What is the hardest part of trading? For traders new to foreign exchange it may be finding the right currency pair to trade. For others it may be figuring out which time horizon to trade or learning which economic indicators have the ability to make markets move in rapid fire fashion. Even for experienced traders that are used to hitting the “mine” and “yours” buttons it may be the technology needed which may require VPS access. For me it has been the transition from running models in Excel with DDE feeds to learning MT4 and developing code.
Even with all those potential obstacles trading the Forex markets does offer opportunity and reward. I’m not trying to sound like a commercial there but any market that has seen its top traded security, EUR/USD in this case, trade up more than 20% in 6 months with generally little risk of that security going to zero offers some value. Yes there have been some emerging market currencies that have caused major pain for investors but the Forex market wasn’t alone in suffering trading and investing losses in those instances.
One of the beautiful offerings on Currensee is the “Strategy” section. Here traders that opt to offer their strategy, and many do, show the strategy they use. Not only is the strategy description offered but their performance is broken out by currency pair and other behavioral metrics such as the average duration of a trade is displayed.
Where else will you find such valuable insight? You can have this work two ways for you as well. Especially if you are inquiring about a strategy that you may want to use and want to see if someone else is already using it. For example what if you think that “trading the (economic) numbers” is a useful strategy. Or how about “chart pattern recognition.” There certainly are no guarantees that the trader using the strategy is making the right decision every time but certainly this is a valuable warehouse of information.
Let’s take an example. Have you traded “Cable” or the “Loonie” before? That is GBP/USD and USD/CAD respectively. In my experience Cable tends to be a very choppy currency. It doesn’t move from 1.50 to 1.60 in a straight line very often, its more like a major zigzag formation between the 2 figures. Some counter-intuitive thinking may be needed every once in a while. The strategy “CB Counter Trend” shows an accumulated 614.14% gain by the trader that posted this strategy. Its description says that it is a “a counter trend system” using 5 minute charts and their target is 20 pips per trade. For more details on this particular strategy please visit the Strategy section.
I have not used this exact system myself but it sounds perfect for GBP/USD and some other pairs. Of course this isn’t the only strategy that shows merit and from my account there are over 160 strategies that post returns and even more strategies that showcase their description.
If you are looking for strategies and more trading ideas then you may want to visit the Strategy section on Currensee.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.