Success in forex trading is not easy to achieve in a short-term. Most successful traders hone their forex strategies through practice and discipline. They perform self analysis to see what drives their trades and learn how to keep fear and greed, etc. In this article, we will have a look at some best forex strategies that forex beginners can use to perfect his or her craft.
Best forex strategies No.1: Know yourself and develop your trading style
Forex trading is categorized into forex day trading, forex swing trading, and forex position trading in terms of the trading time span. Each type of trading style requires a different approach and each style has a different risk profile, which requires a different attitude and approach to trade successfully. For example, if youre not used to going to sleep with an open position in the market then you might consider day trading. On the other hand, if you have funds that you think will benefit from the appreciation of a trade over a period of some months, then a position trading may be a good choice for you. So no matter what style of trading you choose, be sure that your personality fits the style of trading you undertake. A personality mismatch will lead to stress and certain losses.
Best forex strategies No.2: Choose your methodology in market analysis
Market analysis is the core for the success of forex trading. Technical forex analysis and fundamental forex analysis are the two main streams of thought in the forex markets. Technical forex analysis looks at the price movement of a currency pair in the chart and uses the data to predict its future price trends. Fundamental forex analysis, on the other hand, takes economic factors into consideration. Whichever methodology you choose, remember to be consistent. And be sure your methodology is adaptive. Your system should keep up with the changing dynamics of a market.
Best forex strategies No.3: Use time frame technically
Forex beginners may get confused when looking at charts in different time frames that reflect conflicting information. Generally, you can use a longer time frame for direction analysis and a shorter time frame to time entry or exit.
Best forex strategies No.4: Learn risk management
Risk management is one of the most important tasks to both new and professional forex traders. If forex traders are not able to understand the meanings of forex risk management, and do not know how to conduct forex risk management, they will not stay long in forex trading. In my last article, you can learn the skills to conduct risk management.
Best forex strategies No.5: Perform weekend analysis
It is always good to prepare in advance. On the weekend, when the markets are closed, study weekly charts to look for patterns or news that could affect your trade.
Best forex strategies No.6: Develop the habit of recording
Making conclusion from your trading experiences is essential for your future trading. And to learn from the past, you need to develop the habit of recording. Keeping a record is one of the best learning methods a trader can have. Record all the important factors in a trade, such as emotional reasons for taking action, fundamentals that sway your decisions, your entry and exit points, etc. File this record so you can refer to it over and over again, realizing the pros and cons of your forex strategies in the previous trading.

Forex strategies
Technical forex analysis and Fundamental forex analysis
Conduct risk management