Q&A: Can you share your simple forex trading strategy system?
Thursday, January 6th, 2011 at
10:06 am
Question by hisoka147: Can you share your simple forex trading strategy system?
If you have a simple forex trading strategy that is very easy to understand kindly share it please. No commercial products.
Best answer:
Answer by Auntie Mame
The best forex strategy is to be a forex broker or a shill for a forex broker. Even seasoned traders like Mad Money’s Jim Cramer have tried forex trading and lost big time money.
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I came across a blog that simply states the system as a simple forex trading strategy. Perhaps you can check it if it’s simple enough for you.
The system uses common indicators where you can easily set up on your trading platform.
Asking people for a simple Forex strategy is like asking people if they have a simple method for playing poker that will allow you to win playing poker experts. There is no simple Forex strategy that works.
Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game using a “simple” strategy.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap . com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Use an Indicator like EUR/JPY then use your BUY currency…. GBP/JPY…..
So the EUR/JPY goes down 20 pips then GBP/JPY goes down 40 pips… like clock work… use an indicator currency
There is no easy or simply forex trading strategy system that will be use to trade forex. it´s all about luck and experience.
So, if you´r a professional forex trader, then you are on the wining track, if not you will also belong to the losers like me. they have whipped me out from forex . my $ 3k was lose there.
You’re not going to get many independent opinions here (and certainly no one that’s not pushing a commercial product). Your best bet is to study how the forex markets work and develop your own trading strategy based on what you learn.
There is no simple easy way to profit in the forex market. There is no single one step strategy that will make you money. Forex is a complex market and there are many variables that go into the movements of the currencies.
The way to make money is through continuous education and lots of experience. If you are not willing to put the time and effort and a looking for a quick buck I would not recommend you trade forex.
Well, there is no one simple trading strategy. If there were, the world would be full of billionaires! Forex, of course, is a risky investment area, and many people lose money — particularly as a result of commissions and fees.
The best thing to do is not pick a given strategy and run with it. The best thing is to learn as much as possible about every aspect of forex trading as possible. When I started trading, I learned a lot from the articles, essays, and webinars at ForexPros.com. It’s my one-stop website whenever I want to learn more about forex. I’d suggest checking it out. Learn as much as possible — do not chase some seemingly-golden strategy in an effort to get rick quickly. It’s a marathon, not a race.