Forex trading strategies are a dime a dozen. You can find them almost anywhere in the net. A lot of people are trying to make a killing by selling strategies to other traders and many fall prey to the scam because of gullibility. They never ask the question why these people will be giving away winning forex trading strategies for free or for a fee, when ordinarily they should be considered trade secrets and kept closer to the chest.
The gamut of forex trading strategies may read like a novel. There are as many of these strategies as there are technical indicators. They span the trading spectrum from the most basic, to simple, to complex, and to advanced strategies. What this actually means is that trading strategies refer to the practical use of the available technical indicators (and there are hundreds of them). They are not real trading strategies but mere guidelines on how to use each one of them in actual trading. The more complex the technical indicator is the more advanced the trader has to be.
And, to be advanced, would often mean burning substantial capital as the price of learning. But still, there is not going to be forex trading strategies that will roll out the profits for you. Meantime the cycle of learning and then losing money continues. Let’s face it – the naked truth is that more individual traders are losing money than traders making a few bucks out of trading.
But like gambling, forex trading is addictive and will lure you deeper and deeper until you can’t take it anymore. If this isn’t what you want, then don’t fall into the trading strategy trap. While forex trading strategies are vital before you can make money on forex, they really don’t have to be complicated.
Let the big guns in the industry try to outwit each other with strategy moves. You are just a bit player in this scene. Leave the strategy session to the moneyed traders, managed funds, and institutional investors. As an individual speculator you should merely hitch a ride with the bigger majority of these big guns. Never make the mistake of ending up fitting your wits against them. With their money and their resources, you won’t be able to beat them in their money game.
And because you can’t beat them, then just join them. Joining them is the logical thing to do because trading in the same direction the big guns are trading is the safest and most profitable option you have. And from among the available forex trading strategies around, this is by far the most practical thing to do.
It is also not really easy to develop your own forex trading strategy. It takes years of dedicated studying and active trading to come up with your own. It is also not right to use a strategy devised by other people. What may be good for them may prove disastrous to you. The best way is to learn how you would be able to take free rides to profits by trading in the same way the big guns trade. You have to learn how to be sensitive with where the big guns are putting their bets. And this can only be done by spending a learning curb on candlestick charting technique.