Can someone tell me what is the best way to trade forex

Question

Can someone tell me what is the best way to trade forex

Answer 1

Through my experience i can say that:

1. Learn concepts 1st. get familiar with the technical analysis, fundamental analysis, indicators and tools.

2. Make use of stop loss, limit orders and trailing stops.

3. Make sure of the entry and exit points.

4. Don't greed. Predetermine your targets and then follow them strictly.

5. NEVER repeat your mistakes. Learn lessons from your loss and try not to repeat them.

6. Never follow what people say, make your own strategy and use them cleverly in trades.

7. Choose a good broker who can help you to make smart trades

Actually trading is a smart activity done my smart people. therefore be smart and make a unique strategy.

Answer 2

The great thing about trading Forex is that you can make money regardless of the Economic cycle. While the stock market might be falling in value, currencies continue to move up and down relative to each other. There is constantly opportunity to make a profit.

I found that Forex Tracer is by far the easiest-to-use automated forex trading software. There is an unconditional 8 weeks money back guarantee. Demo account is available and they also offer $100 bonus towards your MT4 account.

http://retirerichguide.com/ForexTracer.h...

Good luck

Answer 3

Learn by Doing & Do what works for you.

It is not the indicator or oscillator you use. I have seen traders who use 5 to 10 different indicators whose charts look like a doodle my 4 year old son made, and still can't do better than a trader who makes money using only trendlines.

I met traders who can explain how every indicator out there works and yet sit on losing positions justifying them with this or that indicator.

Success in trading is Inside Out. Remember: the goal of a good trader is not to make money, but to trade well.

Good luck!

- Jim Syyap, Managed Forex Account

http://jsforex.blogspot.com

The simpler your trading method, the better.

Answer 4

There's tons of programs which "claim" to help you trade "automatically" but to be honest most of them are scams which are not worth your time.

I use a system called "Forex Autopilot" which, although it has a cheesy site, is actually VERY good.

I looked at this review: http://www.fxsystemscompared.com/rev_for... which basically tells it like it is :)

Hope this helps?

Answer 5

Carefully.

Read at least a dozen books. Learn technical analysis. Don't do anything for at least a year. Remember paper trading is good for learning a platform.... it's not great for evaluating your performance.

You may want to try something easier... like trading stocks first.

(same rules still apply).....................................

Answer 6

1. open a demo account

2. develop your own trading strategy, based on news, charts, fundamentals, etc. - whatever you want

3. practice 5 to 10 trades every day for 6 months

If your account balance is not better than what you started with, start over at step 2 and repeat the process for another 6 months.

Repeat until you are able to consistently grow your account balance, or you are too fed up to continue.

Answer 7

Open a demo account and practice. Buy a book or two and learn and apply. Dedicate an hour or two everyday to it. Discipline and patience.

Crawl, Walk, Run  Sen. Clay Davis. - The Wire