Forex trading signals

Which is the best forex trading strategy for consistent profit???

Learn
Practice with a demonstration account (demo account)
Learn
Choose baseline and indicators that you think will generate a positive overall outcome to your trading actions. This means one that will result in an overall profit and not a loss
Backtest your baseline and indicators with as much historical data as you can have the patience for
When you find your backtest result give a consistent edge (positive result) and you are convinced it is due to choice of plan parameters and not luck, open a trading account with as much money as you are prepared to lose, and start trading for real.
Your backtesting will show the maximum drawdown on your demo account, and you should use that to take a decision on what stake you should risk for each trade, and for all trades open at the same time.
Your entry level, stop loss level and take profit expectancy will all be adjusted during your backtesting.

Best of luck, please report back on progress at six month intervals. Be prepared to be very patient.

1 Like

An interesting thread this can be. Following…

the Forex signal is really important to predict the market with certainly , but honestly speaking any kind of signal its all about short time trading approach , not for permanent at all.

There are many sites on the internet offering forex signals, I recommend only those that are verified and have had real accounts for at least 6-12 months. I have also come across some sites where they publish results from demo accounts and after 2-3 months they simply delete the results and connect new accounts, why do they do that? Because the account has a lot of open positions, the drawdown increases and eventually it gets zeroed out, so they simply open a new account and start trying again…
At FX Merge, Myfxbook, FX Blue you can check verified real and demo trading accounts.

Hi,
I am a beginner in forex trading and I am still learning. Uptil now, whatever I have learned, I have applied it in the market through a demo account (mostly technical indicators like MACD, Moving averages, Parabolic SAR, etc). And every single time I did a trad, it ended up in loss. I know I am still learning but what I am frustrated about is which indicators to use for a better analysis. It’s really frustrating trying to find the right set of indicators while still realizing they may not workout in the end because don’t give an exact prediction.
Any tips would be appreciated on how anyone of you tackled this problem.

Do you backtest your strategy? Can you rewind your charts so you can have it play out like it would live? Those things have helped me. Any time I was adding a new pattern to the mix I backtested minimum of 6 months to see how it did. Logged the data, made sure I knew if I would have really took that set up or not. Cause when you can’t rewind and you see what’s coming, your mind can make you say that’s a good or bad trade cause you know the outcome. So you have to really know yourself even when backtesting.

Keep at it, don’t give up and pretty soon you won’t need a site for signals.

I use price action now but do have a strategy based off RSI and MACD along with support and resistance zones.

1 Like