Are There Any Simple Forex Strategies that Work? – Simple Forex
When you are new to the forex day trading market, you will likely be told that you should learn in-depth technical anaylsis if you plan to have any success with your trading. Perhaps you have visitedforums online or bought recommended books on forex strategies. You have heard that only 5% of forex traders are successful, and you still think that you can be one of the successful ones.
As you start learning, all the technica jargon becomes like a foreign language.You think maybe you need a degree in calculus or statistics to understand it all. You question, “Are there any simple forex strategies that work? “ Intuitively you know that trading forex does not have to be as complicated as it sounds in the “textbook” analytical trading courses. You just want to find some easy strategies explained in simple terms, so you can start applying them and profiting from them right away!
If you have had these thoughts, I can certainly relate. I considered the same questions, when I was only just about 3 into my own trading experience. So what is the answer? Are there any simple forex strategies that actually work? Yes, absolutely. In fact, an effective forex strategy involves just 4 things.
1. Determining when to enter the market.
2. Determining where to set your stop loss.
3. Determining when to exit the market.
4. The parameters set for 1, 2, and 3 above must return a profit over time!
A good forex strategy will use some level of analysis to make the above decisions about how to trade. That’s it. It does not have to be considering 10 different technical indicators. Sometimes the analysis can be based simply on price action patterns. And in fact, price action trading methods are some of the most simple strategies and the most effective.
Have you discovered the forex strategies that are BEST for you? Want to learn more about this simplified breakout strategy? Visit Ann Pevey’s site http://www.fxstrategyhub.com for information on easy-to-understand and simple to apply forex strategies, worldwide forex news, free forex training videos and more – all about FOREX.
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Have you discovered the forex strategies that are BEST for you? Want to learn more about this simplified breakout strategy? Visit Ann Pevey’s site http://www.fxstrategyhub.com for information on easy-to-understand and simple to apply forex strategies, worldwide forex news, free forex training videos and more – all about FOREX.
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May 10th, 2009 at 12:24 am
Asking people for a simple Forex strategy is like asking people if they have a simple method for playing poker that will allow you to win playing poker experts. There is no simple Forex strategy that works.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game using a "simple" strategy.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
May 10th, 2009 at 12:25 am
1. Do not use margin
2. Buy low
3. Sell high
1. Don't use their 50 or 100 to 1 margin, because if your investment drops only 1 or 2%, you will lose it all. If you don't use margin, that can't happen.
2. Buy low to make more profit each time.
3. If you always sell at more than you paid, you will consistently make a gain, every time and without exception.
May 9th, 2009 at 11:29 pm
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May 9th, 2009 at 11:33 pm
Found a Great Site About Forex Systems : topforexproducts[dot]com
May 10th, 2009 at 3:54 pm
There are Forex options, but you are delving into a complex and dangerous world of unknowns too difficult to explain here.
A hedging strategy is essentially a method to reduce risk. Have you considered other strategies to reduce risk, that don't cost you anything or open new positions or cause greater overhead and more maintenance?
One such strategy involves not leveraging a futures position to begin with. I trade Forex and other futures for living, and rarely do I see people that understand fully the significance of leverage.
You can buy $100,000 worth of currency with $1,000 margin in a standard account. This would be the purchase of one standard lot, at 100:1 leverage. Or you can get 200:1 leverage in a mini account. Wo, how much trouble can we get into now?
Just because you "can" doesn't mean you "should" trade with this kind of leverage. Trading stocks with 2:1 leverage is considered risky.
What most people don't seem to realize, is that you don't have to trade with leverage at all. Just put $100,00 in your account, buy one lot, and you have zero leverage. Or put $10,000 into a mini account and buy one mini-lot, or $1000 and buy one micro-lot.
You can see that by controlling leverage, trading the Forex doesn't have to be any more risky than trading stocks or any other investment.
The same holds true with all or any futures contract. You decide how much leverage to use, and how much risk to accept.
You can accept the maximum leverage like most people looking to "get rich quick," and blow out like 80%-90% of all traders, or you can play it smart and ease into it slowly, starting with a simulator while you're learning, probably for at least six months.
There is no need to hedge a currency position any more than there is any need to hedge a stock position, if you control the leverage.
May 10th, 2009 at 11:04 pm
A great forex system means you need to constantly have high probability trades. You also need to be concerned with the currency pairs in real time. Hopefully this blog can help. http://www.whatisforextrading.com Remember, no system will be full proof, so be cautios about the claims some trading systems make.
May 12th, 2009 at 10:52 am
Take a year to learn as much as you can and then go very slowly. Anyone that suggests to you that there is a simple way to invest in FX that "works" is either not telling the truth or is ignorant.
Keep in mind that 95% of all new traders lose most of their money in the first 3 months of trading FX. Surely the success rate would be higher if there were any "formulas" that really worked.
May 12th, 2009 at 9:42 pm
I have no experience with strategy depot. If you are newbie, I suggestyoto sign up for a demo account. Trade until you able to consistently making profit. Then, put in some real money that you can afford to loss. You may loss it, treat it as tuition fee. Finally, hopefully you would have master the skill to win in the long run.
There are many free resources online, free tutorials, free ebooks, free trading strategy and so on. You can also join some forums where people share their knowledge. Good luck.
May 13th, 2009 at 12:25 am
There are many indicators that can give you some idea in which direction the currency price will move, but there is absolutely no way to guarantee that the price will move in expected direction.
Some of the obvious indicators in forex would be for example some political and economic situation on a larger scale that could lead to the change of currency price. This is known in forex as fundamental analysis.
There is a free e-book you can download that can explain you more about how this works. You can find e-book on this website:
http://www.forex-trading-secrets.net/
Hope this helps!
Best regards,
May 13th, 2009 at 1:59 am
very good materials.
you can also click on my nick to see other free trading courses.