Best Forex trading strategies that work.
You may have heard that maintaining your discipline is a key aspect of trading. While this is true, how can you ensure you enforce that discipline when you are in a trade?
One way to help is to have a trading strategy that you can stick to.
If it is well-reasoned and backtested, you can be confident that you are using one of the successful Forex trading strategies. That confidence will make it easier to follow the rules of your strategy—therefore, to maintain your discipline.
A lot of the time when people talk about Forex strategies, they are talking about a specific trading method that is usually just one facet of a complete trading plan. A consistent Forex trading strategy provides advantageous entry signals, but it is also vital to consider:
Picking the best Forex strategy for you.
When it comes to what the best Forex trading strategy is, there really is no one single answer.
The best FX strategies will be suited to the individual. This means you need to consider your personality and work out the best Forex strategy to suit you.
What may work very nicely for someone else may be a disaster for you. Conversely, a strategy that has been discounted by others, may turn out to be right for you.
Therefore, experimentation may be required to discover the Forex trading strategies that work . Vice versa, it can remove those that don't work for you.
One of the key aspects to consider is a timeframe of your trading style.
The following are some trading styles, from short time-frames to long, which have been widely used during previous years and still remain to be a popular choice from the list of best Forex trading strategies in 2017.
Scalping . These are very short-lived trades, possibly held just for just a few minutes. A scalper seeks to quickly beat the bid/offer spread and skim just a few points of profit before closing. Typically uses tick charts, such as the ones that can be found in MetaTrader 4 Supreme Edition.
Day trading . These are trades that are exited before the end of the day, as the name suggests. This removes the chance of being adversely affected by large moves overnight. Trades may last only a few hours and price bars on charts might typically be set to one or two minutes.
Swing trading . Positions held for several days, looking to profit from short-term price patterns. A swing trader might typically look at with bars showing every half hour or hour.
Positional trading . Long-term trend following, seeking to maximise profit from major shifts in prices. A long-term trader would typically look at the end of day charts.
The role of price action in Forex strategies.
To what extent fundamentals are used varies from trader to trader. At the same time, the best FX strategies invariably utilise price action.
This is also known as technical analysis.
When it comes to technical currency trading strategies, there are two main styles: trend following, and counter-trend trading. Both of these FX trading strategies try to profit by recognising and exploiting price patterns.
When it comes to price patterns, the most important concepts are those of support and resistance.
Put simply, these terms represent the tendency of a market to bounce back from previous lows and highs. Support is the market's tendency to rise from a previously established low. Resistance is the market's tendency to fall from a previously established high.
This occurs because market participants tend to judge subsequent prices against recent highs and lows.
What happens when the market goes near recent lows? Put it simply, buyers will be attracted to what they see as cheap.
What happens when the market goes near recent highs? Sellers will be attracted to what they see as either expensive, or a good place to lock in a profit.
Thus recent highs and lows are the yardstick by which current prices are evaluated .
There is also a self-fulfilling aspect to support and resistance levels. This happens because market participants anticipate certain price action at these points and act accordingly.
As a result, their actions can contribute to the market behaving as they expected.
However, it's worth noting three things:
support and resistance are not iron-clad rules, they are simply a common consequence of the natural behaviour of market participants trend-following systems look to profit from those times when support and resistance levels break down counter-trending styles of trading are the opposite of trend following—they look to sell when there's a new high and buy when there's a new low.
Trend-following Forex strategies.
Sometimes a market breaks out of a range, moving below support or above resistance to start a trend. How does this happen?
When support breaks down and a market moves to new lows, buyers begin to hold off. This is because buyers are constantly seeing cheaper prices being established and want to wait for a bottom to be reached.
At the same time, there will be traders who are selling in panic or simply being forced out of their positions. The trend continues until the selling is depleted and belief starts to return to buyers that the prices will not decline further.
Trend-following strategies buy markets once they have broken through resistance and sell markets once they have fallen through support levels. Trends can be dramatic and prolonged , too.
Because of the magnitude of moves involved, this type of system has the potential to be the most successful Forex trading strategy. Trend-following systems use indicators to tell when a new trend may have begun but there's no surefire way to know of course.
Here's the good news.
If the indicator can distinguish a time when there's an improved chance that a trend has begun, you are tilting the odds in your favour. The indication that a trend might be forming is called a breakout .
A breakout is when the price moves beyond the highest high or lowest low for a specified number of days. For example, a 20-day breakout to the upside is when the price goes above the highest high of the last 20 days.
Trend-following systems require a particular mindset. Because of the long duration—during which time profits can disappear as the market swings—these trades can be more psychologically demanding.
When markets are volatile, trends will tend to be more disguised and price swings will be greater. This means a trend-following system is the best trading strategy for Forex markets that are quiet and trending.
An example of a simple trend-following strategy is a Donchian Trend system.
Donchian channels were invented by futures trader Richard Donchian and are indicators of trends being established. The Donchian channel parameters can be tweaked as you see fit, but for this example we will look at a 20-day breakout.
Basically, a Donchian channel breakout suggests either of two things:
buying if the price of a market goes above the high of the prior 20 days selling if the price goes below the low of the prior 20 days.
There is an additional rule for trading when the market state is more favourable to the system. This rule is designed to filter out breakouts that go against the long-term trend.
In short, you look at the 25-day moving average and the 300-day moving average. The direction of the shorter moving average determines the direction that is permitted.
This rule states that you can only go:
short if the 25-day moving average is lower than the 300-day moving average long if the 25-day moving average is higher than the 300-day moving average.
Trades are exited in a similar way to entry , but using a 10-day breakout. This means that if you open a long position and the market goes below the low of the prior 10 days, you want to sell to exit the trade—and vice versa.
Learn to trade step-by-step with our brand new educational course, Forex 101, featuring key insights from professional industry experts.
Counter-trend Forex strategies.
Counter-trend strategies rely on the fact that most breakouts do not develop into long-term trends. Therefore, a trader using such a strategy seeks to gain an edge from the tendency of prices to bounce off previously established highs and lows.
On paper, counter-trend strategies are the best Forex trading strategies for building confidence because they have a high success ratio.
However, it's important to note that tight reins are needed on the risk management side. These Forex trade strategies rely on support and resistance levels holding. But there is a risk of large downsides when these levels break down.
Constant monitoring of the market is a good idea. The market state that best suits this type of strategy is stable and volatile. This sort of market environment offers healthy price swings that are constrained within a range.
Do note, though, that market can switch states . For example, a stable and quiet market might begin to trend, while remaining stable, then become volatile as the trend develops.
How the state of a market might change is uncertain. You should be looking for evidence of what the current state is, to inform whether it suits your trading style.
Discovering the best FX strategy for you.
Many types of technical indicators have been developed over the years. The great leaps forward made with online trading technologies have made it much more accessible for individuals to construct their own indicators and systems.
You can read more about technical indicators by checking out our education section or the trading platforms we offer. A great starting point would be some of the simple, well-established strategies that have worked for traders already.
By trial and error, you should be able to learn Forex trading strategies that best suit your own style. Go ahead and try out your strategies risk-free with our demo trading account.
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Forex Strategies.
Forex trading cannot be consistently profitable without adhering to some Forex strategy. It takes time and effort to build your own trading strategy or to adapt an existing one to your trading needs and style.
What Is a Trading Strategy?
Most frequently, a trading strategy is a set of entry and exit rules , which a trader can use to open and close positions in the foreign exchange market. This rules can be very simple or very complex. Simple strategies usually require only few confirmations, while advanced strategies may require multiple confirmations and signals from different sources.
Additionally, a trading strategy may contain some money management rules or guidelines. Some strategies (e. g. Martingale) can be centered strictly around position sizing techniques.
Apart from the entry/exit rules and optional money management guidelines, strategies are often characterized by the list of trading tools required to employ the given strategy. These tools are usually charts, technical or fundamental indicators, some market data or anything else that can be used in trading. When choosing a strategy, you need to understand, which of the required tools you have in possession.
It is important to choose a strategy or system that is easy to follow with your daily trading schedule and that can be applied successfully with your account balance size.
Mechanical vs. Discretionary.
Forex strategies that are traded based on strict mathematical rules with no ambiguous conditions and no important trading decisions to be made by the trader are called mechanical . A good example of a mechanical system is a moving average cross strategy, where MA periods are given and positions are entered and exited exactly at the point of cross. When working with mechanical trading strategy, it is easy to backtest one and determine its profitability. You can also automate such system via MetaTrader expert advisors or any other trading software. The usual drawback of such strategies is their lack of flexibility before the fundamental changes in the market behavior. Mechanical strategies are a good choice for traders knowledgeable in trading automation and backtesting.
Strategies that retain some uncertainty and cannot be easily formalized into mathematical rules are called discretionary . Such strategies can be backtested only manually. They are also prone to emotional errors and various psychological biases. On the bright side, discretionary trading is very flexible and allows experienced traders to avoid losses in difficult market situation, while offering an opportunity to extend profit when traders deem it feasible. Newbie currency traders should probably stay away from discretionary trading, or at least try to minimize the extent of their discretion in trading.
Strategies.
In this Forex strategy repository, you will find various strategies that are divided into three major categories:
Indicator Forex strategies are such trading strategies that are based on the standard Forex chart indicators and can be used by anyone who has an access to some charting software (e. g. MetaTrader platform). These FX strategies are recommended to traders that prefer technical analysis indicators over everything else:
Price Action.
Price action Forex strategies are the currency trading strategies that do not use any chart or fundamental indicators but instead are based purely on the price action. These strategies will fit both short-term and long-term traders, who do not like the delay of the standard indicators and prefer to listen as the market is speaking. Various candlestick patterns, waves, tick-based strategies, grid and pending position systems — they all fall into this category:
Fundamental.
Fundamental Forex strategies are strategies based on purely fundamental factors that stand behind the bought and sold currencies. Various fundamental indicators, such as interest rates and macroeconomic statistics, affect the behavior of the Forex market. These strategies are quite popular and will benefit long-term traders that prefer fundamental data analysis over technical factors:
Testing Your Forex Strategy.
It is very important to test your trading strategy before going live with it. There are two ways to test your potential trading strategy: backtesting and forward testing.
Backtesting.
Backtesting is a kind of a strategy test performed on the past data. It can be either automated or manual. For automated backtesting, a special software should be coded. Automated testing is more precise but requires a fully mechanical trading system to test. Manual testing is slow and can be rather inaccurate, but requires no extra programming and can be done without any special preparation process. Any backtesting results should be taken with a grain of salt as the tested strategy might have been created to fit particular backetsting historical data.
Forward Testing.
Forward testing is performed either on a demo account or on a very small (micro) live account. During such tests, you trade normally with your strategy as if you were trading your live account. As with backtesting, forward testing can also be automated. In this case, you would need to create a trading robot or expert advisor to execute your system. Of course, with discretionary strategy, you are limited solely to manual testing. Forward testing results are considered to be more useful and representative than those of the backtests.
Interpreting the Results.
However you decide to test your strategy, you need to understand the results you get. Intuitively, you would want to judge the results according to strategy's profitability, but you should not forget about other important parameters of successful trading strategies. They are: low drawdown sizes, short drawdown periods, high probability of winning, high average reward-to-risk ratios and big number of trades. Ideally, your system should earn equally well on bullish and bearish trades, the resulting balance curve should be consistent and uniform, without significant drops or long flat periods.
If you are using MetaTrader for backtesting or forward testing, you can use our report analysis tool to better understand the strong and weak sides of your strategy.
Further Reading.
If you want need information on Forex strategies or need some additional examples of working strategies, you are welcome to browse our e-books section on strategies to learn from completely free downloadable e-books. You may also choose to read some articles from our strategy building section to improve your knowledge of the subject.
If you want to share your Forex trading strategy with other traders, or want to ask some questions regarding the strategies presented here, please, join a discussion of the Forex strategies at the forum.

Best forex strategies free

A collection of the best forex strategies that work for scalping, day trading and swing trading. Learn and download my winning trading strategies …totally free!
Zone Breakout Forex Trading Strategy.
The zone breakout forex trading strategy is a strategy that breaks down trends into zones. It combines the Forex Analyzer Pro, Slope Direction Line and SDX-ZoneBreakout custom indicators. Chart Setup MetaTrader4 Indicators: Forex Analyzer Pro (default setting), Slope Direction Line. ex4 (color modified), SDX-ZoneBreakout. ex4 (default setting) Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours Recommended […]
BSP Forex Trading Strategy.
BSP is short for “BuySellPips” and in the context of the BSP forex trading strategy, it is an easy system that scans the market for intraday trading opportunities. The system combines the famous Forex Analyzer Pro, BuySellPips, and Force Index MT4 indicator in achieving this. Chart Setup MetaTrader4 Indicators: Forex Analyzer Pro (default setting), BuySellPips. ex4 […]
FXForcaster Forex Trading Strategy.
The FXForcaster forex trading strategy is simple system that is capable of yielding a sizeable amount of profit if properly utilized. Three easy to understand technical indicators are used in generating buy and sell alerts. Chart Setup MetaTrader4 Indicators: ForexprofitsupremeFilter. ex4 (default setting), FXForcaster. ex4 (default setting), Forex Analyzer Pro. ex4 (default setting) Preferred Time Frame(s): 5-Minutes, 15-Minutes, […]
FMT Forex Trading Strategy.
FMT stands for “forex major trend” and it details a strategy that delivers unparalleled trading signals. The FMT Forex Trading Strategy deploys Forex Analyzer Pro and two additional indicators in generating FX market signals for any timeframe and pair. Chart Setup MetaTrader4 Indicators: Forex Analyzer Pro. ex4 (default setting), Forex_sunrise_indicator. ex4 (default setting), ForexMajorTrend. ex4 (default setting) Preferred […]
Rainbow Forex Trading Strategy.
The rainbow forex strategy is a remarkable versatile trading system that combines three indicators for its signal triggers i. e. the HMA_v2, Forex Analyzer Pro and the RainbowMMA_09 custom indicator. Chart Setup MetaTrader4 Indicators: HMA_v2.ex4 (color modified), Forex Analyzer Pro (default setting), RainbowMMA_09.ex4 (default setting) Preferred Time Frame(s): 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours Recommended Trading Sessions: […]
EMA Forex Trading Strategy.
The EMA forex trading strategy is a day trading strategy that combines the intelligence of the Forex Analyzer Pro indicator and the Price-emas custom indicator as well. Signals for this strategy are well thought through and carefully selected through the day’s session. Chart Setup MetaTrader4 Indicators: Forex Analyzer Pro (default setting), price-emas. ex4 (default setting) Preferred […]
RSI Forex Trading Strategy.
The RSI forex trading strategy is an intraday forex trading strategy that combines the Sadukey, Forex Analyzer Pro and RSIFilter custom indicator. Open positions on this strategy can hold for hours before their expiration and as such it is suitable for traders who can hold positions for hours during the day’s session. Chart Setup MetaTrader4 […]
Forex Day Trading Strategy.
This forex day trading strategy uses a trading technique that incorporates Forex Analyzer PRO into its signal generating engine. The strategy is an intraday trading system that ensures success after every trading day. Chart Setup MetaTrader4 Indicators: Winmaxpips. ex4 (default setting), Forex Analyzer PRO (default setting) Preferred Time Frame(s): 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours Recommended Trading […]
High Profitable Forex Scalping Strategy.
The high profitable forex scalping strategy is a system that is built to allow you scalp the currency market for small profits when the best opportunities present itself. The bane of the strategy is to ultimately accumulate these series of little profits into massive payouts over a period. Chart Setup MetaTrader4 Indicators: ZigZagArrows. ex4 (12, 5, […]
Forex Trend Following Trading Strategy.
The forex trend following trading strategy is a simple trading system that is very potent in the hands of a diligent trader. The system is a bulls and bears signal delivery system that combines with the Forex Analyzer Pro Indicator. Chart Setup MetaTrader4 Indicators: SEFC05.ex4 (default setting), Forex Analyzer Pro (default setting) Preferred Time Frame(s): […]
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Forex Trading Strategies.
Forex Trading Strategies welcomes you to 2017!
If you want to start online Forex trading in 2017 or just looking for best Forex trading strategies that work , then you’ve come to the right place.
Or if you wan’t to learn Price Action trading then if you click this link, you’d be taken to my very comprehensive Price Action Trading Course …and yes, its FREE.
You have full access to hundreds of free Forex trading strategies and systems for different levels of traders from beginners to veteran traders:
Forex scalping strategies (choose from 14 forex scalping systems) Currency News Trading Strategies (choose from 3 strategies) Price Action Trading Strategies (64 trading strategies to choose from) Simple Trading Strategies Suitable for For Beginners (37 trading strategies to choose from) Complex Trading Strategies For Advanced Traders (9 forex trading strategies to choose from) Advanced Trading Strategies (15 trading strategies to choose from)
How To Create A Solid Forex Strategy.
One biggest mistake for many new traders is starting to trade Forex without a solid Forex trading strategy.
The Forex market is really attractive because it operates 24 hrs a day and you can trade when the market is going up or when the market is going down and in the eagerness to make money, or prove themselves they dive headlong into trading.
Does that mean the beginner Forex traders cant make money?
Yes, you can make money trading Forex…and its if you are a beginner trader and you get into Forex trading and start making money right away, you should be very careful to let ego overcome you.
You can make a fortune trading currencies in the short term but soon this will lead to a bad psychology and trading discipline problems and you’ll end up blowing up your forex trading account.
Good trading discipline, psychology and humility are only achieved through experience.
To be successful in Forex trading, you’v got to have a strategy/plan in place which you must follow.
Creating or finding a Forex trading strategy is very important as this addresses the following:
Reason for taking the trade: why buy or sell? And what currency pair? Timing of the trade: why buy now? should you buy or sell after economic news release? Asian session, London session? New York session? Trading objective: what’s the profit target? What’s your stop loss? Money management? How much are you risking per trade? Per day? Documenting and analyzing your trading results? This identifies your strengths are well as weaknesses .
What is your reason for entering a trade?
And there should be a really good reason!
If you are entering a trade out of boredom or just the need to take a trade for the excitement, this is a recipe for disaster.
Nothing feels more worse than entering a trade and watching a trade turn into a loss when you precisely know you should not have taken that trade in the first place!
Every trade should be taken based on a condition that’s been stated in your trading strategy, whether it be a technical reason or fundamental reason or both. Follow what your trading strategy says.
Free Forex Trading Strategies.
When selecting which type of forex trading strategy to use, you have two options:
You either pay for them You can use any of the free Forex trading strategies on this site and test them out.
The trouble with paid Forex trading systems is that:
You can spend a lot of money on buying a Forex trading strategy that does not fit your trading style. Later down the line you realize it does not fit your trading personality so you won’t be using it once your initial fascination starts to wear off. Waste of money.
With free Forex trading strategies:
You have the option to test them out without paying for them and eventually find a trading system that suits you. Free Forex trading strategies can make money in Forex.
With that in mind, this Forex website has hundreds of Forex trading strategies for all kinds of traders from beginners to advanced traders.
These Forex trading systems range from simple Forex trading strategies to complex Forex trading systems, from Forex trading strategies for beginners to advanced traders and including Forex price action trading strategies.
Here are the 6 different types of Forex trading strategies and systems on this site:
Table Of Contents.
1. Forex Price Action Trading Strategies.
These are Forex trading systems that are based on price action. Either they can be pure price action trading, which means they only rely on candlesticks and (or) chart patterns or a combination of other Forex indicators with price action. Yes, you can do currency trading just by looking at the price bars.
For a huge and amazing list of free Forex price action trading strategies , click here .
You can learn such price action trading systems like:
Click here to go to the the price action trading strategies.
2. Forex Scalping Systems.
The next group of Forex trading strategies on this Forex website are Forex scalping strategies .
If you wan’t to be a forex scalper, you got to find trading systems that you can trade in a much lower timeframe like the 1 minute and the 5 minute timeframes.
Forex Scalping Systems.
Here are the list of forex scalping systems on this site:
To check out these free forex scalping trading systems and strategies listed above, click here .
Best Forex Scalping Strategies.
If you are thinking of Forex scalping, you must have balls of steel and really high concentration and don’t even try to blink too (just kidding).
Here are some Forex scalping systems and strategies on this site:
What Is Forex Scalping?
Forex scalping is a day trading technique where Forex trader executes a trade and exit within minutes or seconds on some cases.
So essentially, when you a forex scalp trader, you are not looking for big profit targets, you are looking for very small profit targets per trade like 5 pips, 1o pips or even 15 pips. And you are trying to take many trades throughout the trading session with these small profit targets.
So what’ the point of Forex scalping then?
Well, here’ the thing: the goal of the FX scalper is to make many trades throughout the trading session and hope that in the end, all those small profits will add up and exceed the trading losses incurred (and take care of spread costs for trading).
Many Forex trader do not like Forex scalping because they see no point in going for very small profits and being involved with this kind of high pressure trading environment.
But the funny thing is that hare are many trader that do like Forex scalping. If you are interested, this forex website also has forex scalping strategies which you can check them out and try if you like by clicking here.
3. Forex Currency News Trading Strategies.
Then there are also Forex news trading systems here.
If’ you’d like to trade non farm payroll or interest rates decisions or employment/unemployment figures that are released monthly, these forex news trading strategies and systems are what you should be using.
Trading news can be both profitable and extremely risky as well.
If you don’t know what to do, do not trade news. You can wipe your trading account within a few seconds to minutes because price can move against you so fast you will be caught out.
But if you are not using Forex news trading strategies and then these days, its best to check everyday before you trade what major economic news releases are scheduled to be out and then decide if you wait until the news is released then trade or just simply wait for another day.
These are Forex trading strategies where you can use to trade forex news:
For more information on the news trading strategies, listed above, click here .
4. (Basic) Simple Forex Trading Strategies For Beginners.
If you are a beginner, having a complex and advanced Forex trading strategy will confuse the heck out of you. Take your time!
What you need is to start with are basic Forex trading strategies and work your way up from there. These are really easy forex trading strategies.
Being a basic Forex trading strategy does not mean they are going to be unprofitable trading systems.
Simple here means that the trading rules of these Forex trading strategies are really easy to understand and execute when you are trading.
There are not many conditions or rules to confuse you. That’s why these are suitable forex trading strategies for beginners.
for an awesome list of simple forex trading strategies for beginners, click here.
These are really simple forex trading systems suitable for beginners who are starting to trade forex.
Being simple does not mean that these forex strategies are not profitable. As a matter of fact, simple forex trading systems are much easier to use and can be extremely profitable.
Once you get the hang of it, then you can start to develop your own forex trading systems or move on to more advance forex trading strategies and even price action forex trading strategies.
If you are a beginner forex trader, you really don’t want to confuse yourself too much with all the other stuff…just find a simple forex trading system and demo trade it out for a while.
What you will find is that the simplest forex trading systems are the ones that can make money. Find out, stick to it and try to make it work for you by sticking to its trading rules with proper trading risk management.
5. Complex Forex Trading Strategies.
As you progress up the ladder in your understanding, you’d come across to complex forex trading strategies and systems.
These type of forex trading strategies need a lot more thinking and trading conditions and hence the name-complex trading strategies.
6. Advanced Forex Trading Strategies.
I don’t know why I have to put up an “Advanced forex trading strategies” category but I have so there’s nothing I can do about it now.
Almost similar to complex forex trading strategies, the advanced forex trading strategies do take a bit of getting used to.
There can be a lot of conditions to fall into place before you can execute a trade.
These forex trading strategies in the advanced category do involved a bit more thinking and they are not so simple if you are new forex trader.
Forex Trading strategies like:
Cick here to head over to these list of advanced forex trading systems given above.
Price Action Trading.
Price action trading is simply technical analysis trading using the the action of candlesticks, chart patterns, support and resistance levels to execute orders.
To be a better price action trading, you need to have a solid understanding of how price action theory and how to trade it in real time.
For this reason, I’ve written a price action trading course. And yes, its not going to cost you anything…it is absolutely free.
Ff you like to to to know how to trade with price action then click this link and you’d be taken to my forex price action trading course which will teach you to become a better price action trader.
In the price action trading course, you learn about such things as:
and lots more. Click here to go to this price action trading course.
If you’d like to know the type of forex trading strategy that one newbie forex trader used to make a million dollars in trading forex then read this post I wrote: How Fred Made $1 Million Dollars From 40 Trades In 3 Months-You Wouldn’t Believe What Happens Next !) if you want to know how to multiply your forex profits fast then the pyramid trading method is one method you should know and learn how to do it properly.
And this is not all, there are:
lots of trading tips, trading methods and techniques, forex indicators expert advisors forex articles.
All you need to do is search the different categories of this website.
In here, there’s hundreds of free forex trading strategies and systems for different levels of traders from beginners to veteran traders.
So take your time to explore and I hope that you find the best forex trading strategy that you can use to trade the forex market and many profitable pips to you.
4 Essential Elements Of A Forex Trading Strategy.
What is a Forex trading strategy (system)?
A forex trading strategy is simply a set of rules telling you when to buy or sell when certain market conditions are met in order to make a profit.
Any forex trading strategy should have these 4 core but basic elements:
the condition(s) that should trigger you to buy or sell. where to place your stop loss order , where to place take profit target and the system should have rules on how to manage a trade.
That’s the definition of a what a forex trading strategy is.
If a a trading system that does not have any one of these core elements, the you are going to be left confused in implementation.
To put simply, forex market can be said to be chaotic. So to have order in a chaotic market, you got to have rules.
Forex Strategies Resource.
There’s also a lot more Forex strategies resources in this Forex website which includes:
Let me give you a brief overview of what is in them…
Candlesticks And Chart Patterns.
In here, you have:
Forex Trading Videos.
Watching forex trading videos is one quick way to learn about forex trading as well as to grasp trading concepts much quicker including learning forex trading strategies.
Forex Trading Videos in here include the following:
Forex Articles.
Forex Trading Tips.
Forex MT4 (Metatrader) Indicators.
Some of the best MT4 forex indicators are listed here:
Free Forex Trading Signals (FREE)
I also provide free forex trading signals . These forex trading signals are based on price action trading setups.
It is really becoming on of the popular item on this forex website so I ask you to book mark it or join my list where you get sent trade setup alerts sent weekly:
How it works in the forex trading signals area is that I will post the forex trading signals that may happen during the week giving your the charts and trading setups and how you can trade them.
After the week ends, I will give you an update of what happened in the forex trading signal review page.
In this way, you can actually see the “before” and “after” situation of price action at work and I hope that this will give you a better understanding of trading price action.
Forex Trading Strategies That Work.
Every forex trader is different…what you like is not what I like. What you think is the best Forex trading strategy for me will not be the same.
This question is left for each individual Forex trader. You need to find the Forex trading strategy that fits your trading personality and when you do…then that would be your best forex trading strategy (in my opinion).
Therefore, if you are looking for Forex trading strategies that work , just understand that one system cannot work for all.
I may like price action trading but you may like to use indicators in your trading system. You need to research and test and find out what type of forex trading strategies and systems work for you simply because every body is different.
I’f you like moving average forex trading strategies, there’s lots of them on this site. If you like scalping Forex trading strategies, they are here to.
If you like news trading strategies, they are here to. If you like day trading strategies and systems, there are here to.
If you like swing trading strategies and system, many of the strategies here are swing trading systems.
All you need to do is find one that you like and make that Forex trading strategy work for you.
Or if you don’t find a Forex system that you like but there’s one that you “sort of like” but still does not really fit..then why not tweak it?
Why not change it by combining a few different trading techniques or ideas from “this trading system” and “that trading system” and then make a trading system you are satisfied with?
Nobody’s going to stop you.
Now, lets say that after you’ve found your Forex strategy that you like…what do you do next? Well, open a demo trading account with a Forex broker and test out the system to see how it works in real live market conditions.
That’s the only way you know how the forex trading system will work. All trading strategies and systems may look nice on this site but if you like on trading system, you really need to test it out.
Then once you’ve are satisfied, then you can start trading with real money.
This is where the fun begins…trading with live money.
How many Forex trading strategies do you need?
If you prefer to trade only one type of trading setup then you’d only need on forex trading system.
But if you like to trade different market conditions then having several solid forex trading systems for each of the different market conditions is essential.
if the market is in a trend, then you’d be using a trend trading system if the market is in consolidation or in a range, you’d have to use a range trading system if the market is getting to major support or resistance levels, you may have to switch to using a support and resistance trading system.
So its really up to the forex trader to decide. If you are beginner forex traders, I suggest you just pick only one forex trading and stick to it.
Forex Day Trading Strategies.
If you are keen on day trading, there are so many forex day trading strategies you can find for free here and adapt them to suit your day trading style.
You just have to use your imagination: if a forex trading strategy is based on the daily timeframes, why not change the timeframe down to 15 minutes and see if it works in that smaller scale timeframe as well?
So if you see a forex trading system saying that “its is suitable for trading using only the daily timeframes,” that does not mean its written in concrete.
You can try that trading strategy in a much smaller timeframe so you can day trade.
Forex Trading Basics.
Similarly, if you are a man with a 9-5 job and trading Forex, sometimes its hard to trade while at work, right? Why not find a forex trading strategy that does not take a lot of time and that system is like a “SET AND FORGET TRADING SYSTEM.”
Well, there are forex trading strategies here that fit that criteria…you only need to trade once a day and check for the setup once a day.
If time is what you don’t have, I believe finding such a forex trading strategy will help you achieve the aim of trading forex while working.
Otherwise you will always have to hit the “boss key” when somebody comes around to your desk at work!
Swing Trading vs Day Trading?
Every forex trader is different. Some like trading shorter time frames and keeping their traders open for shorter periods which means day trading technique sort of comes into play here.
But then there are forex traders that are swing traders…
Swing traders are those traders that take a trade and have a much medium to longer term outlook. This means a trade can be opened and it may take a day to week or even months before the trade is closed. Swing traders like to wait for the trade to play out…how long it might take depends on price action and market movement really.
The advantage of swing trading therefore is the fact that, all the minor price fluctuation in smaller timeframes (which is the domain of the day trader) is ignored and a larger long term view is held regarding each trade that is placed.
The advantage of swing trading therefore are these:
trades held for days, weeks and months mean a lot more profit minor price noise is irrelevant trades are often entered at swing points, which are in most cases, present really low risk, high reward trade entry points.
The only main disadvantage of swing trading is you’ve sometimes have to maintain the trade even in its up and down swings of price as it heads towards your profit target.
The advantages of day trading are these:
profits or loss realized in a shorter timeframe during the day. much more trading opportunities can be found during the day.
The disadvantages of day trading are these:
small profits for each trade potential to over-trade high pressure and hectic trading environment and need to be on constant alert to scan your trading charts for setups.
Scalping is also a very shorter form of day trading…it takes minutes or seconds to open can close a trade.
Top 10 Forex Swing Trading Strategies.
Click that link above to check these amazing forex swing trading strategies out.
The Best Forex Brokers?
My general advice is this:
find forex brokers that have been established a long time a go and have good reputation and governed by forex regulatory bodies find forex brokers that have offices in reputable countries like in UK, US, Canada and Australia because the regulatory compliance of these countries are much better than others..that’s why I say that. In the US, a reputable forex broker will be a member of National Futures Association (NFA) and will be registered with the U. Smodity Futures Trading Commission (CFTC) as a futures commission merchants and retail foreign exchange dealer. In UK, forex brokers are regulated under the Financial Conduct Authority(FCA) and in Australia, forex brokers are regulated under the ASIC. also select forex brokers which have lower spreads. You trading cost increase if you have trading account with forex brokers that have huge spreads. some forex brokers also have minimum deposit they require before you can trade. Check them out before opening a trading account with them. ease of deposit as withdrawal. how many currency pairs are offered.
Best Hours To Trade Forex?
Opinions may vary but one thing is certain…its much more easier to make money trading the forex market when the fx market has volatility and momentum.
And so the when it comes to that, many forex traders like to trade the forex market during the London Session and the New Your Session.
The London forex session is where huge volume of forex transactions are made everyday which is followed next by the New Your Session.
In the Asian forex trading session, its is most often characterized by thin volumes during the day.
Its best in my opinion to trade forex during the London fx hours or during the New Your forex trading session.
Best Currency Pairs To Trade?
Choosing a currency pair to trade is very important. Here’s why:
some currency pairs do not trend very well some currency pairs only trend well during certain times during the day, for example, london and new your trading session. some currency pairs have very large spreads in excess of 3-5 pips with some forex brokers and if you trade one standard contract, that’s roughly $10-$50 loss right away after you enter a trade and price has to move by this much in the direction of your trade to make that trade breakeven. some currency pairs have very choppy characteristics which means they have tendency to spike and if your stop loss is too close, you’ll get stopped out.
How Often Do You Have To Trade?
WILL YOU HOLD POSITIONS FOR A LONG TIME? OR WILL YOU BE A DAY TRADER? Most traders are not full time traders because most will have day jobs while trading and this will often determine the type of trading a trader does from being a day trader to holding positions for a long time like a swing trader.
For some, because the forex currency market operates 24hrs during the day, they can trade after work for a few minutes or hours each day.
Your End Goal In Forex Trading.
Forex Trading Strategies Success Belongs To You.
What is your profit target, what is your stop loss, how are your going to manage a profitable trade?
Nothing is more frustrating than seeing a positive trade turn into negative and eventually into a loss. That’s why Its important to place take profit targets, your stop loss and also you plan of trailing stop activation: when and on what condition you are going to activate it.
Setting profit targets also helps you stop taking very little profits TOO EARLY.
Price will go where it wants to go. So if you have a buy trade, don’t think it will go up. That’s why you need a stop loss. Stop loss creates discipline and DON’T MOVE YOUR STOP LOSS as price heads to it…take that small loss instead a a big loss.
There’s another day to trade tomorrow. Trade for the long term…don’t trade like there’s not tomorrow.
Holy Grail Of Forex Trading?
The holy grail of Forex trading is money management . Sometimes called Trading Risk Management.
You get this one right by being disciplined and doing the right thing and what you will see it that it’s only a matter of time before you will start making good money trading forex.
What blows millions of forex trading accounts is Money Management. So doesn’t it make sense to grow yourself in getting this right?
You see, no forex trading strategy will give you 100% success rate. None. Once a trade is placed, the outcome that you want is not guaranteed because you can’t control the market price and where its going to go next! You are at the mercy of market forces of supply and demand buyers and sellers.
But what you can control is RISK. That’s the only thing you have absolute control over in a trade…your trading risk. You decide how much of your account you are going to risk in a trade.
Forex Trading Software.
These days, when you talk about Forex trading software, it can be:
What are expert advisors? Expert advisors are trading systems coded so that this program can buy or sell without any human intervention.
If you have a forex trading strategy with clear rules on when to buy and sell, it can be programmed into an expert advisor.
Now, forex indicators, on the other hands are tools that that you often find on your trading platforms that assist you making a decision to buy or sell.
Moving averages, Stochastics, MACD, just to name a few, are forex indicators.
Now, when you open a demo account or a real live account with a forex broker, the software that you use to buy or sell is called the trading platform.
Many forex brokers these days also provide the Metatrader4 trading platform. The MT4 platform is a software that is easy to download and it my opinion, one of the very easiest to understand and use.
You will in no time at all understand how to use the MT4 trading platform and off course, its free to use as well provided by the forex broker.
Be A Profitable Forex Trader.
Many traders make and lose a lot of money trading Forex.
Why because the human emotion is involved…greed and fear come into play. When your real money is on the line, you’d tend to do things you’d never do while you’d demo trade.
The temptation to trade a lot and make a lot of money “right now” is one biggest killer of forex trading acccounts.
It all comes down to controlling and managing your risk. Failure of this and you will not last long in trading forex online.
Can you make money trading Forex?
Yes and No. This is not a surprising answer. You can definitely make money. And also you can lose a lot of money.
The secret to making money in forex trading is managing your trading risk and finding a forex trading strategy that fit you.
Everything else is irrelaveant. If you can control your emotion and manage your trading risk, you will do well.
Yes, if you manage your trading risk and have balls of steel…Really, you can be profitable if you eliminate those things that sabbotage your forex trading like:
over trading risking too much not following your forex trading system’s rules not following your trading risk management plan that you had. not waiting for the right trading setups to happen before taking a trade because you are in a “rush” to take a trade.
Its these things that will make you an unprofitable Forex trader and you can lose a lot of money if not controlled.
There’s a saying ” I’ve seen the enemy…and its me.” This is very true in Forex trading. You are your worst enemy when it come to Forex trading.
If you are new trader, you will see this and think I’m lying…
But wait till you’ve trade real money for a while and you will know what I just said is true.
How much do you risk per trade?
There’s so many schools of thought about how much risk one should risk per trade. But remember this: if you risk more of your account in a single trade, it would not take long before you can wipe out your forex trading account but on the other hand, you can make a lot of money if the trade goes right.
But you are trading forex for the long term, it makes complete sense to risk a small percentage of your trading account in each trade. The reason is simple: its would take so many losing streaks to blow your forex trading account.
So what’s the best % risk?
I’d say stick to 1-2% of your account in each trade. You may even go up as 5% risk per trade. But remember, with a 5% risk per trade, all it would take is 20 consecutive losing trades and your account will be wiped out.
The more you risk the more you lose or you can make more. You play this risk management game right and you can be making a tonne of money trading forex.
Trade Forex From Your Home.
The beauty about Forex trading these days is as long as you have an internet connection and you have a laptop/computer or iphone/ipad, you can literally trade from anywhere in the world.
The currency market is at your fingertips in other words.
Which means, if you are housewife reading this, you can trade too. There are forex trading strategies on this site that allow you to take ONLY ONE TRADE A DAY and you only need to check the trading setup once a day.
Forex Trading Course (FREE FOREX COURSE)
There are many website that are selling Forex courses online. I know some of you don’t have the money to spend on such paid Forex training courses.
So I put together something I would have wanted as a beginner Forex trader.
I spent a lot of time making up a free Forex trading course for you. All you need to do is click this link: Forex trading course.
This Forex trading course covers most of the essential things you need to know before you start trading Forex.
Apart from this Forex course, have a look around on this site, there are so many strategies and trading tips and articles that can help you as a Forex trader.
It means the world to me if you can share this website with your friends and fans on Facebook, twitter, Instagram, or whatever trading forum you are on because you are benefiting from the free information I’m providing here and your friends will really thank you for showing them this free forex trading strategies site as well.