The Absolute Best Forex Trading Strategy
This is the number one forex trading strategy on the market. In fact, not many traders are even aware of it because it is so easily over looked.
First, let me state that there is no "Holy Grail" for forex trading. Many forex trading strategies have benefits and drawbacks. No trading method is absolute foolproof. Even the best trading strategies fail when they get in the hands of impulsive and undisciplined traders. With that said, there are some really good trading strategies that can make any trader a bundle over a relative short period of time. In my opinion, the Relative Strength Index (RSI) is the best. Here is why:
The Relative Strength Index is an oscillator which was developed by a guy named J. Welles Wilder Jr.. This instrument is set up to use just the closing price. 14 is the traditional default setting for most chart services. This is also the best way to discover potential swing scenarios. Another way of putting that is, "This is the best way to find out when a currency is going to move back in another direction."
I do suggest using this instrument to compliment other strategies or methods. In fact, the RSI is perfect for a complimentary role with other forex software programs. I have included a couple of reliable and inexpensive forex software programs links below.
So what is the RSI? It is a tool used to measure currency trading investor sentiment. More importantly, it is applied to predict shifts in a trend. It is very often successful in predicting changes in the market.
The RSI has values that range form 0 to 100 but most traders are primarily concerned with the range between 20 and 80. A mark of 70 says that the market could have topped (i.e. there are less buyers in that market then there were before) and a mark below 30 says that the market may have bottomed and selling may have lost momentum.
The two best features of the RSI are noted below:
1. Drives past 70 and 30 are setups for highs and lows.
2. Am RSI and price divergence shows a strong picture of an upcoming reversal.
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