Which Of The 2 Forex Strategies Is Right For You?

Choosing the right Forex strategies is important for being profitable long term

. If you want to make money with Forex, you obviously need to have a consistent method you can fall back on again and again.

Different Methods For Making Money With Foreign Exchange

There are 2 main currency trading strategies today-technical and fundamental analysis. The former is probably the most popular in the Forex market. As with technical analysis in the stock market, the main premise is to make money short term from an investment. The only difference is that you are dealing with currency pairs, instead of stocks. Obviously it is not a secret that price shifts between pairs take place. While fundamental analysis attempts to predict why the shifts are happening and what they will do long term, technical analysis is only interested in the fact that they happen. The key to successful technical analysis is reading stock charts.

This Is Not Easy

There are a number of variables you have to take into account when reading Forex charts. It is not as difficult as reading stock charts, but Forex charts are still somewhat complicated. Stick with simple strategies

There are many ways to read Forex charts, but the best strategies for beginners are generally the simplest. Some methods take into account every little last variable when determining price movements. However, these are very complicated and will probably just slow you down.

Instead, simple is better in Forex investing. The best method is to simply look at the price trends of the pair you are interested in for a certain time period, and invest accordingly. It really is not more complicated than that.

Quick Word About Robots

Technical analysis is a time consuming strategy, much more so than fundamental. If you do not have enough time to learn it yourself, you might be tempted to use a robot. These software applications will make investments for you without any input on your part, and they can be profitable.

Just make sure you read reviews before purchasing anything, and do not buy into the hype on the sales page. Many of these robot applications are really not worth the investment, and they could actually lose you money. Be very cautious when using one.

Conclusion

When looking for profitable Forex strategies, technical analysis is one to consider. It tends to work best for full time investors who have lots of time during the day. However, since the market is open around the clock, you can still use it profitably when you are off work at night.

by: Cedric Welsch

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