There is no such thing as the best trading strategy to make your first million dollars from the paper trade. Also, it is time that you lower your expectations of the potential of the market to make you that kind of money and understand the reality of the situation. Yes, the market is one that can generate a steady income for you, one that is exponentially greater than if you were to work for someone in a company.
For one thing, to get rich, you need to work for yourself, because one thing that the world does not understand is that your time is bankable.You determine how much time you are going to work and with more effort put into it, chances are you will make your ventures worth while. The Forex market is one such platform for you to make money and if you decide to venture into this market, then you need to understand the market.
The Forex strategy that is good is one that contains many facets. For one thing, the strategy is one that knows the market inside and out and to succeed in the Forex game, you need to be able to understand the market and know all you can about how it behaves. Here, the adage that knowledge is power is one that is truly applicable and once you understand this, then you can move on to your second part of the Forex strategy. There are things that is worth knowing and this includes the market psychology or in other words how the market thinks and reacts in different situation.
With that, you must take into account that your trading strategies must match up to those players of the Forex trade. This would include two main groups, the large central banks and of course Governments. Of course, these are the people that have the largest access to currency and with a single action, they can turn the tide of the market if they see the need. You will need to be prepared at all times and surely there are some trade patterns that you should take note of as these patterns usually follow across the period. Your strategy should take into account aspects like flight to safety and economic indexes and predictable price surges when the market encounters either a good or a bad patch.
The other important thing to note is to use the basic technical analysis to score the best advantage. Media monitoring and technical analysis of market trends; how you manipulate the data and how you can predict or forecast the market should also be main pages within the chapters of your success. You will soon realise that these are the functions that will help you to generate the most income for your Forex trading. Once you are able to master all these things, then you can consider more advanced aspects of Forex trading to evolve your finance acquisition and get you on the road to financial independence.