Poll: What is the single most effective tool for trading forex?
Forex Poll (FXpath.com) – Although the vast majority of traders use a variety of different tools in their forex trading, most traders have a favorite tool, technique, or strategy upon which they tend to rely more heavily than others. The purpose of this poll, though neither exhaustive nor scientific, is to identify those tools that traders of varying experience levels collectively view as most effective in their forex trading.
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Comments
I voted Confluence but in effect this is support and resistance drawn from multiple time frames, so the vote is really for support and resistance.
Support and resistance along with a confluence of events such as price action (highs and lows), fibonnaci, and stochastics.
my trading is based on support and resistance because that is the system i have mastered and it works for me.
Thanks for your comments, everyone! Looks like Support/Resistance is, by far, the tool considered most effective by the traders who participated in this poll. Thanks again!
James Chen
Although,i’m not a professional trader i like the way you are out to help novice like me in the forex buisness. I really want to make it in forex trading. thank you
Great list but one thing that’s missing is market profile. Anyway, I chose support and resistance because thats the only way I trade.