.
Trade setups are typically found using daily charts and most common, swing traders use technical analysis (support & resistance, chart patterns, indicators,..) to set up their trades.
The best source that I have found so far is a guy named Nial Fuller. He has a bunch of free videos on youtube, just go to youtube and type in Nial Fuller or price action forex, etc. I have found that price action analysis is really the easiest and most profitable way to trade. You don’t need a bunch of fancy, over-complicated, lagging indicators to profit in forex. Just price action. Hope it helps.
References :
http://www.learntotradethemarket.com
not mean to spoil or anything, but there is none.
If there would be a method or recipe, everybody would use it, right ?
However, there are basic and advances strategies, methods, and skills to get best possible results.
In the end, its all up to you, because what is best method for me, might not work for you.
Why ? because everybody is different, and maybe you heard already, that trading is all about a trading plan and emotions.
There is only one way to be succesfull : study, study and study. gather all the knowledge you possibly can.
Then, practice and practice and practice and trade and trade. I talked to many people who are profitable.
It took them 3-5 years, trading full time, every day, to STOP LOSING MONEY.
Once you stop losing money, you will start to make lil profit, and go from there.
The problem here is : to be able to survive that long. so one of the first skills you should get is money and risk management. If you lose all your capital in one months….its game over for you.
References :
There isn’t one. The Forex market is complete speculation.
References :
check out your options in this site. they have several innovative tools to help you in your trades plus lots of learning articles to browse through for your further education. they will even provide you a personal mentor or coach for free if you open an account with them. discussions can be done via phone, email, chat or personal meeting if available in your area. all the best.
References :
http://www.optionforex.org
Hello Larry,
Hope you are well.
To tell you the truth i do agree with some of the answers for this post which are:
- No method is 100% accurate
- forex is speculative etc…
Ive been in the market for more than 5 years now and have been personally coached by a very successfull trader. What i have leant in my learning days is that different systems works in different markets conditions.
What i mean by this statement is that a system may work amazingly well for a given time period but may do horribly wrong the next time you use it.
Strategies used in trading the market will most likely not be able to take into account changing market conditions. The correct way of trading the forex market is to take into account price action.
Price action is by far the most important indicator to watch out for to forsee to some degree of accuracy where price may be heading. Pure price action is what the professional traders use to profit from the market.
RSI, MACD, WILLIAMS etc…. though great technical tools can be lethal if used wronlgy. Ive loss quite a lot of money at the beginning with those indicators, not because they were bad but mainly due to the fact that i had to wait for too many confirmation before taking a trade. This more than often lead to major frustration on my part causing me to make some bad trading decisions.
My goal was to find a simple but yet effective method of trading the market. This method i named it the Daily Reversal Method. It takes into account the maximum pips a pair can move whether up or down from the open during the day.
Once those levels are reached this usually signifies that price will most likely have no room left to continue its movement to the upside or downside. You may expect a nice reversal from that point onwards. This phenomena is usually seen during the US session.
It is a very simple system that needs no major analysis and is very easy to follow.
If you want to learn more about the Daily Reversal method head to http://www.forex-trading-domain.com and sign up for the FREE service to receive those Daily Reverval levels. Also included are videos of how to actually profit from those moves.
All the best
Ash N
References :
http://www.forex-trading-domain.com
use the forex systems … but make sure they have good reviews
References :
http://www.forexnode.com/systems/
As a result of the revolving worldwide trading system and of different time zones, the Forex market is a 24/7 process.
Forex is the largest market for investors and speculators where fortunes can be, and are, made every day. Over $3 trillion daily are traded. Forex stands for FOReign EXchange and it is all about electronic foreign currency exchange executed by operators from around the world. The main markets for the Forex are New York, London, Tokyo and Sydney.
Codes for currency pairs.
Currencies are noted by three letter codes. For example, the United States Dollar is noted by USD, the British pound by GBP, the euro by EUR and so forth.
A cross is the combination of two currencies that are being traded one for the other. For example, GBPUSD indicates one British pound to the number of United States dollars. So GBP=1.6604 means that one British pound is equal to $1.6604 United States dollars. As the rate changes, the computerized display is shown in bold to indicate a shift in rates.
Cross also have ‘nicknames’= the USD/CAD is also known as the ‘Loonie’, USD/CHF is the ‘Swissie’ and so on.
Rates are displayed in five digit numbers; for example, 1.6604.
Terms
Ask is the rate asked by a seller. Bid is the offer from a buyer.
Spread is the difference between the ask and the bid.
Pip is the smallest unit in which a currency rate can change, for example, a change from 1.6766 to 1.6769 would be a three pip change (6 to 9).
There are several advantages of using Forex trading for investors and speculators. The Forex market is open 24 hours a day, 7 days a week because it is an international market.
If you are just getting started I would highly recommend the source below it is 100%
References :
http://www.forexambush101.com
Hi there,
I find day trading as the best trading style.
A day trade is a position initiated and closed out the same trading day (before 5PM NY time), the typical objective for a day trade is 15-100 pips. The best day trading opportunities are found during the EURO and US sessions.
Day trade setups are typically found using intraday charts with medium length timeframes such as a 15, 30, 60 and 240 minutes. Most online currency traders are day traders and typically, they use technical analysis (support & resistance, chart patterns, indicators,..) to set up their trades.
Swing Trading
The main difference between a swing trade and a day trade is the length in holding the open position, typically, swing traders will hold their open position(s) 2-5days looking for 100-250 pips profit potential.
Trade setups are typically found using daily charts and most common, swing traders use technical analysis (support & resistance, chart patterns, indicators,..) to set up their trades.
References :
My forex platform: http://www.finexo.com