Posted by Binary Options Questions on Oct 7, 2011 in Forex | 7 comments
what is the most successful strategy in forex?
The most successful strategy for anyone but expert investors is to completely avoid FOEX.
FOREX trading is a scam. 75% of all investors lose nearly their entire stake in just a few months. The problem is that the company sets the exchange rate, not the open market. Also, if you buy on margin (required for almost everyone) the company can force sale of your shares when a currency falls a tiny amount, thereby not letting you survive any sort of fluctuations. Stay away. You’ll have better luck at the roulette wheel, which isn’t saying much.
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FOREX trading is a scam? The amount of Forex traded on Interbank markets every day exceeds the whole market cap of the NYSE. How can trading futures contracts be a scam? Which doesn’t mean that there aren’t scams out there…
The most successful strategy is to backtest and diversify but you can make good money with some fairly simple ideas.
Forex isn’t a scam. But it is extremely difficult. First, you need a reputable broker that doesn’t play games. InterbankFX (ibfx.com) is one. If you want other choices, ask your broker if they do “Straight through processing with no requotes”. Yes means they’re on the latest technology and acting in your favor.
Next, you need to be able to trade a demo account successfully for several months before you start risking any real money. There is no “best” strategy, except one that you develop yourself through years of study and experience.
To quote from the movie “War Games”: “Only winning move is not to play.”
Yes, that’s global thermonuclear war. But it also applies to the practice of buying up foreign currencies when they are cheap, and selling them when their value increases. It’s fundamentally a scam, and the only reason it hasn’t been banned (except for big bankers) is that so few people (except big bankers) are making any money out of it. I’m surprised there haven’t formed more Eurozone-style, single-currency blocs specifically to prevent it.
Anyway, remember: nobody ever gets richer without somebody else somewhere getting poorer.
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1. there is no ‘most successful strategy’, except the one that you yourself have developed by paper trading for months and working out the kinks.
2. Don’t even think of buying an EA, they are scams in that they will most definitely come back and bite you.
3. Unless you go with a broker that is commission based and you trade at least 1 standard lot, your order will never get to the open market. FOREX Banks only deal in standard lots on the open FOREX feed. There is no mico or mini out there.
4. The retail brokers that have mini and micro accounts, those orders are always traded within the accounts of other traders with the broker you are using. If another trader does not have the reciprocal trade of yours, then the broker will take the other side of your trade.
5. Commission-less brokers manipulate the spread before you receive it, that is how they make their money, along with taking the opposite side of your trade – win or lose.
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Posted by Binary Options Questions on Oct 7, 2011
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