Success in Forex trading can be obtained once you eliminate the losing trades while you achieve more winnings. This can be greatly achieved thanks to the Forex trading strategies that we have nowadays. Through the use of these strategies, a Forex trader can develop some rules that should help in taking advantage of Forex trading.
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The Best Forex Trading Strategies
Although there are a lot of strategies used in Forex, only very few are proven effective. These strategies have proven its worth for so many years and even famous successful traders were able to utilize it.
The Blade runner Trade
This trading strategy is best suited for different pairs of currency and time frames. Blade runner Trade is considered one of the most trending strategies to appear in the market today. It is a strategy that targets the price action.
Daily Fibonacci Pivot Trade
This trading strategy utilizes daily pivots but can also be extended for a much longer timeline. Daily Fibonacci Pivot is a strategy that combines Fibonacci extensions and replacements. This trade can accommodate as many numbers of pivots as possible.
Bolly Band Bounce Trade
This trading strategy works great in the ranging market. Bolly Band Bounce Trade works well if you use it together with confirming signals. If you know something about the Bollinger Bands strategy, then it pays off to check this one out.
Forex Overlapping Fibonacci Trade
This trading strategy is mostly favored by a lot of traders nowadays. Though the reliability is way lower, combining it with confirming signals can make it very accurate.
The Pop ‘n’ Stop Trade
The strategy wherein you chase a price whenever it goes up will not always work unless you know some trick to it. The Pop ‘n’ Stop Trade is a trading strategy that provides some tips so you will know whether the price will go up or down.
The currency trading strategies mentioned above are a matter of trial and error. However, if you take a lot at some of these additional trading strategies, you might find them helpful too.\
Scalping is considered by a lot of traders as something that’s very time consuming and tiring. This might not be the most fun strategy out there but it works wonders.
Scalping is the safest choice if you are looking for a reliable strategy to use in the Forex market. For day traders, you trade in the market for once or twice every day and you can readily carry a position right into another period. Because of this, profit naturally comes in.
If scalping helps you know the ways of trading the currency market but requires a lot of your time, effort, and patience, positional trading approaches differently. It is way more interesting than scalping and will only take a few hours of your time every week. Plus, it also provides extensive profits. With position trading, you let your positions open for a long time, allowing it to catch huge market moves. What you need to avoid is the use of high leverage and currency swaps.