How to Determine the Ideal Forex Trading Strategy

Forex trading is about discarding the losing trades while attracting the winning ones. Forex Trading strategies help traders develop a set of rules that assist them in achieving more in Forex trading. While there is no 100% proven strategy, they go a long way in ensuring you don’t lose your money. Here are methods that can help you choose the best Forex strategy. These are strategies that have worked for many traders over the years.

Bolly Band Bounce Trade

The Bolly Band Bounce strategy works best for a ranging market. It is ideal when combined with confirming signals. It’s really worth checking if you’re interested in Bollinger Bands strategy.

Daily Fibonacci Pivot Trade

This trade uses only daily pivots. It can, however, be extended to longer timelines. Fibobacci is a combination of Fibonacci retracements and extensions. The trade can also include an unlimited number of pivots.

The Bladerunner Trade

It’s currently one of the leading strategies in the market. It’s suitable for all currency pairings and time-frames. Bladerunner is also a price action strategy.

Trading the Forex Fractal

This is more of a concept than a strategy. Trading the Forex Fractal is essential if you want a better understanding of how the prices are doing. It offers fundamental market lessons that help to trade more efficiently.

Two more strategies commonly used than the ones mentioned above are scalping and positional trading. Scalping is considered to be time-consuming and tedious, and not every trader pulls it off successfully. However, it works, and it is the safest choice if you’re looking for a reliable Forex strategy.

On the other hand, positional trading helps you to learn about Forex trading strategies in addition to skills that you need to be successful in online Forex trading.

Because currency trading involves trial and error, it would be prudent to try out each of the above strategies and choose the one that works best for you.