which method is best for currency trading?
Hi everyone i have been trying to get into currency trading forex from past one year but still havnt found any profit taking method .i have been to alot of forums and searched but none of them is really impressive i would be glad if anyone tells me a scalping or any method which works gud and gives you reasonable profit margin thanks
Hi buddy,
there is no holy grail of forex. The only is proper money management .. there is 101 systems out there for 101 situations … only proper money management is good for ALL situations.
Once you get that under control, you can slowly explore the various systems.
Remember forex is slow and steady.
If you want to know more about proper money management you can read it up at this blog for forex new comers.
The only method that will work… is the one you develop for yourself. Also…. the most important ingredient is great trading money management……………..
I know that seems "out there" as far as an answer……. but it’s true. Until you come to grips with this one basic concept…….. you’ll never become a successful trader.
Read books like;
Millionaire Traders (Cathy Lien & Boris Schlosberg)
Trading In The Zone, Mark Douglas
References :
There is no method that can give you 100% winning percentage. If you ever heard someone claiming to be able to teach you a method that can do that, it is a definite scam.
The key to staying profitable in trading does not lies in finding a system that can produce 100% win. It is to find one that can gives you 60% winning percentage and then trade it with high risk reward ratio. When I first started trading, I am always hopping from one strategy to another hoping to find a ‘Holy Grail’ system for myself. I ended up wiping out my account twice in a row.
It was until I understand that I have to pick one or 2 strategies and then practice them to try out their success rate. Once I confirmed that the method works for me about 6 out of 10 trades, I stick to it and work on getting a good risk reward ratio.
One of the strategy that can gives you a good risk reward ratio is the breakout strategy. You can horn your skill in trading breakout and you should only trade when they is a breakout. Trading multiple method is one of the killer for new traders. Stick to one and make it profitable.
References :
try to check your options in this site. they have developed several innovative trading tools that can help you analyze currency popularity and trends, deal directions and structure. all the best.
References :
http://www.optionforex.org
The only way to master forex trading is to understand how and why the market moves in such a way. And thus react according to it. .
If you are still failing in forex and if you are using indicators. That is 1 of the problem. All indicators are lagging indicators. No matter how you argue. Price action is the key.
Money management and trading psychology comes next.
References :
http://www.asiaforexmentor.com
The best method is to follow the news..for example Euro’s downtrend due to economic problems in eurozone. Wait for outcome on UK elections on 6th May….soon GBP will be in action!
Hope it helps.
References :
http://www.shivfx19.com
You need to test a lot of method and strategies. Every strategy have something which will help you in future, after few years you will learn what things works the best.
Forex scalping strategy
http://www.fxsuperb.com/scalping/
pivot point strategy
http://www.fxsuperb.com/pivot-points-ebook-and-auto-pivots-mt4-indicator/
References :
Hi buddy,
there is no holy grail of forex. The only is proper money management .. there is 101 systems out there for 101 situations … only proper money management is good for ALL situations.
Once you get that under control, you can slowly explore the various systems.
Remember forex is slow and steady.
If you want to know more about proper money management you can read it up at this blog for forex new comers.
References :
http://www.thegeekknows.com
The Forex Harvester Software.
http://www.Harvester.co.cc
References :
http://www.Harvester.co.cc
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