A way to trade Forex that works for me

[crauria]

Hi,

I've been trading Forex, stocks, futures and many commodities for several years, sometimes losing, sometimes winning. After several years I can't predict the market BUT I know what works for me and maybe it could work for you.

1. Trade mid term -> For me, short term is not an option due to my actual job. Long term makes me feel out of the market and I feel I'm losing reinvestment opportunities every week. So, mid-term is key for me.

2. Always set up an entry point, a take profits and a Stop Loss -> I never change them. I only increase stop loss if a new low has been made and after that a new high happened, that makes me feel comfortable enough to update the stop loss.

3. Winner set-up -> I write in an excel spreadsheet all the important things. Resistances, supports, trendlines, major news coming soon and so on. If most of them are aligned with my direction, I trade.

4. Share my strategy in Zulutrade -> This way they track my performance and I've added pressure to keep doing the strategy in a safe way. I try to avoid passionate trades or trades decided in less than 1 week. To be sure that I'm doing well I check my ratings in Zulu4me, those guys analyze all zulutrade traders and rate them. I'm not a top from zulu4me point of view, mostly due to my short track record (<2y)

5. DIVERSIFY -> I usually trade 3-4 currencies as much uncorrelated as possible. Furthermore, now I'm copying other top guys from Zulu4me. So, I'm not only diversifying currencies but also DIVERSIFYING STRATEGIES!

6. Don't read news -> That makes me feel uncomfortable because you can always find good and bad news, so I only read charts.

This is what worked for me for the past 2 years. Now, what do you think I can still improve?

Regards,

 

[SmartGeek]

I would not agree with the last one, sometimes news can be very much helpful for us to trade with Forex, news reading is a good idea according to me.

 

[tomorton]

Now, what do you think I can still improve?

Regards,

I took a step forward in forex when I started taking account of which currencies are bullish or bearish. This might sound obvious, but its very easy to find you've gone long on a minor USD-based pair when all the major USD pair charts are looking bearish.

 

[SmartGeek]

We all have our favourable pairs and we trade with them but it is necessary that it will work for each time, we need trade according to the Forex Market Situations.

 

[crauria]

I took a step forward in forex when I started taking account of which currencies are bullish or bearish. This might sound obvious, but its very easy to find you've gone long on a minor USD-based pair when all the major USD pair charts are looking bearish.

That's a good one, but you have the risk to lose your focus in 1 or 2 markets.

 

[tomorton]

That's a good one, but you have the risk to lose your focus in 1 or 2 markets.

Not really.

 

[crauria]

I would not agree with the last one, sometimes news can be very much helpful for us to trade with Forex, news reading is a good idea according to me.

Yeah, I use news only to be out of the market and avoid large spreads or fast movements. But never have used news to open a trade.

 

[gerryg]

Yeah, I use news only to be out of the market and avoid large spreads or fast movements. But never have used news to open a trade.

News outcome can be unpredictable and work against you. How you can be sure it will workout towards favorable direction for you? It may even start a new trend and drive you into deep drawdown.

 

[Haffizz]

News outcome can be unpredictable and work against you. How you can be sure it will workout towards favorable direction for you? It may even start a new trend and drive you into deep drawdown.

'News' and 'sure' seem to be incompatible things...
Maybe the luck factor helps

 

[SmartGeek]

Forex Trading is very risky, but if you wanna become successful, you need to have lots and lots of practice to survive in Forex Trading.

 

[foroom lluzers]

Share my strategy in Zulutrade -> This way they track my performance and I've added pressure to keep doing the strategy in a safe way. I try to avoid passionate trades or trades decided in less than 1 week. To be sure that I'm doing well I check my ratings in Zulu4me, those guys analyze all zulutrade traders and rate them. I'm not a top from zulu4me point of view, mostly due to my short track record (<2y)

Are you a vendor?

 

[SmartGeek]

That's quite a good thing to know, it is very much appealing, that you have a good strategy and a helpful system, keep practicing, you will also become a successful trader in no time.

 

[crauria]

That's quite a good thing to know, it is very much appealing, that you have a good strategy and a helpful system, keep practicing, you will also become a successful trader in no time.

thanks dude!

 

[progix]

'News' and 'sure' seem to be incompatible things...
Maybe the luck factor helps

I guess luck factor can be a plus in forex trading but most of the times earning from it is based on analysis otherwise many loose money in it.

 

[SmartGeek]

We cannot rely on Luck, you need to understand that if you wanna become successful, you need to have a hold over various strategies, in order to earn some good money.

 

[FxTim]

Personally what i have noticed the best and safest way to trade Forex is to trade on WEEKLY CHART that really helps you to identify the Right trend of the market and you will be doing great . though you will get very less signals but one signal can give you more then 300+ pips alone.

 

[SmartGeek]

I agreed what you said, Definitely we have to adopt some strong strategies to become successful in the market.you can take suggestions from financial market experts to enhance your knowledge regarding right investment.We can not totally rely on luck we have to do efforts to earn a good return.

Yes, of course, we need to have lots and lots of strategies, to become successful in Forex Trading. If you wanna become successful, you need to have lots and lots of knowledge and experience and skills.

 

[TeslaTraderCo]

I am similar I am always flat when there is large news coming. I also, close all positions with any new significant news.

 

[SmartGeek]

There are many ways to deal in with the Forex Trading, but the best way to deal in with is the manual trading, though it is very risky, it is too much rewarding too.

 

[NVP]

I took a step forward in forex when I started taking account of which currencies are bullish or bearish. This might sound obvious, but its very easy to find you've gone long on a minor USD-based pair when all the major USD pair charts are looking bearish.

Amen brother ......Amen :cheesy: