Topic: What is the best way and strategies to making money with Forex?
Hello everyone, what would be the ways of making money and gain big profits in foreign exchange can someone let me know that? Thanks!!
good day !!
1 2012-06-29 18:52:33 (edited by diane21 2012-06-29 19:14:42)
- Blaiserboy
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Re: What is the best way and strategies to making money with Forex?
As each person has a unique understanding and personality.. there is no real defined successful method that can be universally applied.
Minimizing risk, conservative money management have proven to be large factors in trading success.
My 'secret' goal is to push EA Studio until I can net 3000 pips per day....
Re: What is the best way and strategies to making money with Forex?
Patience. Lots and lots of patience.
Re: What is the best way and strategies to making money with Forex?
Trader should prepare their own trading plan, test some trading strategies and use that are profitable for him to make money in forex trading.
- Blaiserboy
- Junior Part-Time Aspiring Space Cadet
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Re: What is the best way and strategies to making money with Forex?
I am attaching a trading plan outline, I have found this helpful in the past and someone else may gain some benefit by working their way through it.
My 'secret' goal is to push EA Studio until I can net 3000 pips per day....
Re: What is the best way and strategies to making money with Forex?
Interesting trading template, Blaiserboy - short and concise!
- FXfinder
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Re: What is the best way and strategies to making money with Forex?
I dont think there is any 1 way to hit big profits in FX, you just got to keep digging to find the best tactics which suit you.
Re: What is the best way and strategies to making money with Forex?
I'm afraid that there is no success formula for Forex which can make you rich with a couple of bumps. You first need to get the market knowledge and the experience enough that let you build your own success strategies
- ForexAxe
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Re: What is the best way and strategies to making money with Forex?
Hi Daine21, a trading strategy is essential - find a reliable trading strategy then follow the rules of that strategy with discipline and patience. Secondly, draw up a trading plan where you define your short term, medium term and a long term goal.
Winners never quit!
Re: What is the best way and strategies to making money with Forex?
this was the most unspecific question i've seen latest time:) but i guess the best idea is to start with learning
Re: What is the best way and strategies to making money with Forex?
You should open a demo account and test different strategies. My understanding is that you should not stick to one strategy only, but should test different strategies, plans and approach all the time. Yes, the current one you use could be working for you, however, there might always be something better out there. Don't forget the market changes rapidly all the time and you have to constantly catch up with its trend. 
)) Also, sometimes you might get mislead, as you were lucky with a trade, but you were under the impression you won due to your strategy. In my opinion, every trade is an ad-hoc matter, something unique that should be taken care properly. I could also say one should choose a small amount of instruments and keep an eye and trade with them only. Focus on a handful of instruments and follow their trends, whether using technical, fundamental, sentiment analysis or a mix of analyses. I prefer to verify using at least two different types of analyses, in order to have a peace of mind and to be on the safe side. Hope this helps. )))))))
12 2015-12-04 20:21:45 (edited by hannahis 2015-12-04 20:27:45)
Re: What is the best way and strategies to making money with Forex?
Hi Diane,
There are tons of information out in the internet and I think none of the replies here would adequately address your question completely.
There are basically 3 areas (or more) you need to read up...
1. Qualities/discipline of a good trader (attitudes and self management)
2. Trading Strategies/Theories (making sense from Technical analysis, how to recognise a breakout etc).
3. Money Management (don't blow your account)
If you are looking for a quick fix solution...don't think you can find one easily and you would easily fall prey to those who try to sell you one and end up in many sorrows.
As the saying goes..."But those who eager to get rich fall into temptation and a snare and many foolish and harmful desires which plunge men into ruin and destruction. For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs." 1 Tim 6:9-10
- Blaiserboy
- Junior Part-Time Aspiring Space Cadet
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Re: What is the best way and strategies to making money with Forex?
Wow. How appropriate is that verse!!
Thanks for that.
daveM
My 'secret' goal is to push EA Studio until I can net 3000 pips per day....