The Best Way on Forex

[SoundFX]

And always question everything...even what's considered essential advice (such as using stops). Before blindly accepting a "pillar" of successful trading, question why it may or may not be important to you.

[ajhardesty]

Hi everyone,

I don't often recommend FOREX books because most of them just aren't that good. But here is one that just hit the book stores and is one of the best I have read:

"Day Trading the Currency Market" by Kathy Lien (Wiley 2006)

Ms. Lien is a successful professional currency trader who worked for JPMorgan Chase and is now the chief currency strategist at FXCM.

The great thing about this book is she covers both technical (including several of her own strategies) and fundamental analysis with lots of practical examples. Plus a chapter with good historic and economic insight into each of the major currencies.

Enjoy.

BTW, I have no affiliation with the author or the publisher, just a reader who was pleasantly surprised to find an above average book on FOREX.

[keniadeniyi]

Mishak,

I traded today and i lost at every turn. Hard luck. I will appreciate your telling me where I can learn how to program and backtest. I am new at fx trading, been doing demo for over six months and still losins.

keniadeniyi

[popoola]

Keniadeniyi


Hang in there. Thank God its only a demo. Can you elaborate on your trding style and technique?

[keniadeniyi]

"Keniadeniyi

Hang in there. Thank God its only a demo. Can you elaborate on your trding style and technique?"

Thanks Popoola, i am testing ways of trading. Currently I am trading 30 mins time frame, using as main indicators adx, stochastis macd sniper moving average5, 20 100(as resistance) and 200(as support). I use 15 mins to know the movement ahead of the 30 mins and one hour to check. Because most of the indicators are lagging I use now us index as a leading indicator.

I like to trade the British and the America markets using any currency pair/s that i can make pips from. I would like to trade long term as that seems to suit my person but it seems very risky for a beginner.

keniadeniyi

[mrbrint]

The best way to be profitable in forex is to make money just like anything else Iguess knowing what yoor doing is good too

[Bellatrix]

Why do you need to "reinvent the wheel" when others are making 20 pips a day on a consistant basis.

[weissdawg]

I prefer using Elliot Wave Analysis to trade the EURUSD and USDCAD. It takes time to become proficient at seeing the patterns and using good money management, but in the end it is well worth it.