Forex Spread Betting Forum – How to Develop a Successful Forex Strategy

September 7, 2010 by  
Filed under Forex Trading Strategies

Forex Spread Betting Forum

I think that every forex trader will agree with me when I say, forex trading is the most frustrating learning curve I have ever had to achieve. Anyone that can say they have had it easy trading forex from day one is either lying or I would love to hear from you. Forex trading I like to compare to chess, it doesn’t take long to learn but it takes a life time to master. That doesn’t mean you can’t be a successful forex trader with the right guidance.

One of the most important things to remember about a successful forex strategy is that a successful strategy for one forex trader doesn’t necessarily mean it will be successful for another. Everybody is different and everybody has different tolerance levels especially when it comes to losing money and winning money, I say winning money because that to can be as equally scary. Forex Spread Betting Forum

To develop a successful forex strategy that suits you is to start off using other people’s strategies, which you can pick up in forums and forex learning websites, then tweak these trading methods to suit your personality. Experience will also play a big part in your success, getting to know how each of the major currency pairs reacts and there general level of volatility is just as important. You may not use the same strategy for each currency pair.

Unfortunately it is a matter of trial and error and more tweaking to see if your method works, luckily many of the big spread betting platforms offer live trading demo accounts so you can practice without risking any real money. You are probably thinking, I want to start earning money straight away, this is where one of the main attributes of a successful trader plays its’ part and that it discipline.

One of the best ways to develop a successful forex strategy and earn at the same time is to join a forex trading club. A forex club is a group of traders that trade together over a webinar that is coordinated by a professional trader. This way you can get professional advice at the shared cost of the group. Forex Spread Betting Forum

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Currency Trading Tips – How to Develop a Profitable Forex Strategy

September 1, 2010 by  
Filed under Forex Trading Strategies

Developing a successful forex strategy is no easy task. It will take a lot of effort and you are going to have to avoid the easy systems that are too good to be true. Here are some forex tips on how do you go about developing a profitable forex strategy.

There are people that will try and take advantage of any popular market and the forex market is subject to that just like anything else. Unfortunately, they get rich quick artists are selling bad forex trading systems and giving the market a bad name.

To be honest, a profitable forex strategy will actually not be a part of system, rather a compilation of analysis that will spot trends and produce profits consistently over the long haul. Trying to predict the forex market is financial suicide. Unless you have an infallible crystal ball, stick to taking advantage of trends as they happen and rely on that to produce your profits.

The whole point of playing the forex market is to minimize your losses and maximize profits. Following trends will do exactly that. Even when you make mistakes, the negative trend should be apparent and you can get out without getting hurt too much. How you go about this, is educating yourself and understanding exactly how the market works. You can also use a forex trend system. You need to be a sponge and soak up every bit of information that you can get your hands on.

When you have educated yourself and are ready to get into the market, you need to establish a stop order. This is a major protection against taking too heavy of a loss in the case of bad read on the market. This will happen to everyone, there is no shame in it, you just need to get out and analyze what went wrong and make sure it doesn’t happen again.

As you spend more time in the market, you will quickly understand that no person or forex trading system is above error. You are also going to realize that losses happen, you just need to be able to limit the damage that they can cause. Again, this is where spotting trends comes into play.

You can use simple forex indicators such as the Directional Movement System i.e. +DI, -DI and ADX. Buy on a rising market and sell on a declining one. If it seems simple, it actually is, you just have to avoid the traps.

The main trap we are speaking of is in trying to predict the market. It cannot be stressed enough that nobody can predict how the market will go. If they could, they would basically be printing their own money. Trying to predict the market will have you developing bad habits and have you out of the market instead of developing a nice nest egg to retire on.

To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page “Forex Trading To Riches” ebook at http://www.forextradingpower.com.


The author, Daniel Su, is the owner of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.