Ironically, I believe the best currency trading strategy is the one that is right now being extremely underused. The strategy that I am referring to is called price action. The concept is as old as the free market itself. You could research on traders like Jesse Livermore, who at the turn of the 20th century, became millionaires just by being able to follow the price movement of a stock, caused by the other floor traders.
Sure, the technology has changed, but the concept still remains the same. The only difference now is that many mainstream traders have gotten, quite frankly, too lazy for their own good.
Instead of sitting down and trying to figure out what makes the market really tick, they instead prefer just to blast their charts with a bunch of useless indicators that don’t provide any kind of insight to market, but somehow traders use them to “analyze” the market.
You can judge for yourself how well this kind of trading methodology works. by looking at the famous statistic, which is: 95% of forex traders end up losing money. Hopefully when you read that statistic, you’ll realize that you just can”t let technology do the work for you. You are going to have to get your feet wet, if you want to succeed trading forex.
Basically when you have indicators telling you when and how to trade, you take yourself out of the equation. You minus well be a robot if that is the case.
When YOU become the indicator is when you really learn how to read a chart properly. That starts and ends with the best currency trading strategy: price action.