Which strategy of forex is the best and fully safe?
- Thread starter Finlay-Ar
- Start date
It took me from 2011 to 2015 to come up with a winning strategy, and it took me from 2015 to 2020 to hone that system to the point I felt it had reached "perfection." So, I agree with AbbotAle, especially since I was not willing to pay anyone to teach me what they supposedly knew.
Nonetheless, three sources of information I felt were especially useful to me personally were tradewithprecision (Nick McDonald), nononsenseforex (Patrick) and proacttraders (Scott Barkley). No doubt you can find videos they've produced for free on YouTube.
Nonetheless, three sources of information I felt were especially useful to me personally were tradewithprecision (Nick McDonald), nononsenseforex (Patrick) and proacttraders (Scott Barkley). No doubt you can find videos they've produced for free on YouTube.
Depends very much on what you mean by better or safer.
A trend-following strategy entry gives you frequent repeatable opportunities with a high probability of a win but almost no probability of a dramatic win. Reversal trade entries have the reverse characteristics in many ways - infrequent unique opportunities with a high probability of false moves but at least a low probability of extraordinary gains.
If you're looking for your first strategy, start with one that is objective and almost mechanistic. Go for the simplest chart pattern (uptrend), use the simplest chart set-up (moving average) to help you confirm trend. The entry signal is personal choice.
A trend-following strategy entry gives you frequent repeatable opportunities with a high probability of a win but almost no probability of a dramatic win. Reversal trade entries have the reverse characteristics in many ways - infrequent unique opportunities with a high probability of false moves but at least a low probability of extraordinary gains.
If you're looking for your first strategy, start with one that is objective and almost mechanistic. Go for the simplest chart pattern (uptrend), use the simplest chart set-up (moving average) to help you confirm trend. The entry signal is personal choice.
This is nonsense. Trends give the large moves, often.
If you're looking for 'safe' trading is the wrong business for you.
I say nothing about the total duration of trends - in forex these can last for months, and this isn't rare. Naturally, the total pip difference from start to finish is considerable. But in reality how many private retail traders ride the whole trend?
Then again, as far as reversals are concerned, over short time-spans, they often take out far more pips per day from a trend than the trend was putting in. But on that scale they last just a few days...
Never open an account is safest.
The safest is don't trade forex.
Because there is a high chance you will be in the majority category.
The majority of the traders ( about 99%) lose money trading forex.
Only 1% make it after they try very very hard developing their own holy grail.
Go and do anything like being a professional gambler,
forex coach, doctor, cleaner, soldier, loan shark runner,
sports man, wrestler, scientist, technician, spy, snake oil seller .... Go do anything except being a trader.
Of all the professions in this world, being a trader means chances of success are extremely slim.
Because there is a high chance you will be in the majority category.
The majority of the traders ( about 99%) lose money trading forex.
Only 1% make it after they try very very hard developing their own holy grail.
Go and do anything like being a professional gambler,
forex coach, doctor, cleaner, soldier, loan shark runner,
sports man, wrestler, scientist, technician, spy, snake oil seller .... Go do anything except being a trader.
Of all the professions in this world, being a trader means chances of success are extremely slim.
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