Like trading forex wasn't challenging enough, along comes all the latest NFA rules and regulations. Any forex broker who is regulated by the NFA, has to abide by these rules and our trading becomes more restricted. For example we can't hedge, or if you find a forex broker who allows hedging, they will close your positions automatically by the end of day trading. Trading the news is much more difficult because most brokers don't allow news traders or they play games with spreads for spike traders. It seems you just can't win.
But we can!
First things first. We can't think long term when trading forex. The way the currencies move, being in a trade for a few days to pick up a hundred pips, if you're lucky, is just not smart trading. You can be on the right side of the trade, then some new bomb drops and kills our trade. Or price retraces to knock us out only to continue in our direction. So what are we to do? How can we make consistent profits?
The answer is short term trades. Short day trades. The drawback to this forex trading strategy is that you need to set aside 2-3 hours to trade each day and sit at your computer looking for setups. This isn't for everyone. So many people think all they need is a smart autotrading robot, turn it on and watch all the money roll in. Man, if were that easy, we'd all be rolling in dough. Trading is a commitment. You need to educate yourself and trade when the probabilities are in your favor. You need a nice day trading strategy and stick with it. Work at it a few hours each day and you will soon find that trading can be a lot of fun and very profitable.
My ForexBoost site has been available to traders for many years and we're always trying new tradng strategies. Over this time, we've found that quick, day trades are the way to go these days. Quick in, quick out, pick up 20-30 pips a day and we're done. We don't get greedy and we stick to our strategies. We'll be sharing the strategies we use in the upcoming weeks so stay tuned. We're very excited about 2010 and expect this to be our best year every trading the forex market.
The right strategy, combined with a powerful forex software, will make a really positive difference in all trading activities.
Posted by: forex training software | June 20, 2010 at 03:12 AM
we have to constantly adapt our strategies to the everchanging markets
Posted by: Ho | August 24, 2010 at 02:45 AM
Its gorgeous, i came across http://www.forexeclipse.com. It made 20% in 2 weeks,Is it a wonderful news? offering free Expert Advisor contest ?www.forexeclipse.com , this softwares are really getting that profit?
Posted by: anglina smith | October 04, 2010 at 03:57 PM
I just wanna say that I love your blog! Amazing stuff and great layout! I would be so grateful if you can share some tips about blogging with me. Thank you!
Posted by: Best Forex EA | October 20, 2010 at 07:21 AM
I think forex was more risky than stock market, but after economical crisis. trading forex has went the same risk as stocks. forex market become a good market to invest in.
Posted by: currency trading tutorial | January 12, 2011 at 03:51 PM
I want to trade forex online and have done a lot of reading including attended a short course. Now I am looking for a genuine online forex system to use. Please share your experience.
Posted by: Forex system | September 12, 2011 at 02:11 AM