Are there secret forex strategies in the forex market?

People are always trying to find ways to improve their trading results by trying many different strategies and plans. Are there any secret forex strategies that we should all know about? and the answer is no. In fact, many of the strategies that claim to be “special” or “secret” are usually short term, temporary methods that are not durable and loses its charm throughout longer periods. In the world of forex where the market fluctuates constantly, special or secret strategies do not exist. Indeed it may work for some people for a certain amount of times, but it’s not effective in the long run, therefore you can certainly call it unique, but not quintessential.

What we see a lot in the world of forex is the useless “secrets” that will magically make you become successful and achieve everything. The truth is that those “secrets” are nothing more than well-presented useless information that seems like an expert create it. There are so many similar articles and strategies out there that brings the wrong ideas to traders for guaranteed profit and success. They are just another marketing scheme that a lot of people have been using, which you should always let it slip past. There are no proven methods of which most of these are advertising for, and they are mostly based on lack of knowledge, rather than being based on the opinions of the current market situations.

These “secret” articles and strategies are frequently written and published on the internet every day. A large number of traders in the forex community around the world are mostly very easily tempted to earning a large profit and to become successful. You can’t really say its “secret” or “special” when everybody around the world knows it and can access it easily just by going on the internet. Choices of vocabularies such as secrets, special or successful are very powerful. These are the words that draw those innocent tempted traders in just to present not so secret information.

The forex market does not take breaks. It moves up and down continuously. There is no time for you to be looking up unnecessary, useless so-called secrets to waste your time.

It's impossible to have a secret strategy that we all should know about. Think about it.......

Treeny posted:
It's impossible to have a secret strategy that we all should know about. Think about it.......

That’s the point! And there is nothing like secret in Forex; everything is like open book here! By the way, I am working with such a popular trading strategy called Price Action.

Ask any profitable trader and the answer may surprise you. One portion of the proverb may hold true - cut your losses off quickly. ... If a trader ever asks why in the Forex market, there is most likely a headline, news announcement, or technical reason for the movement – making it great for after-the-fact explanations.

AniLorak posted:

That’s the point! And there is no secret in Forex; everything is like open book here! By the way, I am working with such a popular trading strategy called Price Action.

I agree that there is no secret. With correct tools and up to date information, a trader can improve his trading skill. And there is no overnight success in Forex. We all lost in Forex before and yet we are still in this industry.

I have one thought since there are so many no deposit bonus around, why not utilize it to kick start your forex trading. So many can be found even in myfxbook. Personally, I will suggest you look at here: https://www.forexpenguin.com/forex-no-deposit-bonus/

I have to admit that it is pretty hard to find a free bonus that does not require us to fork out anything at all. They all come with term and conditions. As long as you get some leverages to your trading edge, it is good enough. If you can improve your margin by 10%, why not? If you are given free bonuses, or even deposit bonus, by all mean, please utilize it.

Just written about this on New Traders thread page 16 if you want to take a look.

https://www.myfxbook.com/community/new-traders/90-loser-why/1524343,16

That is quite a depressing post. So what is the answer? Is it impossible to find a strategy that works

Hello,

There is no holy grail in forex trading. The reason that people struggle to find a solid investment strategy is because of the huge volume of free stuff out there that only creates noise and only makes it harder for someone to critically judge what works and what doesn't.

Instead of looking for 'secret' strategies, try to find out how the market really works and how you can make it work in your favor. There's much more in trading than ready made EA's doing all of the work (and losing most of your money) or chart patterns that 'indicate' where the market is going (and most of the times the 'indication' is false).

So long story short, no, there are no 'secret' strategies out there. Only people that have done their research and know how to manage money and risk.

Javytrader posted:
That is quite a depressing post. So what is the answer? Is it impossible to find a strategy that works

There`s nothing impossible. It`s all about trying and trying till you find something that works for you.

I have never seen one that works but I have seen traders that make money. They must be using some kind of secret strategy

I believe there is an answer and a way to trade FX without losing your shirt. However, this is a journey that I'm currently on finding the way to do it 😄

Individual traders who still compete in trading by using traditional trading systems based on rules or technical indicators and implemented, as single decision trees are increasingly ineffective.
If investment is a process, then automation is the logical conclusion.
90% of trading is mental, the other half is good maths.

The key to winning in Forex is to have realistic expectations. If you want to make fast money, you will take huge risks and probably lose on the long run.

Every trader would love to turn 1,000$ into 1,000,000$ in 2 or 3 years, but honestly I never seen that in 14 years.

The majority of profitable traders I know have realistic expectations between 2% to 8% monthly. I'm personally looking to make 5% to 10% monthly.

I believe there are secret strategies out there that remain secret. It is to prevent the method from being exploited and wide spread, so it is best to remain as secret, only benefited to the person who discovered it and use it for his or her own good.

PipsNewbie posted:
I believe there are secret strategies out there that remain secret. It is to prevent the method from being exploited and wide spread, so it is best to remain as secret, only benefited to the person who discovered it and use it for his or her own good.

Build a good chart reading skill and enjoy the beauty of Forex trading; that’s the secret here I mean, chart reading skill.

AniLorak posted:

PipsNewbie posted:
I believe there are secret strategies out there that remain secret. It is to prevent the method from being exploited and wide spread, so it is best to remain as secret, only benefited to the person who discovered it and use it for his or her own good.

Build a good chart reading skill and enjoy the beauty of Forex trading; that’s the secret here I mean, chart reading skill.

That is the secret. Learning to read charts and putting the time and effort in.

There are no ultimate 'hidden secrets' to profitable trading in Forex.

Just pick the correct direction of movement, and place the trade.

A currency pair can only do one of three things.

1) Move up
2) Nothing. Not moving.
3) Move down

Determine which way the market is moving, verify the movement is true, and then place my trade with a REASONABLE profit target.

My own system uses a stoploss that is generally no greater than 30 pips.
Kill the losing trades, and run the winning trades.

If it moves up and the general trend is up, I buy.
If it does not move, I don't do anything.
If it moves down and the general trend is down, I sell

If a trade is going bad, I don't hold on to it, I kill the trade, and just wait for the next setup for entry.

Emotions have no place in trading. It's just data on the screen. Nothing more.

It's more about the trader than the strategy. You could have the best strategy in the world and still fail. Find a simple strategy that works for your style and master it. Too many traders bounce around from strategy to strategy blaming the strategy when they fail but they are the common denominator.

MaximePips posted:

AniLorak posted:

PipsNewbie posted:
I believe there are secret strategies out there that remain secret. It is to prevent the method from being exploited and wide spread, so it is best to remain as secret, only benefited to the person who discovered it and use it for his or her own good.

Build a good chart reading skill and enjoy the beauty of Forex trading; that’s the secret here I mean, chart reading skill.

That is the secret. Learning to read charts and putting the time and effort in.

I don`t understand... how is learning to read charts the key for trading?? Please explain..