Which strategy you can advise to use
Trend-following pairs which match current strongest v’s weakest currencies, daily chart, enter on recovery from pull-backs, use variable stop-loss, keep risk to 1% of account capital, pyramid winners, exit before next pull-back - and repeat.
Higher timeframe analysis working down to get best entries.
No one strategy suits everyone though so you need to get on the charts, practice and find what works best for you.
I suggest you try each strategy that you come across on demo accounts and decide which one to choose that makes sense and appropriate to you based on your time availability, fund, etc.
A strategy becomes successful when we use it correctly in the correct market. Not every strategy works for everyone. One has to do a lot of trail and error to find the right strategy for him. It requires a lot of study and research.
There is no strategy like the best strategy to trade with. You have to find the one that works for you.
I personally like the price action strategy but you can explore a few others like scalping, day trading, range trading, etc
Totally agree with you @RinTakano. As for me, it took nearly months of demo practicing to finally settle on scalping even though most of the traders consider it to be quite tiresome and time-consuming.
Honestly, when traders say that scalping takes away the fun out of the forex strategy, I find it bizarre. If you ask me, it’s one of the safest trading choices. What’s not fun, dipping in and out of the market once or twice a day while carrying a position into another period? Eventually the profit comes back.
If you want to scalp it takes a lot of time, you should always look at charts and enter new trades and having no free time isn’t something you like right? Also when people scalp they don’t understand price action and market because if you watch just M1,M3,M5 and use indicators there is no logic there.
I’ve just shared my strategy, you can have a look here : Sharing my MT4 strategy & set up - Elliot Waves, Fib levels, Support & Resistance, MACD
There is no “Best Strategy”, there is only strategies that you learn to master. I like when things are simple and easy to uunderstand, so I’m only using the very basics which are very powerfull (Elliott waves, Fib levels, and support/resistance zones)
@Jimmy but isn’t scalping for more savvy scalpers who’re comfortable trading in and out several times a day?
Too broad a question to get a defined answer. Depends on your time availability, competence, patience etc etc. You need to work on what type of trader you want to be first.
Let me put an example. If in case you trade EURUSD and the currency pair jumps up say 20 pips, you’ll still get a slight profit for taking an action. Even though your results would be tiny but still there’s nothing bad in making money in a minute. The consistency of your profits at the end of the day will depend on your commitment and most important reflexes. I did try scalping with turnkeyforex, forex com, and etoro for months and honed my skills.
@pollygalvan I think it depends. Everyone has a different psychology. That’s why they see thing differently. So what you like I may not find comfortable with.
There is really no strategy that is “best”. For me best is price action trading on 4 hour GBP USD pair, but surely that’s not for everyone.
So practice a whole lot of them and then settle on one that gives you maximum profits.
Just pick one. you’re going to eventually try most every one you hear about. None of them are perfect. Most of them work. The only thing that really makes them work or not work is you.
If you want one that nearly always wins, you will die of boredom waiting for the next signal. The best way to learn trading, in my humble opinion, is with live trading 0.01 lot entry sizes. Trading with real money is different than trading in demo. The only thing trading in demo teaches you is what all the little buttons and icons mean and how to add and set up your indicators.
You can be a Forex hero in demo and still not be prepared for live trading where you are going to blow it. That’s why I like going to live trading as soon as you’re comfortable with the platform.
So, since your goal is to be a good trader with a live account, the faster you get to it means the faster you’ll reach your goals.
Absolutely agree. The only thing that makes a strategy work or not is the trader himself/herself. It’s the pilot in the cockpit. not the plane.