I’ve used the Trend Trading strategy and it has turned out to be a profitable strategy for me. In this strategy, traders will trade in the direction of the current price trend. To do it effectively, they will have to identify the overarching trend direction, strength, and duration.
There is nothing as the ‘best’ trading strategy. It is important to understand that different strategies work for a variety of traders as every trader has their unique trading style and goals. The trading strategy that works the best for me may not work for another trader. It’s best to find your own strategy through trial and error.
You can't trade using someone else's strategy. You can't even use your own strategy for too long, as the forex market is very dynamic market. You need to keep updating your strategy depending upon the market conditions.
I've been sticking to the momentum trading strategy where I open a position when a pair is going up and sell it if starts to go down. It's a simple yet very effective strategy that I'm using currently.
I use pullback trading strategy, which I’m sure all of you know involves buying low and selling high. It’s a good strategy that has helped me on several occasions in the past.
Which trading strategy is suitable to trade for beginners with a lower opening balance and lower risks?
Find an uptrend, wait for price to pull back, set a buy order at a level above the pull-back but below the trend prices, set a stop-loss below the lowest point of the pull-back. Adjust your position size so that your account capital risked is less than 2%. When the buy order is triggered, close half the position when this makes enough profit to cover your initial risk and let the remaining half of the position run on with a rising stop-loss.
Supply and Demand I find to be the best for me . Draw out your Daily zones then look for rejections on the hourly from Demand up to the next possible Supply