Best Forex Trading Strategies to use in 2023

Many individuals have a successful life with the help of forex trading. One thing common among them is that they trade according to different forex trading strategies. It is very important because you can be at a huge risk when you trade without any strategies. So, it is very important to know about the best forex trading strategies as otherwise, the experience will not be that good.

Here we will take you through the best forex trading strategies that you can use and some additional tips to enhance your trading journey.

Best Forex Brokers That Offers Trading Strategies

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
FXCC

VFSC, CySEC

100% bonus

$100

500:1

Review » Open Account » Open Account
Terms & conditions apply
Your capital is at risk.
2.
Avatrade

ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA

up to 40% bonus

$100

400:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3.
Fusion Markets

ASIC, VFSC

N/A

$100

500:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4.
easyMarkets

CySec, ASIC, BVI

up to 50% bonus

$100

400:1

Review » Open Account » Open Account
Terms & conditions apply
Your capital is at risk.
5.
Blackbull Markets

ASIC, VFSC

$10 000 demo

$50

500:1

Review » Open Account » Open Account
Terms & conditions apply
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
6.
Vantage FX

FCA, ASIC, CIMA, SIBL

up to 50% bonus

$100

500:1

Review » Open Account » Open Account
Terms & conditions apply
Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
7.
HYCM

CySEC, FCA, CIMA, FSC, DFSA

up to 10% credit bonus

$100

500:1

Review » Open Account » Open Account
8.
Deriv

VFSC, FSC, IBFC

N/A

$5

1000:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are considered complex derivatives and may not be suitable for retail clients. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The products mentioned here may be affected by changes in currency exchange rates. If you invest in these products, you may lose some or all of your investment, and the value of your investment may fluctuate. You should never invest money that you cannot afford to lose and never trade with borrowed money.
9.
Forex.com

FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC

up to $5000 bonus

$100

50:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The Best Forex Trading Strategies You Can Start With

The following are some of the best forex trading strategies that you can use for a reliable, balanced, and profitable trading journey.

1. Trend Trading

Trend trading can leave you holding trades and positions for a longer time than other short-term trading options. Here the traders position their trade and set a goal in the one-directional movement of the market. As long as the goal is not met, or the trader does not achieve their objective, they hold the trade.

Another situation to exit the trade is when the market trend starts reversing, and the profitability chances start getting lower.

2. Scalping

Scalping is the trading strategy where you focus on the smallest profitable opportunities. So, most trades here last for a very short time. It is why you need to focus fully on the trade and have a platform that provides a real-time trading experience with no lags. These trades exit within a few seconds, so there is not much risk-taking opportunity for you here.

3. Day Trading

The name here is self-explanatory. The day trading forex trading strategy has trades that only last during a specific trading session. There are no overnight positions, so the trades are closed before ending the day. It is because market closing has a huge impact on the rates.

A good option for day trading is to take help from technical analysis using infographics. Interestingly, there are many day trading strategies, and the most famous one is breakout trading, where trades exit at a specific rate that acts as a trigger.

4. Swing Trading

Swing trading focuses on capturing as many marketing moves as possible for maximum profitability. Here traders often keep their trades going overnight to ensure high profitability. Graphs play a huge role in helping traders perform these trades, and a histogram is a common option.

It shows the strength of any market or potential trade. Traders use that information to get their buying and selling signals. This trading strategy is also about timing, and the right time can bring huge benefits for you.

5. News Trading

News trading is the strategy that attracts risk-takers. There could be news that may upset the market and increase or decrease rates. Risk-taking traders place their trades according to the news and carefully execute them. Sometimes, these trades end with high profitability, while there are huge losses. It is the reason why this strategy is not the best choice for beginners.

6. Range Trading

In resistance trading, the lowest and highest points of the graph have the highest importance. They are known as support and resistance, and traders use these points to create their trading range. The trades are held for as long as the trade is in that range. If the trade goes out of the range, it is exited whether there is a loss situation or a profit station.

7. Position Trading

Position trading is more dependent on the period for a trade. So, here traders will set a time limit that can last for a few weeks to a few years. You can call it a long-term trading strategy, and it includes high risk, but there are many chances to recover a loss, if any. It is not the best strategy for beginners because there may not be a lot of learning opportunities here.

8. Grid Trading

Grid trading focuses on trends in the market regardless of the direction of the trend. The trade-only ends with a specific trigger that is also free from the direction of the trade. It resembles breakout trading on many levels, but being free from the trend direction makes it slightly different.

One of the best parts about grid trading is that you do not need to be online to exit the trade, as event triggers will do this for you.

The best way to start is with your forex trading strategies.

Knowing about the strategies all alone is not enough. You need to do a little more to ensure that you get the best trading experience. Here are a few things to keep in mind:

  • Know the strategies and select one of them to start with
  • Stick to that strategy and take your time to learn things
  • It is best to start with a demo account for the best learning experience
  • Look if you are good with one strategy, or you can go with multiple
  • Select the trading platform carefully

Following all of these tips will leave you with a good experience and a good platform. The only thing you need now is patience to follow that strategy. Keep in mind that there will be ups and downs initially, and you may not have a very profitable beginning. However, it is important to keep trading using your preferable strategy patiently, intelligently, and efficiently for a good future.

Which is the best forex trading platform for your forex trading strategies

The world is full of forex trading platforms, and each one of them claims to be the best among all. So, when it is your time to decide, you need to do your research. For example, Forex.com review and Captial.com review will tell you about the expected experience. Check for the most favorable option and start your journey.

Verdict

Following a specific strategy helps us in every phase of our life. Regarding forex trading, you must look for the best forex trading strategies and select the best one out of them. In this way, you will have a base and a goal to meet so that the trading path will be more straightforward for you. Select your strategy carefully, as it is one of the most important steps in the whole forex trading journey.