what has been the best trading strategy that you have ever implemented and now looking back would you change any aspects at all?
The "best" trading strategy in forex can vary depending on various factors, including your trading style, risk tolerance, and market conditions. There is no one-size-fits-all strategy that guarantees success in forex trading. However, I can provide you with a popular trading strategy that many traders use as a starting point:
Trend Following Strategy: This strategy involves identifying and trading with the dominant market trend. Here are the basic steps:
a. Identify the trend: Analyze price charts to determine the direction of the prevailing trend. You can use technical indicators like moving averages or trendlines to identify trends.
b. Entry points: Look for opportunities to enter trades in the direction of the trend. This could involve buying when the price pulls back to a support level or when a bullish reversal pattern occurs.
c. Risk management: Set appropriate stop-loss orders to limit potential losses if the trade moves against you. You can also use trailing stops to protect profits as the trade moves in your favor.
d. Exit points: Consider using profit targets to determine when to close your trades. This could be based on key levels of resistance or when a bearish reversal pattern emerges.
Remember, successful trading involves thorough analysis, risk management, and continuous learning. It's important to adapt and refine your strategy based on your own experience and market conditions. Additionally, it's always recommended to backtest and practice any strategy in a demo trading account before using it with real money.
