What is the best forex trading strategy to make consistent profit and good for long term Investment ? there is so many strategy that available in forex industry, such as. Scalping strategy, News Trading, Intraday strategy, weekly Trading strategies, Grid Strategy, Carry trades, Technical trade using indicator(fibonacci, MACD, Moving average) , price action and many more! but as you can see this kind of strategy are not easy and to complicated, in fact for most of us, it's really hard to do! especially if we don't familiar with numbers and stuff like that! and to be honest with you guys from my personal experiences sometime good and profitable strategy, doesn't mean or should be complicated! as long it works for us it's more than enough! in nut a shell every people have their own way to make profit in forex markets ;)
My second years, in forex I am using news trading strategy! and some people said, that strategy really good to make fast profit from high impact news! and then I try that strategy! at first I make huge profit, about 150% in first week! but in the second week and 3, my money loss a lot! from that tragedy, I realize good and best strategy should be simple, profitable and not to risky! and the most important forex strategy that we choose should be consistent and reliable for long term investment! and if you don't mind I want to give some tips and who knows it could be valuable for your investment ;)
- Tips no.1 chose forex strategy that fit with your personality! if you think news trading strategy simple, and you can handle all pressure! then go a head, use that strategy! when someone said that strategy bad, doesn't mean bad for you! and when someone said good, doesn't mean good for you! in a nutshell, do what best for you and fit with your personality! just like wise man said ;) every people have their own thought! ;)
- Tips no.2 if you like what you do! and the way you do! learn more and more! until someday you'll become forex specialist! it mean you really good with your 5hit ;) when someone really good with his things! a lot of people will have respect! the reason simple because whether people respect or not that kind people always have special magic to do his jobs!
- Tips. no.3 Test and trial! when we found strategy that really works for us! it should be consistent and good for long term! and not just 1 or 3 month! and to make sure that strategy works, you have to test it! you can use demo account, and no need to test with real money! I don't see any different between real or demo account! but of course if your strategy about random and to general such as trading trend, I think you should test with real money! but if your strategy about specific such as, hedging, carry trade, or something like that! using demo account will works!
- Tips no.4 last but not least! try to improve your strategy and make perfections! so if something change, you still get the big idea of that strategy! sometime there is a strategy such as news trading, it can change almost everything, the reason simple because every trader have their own perspective! so when big investor thought central bank giving dovish sign! they will short that currency with a huge of capital! and market move to the bottom! but if you understand how it works! no matter how hard big player move the market! we can sleep well at night ;) hehehe!
I hope my 4 tips can help you out! I know its to general! but at least I do my best that I could do! and I love the way I do ;) hehee! don't forget to read other strategies! who knows, you could find a gold ;)