Hello,
I just wondering which is the best way to trade forex. Some say fundamentals and some say technical. Can these be combined?
Well You can get better idea from Babypips school. You need to learn these two areas to be a successful trader.
I see…have you learnt these then ??
Hi,
You just asked the most important and straightforward question ever to ask as a beginner in the fx market.
Unfortunately the answer to that is not as straightforward. You see there are dozens of different instruments
to trade. And thousands of tools to utilize but where to start? What does actually work? What’s worth your
time to put effort in?
Many peers will tell you go read this and that and then come up with your own ideas or trade the way you are comfortable
with. While this is not untrue it is quite unfeasible and doesn’t really help as it is a general quote. In order to get your
question answered though you’ll need to look at this whole fx thing at a slightly different way.
The best approach to a new business is always to weight the pros and cons. In this case you would want look at how much
return you can expect annually, what are the challenges in order to achieve this and all statistics you can gather. This will give
you an idea of what is realistically achievable.
Once you know what to expect and you identified the time and money you want to put into your new business then you
would want to start educating yourself. You need to know basics of how to execute trades and all the little things that come
with it from broker to different instruments and trading platforms. Next you want to have a sound knowledge of what drives
prices and how it looks like on your charts. These informations are widely available and are unbiased.
By then , if you haven’t heard of it yet, you’ll hear about different trading types that are categorized by the time span traders leave
positions open. Like scalpers,day traders, swing traders or position traders. It is quite inarguable that swing trading is the best
option for a modest return that gives you an excellent start in order to grasp the idea of trading. As a matter of fact most traders
that make a living out of trading keep it to that. But you may find after a while that you want to expand your business and want
to add day trading and scalping to it. Which you’ll have time to assess once you advanced further in your career.
If that sounds all plausible to you then you need to get started to find a system that answers your needs and goals. To be honest
it is not difficult to find one once you know how to sort out information that is not supported by evidence. Moreover you should know
that most peers can show you how to make a winning trade,but it lies in you to keep the profits and not to give it all back to the
market.
Lastly any trading system or plan that you will follow in the future should be clean cut and give you guidelines regarding
fundamentals and technicals.
I hope that gives you a good base for your journey.
I wish you the best.
Cheers
Thank you but you have a long post that says absolutely nothing.
Can it not be more specific and direct ?
The most direct answer to your question is that NO Trading System will ensure profit all the time. PERIOD.
What turtle said, no system exits that can guarantee profit all the time you trade…
As for the fundamentals vs technical, it depends on the individual. Most traders prefer to trade using technical indicators whereas trading on news or fundamentals is a bit tricky, would suggest that you opt for it after some experience. As others have suggested, start with baby pips school and good luck.
Hi fxstarter,
I think the best way to trade Forex is to learn the basic first whether it is fundamental or technical and then try it yourself with a demo account. There is a lot to learn along the way and if you put in the effort, you can really make money in Forex.
As you have read from responses above, there is no one best trading system or strategy. What you should focus on is finding a strategy which you are comfortable with and which works for you. Every trader is different and while you may read about a strategy which works for one trader it may be a disaster for you.
It requires a lot of time, but in the end you trade your personality so if you want to succeed you will have to try, fail and learn. Repeat the process until you find the one which works for you. No matter which strategy you end up trading, understand that a trading loss can never be avoided which means you will not get 100% of your trades right.