This is the never ending debate between the professional currency traders regarding who has the best method of trading. One will say, "this is the way to go," the next will tell you, "no only an idiot would do that, the way I trade is much better," and finally a third one will state, "they are both fools that have no idea what they are doing and should not even consider themselves professionals utilizing a trading style like that." After interviewing so many high level Forex traders, I have come to my own conclusion on this issue which is, "what does it really matter what strategy you follow, as long as you are a consistently profitable in all market conditions."
The private investor who does not have an ego involved in the discussion is really only concerned with one facet of the matter and that is making money. Capital gains is what it is all about, raking them up, banking them away and gladly spending them in the future. There are so many different strategies when it comes to trading the Forex markets that I really don't think or maybe I should restate that, I know that there is no one individual knows them all, much less makes use of all the strategies.
My personal favorite and the one I trade with is Forex made easy or KISS (keep it simple stupid.) Essentially what I have done is take all of what I have learned in the various FX educational classes I have taken and attempted to take the topics I thought most useful and put them into my own individualized system, which is very close to the Forex made easy program taught today by so many classes. Some of these programs teach you such wild extremes of trading, that while I found it useful to know what other people did, I quickly decided that was not the approach I was going to take. This is when I came up with my own individualized approach to trading. After I finally developed something which was producing consistent profits I realized why the professional traders had such an ego about their trading methods and that was once you get this to a state where you know you're going to make money you just want to tell the world.
My concept of Forex made easy is to use to commercially available software products, one which is a trend based system and the second is a software that send signals. Once I receive a signal from the system I then check if the trend line is advancing as you would expect it would after you receive the signal. The third Forex indicator I look for is news coverage verifying the signal and trend which I do with an RSS feed from Reuters. I have found that once all three of the indicators have been verified and are all consistent with each other my winning trading percentage is on the high side of the ratio.
This is my approach to trading, but who really cares? I can tell you with almost 100% assurance, that once you become a money making machine trading the currency markets your Forex trading strategy will differ from mine as well as diverge from the vast majority of the other traders on the market. Just make sure you have an excellent FX education before starting on this wild adventure and you will do fine. I mean really, most of these courses cost around $100, why anybody would even consider trading without at least taken one of them is beyond me. But, then again, that's just me, so who really cares?
William R. Alheim, Jr., CPA, MA - Visit http://www.tradingforexreviews.com/ to learn more about Forex Brokerage Firms, Software Systems and Educational Courses. Good Luck! I look forward to seeing you on the trading floor making money! |
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