The BEST Technique to make profit

Hi,

Does anybody know what is the best technique to make profit in forex trading ?

Someone has told me about a simple technique called "forex trapping" is it a good technique or not ?
That technique sounds like too good to be true, so I don't know its really work or not. I've a plan to try it in virtual trading first.

Also I see from a broker that if you want to become a good trader in forex, you must use and learn a lot of indicators, is it true ? (its make me very confused)

so please share your technique and also what is the best indicator to use

thanks a lot


Annie

 

Basically this does work to some extent.
It's a classical breakout strategy that was once popularized back in the late 90's for trading the E-mini S&P 500 & the E-mini NASDAQ 100. The strategy works well in trending markets. During a choppy session you will be whipsawed.

But overall the method does work.

Good luck.

PS you will have to fine tune it to meet your current overall needs and trading availability.

 

http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?params=US,416&product=33&sort=2

 

What is it ?

 

He is basically telling you to put your money in a Money Market Account. In other words you will have a better chance making a profit in the long term. In this case over the next 12 months if you don't tough your money and leave it in the bank.

On the other hand if you were a consistant money maker in the markets you would already have this type of account and thus wold only be comparing yields.

 

The best strategy I've found for making money is "buy low, sell high"

 

aa.. i see

So, that forex trapping technique is not lie?

and what technique that you usually use in your trading ?


Thank you

 

hehehe, everyone has already know it for that

 

I already answered that question.
The break out is an old strategy.

 

Hi missyjreng

You need to take a look at the following thread:

"what is good book"

It lists a couple of URL's for Forex and several good books on Forex trading.

One of the books that they mention is:

Day Trading the Currency Market : Technical and Fundamental Strategies To Profit from Market Swings (Wiley Trading) (Hardcover)
by Kathy Lien

You can find it at Amazon.com.

Ms. Lien is a broker at FXCM (http://www.fxcm.com/), read the book, get setup with a paper trading account, and learn, learn, learn.

Once you are pretty good at paper trading, open a "mini-account" - you only need $300 dollars margin, but you actually probably need about $1,000.

Continue trading while you get a feel for the markets and continue learning, (FXCM also has courses, etc.).

Eventually, once your prove to yourself that you can do it, get a full account and start trading it.

Good Luck and Good Trading,

Jimmy

Note: - Because the spreads can be VERY WIDE, you absolutely must go to a reputable broker, or else you will get you head handed to you!