My simple easy effective Forex trading strategy is one that is not complicated. It is to use 28 Metatrader price line charts with 2 SMAs and a good currency strength meter to do the currency analysis to identify the currency pairs that have the best chance of making a decent number of pips with. My advice is not to use candles or any other indicator because they only ever complicate and hide the real price action.
Once the currency strength meter lets me know the potential pairs to watch, I use a 14 SMA (red line) for trade exits and a 50 SMA (blue line) for trade entries that cross the price line (green line) on 1 hour charts.
The trade shown below resulted in a 351 pip profit, I could show you 100 more similar profitable trades but why waste valuable trading time.
This example of a simple easy effective trading strategy with a Currency Strength Meter is not suitable for everyone as one size does not fit all, I say this because some so called Expert traders would have you believe that this strategy is too simple and that you need 10 chart indicators to trade Forex, which totally hides the real picture so that you lose money like they do, don’t listen to them just “Keep It Simple”.
All you have to do is to paper trade with this simple strategy (Method) using a brokers demo account until you trust the method (Mind), learn some money management skills to keep the risks and/or leverages low (Money), then use real money.
One strategy does not suit all traders so everyone needs to determine if this is suitable for them.
Showing one trade or even 100 trades does not validate the long-term success of any strategy so I caution to not blindly follow anything they see online as most may be not working in their situation.
One strategy does not suit all traders so everyone needs to determine if this is suitable for them.
Showing one trade or even 100 trades does not validate the long-term success of any strategy so I caution to not blindly follow anything they see online as most may be not working in their situation.
This is most important thing I follow. Thanks TheLastBear
Do a search on Google for “fxmcsm” the software works well and is not that expensive, you can get a 14 day free trial without needing a credit card or email address so in my opinion its worth trying out. I say that because its also easy to use and once you understand the trading method, you can always use a free currency strength meter if you wish.:60:
I believe that this strategy works for you, but I don’t think if who ever will test it on demo account and live account will have the same results as you do.
Rambo35 you are probably right and they may even have better results than me, but that just my opinion of using and watching this simple no-nonsense strategy produce results professionally for the last 15 years during my trading career.
The key is to trust your method, do your homework, look for quality trades, rather than the quantity of trades with low risk to high reward ratios, but you probably know this already.
Forgive me, but anyone who is relatively new (myself included) will be definitely up for some criticism for saying that it’s worked for the last 15 years without any results to back it up. It’s up to you if you want to share it though.
Hi ivanyo,
When I mentioned my 15 years trading career in a previous post, I was not referring to Retail Forex trading, but my professional Investment Bank trading experience working in Trading Floors for Banks and Clearing Houses such as UBS, Standard Bank, EBRD, LCH in London, New-York, South Africa, Frankfurt, Zurich, Singapore and Hong-Kong.
If you or anyone else would like to criticise me personally or any of the the help/advice that I’m offering then I am not in a position to help them succeed.
As regards to sharing results, any trading results I have produced are commercially sensitive and are not open for public viewing. If you require results then I politely with respect suggest that you provide them yourself from using the strategy.
The trade exit strategy is to use a 14 SMA, when it crosses the price line for the 1st time then exit the trade as shown on my first post.
Timeframes are entirely your choice, I find that the 1 hour timeframe gives me higher risk-to-reward ratios with higher pip profits than the lower timeframes. My suggestion to you is to find a timeframe that you are most comfortable trading in and stay with it.:60:
Nice one D4ved, I am always baffled when people criticise someone who has the decency to share his or her method of trading. I have been looking for a currency strength meter for some time and will give the one you are using a shot.
d4ved
Thanks very much for sharing with us.
I downloaded and install the fxmcsm currency strength meter, but am unable to connect it with my Metertrader, is there a way you can help…?
