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Are There Any Forex Trading Strategies That Work?

Well, of course there are Forex trading strategies that work! Naturally, since we are dealing with a living market influenced by a host of factors, a 100 percent success rate is impossible. But it is not uncommon for an 85-95 percent success rate to be encountered. Note, however, that there isn't a single universal winning strategy that everyone uses worldwide. There are countless trading strategies based on a trader's personality, understanding of the market and the currencies exchanged.

As you know by now, all Forex trading strategies that work have nothing to do with emotion. Trading while emotional, angry, tired, sick and so on, is not at all recommended. They influence your perception of hard facts, deform those facts and ultimately lead to uninspired decisions. A calm, lucid mind is required for a successful trade, as well as mountains of discipline. Set some rules which you will follow religiously, but be prepared to change them if the results yielded are not satisfactory.

Next is the time of day you trade and the currencies involved. Know your brain's maximum and minimum periods of activity, as well as when certain markets open. For example, any trades involving the USD can be performed during 8:00 am to 5:00 pm EST, as that is when the New York market functions. Furthermore, avoid filling the chart with tones of indicators; taking the overly complicated route usually ends up in failure.

Also, never trade without setting the stop loss order, as well as the take profit one. In case you don't have enough time to watch the market closely, you should opt for an automated trading program which does the work for you, or go with a managed account. These are two of the best Forex trading strategies that work.

In case you haven't been successful in finding the right trading strategy on your own, the automated trading program option might be the best thing for you. These pieces of software come with a host of strategies mirroring those of experienced, real life traders, thus saving you a lot of trouble. This allows you to take your time and analyze those strategies and adapt them to your case, or you can leave it at that if the results satisfy you.

The quest for Forex trading strategies that work is not an easy one, but it certainly is an interesting and fulfilling one; the key is to keep persevering.

THE BEGINNER’S ULTIMATE STEP-BY-STEP GUIDE TO FOREX TRADING

Learn to Trade Forex Around Your Day Job

Learn to Trade the higher timeframes.

If you're going to fit trading into your lifestyle you have 2 options. Firstly trade really small timeframes such as 30 second and 1 minute charts, which funnily enough is what most amateurs start doing. They feel they have to make money in those 30 minutes in front of the screen in a state of heightened tension. This is certainly one way to do it, however it seems a stressful, difficult, not to mention scary way of trading! Trading small timeframes like the 1 minute chart is incredibly difficult, as you may have a 3 pip stop loss with a 1 pip spread. This means that 33% of your trade is just the transaction cost. This means making money rather difficult. Not to mention the spread could be 2 or 3, and you land yourself in a whole world of pain.

Why not take the sensible and practical approach of trading higher timeframes like Daily charts. This way you only need to be at the charts once a day when the New York market closes, which you can quite easily fit into your lifestyle. Trading for 20-30 minutes at the end of the trading day allows you to trade multiple currency pairs, and benefit from their movement over the course of the trading day.

Trading less, to make more.

Lots of new traders believe that the more that you trade, the more profit you stand to make. Stands to reason, right? With almost everything else, the more time and effort you put in, the more you get out. Learn how to trade less, to make more.

Trading is slightly different. While you're learning to trade, the more time and effort you put in, the quicker it is likely that you'll see improvements in your learning, understanding and results. However when it comes to trading itself, it is knowing when not to trade that is as equally important as when to trade. The market will produce a certain number of high probability opportunities every month, and no matter how hard you try, you can't force any more. Instead focus on trading those high probability price action signals when they present themselves and stand by to reap the rewards.