If you want to make some great profits trading, you need to know the best Forex trading online currency trading strategies and this article is all about avoiding losing strategies and finding the ones to lead you to currency trading success.

Let's first start with currency trading strategies to avoid.

Losing Currency Trading Strategies

The strategies below are all popular and they will if you use them, see you lose money.

Currency trading Robots with No Real Time Verified Track Record

There is a huge industry in selling automated currency trading software which looks to good to be true and it is. These systems produce simulated track records in hindsight knowing all the closing prices and present this as a track record but the system has made no REAL money in the market! Avoid these systems.

Day Trading and Scalping Strategies

These short term strategies are destined to fail, how can you tell what millions of different traders will do in a matter of hours or minutes? The answer is you can't, all short term volatility is random, you can't get the odds on your side and if you can't trade the odds you will lose. If you want to win you need to trade longer term, were you can get the odds on your side.

Scientific Trading Strategies

Many people claim they can predict the future and markets move to science – well if this was true, we would all know the price in advance and there would be no market. The strategies of Elliot Wave, Gann and Fibonacci fall into this category and you should avoid them.

Holy Grail Currency Trading Strategies

Any system that says it has cracked the secret of success in FX trading, falls into this category and its a fact, if someone really had found the secret of trading success, they would be to busy making money to tell you about it!

Winning Currency Trading Strategies

If you want to find winning strategies, you can either build your own or you can buy a ready made Forex trading system.

If you are buying a trading system, make sure that it has an auidited track record of gains from an outside neutral source – never accept simulations going backwards or figures which have not been audited. While this doesn't guarantee you will make money with the trading system, at least you know the logic it's based upon is soundly based.

If you are building your own strategy, keep the following points firmly in mind when doing so:

• Simple Strategies work best! - Why? Because they are more robust and have fewer elements to break than complex ones. Trend lines and a few confirming indicators, are all you need - so don't work harder than you need to – keep it simple stupid!

• Don't predict price changes in advance, base your currency trading strategy on trading the reality of price change and wait, for a trend to be confirmed before entering it.

• Trade longer time frames and avoid day trading. You can either swing trade moves from overbought or oversold levels which typically last a few days to a week or focus on the long term trends which can last for weeks, months or in some instances years.

• Forget perfect! You are trading probabilities not certainties, when you execute your trading signals and while you will lose at times, so long as you keep your losses small and run your profits, you will make a lot of money – who cares about being perfect, when your making a great second income?

• Always remember, for your strategy to be successful, you must always trade with discipline at all times and keep your emotions out of your trading.

Final Words

Most traders approach the currency markets, thinking they can predict prices in advance, trade without periods of draw down and when they hit the reality of trading and trying to control themselves they can't. Their emotions get involved discipline breaks down and their soon joining the 95% of losers.

If you want to win at currency trading, all you need is a simple trading strategy, based on trading the reality of price change, with good money management and if you have the discipline to apply it, as per your trading rules, you can make a great second income, in the world's most exciting investment medium – global forex trading.