And please explain the details of your strategy.
Thanks,
This is a very common question for newbies in the realm of forex. I’ll answer your question with a question: what strategy will work for you and how much profit would you like to make monthly or yearly?
There are dozens of methods divided into hundreds of different systems for trading any market, including forex. Any of them can be very valid systems as long as they have the key parts to a trading system. If you are looking to find something that works for you, check out all the trading system threads on this forum. I personally recommend Tmoneybags thread: http://forums.babypips.com/forextown/21934-30-pips-day-keeps-your-money-bay.html
To answer your question though: I was using 3 different systems based off RSI and SMA’s. I was making 2-3% averge per day. I started pattern trading (described in the above link) and now I have all but gone to that exclusively. Pulling in a minimum of 5% a day.
What strategy do you follow?: Support and Resistance, breakouts, and trend following
How much profit?: Average approximately 25-30%/mo… in last eight months, been as high as 101.9% (for the month) and as low as -11.8% (for the month)… Most months average 25-30%
Details of the strategy: Watch for specific price patterns upon breakout of S/R levels, and then trade either with the breakout, or fade the breakout, depending on the specific price action.
I can`t say that I use any definite strict strategy. The market conditions are so much fast to change, that it is too risky to attach your performance to any strategy…
as for profits in several recent months I`ve got about 40%, but that was mostly just luck…