Whether you know absolutely nothing about trading the foreign currency exchange (forex) market or you've been trading for a while, ForexBoost is one of the best resources for learning this business and making you a better trader. We have everything you need to get going in the right direction and start trading.
If you've been trading for a while, you know how hard it can be to find profitable forex trading strategies. There are so many forex strategies on the market today, it's very difficult finding ones that work and filtering out all the ones that don't.
I created ForexBoost because I found there were not many great forex training and educational websites that weren't run by forex brokers. The problem with that is there are far too many forex brokers that trade against their clients. That means the more money you lose while trading, the more money they make. So why would I want to listen to strategies and techniques from the companies that would rather have me lose money that make it? It's like the oil companies telling us they're spending millions of dollars to research alternative energy resources and in the meantime they're taking billions of dollars from us each and every day. Do you really believe the oil companies want to replace oil? I don't think so. Nor do I think that most brokers want us to win at forex trading. Not all brokers work this way, but the majority do, so you need to find the forex brokers that are trustworthy. We've used many of them and know first hand which ones are good and which ones aren't. We also belong to a group of forex traders and know which brokers they like and which ones they don't.
I love trading today but it hasn't always been that way. Like so many new Forex traders, I learned the hard and expensive way. After studying so much about the Forex business, learning candlestick patterns, oscillators like MACD, stochastics and many others, I though I was ready to trade. I thought the more indicators I used and the more they lined up, then the higher the probability of a successful trade. I quickly learned, it doesn’t always work that way.
So I paper traded for about 1 week but I found that hard to do. When paper trading you need to keep looking at your live trading account to see where price goes and figure out if your profits or stop losses were hit. Since this is truly a business of inches (or should I say pips), paper trading was not for me. I quickly opened up a free demo account and started trading for real. The best thing about using a free demo account is that you can place trades with a real trading platform but use fake money. This is much better than trying to keep track of numbers on paper and tracking price during the day.
I started looking for some forex trading strategies I could use. I found so many it was hard to know which ones were good and which ones were garbage sold by people that knew nothing about trading but a lot about internet marketing. I made sure that the programs I purchased also had a return policy. When I purchased a trading strategy, I could quickly learn if it had potential or it was either too difficult for me to learn and use or it was a complete waste of money. Needless to say, I got refunds for my fair share of these programs. But I did find forex trading strategies I liked a lot, that were easy to understand and use and worked very well. I still use a handful of these trading strategies today and I do list a few of them in the forex trading strategies section of the website.
Once I started trading Forex successfully, I decided to start a real money account. I started with Oanda because they let me use penny pips instead of full lots. Just so you know, a full lot is $10 per pip and I didn’t have that kind of money, or confidence, to trade that much money. Penny pips were perfect. If my trade went against me, I would only lose 30 to 50 cents. My winning trades would only get me about 30 to 60 cents but this is what you need to do when you’re learning this business.
After a couple months of trading I found my Forex trading results were mixed and I was losing more money than I was winning. I didn’t know why. I thought I was doing everything right, but still I was under water. So I went back to my demo account to get back to basics.
What I found out during this time was invaluable. I realized my money management was the problem. I would flip flop between trading penny pips, to 5 cent pips to 10 cent pips. I would close out trades too early and jump back in. Every time you start a new trade, there is a spread you pay to your broker. This can be 3 pips or more. I found that I was trading so much, my broker was getting more money than I was and I was winning a lot of trades. But the number of trades I did, and my smaller wins and larger losses, I quickly realized I was not a disciplined trader and if I kept this up, I would be a loser in this business.
I also jumped from one forex trading strategy to another never giving one the time it needed to see if it was successful or not. You can’t do this. There are many forex trading strategies available to traders and some are good and some aren’t. There are many good Forex trading strategies but so many traders don’t use the right money management techniques and trading discipline to be more confident.
So this is what I did. I smartened up. I picked one strategy and stayed with it for at least 1 month. I would slowly start to tweak some settings to see if I could improve the win/loss ratio. I'd also try different times of the day to see if the strategies had a better success rate, etc. You get the picture. If I liked the strategy, I kept using it. If the forex trading strategy wasn't giving me the results I wanted, I would find another one and start the cycle over. Rinse and Repeat. To be honest, that's what this business is all about.
This isn’t a complicated business. The problem is many traders over think it and rethink their trades after they’ve executed them. As long as you know your trade setup before hand, execute it, set your SL and TP, don’t change anything, you’ll be fine. Let the trade run and live with the results.
Whether you’re a novice or have been trading for a while but have had limited success or have been losing in the Forex market, you owe it to yourself to find some great forex trading strategies and stick with them. Don't quickly jump from one strategy to the next. Give them time to prove, or disprove themselves to you. Then you'll be on the path to profitability in forex trading and you'll be one happy trader.