There are free forex trading strategies you can get online and one of the best is a free forex robot which will beat over 95% of the ones sold online and is proven to make big gains here it is...
The robot is called Richard Donchian's 4 Week Rule and it was devised in the late seventies by Richard Donchian to trade commodity markets (although it will work on any trending market) and as currencies trend well, this is an ideal market to trade the system on.
Its very simple and you don't even need a computer to do the calculation:
Here are the rules:
Cover short positions and reverse to a long position when a price exceeds the highs of the previous 4 weeks. Close long positions and reverse to a short position when a price falls below the lows of the previous 4 weeks.
Now that's what I call simple!
Don't think it doesn't make money it does back test it and see.
The 4 Week Rule has been used by some of the world's top traders and even trading legend Richard Dennis was a fan so if some of the top traders have used it then your in good company.
If you use it, you will be on every major trend and long term it will make money.
There is of course a drawback and that's - what happens when the markets aren't trending?
Here you may want to filter the exit and use a 1 or 2 week period to exit and re enter on the next 4 week rule, this will smooth the equity curve.
Now despite the fact the free forex trading strategy will make money, few traders will use it and here are the reasons why:
Its to simple
People just assume it wont make money because its so simple but of course all the best forex trading strategies are simple. A simple strategy is likely to be very robust in the face of brutal ever changing market conditions with fewer elements to break than complicated ones.
Its Not Trendy
It doesn't have the ring about it like a system based on artificial intelligence or chaos theory but it will beat most despite its simplicity same goes for all the scientific theories that don't work used by the far out investment community - Gann, Elliot and Fibonacci.
Its Not Fussy about Market Timing
It's not a pinpoint trading system which predicts, it simply reacts to price change. Of course, this is the way to trade - but most traders are looking for the perfect entry (of course they cant do it) and won't try this system.
Its boring
If you like trading a lot its boring, a few trades a month at best and 5 m minutes a day to execute them. On the other hand, if you like making money and want to get on with your life this system is fantastic!
So there you have it a free forex trading strategy that works and will continue to work. It be adapted to your risk tolerance as well customized as well Take a look at this free forex trading strategy and you will find, it can help you achieve currency trading success in less than 15 minutes a day!
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Frequently Asked Questions
I am looking for a reliable indicator/s to signal ...
By: basilc | 23-02-2008
I am looking for a reliable indicator/s to signal entry and exit points in the forex market. Trades lasting for 1 to 10 days are what I am interested in - not intraday trading.
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