If you are looking to be involved with Forex Trading for the long-haul, then ironically (given most peoples’ generally short-term view of trading) you have a better chance of profiting.
Here are Three Foolproof Methods for Long Term Forex Trading:
1/ Follow the Trends
Going where others have led is the first surefire way of making money at Forex Trading. There is very little point in being a pioneer at Forex Trading, or trying to find innovative patterns that have never been seen before, because therein lies the path to losing all of your money.
Instead trade with the trends and follow where the market is leading.
It is fine to buck the system when you know exactly what you are doing, but if you don’t, then that is a surefire way to lose money.
2/ Follow Other Successful Forex Traders
You can see this strategy very clearly pictured if you consider Warren Buffet and his stock trading activities.
If, rather than trying to learn about fundamental investment strategies you had simply traded whatever stock Warren Buffet bought, AFTER the purchase was publically announced, then you would have made a greater than 15% return on your money over the long-haul.
And bear in mind that is with zero knowledge of investing!
So take a closer look at the positions of traders that have a long-term track record of success, and then simply copy their long-term Forex positions.
3/ Swing Trading on Volume
With different currencies you will notice that there are certain times when the currency price will spike, and you will be able to see in the volume figures that the spike was based on actual trading activity from big players.
Some of these swings are much clearer than others and play out over different time periods.
Identify the ones that are longer term in nature and then when you have identified them trade on the signals that you know work for the longer haul.
Those three methods are the closest thing to ‘Foolproof’ you will find in Forex Trading for the long term.
There is no magic formula to making money in Forex Trading, but there is a long-term path and progression, and you can follow it if you are diligent and stay committed to continual learning and application.