I know that many people are looking for forex trading strategies that will increase their profits, so I thought I would help them along by giving them my top three forex trading strategies that every trader should know about.
1) If you can't explain why you are taking a trade, don't trade. This is very simple, many traders just buy and sell because of their gut feeling. This is a sure fire way to destroy your trading account. I'm not saying that trading is a 100% science, but it takes a lot more to succeed in trading forex than just having a good hunch. It requires knowledge of what you are looking at.
2) Always try to trade with the trend. This is a problem for many, because a lot of people don't really know how to spot the trend. But once you can figure that out, trading starts to get a lot simpler. It's like driving with traffic, instead of going against it.
3) Learn Money Management. This one is HUGE!! You could have the best trading method in the world, but if you don't know how to leverage your money, you will fail. It's as simple as that. You cannot succeed if you are reckless with the way you take trades. You've got to remember that trading is like running a marathon. if you try to sprint your way through it, you will not last. Try to have modest goals, like getting a return of 75-100% for the year, not for the week. Thousands have tried and thousands have failed.
John Templeton has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to trade forex was on a plain chart with no indicators, his profits soared.
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