Forex Trading Strategies – 2023 Edition
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If you want to start online Forex trading in 2022 or just looking for best Forex trading strategies that work, then you’ve come to the right place.
Or if you want to learn Price Action trading then if you click this link, you’d be taken to my very comprehensive Price Action Trading Course…and yes, it’s FREE.
You have full access to hundreds of free Forex trading strategies and systems for different levels of traders from beginners to veteran traders:
- Forex scalping strategies (choose from 14 forex scalping systems)
- Currency News Trading Strategies (choose from 3 strategies)
- Price Action Trading Strategies (64 trading strategies to choose from)
- Simple Trading Strategies Suitable for For Beginners (37 trading strategies to choose from)
- Complex Trading Strategies For Advanced Traders (9 forex trading strategies to choose from)
- Advanced Trading Strategies (15 trading strategies to choose from)
How To Create A Solid Forex Strategy
One biggest mistake for many new traders is starting to trade Forex without a solid Forex trading strategy.
The Forex market is really attractive because it operates 24 hrs a day and you can trade when the market is going up or when the market is going down and in the eagerness to make money or prove themselves they dive headlong into trading.
Does that mean the beginner Forex traders cant make money?
Yes, you can make money trading Forex…and its if you are a beginner trader and you get into Forex trading and start making money right away, you should be very careful to let ego overcome you.
You can make a fortune trading currencies in the short term but soon this will lead to bad psychology and trading discipline problems and you’ll end up blowing up your forex trading account.
Good trading discipline, psychology, and humility are only achieved through experience.
To be successful in Forex trading, you’ve got to have a strategy/plan in place which you must follow.
Creating or finding a Forex trading strategy is very important as this addresses the following:
- Reason for taking the trade: why buy or sell? And what currency pair?
- Timing of the trade: why buy now? should you buy or sell after economic news release? The Asian session, London session? New York session?
- Trading objective: what’s the profit target? What’s your stop loss?
- Money management? How much are you risking per trade? Per day?
- Documenting and analyzing your trading results? This identifies your strengths are well as weaknesses.
What is your reason for entering a trade?
And there should be a really good reason!
If you are entering a trade out of boredom or just the need to make a trade for the excitement, this is a recipe for disaster.
Nothing feels more worse than entering a trade and watching a trade turn into a loss when you precisely know you should not have taken that trade in the first place!
Every trade should be taken based on a condition that’s been stated in your trading strategy, whether it be a technical reason or a fundamental reason or both. Follow what your trading strategy says.
Free Forex Trading Strategies
When selecting which type of forex trading strategy to use, you have two options:
- You either pay for them
- You can use any of the free Forex trading strategies on this site and test them out.
The trouble with paid Forex trading systems is that:
- You can spend a lot of money on buying a Forex trading strategy that does not fit your trading style.
- Later down the line, you realize it does not fit your trading personality so you won’t be using it once your initial fascination starts to wear off. Waste of money.
With free Forex trading strategies:
- You have the option to test them out without paying for them and eventually find a trading system that suits you.
- Free Forex trading strategies can make money in Forex.
With that in mind, this Forex website has hundreds of Forex trading strategies for all kinds of traders from beginners to advanced traders.
You may also like these:
- Top 10 Forex Reversal Candlesticks For 2016
- 8 Amazing Facts About ForexFactory Not Many Traders Know About
- How Fred Made a Million Dollars in 40 Trades and You wouldn’t Believe What Happens Next
- Free Price Action Trading Course (16,000 words long, covering tricks, tips, and price action trading techniques)
- Free Forex Trading Signals & Setups That Have The Potential To Make You 100’s of pips profit each week.
- How To Trade Elliott Waves In 6 Simple Steps
These Forex trading systems range from simple Forex trading strategies to complex Forex trading systems, from Forex trading strategies for beginners to advanced traders and including Forex price action trading strategies.
Here are the 6 different types of Forex trading strategies and systems on this site:
1. Forex Price Action Trading Strategies
These are Forex trading systems that are based on price action. Either they can be pure price action trading, which means they only rely on candlesticks and (or) chart patterns or a combination of other Forex indicators with price action. Yes, you can do currency trading just by looking at the price bars.
- For a huge and amazing list of free Forex price action trading strategies, click here.
You can learn such price action trading systems like:
- trendline trading strategy
- trendline breakout trading strategy
- support and resistance trading strategy
- inside bar trading strategy
- head and shoulders pattern trading strategy
- outside bar trading strategy
- 123 forex trading strategy
Click here to go to the price action trading strategies.
2. Forex Scalping Systems
The next group of Forex trading strategies on this Forex website are Forex scalping strategies.
If you want to be a forex scalper, you got to find trading systems that you can trade in a much lower timeframe like the 1 minute and the 5-minute timeframes.
- for a list of Forex scalping systems, click here
Here are the list of forex scalping systems on this site:
- 5 minute forex scalping system with bollinger bands indicator
- 1 minute forex scalping with pin bars and trendlines
- forex scalping strategy with stochastic Oscillator
- 5 minute forex scalping system with stochastic and supertrend indicator
- 20 pips forex scalping system with linear weighted moving average
- 1 minute high frequency support and resistance forex scalping system
- 1 minute forex scalping strategy with trendlines and stochastic oscillator
- 5 minute forex scalping strategy with parabolic SAR And MACD Candle Indicator
- 1 minute forex scalping system with CCI and Slope Indicator
- Forex Scalping Strategy Using Pin Bar and Support And Resistance
- 5 minute forex scalping strategy using parabolic SAR and 200 EMA
- Simple Forex Scalping Strategy For GBPUSD
- Simple forex scalping strategy using 200 ema and stochastic indicator
- 20 pips gbpjpy forex scalping system
- 34 EMA With Trend Lines Scalping
To check out these free forex scalping trading systems and strategies listed above, click here.
Best Forex Scalping Strategies
If you are thinking of Forex scalping, you must have balls of steel and really high concentration and don’t even try to blink too (just kidding).
Here are some Forex scalping systems and strategies on this site:
What Is Forex Scalping?
Forex scalping is a day trading technique where Forex trader executes a trade and exit within minutes or seconds on some cases.
So essentially, when you a forex scalp trader, you are not looking for big profit targets, you are looking for very small profit targets per trade like 5 pips, 1o pips or even 15 pips. And you are trying to take many trades throughout the trading session with these small profit targets.
So what’ the point of Forex scalping then?
Well, here’ the thing: the goal of the FX scalper is to make many trades throughout the trading session and hope that in the end, all those small profits will add up and exceed the trading losses incurred (and take care of spread costs for trading).
Many Forex traders do not like Forex scalping because they see no point in going for very small profits and being involved with this kind of high-pressure trading environment.
But the funny thing is that there are many traders that do like Forex scalping. If you are interested, this forex website also has forex scalping strategies that you can check them out and try if you like by clicking here.
3. Forex Currency News Trading Strategies
Then there are also Forex news trading systems here.
If’ you’d like to trade non farm payroll or interest rates decisions or employment/unemployment figures that are released monthly, these forex news trading strategies and systems are what you should be using.
- for a list of Forex currency news trading strategies click here
Trading news can be both profitable and extremely risky as well.
If you don’t know what to do, do not trade news. You can wipe your trading account within a few seconds to minutes because price can move against you so fast you will be caught out.
But if you are not using Forex news trading strategies and then these days, its best to check everyday before you trade what major economic news releases are scheduled to be out and then decide if you wait until the news is released then trade or just simply wait for another day.
These are Forex trading strategies where you can use to trade forex news:
- 1 minute forex news trading strategy
- best interest rates news trading strategy
- non farm payroll news trading strategy
For more information on the news trading strategies, listed above, click here.
4. (Basic) Simple Forex Trading Strategies For Beginners
If you are a beginner, having a complex and advanced Forex trading strategy will confuse the heck out of you. Take your time!
What you need is to start with are basic Forex trading strategies and work your way up from there. These are really easy forex trading strategies.
Being a basic Forex trading strategy does not mean they are going to be unprofitable trading systems.
Simple here means that the trading rules of these Forex trading strategies are really easy to understand and execute when you are trading.
There are not many conditions or rules to confuse you. That’s why these are suitable forex trading strategies for beginners.
- for an awesome list of simple forex trading strategies for beginners, click here.
These are really simple forex trading systems suitable for beginners who are starting to trade forex.
Being simple does not mean that these forex strategies are not profitable. As a matter of fact, simple forex trading systems are much easier to use and can be extremely profitable.
Once you get the hang of it, then you can start to develop your own forex trading systems or move on to more advanced forex trading strategies and even price action forex trading strategies.
If you are a beginner forex trader, you really don’t want to confuse yourself too much with all the other stuff…just find a simple forex trading system and demo trade it out for a while.
What you will find is that the simplest forex trading systems are the ones that can make money. Find out, stick to it and try to make it work for you by sticking to its trading rules with proper trading risk management.
5. Complex Forex Trading Strategies
As you progress up the ladder in your understanding, you’d come across to complex forex trading strategies and systems.
These types of forex trading strategies need a lot more thinking and trading conditions and hence the name-complex trading strategies.
- for an amazing list of complex forex trading strategies click here.
6. Advanced Forex Trading Strategies
I don’t know why I have to put up an “Advanced forex trading strategies” category but I have so there’s nothing I can do about it now.
Almost similar to complex Forex trading strategies, the advanced Forex trading strategies do take a bit of getting used to.
There can be a lot of conditions to fall into place before you can execute a trade.
- for a huge list of advanced Forex trading strategies, click here.
These forex trading strategies in the advanced category do involved a bit more thinking and they are not so simple if you are new forex trader.
Forex Trading strategies like:
- forex correlation trading system
- hull moving average trading strategy
- 30 min atr breakout trading strategy
- cci trading strategy with support and resistance levels
- cci moving average trading strategy
- bollinger band with horizontal support and resistance trading strategy
- floor traders method
Click here to head over to this list of advanced Forex trading systems given above.
Price Action Trading
Price action trading is simply technical analysis trading using the action of candlesticks, chart patterns, support and resistance levels to execute orders.
To be a better price action trading, you need to have a solid understanding of how price action theory and how to trade it in real-time.
For this reason, I’ve written a price action trading course. And yes, it’s not going to cost you anything…it is absolutely free.
Ff you like to to to know how to trade with price action then click this link and you’d be taken to my Forex price action trading course which will teach you to become a better price action trader.
In the price action trading course, you learn about such things as:
- 3 important reasons why price action trading is important
- buying and selling pressure of candlesticks
- 7 things you need to know about head and shoulders chart pattern
- price reversals and continuation
- support and resistance trading
- how to trade with Fibonacci and price action
- how to trade moving averages with price action
- 9 profitable chart patterns every forex trader on the planet must know
- how to trade price channels
- 10 candlestick patterns every trader must know
and lots more. Click here to go to this price action trading course.
- If you’d like to know the type of Forex trading strategy that one newbie Forex trader used to make a million dollars in trading forex then read this post I wrote: How Fred Made $1 Million Dollars From 40 Trades In 3 Months-You Wouldn’t Believe What Happens Next!)
- if you want to know how to multiply your forex profits fast then the pyramid trading method is one method you should know and learn how to do it properly.
And this is not all, there are:
- lots of trading tips, trading methods, and techniques,
- forex indicators
- expert advisors
- forex articles
All you need to do is search for the different categories of this website.
Here, there are hundreds of free forex trading strategies and systems for different levels of traders from beginners to veteran traders.
So take your time to explore and I hope that you find the best forex trading strategy that you can use to trade the forex market and many profitable pips to you.
4 Essential Elements Of A Forex Trading Strategy
What is a Forex trading strategy (system)?
A Forex trading strategy is simply a set of rules telling you when to buy or sell when certain market conditions are met in order to make a profit.
Any Forex trading strategy should have these 4 core but basic elements:
- the condition(s) that should trigger you to buy or sell.
- where to place your stop-loss order,
- where to place a take profit target
- and the system should have rules on how to manage a trade.
That’s the definition of what a forex trading strategy is.
If a trading system that does not have any one of these core elements, then you are going to be left confused in implementation.
Put simply, the forex market can be said to be chaotic. So to have order in a chaotic market, you got to have rules.
Forex Strategies Resource
There’s also a lot more Forex strategies resources in this Forex website which includes:
- Japanese candlesticks and chart patterns
- forex trading videos
- forex articles
- forex trading tips
- forex mt4 indicators
Let me give you a brief overview of what is in them…
Candlesticks And Chart Patterns
In here, you have:
- top 10 forex reversal candlestick patterns every trader needs to know
- 7 things you need to know about head and shoulders pattern.
- Bear Trap Chart Patterns Every Forex Trader Should Know
- Bull Trap Chart Patterns Every Forex Trader Needs To Know
- Doji Candlestick Patterns Every Trader Needs To Know
- Hanging Man Candlestick
Forex Trading Videos
Watching forex trading videos is one quick way to learn about forex trading as well as to grasp trading concepts much quicker including learning forex trading strategies.
Forex Trading Videos in here include the following:
OMG! You Wouldn’t Believe The Filthy Rich Lifestyle Of Wall Street Billionaires. They Are Completely Insane
This Guys Is Not A Forex Trader But Definitely Hit The Nail On The Head With This Epic Song About Trading And Investing…CLASSIC!
- Video Explaining European Crisis
5 Fastest Ways To Make $1 Million Dollars In Forex Trading (A Numbers Game)
20 Loosing Trades In A Row? No Problem If You Do These 2 Things
14 Best Forex Calendars-Alternatives To Forexfactory Calendar
11 Things The ForexFactory Economic Calendar Tells You (If You Are Keen On Forex News Trading)
Top 9 Best Forex Price Action Trading Websites On The Planet
8 Amazing Facts About Forexfactory (Not Many Forex Traders Know)
Forex Trading Tips
Top 37 Advantages Of Trading Forex Demo Accounts Before Trading Live
12 Best Price Action Trading Strategies For All Levels Of Traders Including Beginners
20 Forex Trading Tips That Can Make You A Successful Forex Trader
This Is The Best Trailing Stop Technique (2 Charts Reveals All)
High Probability Trading-How To Identify High Probability Trading Setups
Forex MT4 (Metatrader) Indicators
Some of the best MT4 forex indicators are listed here:
Relative Strength Index Indicator(RSI)-Includes 3 Main Ways To Trade It
MT4 Support And Resistance Indicator-Best Support And Resistance Indicator MT4
Inside Bar Indicator Mt4-Indicator For Detecting Inside Bars
Free Forex Trading Signals (FREE)
I also provide free forex trading signals. These forex trading signals are based on price action trading setups.
It is really becoming one of the popular items on this forex website so I ask you to bookmark it or join my email list where you get sent trade setup alerts sent weekly:
How it works in the forex trading signals area is that I will post the forex trading signals that may happen during the week giving your the charts and trading setups and how you can trade them.
After the weekends, I will give you an update of what happened on the forex trading signal review page.
In this way, you can actually see the “before” and “after” situation of price action at work and I hope that this will give you a better understanding of trading price action.
Forex Trading Strategies That Work
Every forex trader is different…what you like is not what I like. What you think is the best Forex trading strategy for me will not be the same.
This question is left for each individual Forex trader. You need to find the Forex trading strategy that fits your trading personality and when you do…then that would be your best forex trading strategy (in my opinion).
Therefore, if you are looking for Forex trading strategies that work, just understand that one system cannot work for all.
I may like price action trading but you may like to use indicators in your trading system. You need to research and test and find out what type of forex trading strategies and systems work for you simply because everybody is different.
I’f you like moving average forex trading strategies, there are lots of them on this site. If you like scalping Forex trading strategies, they are here to.
If you like news trading strategies, they are here to. If you like day trading strategies and systems, there are here to.
If you like swing trading strategies and systems, many of the strategies here are swing trading systems.
All you need to do is find one that you like and make that Forex trading strategy work for you.
Or if you don’t find a Forex system that you like but there’s one that you “sort of like” but still does not really fit..then why not tweak it?
Why not change it by combining a few different trading techniques or ideas from “this trading system” and “that trading system” and then make a trading system you are satisfied with?
Nobody’s going to stop you.
Now, let’s say that after you’ve found the Forex strategy that you like…what do you do next? Well, open a demo trading account with a Forex broker and test out the system to see how it works in real live market conditions.
That’s the only way you know how the forex trading system will work. All trading strategies and systems may look nice on this site but if you like on trading system, you really need to test it out.
Then once you’ve been satisfied, then you can start trading with real money.
This is where the fun begins…trading with live money.
How many Forex trading strategies do you need?
If you prefer to trade only one type of trading setup then you’d only need on forex trading system.
But if you like to trade different market conditions then having several solid forex trading systems for each of the different market conditions is essential.
- if the market is in a trend, then you’d be using a trend trading system
- if the market is in consolidation or in a range, you’d have to use a range trading system
- if the market is getting to major support or resistance levels, you may have to switch to using a support and resistance trading system.
So its really up to the forex trader to decide. If you are beginner forex traders, I suggest you just pick only one forex trading and stick to it.
Forex Day Trading Strategies
If you are keen on day trading, there are so many forex day trading strategies you can find for free here and adapt them to suit your day trading style.
You just have to use your imagination: if a forex trading strategy is based on the daily timeframes, why not change the timeframe down to 15 minutes and see if it works in that smaller scale timeframe as well?
So if you see a forex trading system saying that “its is suitable for trading using only the daily timeframes,” that does not mean its written in concrete.
You can try that trading strategy in a much smaller timeframe so you can day trade.
Forex Trading Basics
Trade Forex With a 9-5 Job?
Similarly, if you are a man with a 9-5 job and trading Forex, sometimes it’s hard to trade while at work, right? Why not find a forex trading strategy that does not take a lot of time and that system is like a “SET AND FORGET TRADING SYSTEM.”
Well, there are forex trading strategies here that fit that criteria…you only need to trade once a day and check for the setup once a day.
If time is what you don’t have, I believe finding such a forex trading strategy will help you achieve the aim of trading forex while working.
Otherwise, you will always have to hit the “boss key” when somebody comes around to your desk at work!
Swing Trading vs Day Trading?
Every forex trader is different. Some like trading shorter time frames and keeping their traders open for shorter periods which means day trading technique sort of comes into play here.
But then there are forex traders that are swing traders…
Swing traders are those traders that take a trade and have a much medium to longer-term outlook. This means a trade can be opened and it may take a day to a week or even months before the trade is closed. Swing traders like to wait for the trade to play out…how long it might take depends on price action and market movement really.
The advantage of swing trading, therefore, is the fact that all the minor price fluctuation in smaller timeframes (which is the domain of the day trader) is ignored and a larger long term view is held regarding each trade that is placed.
The advantage of swing trading, therefore, are these:
- trades held for days, weeks and months mean a lot more profit
- minor price noise is irrelevant
- trades are often entered at swing points, which are in most cases, present really low risk, high reward trade entry points.
The only main disadvantage of swing trading is you’ve sometimes had to maintain the trade even in its up and down swings of price as it heads towards your profit target.
The advantages of day trading are these:
- profits or loss realized in a shorter timeframe during the day.
- Many more trading opportunities can be found during the day.
The disadvantages of day trading are these:
- small profits for each trade
- potential to over-trade
- high pressure and hectic trading environment and need to be on constant alert to scan your trading charts for setups.
Scalping is also a very shorter form of day trading…it takes minutes or seconds to open can close a trade.
Top 10 Forex Swing Trading Strategies
Here’s a list I’ve made of the top 10 swing trading strategies.
Click that link above to check these amazing forex swing trading strategies out.
The Best Forex Brokers?
My general advice is this:
- find forex brokers that have been established a long time ago and have a good reputation and governed by forex regulatory bodies
- find forex brokers that have offices in reputable countries like in UK, US, Canada, and Australia because the regulatory compliance of these countries are much better than others..that’s why I say that. In the US, a reputable forex broker will be a member of the National Futures Association (NFA) and will be registered with the U.S.Commodity Futures Trading Commission (CFTC) as a futures commission merchants and retail foreign exchange dealer. In the UK, forex brokers are regulated under the Financial Conduct Authority(FCA) and in Australia, forex brokers are regulated under the ASIC.
- also, select forex brokers which have lower spreads. Your trading cost increases if you have a trading account with forex brokers that have huge spreads.
- some forex brokers also have minimum deposit they require before you can trade. Check them out before opening a trading account with them.
- ease of deposit as withdrawal.
- how many currency pairs are offered?
Best Hours To Trade Forex?
Opinions may vary but one thing is certain…its much easier to make money trading the forex market when the fx market has volatility and momentum.
And so when it comes to that, many forex traders like to trade the forex market during the London Session and the New Your Session.
The London forex session is where a huge volume of forex transactions are made every day which is followed next by the New Your Session.
In the Asian forex trading session, its is most often characterized by thin volumes during the day.
Its best in my opinion to trade forex during the London fx hours or during the New Your forex trading session.
Best Currency Pairs To Trade?
Choosing a currency pair to trade is very important. Here’s why:
- some currency pairs do not trend very well
- some currency pairs only trend well during certain times during the day, for example, london and new your trading session.
- some currency pairs have very large spreads in excess of 3-5 pips with some forex brokers and if you trade one standard contract, that’s roughly $10-$50 loss right away after you enter a trade and price has to move by this much in the direction of your trade to make that trade breakeven.
- some currency pairs have very choppy characteristics which means they have tendency to spike and if your stop loss is too close, you’ll get stopped out
How Often Do You Have To Trade?
WILL YOU HOLD POSITIONS FOR A LONG TIME? OR WILL YOU BE A DAY TRADER? Most traders are not full-time traders because most will have day jobs while trading and this will often determine the type of trading a trader does from being a day trader to holding positions for a long time like a swing trader.
For some, because the forex currency market operates 24hrs during the day, they can trade after work for a few minutes or hours each day.
Your End Goal In Forex Trading
What is your profit target, what is your stop loss, how are you going to manage a profitable trade?
Nothing is more frustrating than seeing a positive trade turn into negative and eventually into a loss. That’s why It’s important to place take profit targets, your stop loss and also your plan of trailing stop activation: when and on what condition you are going to activate it.
Setting profit targets also helps you stop taking very little profits TOO EARLY.
The price will go where it wants to go. So if you have a buy trade, don’t think it will go up. That’s why you need a stop loss. Stop-loss creates discipline and DON’T MOVE YOUR STOP LOSS as price heads to it…take that small loss instead of a a big loss.
There’s another day to trade tomorrow. Trade for the long term…don’t trade like there’s no tomorrow.
Holy Grail Of Forex Trading?
The holy grail of Forex trading is money management. Sometimes called Trading Risk Management.
You get this one right by being disciplined and doing the right thing and what you will see it that it’s only a matter of time before you will start making good money trading forex.
What blows millions of forex trading accounts is Money Management. So doesn’t it make sense to grow yourself in getting this right?
You see, no forex trading strategy will give you 100% success rate. None. Once a trade is placed, the outcome that you want is not guaranteed because you can’t control the market price and where its going to go next! You are at the mercy of market forces of supply and demand buyers and sellers.
But what you can control is RISK. That’s the only thing you have absolute control over in a trade…your trading risk. You decide how much of your account you are going to risk in a trade.
Forex Trading Software
These days, when you talk about Forex trading software, it can be:
- forex expert advisors
- forex indicators
- forex trading platforms
What are expert advisors? Expert advisors are trading systems coded so that this program can buy or sell without any human intervention.
If you have a forex trading strategy with clear rules on when to buy and sell, it can be programmed into an expert advisor.
Now, forex indicators, on the other hands are tools that that you often find on your trading platforms that assist you making a decision to buy or sell.
Moving averages, Stochastics, MACD, just to name a few, are forex indicators.
Now, when you open a demo account or a real live account with a forex broker, the software that you use to buy or sell is called the trading platform.
Many forex brokers these days also provide the Metatrader4 trading platform. An MT4 platform is a software that is easy to download and in my opinion, one of the very easiest to understand and use.
You will in no time at all understand how to use the MT4 trading platform and off course, its free to use as well provided by the forex broker.
Be A Profitable Forex Trader
Many traders make and lose a lot of money trading Forex.
Why because the human emotion is involved…greed and fear come into play. When your real money is on the line, you’d tend to do things you’d never do while you’d demo trade.
The temptation to trade a lot and make a lot of money “right now” is one biggest killer of forex trading accounts.
It all comes down to controlling and managing your risk. Failure of this and you will not last long in trading forex online.
Can you make money trading Forex?
Yes and No. This is not a surprising answer. You can definitely make money. And also you can lose a lot of money.
The secret to making money in forex trading is managing your trading risk and finding a forex trading strategy that fits you.
Everything else is irrelevant. If you can control your emotions and manage your trading risk, you will do well.
Yes, if you manage your trading risk and have balls of steel…Really, you can be profitable if you eliminate those things that sabotage your forex trading like:
- risking too much
- not following your forex trading system’s rules
- not following your trading risk management plan that you had.
- not waiting for the right trading setups to happen before taking a trade because you are in a “rush” to make a trade
It’s these things that will make you an unprofitable Forex trader and you can lose a lot of money if not controlled.
There’s a saying ” I’ve seen the enemy…and it’s me.” This is very true in Forex trading. You are your worst enemy when it comes to Forex trading.
If you are new trader, you will see this and think I’m lying…
But wait till you’ve trade real money for a while and you will know what I just said is true.
How much do you risk per trade?
There’s so many schools of thought about how much risk one should risk per trade. But remember this: if you risk more of your account in a single trade, it would not take long before you can wipe out your forex trading account but on the other hand, you can make a lot of money if the trade goes right.
But you are trading forex for the long term, it makes complete sense to risk a small percentage of your trading account in each trade. The reason is simple: its would take so many losing streaks to blow your forex trading account.
So what’s the best % risk?
I’d say stick to 1-2% of your account in each trade. You may even go up as 5% risk per trade. But remember, with a 5% risk per trade, all it would take is 20 consecutive losing trades and your account will be wiped out.
The more you risk the more you lose or you can make more. You play this risk management game right and you can be making a tonne of money trading forex.
Trade Forex From Your Home
The beauty of Forex trading these days is as long as you have an internet connection and you have a laptop/computer or iPhone/iPad, you can literally trade from anywhere in the world.
The currency market is at your fingertips in other words.
Which means, if you are housewife reading this, you can trade too. There are forex trading strategies on this site that allow you to take ONLY ONE TRADE A DAY and you only need to check the trading setup once a day.
Forex Trading Course (FREE FOREX COURSE)
There are many website that are selling Forex courses online. I know some of you don’t have the money to spend on such paid Forex training courses.
So I put together something I would have wanted as a beginner Forex trader.
I spent a lot of time making up a free Forex trading course for you. All you need to do is click this link: Forex trading course.
This Forex trading course covers most of the essential things you need to know before you start trading Forex.
Apart from this Forex course, have a look around on this site, there are so many strategies and trading tips and articles that can help you as a Forex trader.
It means the world to me if you can share this website with your friends and fans on Facebook, Twitter, Instagram, or whatever trading forum you are on because you are benefiting from the free information I’m providing here and your friends will really thank you for showing them this free forex trading strategies site as well.