What is your best strategy to trade Forex??

[ezrydn]

But when I had optioned for basket trading have got a bit of loss.

I'll put myself on the spot here and say you probably didn't "test" your basket before you launched your trade. Am I right? If so, here's how to test a basket.

Set your lot size on your first run at 0.01 lot. Trigger and wait for the bounce to die down. If the basket doesn't catch, you're only out a couple of dollars. If it does catch, shut down and reset your lot size to what your acct can handle and trigger again.

 

[sport]

I have been doing this fror ages, with just single trades and it works 4 me.

Cheers

 

[Agnnis bingamin]

No matter which strategy you will use, sometimes you will face losses. No strategy will deliver you 100% profitability.

Agree with this, as I've tried different strategy but not get success unless we had fundamental and technical analysis.

 

[Shiner452]

For me its price action and trade management without a doubt. From experience, trying to use oscillators and moving averages...even the Traders Dynamic Index...just gives way too many false signals because there is so much noise in the markets. I don't use any indicators to tell me when to trade but I do use the 8 period RSI to give me some helpful insight. That is the only thing I ever have on my charts. Otherwise I draw trendlines and fib retracements. I trade on the philosophy that there is always a trend...you just have to find what time period its on. I follow the 15M, 30M, H1, H4, and D aggregations. I use the higher timeframes to develop my bias, and I trade off the lower time frames. There are a TON of places to find useful information on price action. The thread mentioned above on the PAST strategy is a good resource. Managing the trade is key. I can have 3 losing trades a day and only lose 15 pips or so and then hit one big one raking in 50-100 pips.

Knowing how to lose is just as important as knowing how to win...

 

[eyeball]

The basic economic law that maintains that rational individuals will decisions that improve their personal economic condition is suspended for forex traders.

 

[Agnnis bingamin]

I prefer to use stop loss strategy as it help me to avoid loss.

 

[PulseRes]

The best strategy that I have found to work, consists of using a technical trend following indicator on a smaller timeframe than your broad global macro outlook based on figuring out and understanding the motives behind buyers and sellers. Kind of like the ripple effect when a stone is dropped into a pond. The stone is the catalyst or the fundamental reason why a market should have a significant move into one direction or the other, while the ripples represent the trend on a chart to determine your trade points. Having said that, the most important factor for a trader to learn, is to know when to trade big and when to trade small!

 

[John_Davy]

I think even with demo trading, you should make sure that the broker is suitable for you. After all, even forex brokers that offer the same trading platform (metatrader 4) may differ in their terms and conditions, trading features, connection errors... well, you get the picture.

 

[Agnnis bingamin]

To trade forex the best is to be updates with market and economic report and must have technical analysis.

 

[dearbusiness]

I think that there is no strategy that can be described as the best.Better one depends on respective trader

Thanks

 

[Kate]

Sometimes I combine Technical analysis with Elliott's Wave Theory and sometimes I just use Indicators from one trading systems. Both variants are profitable to me.

 

[BarryM5]

I always use trailing with smallest step and always set a fixed SL as well. So, few good indicators + trailing and that's it!

 

[FredricJones1]

forex traders follow different strategy and they opt to change it any time when it results in failure. so as a forex traders i follow a best strategy through multiple trading account to manage my investments

 

[readyforex]

Hello Fellow traders.

I look at "Average daily trading range" first of a currency pair before I decide to select and trade with any trading method.

Regarding the price action or technical indicators use:

I think, a Forex trader needs a lot of trading experience to just trade the price charts without using any kind of technical indicators.

I do use technical indicators but first I look at the price action.
If price action is bullish or bearish then I use a technical indicator to confirm a trading chance to place a potential Buy/Sell trade.

 

[tobeone]

As far as I know some even very good strategies start to fail over time, this is because Market doesn't have rules. It has certain type of behavior for a certain period of time. You can't make money forever with any kind of technical analysis - based strategy or a robot. All research shows that markets are 100% random. For a SECOND! think about it. The way I trade is to
A) Write robots on technical trading strategies and then, if they are profitable, use them untill they remain profitable according to predefined plan, or:
B) To focus on fundamentals. The second is the easiest for me.

 

[afewcoins]

After some years of trading now I follow these main principles:
— Trading with EUR/USD;
— Lot size of each trade = balance amount * 0,001;
— Maximal number of concurrently opened trades: 2 (one short trade and one long trade). It doesn’t mean I always have a short trade and a long trade opened — quite the opposite it is maximum what I can afford: two open trades at the same time and they should not be the same (two long or two short ones);
— Maximal profit: 10 points (I use “take profit” for each trade so that the trade is closed automatically when profit riches 10 points). However, sometimes I can close a trade manually or to reduce take profit level (some kind of intuition I would say ) but it shouldn’t be a loss trade – see below;
— I don’t use “stop loss” and I don’t close loss trades;
— Maximal number of closed transactions (trades) per day: 3.
The key point is: when I should open a trade? I have to say I’m rather lazy to study technical or fundamental analysis. That is why I look through analytical reviews of other traders and try to find some average about main trend and resistance/support levels. Depending on the main trend expected and the current price relative to the resistance/support levels I decide either to open a short/long position or to wait for a better price.

 

[gregkevin]

Strategy varies on forex . There is not a strategy to win forex . You must be creative.

 

[Steve Lock]

My strategy is always using stoploss. No one can predict what will happen in the world that might move the market strongly against your trade. The amount of pips is determined by my trading plan, it's depends.