What is Forex and How to make money with Forex 5
Forex strategies - is it possible to make a lot of money with forex?
This is one of the last few forex articles here on Ideas on How to Become Rich about forex - one of the last few articles associated all things associated with forex and how to make money trading currencies. I must say here that all the other forex articles were researched and developed as this is an ideas on making money blog, and I am definitely not an expert in forex and not an expert in foreign currencies. I am rather good at investment and making money on the stock exchange for penny stocks and for standard blue chips, but that is about the extent of my knowledge and all other information here on my make money site here is to share ideas on how people can make money and the various approaches taken to various markets. My background is in Economics (Honours) and investment is my major theme here on this site. I am writing this honest preface to my article because today I am going to talk about what I have gleaned from my research on forex - and today's topic here is forex strategies. There are no guarantees in any article in the world and no guarantees for anything in this world that will tell you that you can definitely make money, but here are some key forex strategies that you may wish to consider:
1. Learn fundamental analysis and technical analysis cold, and either:
- choose either one of them and stick with it for your forex strategy and investment paradigm, or
- combined both approaches, which makes more sense; meaning that for a forex strategy you will research both on the general macroeconomy and market perspectives of fundamentals, as well as the technical, day to day movements of the price.
2. For technical analysis, and indeed forex in particular, you will need some kind of knowledge of mathematics and some tracking software for the latest information. There are two key ideas here:
a) you will need to know some mathematics, and in particular, Fibonacci numbers and the Fibonacci method for forex because apparently there is some major link between making money and your knowledge of this key information
b) for technical analysis and for forex you will need a constant stream of real, life data for currencies and this is not easily available unless you have the right connections, the right software and the right websites.
Therefore, the forex strategies here are: immediately find some contacts who have live and good experiences in forex strategies and forex trading, then get some software, preferably free, but if that is not possible, then get some that require some money and some sort of fees, and then start building up a whole list of websites that you need. Some websites might be educational, like Ideas on How to Become Rich, and some others might be educational and more advanced, and yet others might be data mining and currency news sites, and even others may be links to governments and to brokerages worldwide.
3. Perhaps for the most important of forex strategies is to get a winning approach for forex - for instance, be international, where you trade every currency that is major and that can make you money, regardless of whether or not you believe in the currency or the country, for that matter; choose not to be a speculator but a real investor, but then again, that is only my opinion, and of course your forex strategies can revolve around day trading and being totally technical analysis and data based rather than long term or anything like that. The key is that you make your own winning approach to forex strategy.
For example, you can have some successful trading strategies involving only simple moving averages, where you use an algorithm. The key is still to make sure that your upside is more likely than your downside. You can also use support and resistance levels, and that might be a good strategy to use, successful and simple and algorithm based, or commonsense based, if you like.
4. Research and continue to upgrade, both in terms of education and in terms of information regarding forex and forex news. At any early stage, this site proves invaluable and educational, but as time goes on, you move on and go to other more important educational sites and also to try your hands at some simulations and also some real money. Forex is reputedly good for making money, if you know how, so do try your very best and all the best for making money!
Hope you make lots of money with forex strategies and forex, good luck and all the best in your money making ventures!