Are you using the best forex strategy possible? That is the question that just about every beginning trader is going to ask themselves at some point.

Usually this question will come to the surface just after a strategy that you were using fails or suffers a loss. Many times, however, the failure may have come because of things that cannot be controlled, and not a mistake. Regardless, the question will come up.

To determine what forex strategy is best, there is only one method: Trial and error.

Truth be told, almost any (proven!) forex strategy does have the potential for profit. Some have a greater potential for profit, but these often come with extra risks attached (i.e. a greater potential for failure too). Similarly, some have a lesser potential for profit, but have minimal risks associated with them.

Which is better? Well, that’s largely up to your personal preference.

Similarly, just about every forex strategy can be lumped into one of two categories: long term or short term. Those categories should be self-explanatory and honestly it is possible to find a strategy that utilizes both long term and short term strategies.

Strategies that would fit the short term category can provide quick as well as substantial profits. However, they can also incur quick loss if things don’t quite go the way you would like them to. Short term strategies require you to watch the market very closely so you can find those ideal times to buy and then to sell.

On the other hand, long term forex strategies tend to be more stable. Due to the fact that you’re expecting to hold onto the currency for an extended period of time, you can ride out any small fluctuations and sell it off at a time that seems most opportune to you. Furthermore, it is definitely more leisurely and requires less attentiveness.

It is simply a matter of personal preference.

Honestly, the best advice that you will ever get is this: Try as many strategies as possible. If you can, experiment with new strategies through paper trading rather than actually risking your own money on a strategy that you’re unfamiliar with.

If the strategy is working and it fits with your personal preference, fantastic, and if it does not work or fit with your personal preference nothing has been lost and you can either find a new strategy or continue with your current strategy.

When it comes to finding the best forex strategy, do not fall for any so called secrets that claim they have discovered the absolute no fail sure fire guaranteed strategy. In the world of forex, nothing is for sure.

If you get into the routine of trail and error with any forex strategies, you will be gaining valuable experience as you find the one that suits you the best.

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