I cannot imagine learning how to trade without the Internet. I mean, besides courses and books, the Internet is my most used resource for picking up trading knowledge.

Trading knowledge from the Internet definitely has its many strengths. I have been scouting for forex strategies online recently and came across the Forex Strategies Revealed website. From the “Forex trading strategies” link on the left-hand-side menu, I was surprised at the number of free strategies that the site had compiled. Furthermore, for simplicity sake, the site had categorized the strategies into simple, complex and advance strategies to suit different risk appetites (and different trading levels, of course!). I use this site mainly as a reference for how others apply technical analysis (especially combined use of indicators) in trading. No books or courses provides a guide as comprehensive as this one! One thing lacking was that it wasn’t shown how well the various strategies were performing. So I suggest, the site is good for educational purposes, unless we have a lot of time to back test and forward test the strategies. Now, where to look for sound strategies?

I notice not many people post results along with the strategies they shared. Actually, even if they do, others might be suspicious of the results anyway. Online forums present a good avenue for looking for good strategies. For instance, I came across this Asian High Asian Low (AHAL) strategy shared by FXOperator. So how would I know if the strategy is worth my time trying out? Check out the forum thread on this strategy. Ok, I know this is a bit tedious going through the many posts for a popular strategy. But it will give you a good feel of whether the strategy is sound.

Don’t get me wrong, or get the wrong impression! Strategy is not the key. The best traders can succeed with a strategy that only wins 40% of the time. Psychology and money management are.

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