To be successful in the world of forex trading, you need a strategy. This can be as simple or complex as you want to make it, but having rules for why you enter and exit the market is imperative if you are going to make money in this game.
While many forex trading strategies claim to be profitable or even have account statement proof to back up this claim, if you aren’t trading the strategy as an exact mirror to the owner, then you are going to experience different results. This is why it’s not about finding a profitable forex trading strategy, but rather it’s about how to make it work for you.
How to Find a Forex Trading Strategy
Other than custom developing your own forex trading strategy from scratch, there are many ways to find a profitable strategy that you can adapt to make work for you. Of course there are more which we can go over at a later date, but for now we’ll focus on the two biggest pools of constantly updated forex trading strategies. Those being Forums and YouTube.
Forex Trading Forums
Forex trading forums are a hotbed of constantly posted and updated new content. But with this constant stream of new content, comes a constant stream of new forex traders. It’s for this reason that you have to be careful in what you read and who you read it from. With no background checking of whether what is being said is actually factual, just remember that you could in fact be taking advice from a total newbie with even less trading experience than yourself.
Browse through the trading strategy threads and read the conversations that are going on before you adopt it yourself. One tip that could save you a ton of time figuring out whether the trading strategy posted is successful or not, is to read the final page of the thread first. If there is a bunch of angry posts directed at the poster, then you know you don’t even have to bother reading the thread.
As long as you go into the forums with an open and intelligent mindset, you can find some amazing content and participate in discussions that will no doubt allow you to at least take elements of any particular strategy to implement into your own forex trading.
If you can pull your attention away from the funny cat videos that are no doubt in your playlist, YouTube is actually a great place to find new content, including forex trading strategies. There are literally hours of trading related content, most notably featuring the ability to watch the strategy that you’re trying to learn being traded live.
Do some forex trading related searches and use your own judgement when listening to a trader as to whether you think they are who they actually say they are. It’s obviously easier to tell who is a professional on YouTube rather than on a forum, because you can see and listen to them speak. From finding the trader, you can then find the videos where they discuss their own strategies that you can try to emulate.
YouTube is great because you can see the strategy being traded in real time, right in front of your eyes. While this is possible using screenshots and a forum post, it just isn’t the same as actually seeing the charts move and riding the emotions with the actual founder of the system.
How to Make a Forex Trading Strategy Work for you
Making a forex trading strategy work for you is all about testing. If this sounds like a lot of hard work, then you’d be correct. Forex trading isn’t the place to be if you’re just looking for a quick buck and if this is your attitude, then most likely you’re going to come out with less money than when you came in.
Back-testing can be easily completed on the Vantage FX MT4 platform in minutes, but forward-testing in actual current market conditions is where your time will be spent. Test your strategies with a forex broker known for their tight spreads and fast executions, such as Vantage FX.
Source: Vantage FX Blog