Top 3 Forex Trading Strategies and Courses for 2024

Hey there trader, I invite you to do a little reflective exercise with me right now. 

I want you to answer the following question off the top of your head. 

Ready?

 Ask yourself: After I add up all trade outcomes, was I profitable over the last year? 

This is a basic yes or no response. 

You shouldn’t have to guess, this is a number that should be apparent from your trading log or your account balance. 

If you answered “no” to this question, then what I’m about to share with you should be your guide to how you approach 2024. 

And if you answered “yes” to this question, then ask yourself whether you are proud with the amount or if you think you could have performed better. In that case, this guide is going to help you as well. 

We’re going to cover what the top 5 strategies are for the fast approaching 2024 and how you can combine these with a solid risk management plan to get you on the path to your best trading year ever. 

But First..Let’s Talk Risk Management

So before I give you a list of top trading strategies, we need to have a little talk about risk management. 

I’m starting with this topic because without a proper risk management plan, none of the following strategies are going to work for you.

 I recommend checking out the article I posted on what the true holy grail strategy is, which is your risk management strategy, where I discuss some ways profitable traders setup their risk management approach. This should give you some ideas. 

But for now, just know that your risk management plan should include:

• Rules for how much you risk per trade
• Whether you increase or decrease your risk per trade depending on your performance
• What your rules are for trade management, such as moving your stop loss to break even once your trade hits 1R in profit
• What your conditions are for withdrawing or adding to your account 

So too, you should have a list of conditions upon which you will refrain from trading – such as during news events, during holidays, and when you’re not well-rested or you feel ill. 

You will likely tweak your risk management plan to make sense for your trading strategy, so you can develop this plan in tandem with developing your strategy. 

It’s also important to remember that a fundamental aspect of profitable trading is self-management. This includes your trading psychology, your rules you keep for yourself so as to avoid overtrading or trading under conditions you know you are subject to impulsive behavior.

This could look like having a practical, hard rule to stop day trading after two losses. But this also implies that you are developing yourself as a trader who is responsible, calm, able to handle losses and losing streaks, and can behave like a professional in front of the charts.

Please don’t underestimate the importance of risk management and self-management in trading.

Top 3 Forex Strategies For 2024

Okay, now that we covered a crucial element of profitable trading design, let’s go over the list of the top high-performing strategies for trading Forex in 2024. 

#3 Indicators + Price Action

Number three on this list is a trading approach that often receives a lot of flack but in the right context, it’s actually quite durable and that’s trading with a mixed modality of indicators and price action. 

Indicators on their own are often unreliable as their signals and data lag behind current market price action. In my experience, strategies solely dependent on indicators tend to work well for specific market setups or for a certain month or two, but often fall apart once markets change. 

However, when combined with price action analysis, fundamental analysis, or a way to scan which pairs or assets are better suited to the strategy on a certain day, indicators still hold significance in today’s forex trading. 

Some professional, seasoned traders who use and teach indicator-based strategies include:

Andrew Mitchem of The Forex trading Coach,

Karen Foo, and

Ezekiel Chew of the Asia Forex Mentor.

In the DisciplinedFX Scalping Course, I teach an indicator-based strategy that is used on the best-trending pairs for a given day. 

#2 Pure Price Action Trading

The second most effective trading strategy is to use price action alone to spot high-probability setups. 

This is the art of reading candlestick patterns in the context of price levels. 

You can use a variety of patterns to understand whether trends are continuing, reversing, or entering a range. Signals to enter or exit a trade can come from price action on lower time frames. 

For example, perhaps you specialize in head and shoulders setups as well as breakouts of flag patterns. Or maybe you mark support and resistance areas and look for engulfing candles or pin bars off of these areas.

This approach requires monitoring your charts as each new candle offers new information, but depending on which time frame you use, it may not take much time for analysis.

Some reputable price action traders include:

Rayner Teo,

Steven Hart of The Trading Channel, and

Nial Fuller.

#1 Smart Money Concepts 

Lastly, the number one trading strategy for 2024 is ultimately smart money concepts or ICT trading. 

This is likely YouTube’s favorite trading approach, as many traders have visibly shown their profit from smart money concepts trading. 

Trading smart money concepts follows the underlying market structure and order flow of the market player’s with the deepest pockets, that is, the banks and financial institutions who more or less control the market. By understanding where these players are putting in their positions, retail traders can ride their backs and make significant return on high-probability trades. 

The Inner Circle Trader, who claims to be the father of Smart Money Concepts trading hosts all of his teaching content for free on his channel. But be warned, ICT’s approach to smart money concepts is highly advanced and takes a lot of time to learn and master. 

Nonetheless, one of FTMO’s reigning leaderboard traders, Paladin, is an ICT student and can attest to its validity. 

Other notable smart money concepts traders include:

Abdullah Rasheed of ProfitX,

Anton Calmes of MentFX, and

Matt Donlevey of Photon Trading

The intermediate level of the DFX Scalping Course teaches an easy-to-learn, rules-based smart money concepts strategy that simplifies many of the concepts taught by these other traders.

Time to Get Started

If you don’t know where to start your trading career or if you’re in need of a strategy that will help ensure your success (after also developing a solid risk management and self-management plan) then selecting one of these approaches and learning from one of these resources can get you started!

While I believe the strategy (or set of strategies) you’ll use as a consistently profitable, high performing trader will likely be unique and a collection of the most useful things you’ve learned on your journey, it’s highly beneficial to begin your success by using a time-tested and results-guaranteed strategy already designed by someone who has experience.

And once you’ve found your approach that suits your trading and you’ve shown yourself that you can trade it profitably, I recommend checking out one of these trustworthy prop trading opportunities!

May 2024 be the year that you reach all of your trading goals!