It`s not a secret that the quality of the trading strategy determines the trader`s career - will he stay in the market for a long time or will lose the deposit within couple trades? Will he change one algorithm after another each week or will stick to one that really works?

We have prepared the top 4 forex trading strategies which work perfectly for many traders in 2020. These strategies are suited for different scenarios and market conditions.

1. Channel Trading 

Channel Trading is a simple and profitable Forex strategy. Its success lies in the constant movement of the price, which goes down and then goes up. As a result - it forms price channels, both short-term and long-term. The main advantage of this specific strategy is profit maximization. For this purpose, we use a strategy of profitable averaging, when a range of trades are open towards the main trend and closed when the total take profit is reached.
You can open both BUY and SELL trades when the price touches the opposite border of the channel. This is effective when the channels are located at an angle of 45° and below. If the channel is located at a more acute angle then we open trades towards the trend. Another advantage of channel trading is the minimum risk or its total absence. Stop-loss is placed outside the channel borders at a small distance from the opening price. This will make your trading more profitable and safer.

2. Fibonacci Retracement Levels

In our opinion, this one is the best forex trading strategy since it works equally effectively on upward and downward trends. It is designed to find market entry points against the trend or at the very beginning of a new trend. To understand that the current trend is weakening or ending, you should use the MACD indicator. However, it does not show the reversal points, but only indicates the place where the reversal may occur. So, the Fibonacci indicator is used just to find out the specific price for opening a new position. Trading is performed either by market orders or by pending limit orders. The latter, in contrast to market orders, are open at the exact price, regardless of server occupancy, which provides guaranteed entry into the market according to the trader's calculations. It should be taken into consideration that Take Profit is subject to slippage, and it makes sense to reduce the trading to a minimum ahead of the news. The Fibonacci strategy is universal: it can be applied to any time frame, any market stage, and any volatility. The more trends are in the market, the more signals will be available. 

3. Trading on News 

Trading on news implies opening positions on the threshold of important economic statistics, which will lead to an increase or decrease in the value of the asset, and allows earning on the growing market volatility and trend impulses. Implementation of the strategy does not require any special preliminary preparation, so it is used by both beginners and professional traders. In order not to miss an event that may have a significant impact on the market situation, it is important to always have the current economic and financial calendar handy. It is also important to anticipate the behaviour of investors when news releases and make quick decisions. 
Hedging is the most common method of trading on the news. It is used before significant economic events. The point is this: we open two opposite positions, BUY and SELL, before the news report comes out. After publication, the price of one position increases, and the resulting profit exceeds the losses from the negative trade.

4. Trading without Indicators

The adherents of a non-indicator trading strategy are convinced that all auxiliary instruments work ineffectively: the entry signals in most cases are late, and sometimes only lead to losses. This is because a computer program cannot take into consideration all factors in the market, while a trader can. Of course, this skill does not come at once, but having gained experience, a trader can predict the market movement with an accuracy of 95%. 
In their opinion, a non-indicator trading strategy has many advantages: 

• Its signals are more accurate and often ahead of the market - the trader knows about the change of trend at the end of the previous trend movement and can prepare for market entry in advance; 

• Signals received from the non-indicator strategies allow to enter the market at the very beginning of a new trend so the trader makes the maximum profit; 

• The strategy without indicators is similar to the constructor: it can be combined with other technical tools, unlike the indicator one, where changing the rules can affect the efficiency. Consequently, the trader can combine several strategies and create his unique algorithm; 

• Trading with non-indicator strategies involves independent market research and analysis of charts. In such a way the trader becomes a professional several times faster than those who trade with indicators.

Now armed with this very helpful set of strategies, you can go ahead and test them on the demo account. Don`t be afraid to experiment, you can adjust any of the strategies to make it suit your personality and trading style. And remember - developing a strategy that works for you takes a whole lot of time and practice, so be patient and you will be rewarded.