Your Questions About Forex Trading Strategies

Charles asks…

What is the best forex trading strategies books for a beginner to start learning the market?

kenspong answers:

The foreign exchange market is constantly evolving. Currencies’ correlations with other elements of financial markets (equities, for example) change rapidly. Furthermore, breaking economic news has a major impact on the forex market.

By way of an example, witness the U.S. Dollar’s role as a safe haven currency during the 2008-2009 financial crisis. The greenback began to give back its gains against the euro and pound sterling as the global recovery progressed in the second half of last year. However, in 2010 these two European currencies have headed lower against the U.S. Dollar as the euro zone and, to a lesser extent, UK government deficit problems have come to a head.

The problem with forex trading strategy books is that they become obsolete the day they are published. A successful currency trader needs to be aware of the market and economic news trends impacting the forex market on a day-to-day basis.

Therefore, a far more effective resource than a book is a real-time FX strategy website like Around FX. The currency strategists at this website provide up-to-the-minute analysis of all G10 currencies and breaking economic news. They also source what FX strategists at the major global banks are thinking. This resource is also free.

Michael asks…

Money Making Forex Trading Strategies?

I was wondering if any of you could share your forex trading strategies that make you lots of money. I know that there is alot of money to be made in forex trading, I just dont know which forex trading strategy to get involved with. Can you share any forex trading strategies that work and require little effort. I am looking for the best forex trading strategies that make a consistent amount of profits.

kenspong answers:

I know that there is alot of money to be made in forex trading,
If that is true, why do you supposed 90% of the people that trade forex LOSE MONEY?? I don’t think there’s nearly as much money being made as you think there is.

Linda asks…

What are the best FOREX trading strategies?

kenspong answers:

Look at this link for many useful and free forex strategies.


Susan asks…

where can i learn advanced forex trading strategies ?

Hello all,
first of all i want to say that i already know all forex beginners materials
i know what pips means what moving average means, MACD , indicators, robots, experts, RSI, …. and all that stuff …

now i still want to learn more advanced things
to go one step farther
to learn a real working strategies, step by step …

from choosing a good currency pairs , to picking the right direction (bearish or bullish) to enter the market and where exactly to exit the market (where to place the Take profit or Stop loss orders)

i’ll be more than glad if someone already passed those steps , already making a profit from forex with real account (not demo) and could just post a helpful link or advice to start from..

i don’t care if the tutorial website you point is free or not
i am ready to pay money for good advanced forex trading courses
but i am scared to end up with a scam one, because as you know about 99% are scams and all they want is your money , and they don’t give you a real worth course …

thanks all

kenspong answers:

Many people told me that investing in curriencies is the hardest way of investing, because it doesn’t have clear direction. Bullish or Bearish is hard to detect. However, there was the two big crisis, 2008 global crisis and the EUR crisis mid of last year. Many people who traded forex frequently, made huge profits from trading Dollars, and EUROs, simply because last year they could buy year at a 10-Year record low.

Now adays, all eyes are on the Japanese Yen after the Quake..
So, i really give you advice not to trust any one in this kind of trading, because even proffessionals lose for unpredictible mistakes

Ken asks…

If I become a forex trader should I use other people’s forex trading strategies or develop my own one?

I am going to be 18 years old in a few days, old enough to invest money. I have had a practice forex trading account with FX Express and have discovered some interesting things and have found ways to make money consistently at 10% compounded daily by developing my own trading rules by using only 1:25 leverage and setting a stop-loss of the value of all my trading capital so I don’t keep on losing small amounts of money consistently. So far this has worked out fine at me winning every trade so far since I started doing this. What I’d like to know is if I should copy someone elses trading styles and strategies, or develop my own ones to suit my personality? Please advise.

kenspong answers:

If your trading strategy is working for you there is no reason to change it. You may decide to improve on it as you go along. Fixing leaks where you feel your strategy may be losing. Your strategy should be based on your trading style and ability and no two traders are alike.

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