Forex Strategies (FOREX) – an overview of the TOP-15 profitable trading strategies in the foreign exchange market for beginners24 min read
What are the most profitable forex strategies? What kind of trading system on the Forex market should a beginner choose? What is the secret to successful Forex trading?
This article is about Forex trading strategies. I myself have been trading on FOREX for more than 3 years and in practice I was convinced how important it is to follow a clearly developed strategy.
This article will help you understand a huge number of strategies, which is now full of Internet. I will describe the most popular of them and help you choose the best, considering your individual personality type.
Are you ready for successful trading? Then let’s go!
What are forex strategies and why are they needed
Imagine, that you are entering a dark and unfamiliar room. If you do not turn on the light, you can stumble on objects, to fall, hit or break something. If you light the light, you can safely go around all the items and get to the right place.
Forex Strategy in this Context – it’s light. Applying her, we light and «see» market, predicting his movement.
Without strategy, we are in complete darkness, make mistakes, we lose money and do not see the way forward. Think now, which is more profitable: stay in the dark or turn on the light? What is a strategy??
Strategy — this is a developed system of rules, which the trader must follow most strictly, seeking to increase his money in the foreign exchange market.
It allows you to confidently enter and exit the transaction, rather than randomly open-close, ending up losing all capital on deposit.
Strategy is like a traffic light: you always know, what green you open a deal, to yellow – expect, and on red are out of the market, without even considering the possibility of entry.
Seasoned traders know these principles, and they are mostly neglected by beginners. For such guys, I already wrote an article on how to make money on a forex beginner.
Believe me, having a decent real deposit, the hardest – it open a deal. The strategy immediately saves you from these heavy thoughts: you just enter the market, when you see a certain situation (signals). But what are the rules for opening?
The rules for opening transactions may be as follows:
- intersection of indicators set on the chart;
- reaching certain levels;
- candle shape or candle combination;
- schedule familiar patterns (figures) and much more.
You can follow someone else’s Forex strategy, you can combine them together, you can develop your own, based on many strangers. the main thing – it’s her presence.
Testing a trading strategy in the foreign exchange market is performed exclusively on a demo account. Testing period: not less than six months.
If in half a year the strategy shows results suitable for you, it can be used on a live account.
Now a little thought. If you do not have a strategy, then the number of unprofitable and profitable transactions should be equal, So? But in practice it turns out, that haphazard trading catastrophically quickly leads to a zeroing of the account.
If you purposefully try to merge the deposit, then you will not succeed: he will decrease extremely slowly. But why is this happening?
The secret is simple: fixing small profits and big losses; purchase there, where to sell and sale there, where to buy.
What is the conclusion? Profit trading should be just as easy, as well «merge» – you should only follow the rules. If you are not experienced enough, then do not rush. Before, how to go directly to strategies, read the article how to play in the Forex market from scratch.
Searching for specific market entry rules is easy, but 90% for some reason traders neglect to follow their strategy, leaving the market forever and losing the opportunity to be successful. I hope, you want to enter at 10% successful traders? — then we go further.
What determines the choice of Forex strategy — 3 main criteria
so, you aim to apply a strategy. But even the most profitable Forex strategies exist. How to choose the one that suits you?
Imagine, what you need to buy a tv. You know, what is it and what do you want. Where do you go shopping? All right, to the store, where is consumer electronics sold.
But, coming to the store, you will find many TV models. Your task – select.
The TV you choose will be no worse than other models, remaining in the store. It’ll just be that TV, with which it is most comfortable for you.
You think, everything is different in the Forex market? Not, everything is exactly the same as in the example with a TV. We know, what we need the most profitable forex strategy, and now our task is to make a choice from the proposed options. And this choice will be no worse. It’ll just be that strategy, which will interest you.
Just do not need to buy it – I have already prepared for you the most effective ones in this article.
There are only three criteria for selecting Forex strategies:
- Duration of holding open positions.
- Market Analysis Approach.
- Graph analysis method.
Now more about each.
Criterion 1. Duration of holding open positions
Someone loves a marathon, and someone – sprint. The same with strategies.
In accordance with this criterion, the following:
- short term;
- medium term;
- long term.
Below I will tell you more about each type of strategy:
- Short term. Suitable for experienced traders. Aggressive trade expected: about 100 transactions can be opened per day. This also includes scalping and intraday.
- Scalping — suitable for traders with little capital. An open position can be held from 5 seconds to half an hour. Up to 200 trades can be opened per day. But more, doesn’t mean better. Among traders, scalping is considered one of the most difficult approaches to trading. Forex Scalping Strategies Used Regardless of Price Direction (short or long).
- Intraday (intraday) — this is intraday trading. The deal opens and closes during the day. Such strategies are simple, understandable, suitable for all traders. Several transactions per day for various currency pairs can be opened. Usually, 2 to 5 deals are opened with this approach.
- Medium term. It will not do without knowledge of technical analysis. An open position can be held from 1 to 45 days.
- Long term. Such Forex Strategies are also Suitable for Beginners, and for experienced traders. An open position is held for a couple of months, which allows you to monitor the market in a calm mode and not worry about the current state of an open transaction. No need to sit at the monitor constantly, just open the schedule once a day. With the correct forecast, the profit is significant (up to several thousand points).
Criterion 2. Market Analysis Approach (fundamental and technical)
To predict the direction of the price with the highest probability, need to know about fundamental and technical analysis. Someone naively believes, that you can master only one kind of analysis. Unfortunately, the market does not tolerate amateurism. You want profit? Comprehend everything.
Fundamental analysis – it is a forecast of price behavior based on the news and the general economic situation in the world.
Why analyze the news? It is the release of some important news that can lead to a sharp change in trend and a price reversal, why you might be unprepared.
By importance, the news is divided into 3 types:
- most important.
The basic rule of experienced traders – do not trade on important news! Why? Yes because your stop orders (stop loss and take profit) with almost 100% probability will work. The best way out – close position before news release.
Technical analysis – this is an approach to market analysis using price chart analysis.
This forecast is based on past market movements. The indicators are used as analysis tools, price chart itself and its elements: candle shapes (bars).
Technical analysis is well suited for short-term trading in a non-aggressive market.
Criterion 3. Graph analysis method (figured, indicator, candle)
Technical analysis comes down to three main forecasting methods:
- According to the figures.
- By indicators.
- By candlelight.
Figure analysis involves visual detection of a figure (pattern) on the price chart and a clear knowledge of that, where will the price go. Price direction is determined by exact rules, which a trader should know.
There are two groups of established graphic models (patterns): price reversal patterns and current trend continuation patterns.
- triple base;
- double base;
- double top;
- double base;
- head and shoulders;
- inverted head and shoulders;
Trend continuation models:
Indicator analysis involves the installation of various technical indicators on a chart, which will give signals to buy or sell. An abundance of indicators may not be profitable, so you need to choose a few suitable and understandable for you.
Experienced traders typically use no more than 2-3 indicators simultaneously.
There are two groups of indicators in total:
Oscillators usually indicate a possible trend reversal and work perfectly in flat*.
Flat (flat) (from the word «flat») is the market situation, when the price is in the corridor and has no pronounced direction.
Trend indicators «are being watched» follow the trend and work great, when it is on the market.
But even the most famous and accurate market indicators are not a golden grail.
Remember two important rules:
- You will receive the maximum profit then, when several indicators will give you the same signals.
- No technical indicator can take into account market behavior when important news is released!
Stochastic Oscillator is in the oversold zone. Means, You can’t sell anymore, We consider only the purchase option.
Candlestick analysis involves learning all the familiar candlestick combinations in order to, to determine the trend change or its continuation. Perhaps, candlestick analysis is the simplest and most understandable.
Japanese candles – this is a graph display in the form of rectangles, whose body is painted in different colors depending on the type of candle. If the candle is dark, mean, opening price higher than closing price. If the candle is not painted, mean, opening price below closing price.
By candlestick patterns, you can predict the continuation or reversal of the trend. See the example below.
Distinguish bullish candles (they have a closing price higher than the opening price) and bear candles (closing price below opening price).
Looking at the Japanese candle, you can immediately determine the mood in the market: in a given period of time (timeframe) buyers or sellers prevail.
Trading with Japanese candles is convenient – it’s worth finding only a familiar combination.
We see «Shooting star» — a candle with a very small body , long top shadow and small bottom shadow. This candle immediately tells us about, what to sell.
Just, is not it?
How to choose your own strategy — 3 easy steps
I will say right away: best forex strategy – this is that, which is right for you.
I’ve been looking for my forex strategy for about a year. At first I trained to trade on simple and understandable strategies, gradually adding something to them. And so it turned out my strategy.
Just choose and combine those, who are already working.
To choose your strategy you will need:
- determine your psychological type;
- really appreciate your professional level;
- to establish, how much time will you devote to trading.
Now about each item more.
Step 1. Define your psychotype (comparison table)
so, let’s find out who you are?
|№||Psychotype||Market behavior||Optimal strategies|
|1||Sanguine||Thirsts to earn money and makes every effort to do so. In trading is consistent, not upset by losing||For sanguine fit risk-weighted strategies|
|2||Choleric||He wants to make money fast, cannot open long-term positions, in a hurry. Can quickly drain a deposit due to its haste and carelessness||Short time frame trading is not recommended, it is better to choose for yourself medium-term intraday trading at H1-H4 intervals|
|3||Phlegmatic person||The most fortunate on Forex. Knows how to wait, makes informed decisions, always calm||Since phlegmatic treats trade with all responsibility, this psychotype has no limitations on choosing a suitable strategy|
|4||Melancholic||Too inconsistent, overly careful, makes chaotic decisions||Short Stop Loss and Take Profit Strategies Recommended|
Go to the next step.
Step 2. Rate your professional level
Clear business, that without reading a few books can not do. Trading without any forex knowledge is simply useless!
I recommend you read some good books for traders. At one time, they helped me understand the basic principles of trading and find working Forex strategies:
- Nassim Taleb — «Black Swan».
- Edwin Lefebvre — «Memories of a stock speculator».
- Eri Naiman — Small Encyclopedia of the Trader.
- Alexander Elder — «Trading with Dr. Elder».
These Forex books will help you understand the essence of stock trading, risk and profitable strategies.
Step 3. Define, how much time can you devote to trading
Forex Trading Available to Everyone: from housewives to businessmen. It is possible to earn, giving at least 1 minute a day, at least all day. No time limits exist.
For more productive and successful trading, arrange for yourself «no trading day». It means, that on this day you don’t even think about Forex, do not read thematic forums, the books, don’t talk about exchanges with friends.
Best Forex Strategies (FOREX) — review of the top 15 most profitable
So we got to the long-awaited and «tasty» section. Here we will examine directly the strategies themselves with a detailed and understandable description of them.
Simple Strategies for Beginner Traders
These trading strategies are suitable for short-term and intraday trading.
Strategy 1. Moving averages
This Forex strategy is suitable for any currency pair. We will work on 2 time frames:
- Weekly (W1).
- Four hour (H4).
A weekly chart will be needed to determine the trend, and four hour – to open positions and find entry points.
On W1, set two sliding: exponential (EMA) and simple (SMA). EMA take with a period of 21, SMA with period 5. If the price chart is above two moving averages, then the trend is up, and vice versa.
On H4 we set two simple moving averages with a period of 55 and 7.
rules. If we observe a downtrend on W1, then on H4 we only consider sales, ignore purchases.
There are two options for entering the market:
- First option. When the lines cross from top to bottom, place a pending buy order exactly at the level of the moving average with a period of 55. If the level has shifted, move and pending order. We wait, until the price opens it. Stop Losses are set at previous local extremes (lows and lows).
- Second option. We are waiting, when there will be a crossing of the middle from the bottom up, and the candle closes above this intersection. Now open a buy order on the market. We set stop loss as in the previous version.
How to set take profit? Pull from a moving average with a period of 55 Fibonacci levels. In the settings, set only the following levels: 144, 233, 377, -144, -233, -377.
If we saw a buy signal, open three deals (lot is the same for everyone). Profit will be located respectively on all these three Fibonacci lines. Do not forget to translate the transaction into breakeven (drag stop-loss).
Strategy 2. Three candles
This trading strategy is suitable for scalping. Trading timeframe – M1. Any currency pair will do.
rules. We are waiting for the formation of two candles, going in one direction. It’s better, so that they are without long shadows. After the appearance of the third, we open. As an additional input signal, we use a stochastic oscillator (Stochastic).
for instance, if three candles go up, and the indicator indicates a downtrend, then the transaction is not completed. The buy signal will then be, when Stochastic is in the oversold zone.
Strategy 3. London session
it, perhaps, easiest forex strategy. Trading timeframe – M30. Trading time – London session, the start of which starts at 10 am Moscow time. Best for couples, in which there is GBP. For example, for the popular currency pair GBP/CHF (British pound/Swiss frank).
rules. Market entry daily, but one-time. The signal to open in one direction or another will be the closed first candle. At its maximum, we place a pending buy order, and at a minimum – for sale.
Stop loss is placed at the maximum or minimum of the same candle, depending on, which order opened: to buy or to sell. After opening an order and passing at a price of 15 points, set breakeven.
The second pending order is not deleted. If the price unfolds, you will still earn. In this strategy, you will be either in the black, either go to zero. Thus, this forex break-even strategy.
If important news comes out that day – we do not trade!
Scalping strategies for short and intraday trading
Scalping involves big gains in a very short amount of time. Very big risks are associated with it. If you are sure, don’t want to wait, do you want to earn now, then this way of trading is for you.
Beyond Strategies, described below, I recommend you a scalping master class from a professional trader from Marat Gazizov. The record is available on Youtube in the public domain.
The technique is very simple and effective at the same time. Marat daily reviews the markets, they can be found on the broker’s website in the section «Training».
Strategy 4. Simple
To, who likes to take risks, 1 minute scalping strategy will be to your liking. For work, we take a pair of GBP/JPY and set the indicator on the price chart BollingerBands (Bollinger Lines) with parameters:
- period 50, Deviation 2 (Red line).
- period 50, Deviation 3 (orange line).
- period 50, Deviation 4 (yellow line).
rules. Optimal trading time – between the opening of the London session and the conclusion of the Japanese. It is also impossible to trade on the flat market during the news release.
Consider a purchase. Open at that moment, when the price is between the orange and red bottom lines. We set stop loss depending on your personal loss percentage in one transaction. Usually it is no more than 3%.
Sale is carried out in a similar way, if there is a mirror situation.
Strategy 5. Quick profit
«Quick profit» allows you to apply scalping on Forex effectively, while remaining a simple strategy. Suitable for any currency pair.
We will work on the minute timeframe, setting exponential moving averages for analysis (EMA), Parabolic SAR and MACD. EMA take with periods of 25, 50 and 100. We take the remaining two indicators with standard parameters.
rules. The best time to collect profits – opening bidding in London and New York. We open a deal to buy or sell then, when price crosses all EMA. Parabolic SAR and MACD will serve as filters.
If the price is going to cross all EMA from bottom to top, Parabolic SAR is at a price, and the MACD histogram rises, then this is a sure sign of a purchase.
Take profit is no more than 10 points, as the price may reverse. As soon as the price moved away from the opening deal, translate it to breakeven. Stop loss at previous local lows or highs.
Strategy 6. Outsourcing
To trading strategy «Outsourcing» worked with a high probability of success, you must clearly follow all the points of the rules.
We work on M15 with the GBP currency pair/USD. You can try it on other tools. On the chart we set EMA with a period of 9.
rules. We consider only those candles, which do not concern the moving average. Perfect candle – that, the minimum or maximum of which is located approximately 1 point from the indicator.
If we are considering a purchase, then the closing price of our signal candle should be higher, than previous maximum. Stop loss set at the minimum of the previous candle. Set profit by the number of points of the previous candle. If the price sharply went up 20 points, better to set breakeven.
Trending strategies regardless of price direction
This group of strategies is aimed at detecting a trend and trading in its direction. For calm and lateral movement, they will not work. But here it’s possible to make a good profit.
Strategy 7. Juicer
This Forex strategy is suitable for the interval D1. Currency pairs can be any.
rules. Consider the conditions for opening a purchase. We are looking for a combination of a candle with a black body on the daily chart (bear candle), followed by two white candles in a row.
The close of the second candle should be higher, than the maximum of the previous white candle. If this condition is not met, waiting for the next signal.
Set a pending buy order at 5 points from the maximum of the second white candle. Stop loss is set to the minimum of the same candle. It must be at least 45 points, but not more than 80 points. Take profit set at 500 points.
If after 4 days the deal is in positive territory, set breakeven. If the deal is in the red, close it in the market.
When you already have 200 profit points, put a trailing stop in increments of 50 points at a rate of 200 points.
Strategy 8. Channels and Envelopes
With this Forex trading strategy, we will work on Н1 with the EUR pair/USD. Two indicators will be needed: Envelopes and BollingerBands.
Envelopes Options: Period — 288; Shift — 1; MA Method – Exp; Apply to – Close; Deviation – 0.15%.
BollingerBands Options: Period – 24; Shift — 0; Deviations – 2; Apply to – Close.
rules. Consider the conditions for opening a purchase. We wait, when the candle crosses the blue line of Envelopes and closes above it.
We open a buy position with the beginning of a new hour. Stop loss set on the bottom red line. Stop loss should not exceed 50 points!
When the price passes 40 points in the profit zone, translate the transaction to breakeven. To get the maximum profit, pull your breakeven along the bottom line of BollingerBands.
Strategy 9. Exact entrance
This trading strategy is used by professional traders, because it gives good signals and profit. Currency pair for trading can be any.
Signals will be searched on two timeframes: H1 and M15. Set PivotWeekly to the chart, ParabolicSAR (step – 0.02, maximum – 0.2) and three EMAs with periods of 7, 14, 21. We put moving averages on M15 to search for a more accurate entry.
rules. Consider a purchase example. Open the hourly chart and look at the levels of Pivot. We wait, when the price comes to a certain level and bounces off of it.
There should be no more than 1-2 candles! When a candle or two candles bounced off and closed below level, go to the chart M15.
We are waiting, when the fastest moving average with a period of 7 crosses the other two averages from bottom to top. Now enter the market.
Stop loss set at the nearest minimum, and we will not set take profit. It is better to close deals at the next pivot pivot level. When the price goes into profit, you can move stop loss to breakeven, and then move it down every hour.
Breakout strategies without indicators
Forex indicatorless trading strategies are the easiest to understand and trade. They take into account important levels of support and resistance, to which the price seeks and from which it fights.
Strategy 10. Sniper
Forex Strategy «Sniper» based on work with levels. Working timeframe – M5 or M15. You can trade any currency pair.
rules. An order is opened only during a rebound or breakdown of a level. 20 minutes before the release of important news, new orders do not open. You cannot collect more than 40 points in one day. If 40 points are already scored, trade ceases.
There are three login options:
- We open after the breakdown, fixing prices at a pulsed level or rollback.
- We open after a false breakdown, when a rollback to the impulse level occurs.
- We open when prices exit the trading channel.
Log in by two equal lot orders. The first order has a take profit of 15 points. The second order takes profit at the nearest total impulse level. Simply put, this is the level of support or resistance.
When 15 points taken, close one order. You can set breakeven on the second order.
Strategy 11. Nowhere easier
This Forex trading strategy is for daily charts. Most suitable currency pairs: GBP/USD, USD/CHF, NZD/USD, AUD/USD, USD/JPY, EUR/USD, USD/CAD.
rules. Consider a purchase example. Looking for a specific candle on the daily chart: it should form a local maximum, have a long tail and a small body of any color on top.
Draw a horizontal line to the maximum of the candle. Next we expect, when any subsequent candlestick breaks this horizontal line by more than 10 points and closes above our line. We place a pending order 5 points higher from the maximum of the formed candle suitable for us.
Take profit set 100 points, and stop loss 50.
If after opening 3 days have passed, but the price did not reach the goal, We translate the transaction to breakeven.
When the movement is clearly lateral, entry points cannot be searched!
Strategy 12. Ingenious
Forex Strategy «Ingenious» works on GBP/USD.
rules. We open the daily chart and look at the number of points, which price has passed. If it’s 140 points in one direction, then this is a signal for a quick opening of the position. This unidirectional movement happens about 7 times a month.
Next, we are waiting for the next trading day, so that the price still goes at least 70 points in the same direction. Now you can enter.
Stop loss set at 60 points from the entrance. Exit the market at 100 points or 11:30 (GMT) the next day. To be sure, set the minimum trailing stop at 50 points.
Strategies based on figures and candlestick analysis
Shapes and candles – classic forex. They are easy to find on the chart and easy to determine which direction the price will move. By pinpointing the desired pattern, you are very likely to get your profit.
Strategy 13. Pattern D
This Forex trading strategy is stable and classic, pattern based «Double top» and «Double bottom». We work on the H4 timeframe with the EUR currency pair/USD. We will use SMA indicators for help, EMA and MACD.
- Parameters for MACD: LowEMA=13, FastEMA=5.
- Parameters for SMA: period 89.
- Parameters for EMA: 365, 21, 7.
rules. Consider a purchase. To generate a signal, you need to find two minima. The second minimum should be slightly higher than the first. Both peaks must be below level — 0.0045 according to the MACD histogram. Stop loss is 10 pips below the second low.
Your usual lot, which you trade, break into 3 deals. For the first 30% we fix the positions from the total lot take profit above the line of the 21-period EMA.
For the second 50% take profit position is located between the achievement of a price of 89 and a 365-period EMA. Third 20% position from the general lot closes, when there is a strong resistance level nearby.
Strategy 14. Profitable wedge
This intraday strategy is simple. It can be used on any timeframes and trade with any currency pairs.
rules. First, we build important support and resistance lines. Now you can search for a figure on the chart «Wedge». But this pattern may indicate a continuation, and price reversal.
Consider a purchase example. After discovering the Wedge, set a stop loss 20 pips below the lowest side. We set take profit equal to the double distance between the sides of the Wedge.
We exit the transaction when the reversal combinations of candles appear, if the price has not reached take profit.
Strategy 15. Key U-Turn
This is another Forex intraday trading strategy, showing amazing profit margins. Work will be carried out on H4, and take the currency pair GBP/USD. To filter false signals, we additionally set the Stochastic indicator. The options are as follows: 14, 3, 3.
rules. Rules for opening a purchase transaction. Looking for a downtrend. We are interested in a candle, forming a local minimum and having a closing price higher than the closing price of the previous candle. We look at the Stochastic: it should be in the oversold zone, i.e. below level 20. The signal line of the indicator is below the main line, either it concerns (merges).
We open a purchase on the next candle, and set the stop loss below the local minimum. Take profit set twice the stop loss. When the price has gone profit over a distance, equal to stop loss, set breakeven + 10 more points.
If the transaction within three days fluctuates around zero or is at a loss, then it should be closed in the market.
What trading systems do successful traders use
Now I want to say about successful traders and their certain «trade secrets».
|1||George Soros||Getting insider information, speculative rumors, intuition. Likes to sell assets, because he definitely feels the beginning of the crisis|
|2||Ingeborg Mootz||Only works with bank shares. When making decisions relies on intuition. Basic rule – hold shares for more than a year, but not more than two years|
|3||Richard Dennis||Made a fortune in the market, having only 400 dollars, futures trading. Approves, what everyone can earn, since anyone can be taught|
|4||Larry Williams||Futures king. Earned a status on the analysis of bars without indicators. Its main principle is to reduce losses and the possibility of profit growth|
|5||Warren Buffett||Forex Trust Founder, since he was a long-term investor. Best deal, brought him billions, became an investment in the insurance business|
|6||Paul Tudor Jones||Successfully applies pivot points in trading, and considers trading with the trend unprofitable. To the surprise, its ratio of losing trades to profitable is 75% against 15%, which didn’t stop earning him billions. Considers, that the success of the trader depends on the competent management of their risks|
|7||George Lane||Traded using his created indicator – Stochastics. The most profitable signal throughout its 60-year trade was divergence around levels 20 and 80|
|8||Stephen Cohen||Short-term follower, concluded up to 300 transactions per day, not reading economic news at all|
|9||Ed seykota||Fully automated trading. For 15 years, he managed to turn $ 5,000 into 15 million in one account|
Also the guru of exchange trading and investing (George Soros, Alexander Gerchik, Alexander Elder, Larry Williams) give beginners the following tips regarding the rules of making transactions and developing a Forex strategy.
The best tips from professionals:
- Any new Forex strategy doesn’t have to be complicated. Than it will be easier and more understandable, all the better.
- The abundance of indicators is not directly proportional to profit. It is better to use no more than 2-3 indicators at a time.
- A professional will never trade for the last money. He uses only those means, who can afford to lose.
- Trading without stop loss – the right way to quickly reset your account.
- Apply method «1-2-3» for your strategy: select 1 currency pair and test it on 2 timeframes with a maximum of 3 indicators. If for 100 transactions you are in profit, mean, successful test.
- Always measure your earnings in points, not in money.
- Take a look at the support and resistance levels. They can bring you very decent earnings.
- Professionals never triple their monthly trading accounts – this is mythical and unrealistic data. Their lossless Forex trading strategies are aimed at a slow deposit growth, not insane unjustified risks. Maximum, what a successful trader expects in a month – it’s 10% at the riskiest strategy.
- If you evaluate the possibility of entering the market for more than 3 seconds when scalping, you are missing out on profits. Lightning-fast assessment of a situation – pledge of profitable points on the account.
- If the stop loss is less than or equal to take profit, such transactions cannot be concluded. The amount of potential profit must be at least twice as large as losses.
Take and implement these recommendations in your trading system.
Real success stories of famous traders in the world
At its core, the Forex market – it’s a ready business, which is absolutely free for everyone. The only thing, what you need to invest in it – this time.
Now I want to briefly introduce you to biographies of people, who earned millions of dollars on Forex and became millionaires, due to its persistence in market research. Their names are known all over the world, they have a lot of money in their accounts, and their strategies are simple and straightforward.
Some of them, thanks to the stock market game, have made fortunes of billions of dollars and now these speculators inspire thousands of traders around the world with their success.
- Alexander Gerchik. Born in the USSR, graduated from the food industry institute and immigrated to the usa. Worked as a taxi driver. A case brought him together with a successful stock trader, whom Alexander Gerchik brought to Wall Street in New York. This day changed his life. Gerchik became a successful trader and is now the managing partner of a large investment company, teaches exchange business to beginners.
- George Soros. Successful trader, investor, financier. Born in a middle-income family, after 1970 he was actively engaged in exchange trading and became famous for his phenomenal earnings in the British pound. In this deal, Soros earned a billion dollars in 1 day! The financier later released his famous book, which he knew «Alchemy of Finance». There he described his own Forex strategy, which helped him become one of the richest people on the planet.
- Alexander Elder. He graduated from the Medical University and worked as a ship’s doctor. Then he became an editor in one of the magazines on psychiatry. in the 1970s, Dr. Elder got acquainted with the opportunity to invest on the stock exchange and since then has turned his professional activity towards trading in the financial market. Now Alexander Elder is a world-famous expert in the area of exchange operations. His book «How to play and win on the stock exchange» became a world bestseller and was translated into 12 languages.
I was convinced from my own experience, that it’s just a treasury of valuable information.
Friends, I think after reading the article you are once again convinced that, that following a certain Forex strategy is very important for profitable trading.
If you are new, then the described trading systems will help you take the first steps in the foreign exchange market. Over time, you can create your own trading strategy. And if you have no ideas yet, you can simply borrow ready-made.
Here I described the popular Forex strategies, they are used as novice traders, so professionals, «finishing up» them for themselves.
As you see, make such «screw up» not so hard, just practice trading for a few weeks. I wish you success and a passing trend on the exchange.