Trading on the forex market can provide investors with a continuous income stream. However, to become successful, you need to implement certain strategies. These tactics are not created equal. What is working for others may not be effective for you. You need to practice them with a dummy account before using them on the trading floor. Here are 10 of the best forex strategies.
Bladerunner is a forex trading strategy that involves picking breakouts from a continuation and trades the retests. This strategy is ideal for all timeframes and currency pairs.
Daily Fibonacci Pivot
This trading strategy involves the integration of Fibinacci retracements and extensions with daily, weekly, monthly, and yearly pivots. Robert Peter Janitzek explains that this strategy is useful for trading in longer timeframes integrating any combination of pivots.
Bolly Band Bounce
This trading strategy is designed for ranging markets. It is used in combination with confirming signals. If you find Bollinger Bands appealing, this strategy is worth taking a look.
Forex Dual Stochastic
From the name itself, this strategy involves the combination of two stochastics—one slow and one fast- to select areas where price is trending but overextended in a short term retracement and about to snap back into a continuation of the trend.
Forex Overlapping Fibonacci
This is one of the favorite strategies of traders. By itself, it offers a slightly lower reliability compared to other strategies. Robert Janitzek reveals that when used in combination with appropriate confirming signals, the strategy can be extremely accurate.
London Hammer Trade
The London Hammer Trade is a strategy that capitalizes on the volatility of the London forex market. This is most effective during the London session when the price is likely taking off strongly in one direction and likely reversing from a support/resistance area.
The Bladerunner is a trend following strategy. In Bladerunner Reversal, the objective is to effectively choose entries from situations where there is a trend reversal and price starts to trade on the other side of the EMAs.
Pop n’ Stop
Pop n’ Stop is a strategy in forex trading that determines whether or not the price will continue into the direction of the breakout. This is important if you want to profit from these situations. Pop n’Stop is suggested for traders who try to chase price on its upside.
Drop n’ Stop
This is the opposite of the pop n’ stop wherein traders chase the price on its downside.
Trading the Forex Fractal
This is not just a strategy but a concept of market fundamentals that every trader should know to understand what price is doing, why it is doing, and who is making it move.