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Main » Forex Trading Strategies: top forex strategies that work in 2023

Forex Trading Strategies: top forex strategies that work in 2023

Last Updated on 18/11/2023
Fact checked by: Megan Jonson

If you’ve joined the world of online trading, you’ll most likely have made a few transactions within the industry already. In this article, we will be taking a look at some of the strategies you can apply to your trades.

Forex trading is the most traded instrument available with brokers and you will find that there are plenty of forex market strategies that you can apply to your transactions. Whether you are a newcomer to the scene or if you have some experience trading already, our pages are written so that anyone can use the information we present.

Why you should use forex strategies

If you have already completed some trades using the forex trading instrument, you might find that you are just not able to make those gains on your investment that you dreamed of. The world of online trading is very complicated and predicting how certain currencies will behave is a challenge to even some of the most experienced traders out there. Whenever you are considering investing some funds online, it is important to do your research in order to inform your opinion on the markets before you have invested your money into them. You’ll also find out more about the best forex trading strategies 2020 and how to use them.

By reading about forex investment strategies, you are putting yourself a step ahead of all the other traders out there who decided to just dive into the scene. While the strategy is not guaranteed to make you gain, it will inform you about the markets as a whole and give you an insight into how they behave. You will also learn how other traders before you have examined the forex markets and how they attempted to make some money using their strategies. With trading anything, knowledge is your most valuable ally. You will always be able to predict an event more accurately if you have knowledge about the circumstances surrounding the event. If you are interested in forex trading, head to our forex broker in Australia page to find a general overlook of the instrument.

Once you have been through the strategies, you will be able to open an account and already have a game plan in mind for your first transaction. Other newcomers might simply invest in the first option that is presented to them. We will also be taking a look at how to backtest forex strategies to better determine if they actually work. Each trading instrument offers customers the potential to make some gains, but there is also a probability that you might lose some of your funds. You will need to consider this before you decide to invest your funds with an online broker.

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Forex strategies for beginners

For all the newcomers to the forex scene, you will definitely be on the lookout for some strategies that can be used at the beginning of your career. These strategies will help you get started and will still apply even when you have more experience within the industry. Be sure to keep them in mind when you are transacting. To browse through some of our broker reviews, head to our forex trading reviews page where we take a look at all the big names within the industry.

Know the forex session times

As you might expect, forex is an instrument that never sleeps. When the Asian market closes, you will find that the London market is in the middle of its day and this brings about a certain level of volatility with most currency pairs. There are a wealth of traders all over the world and knowing how these times influence pricing is vital.

Research the markets

As with any investment, the more research you conduct, the more informed your decision will be towards the opportunity. When it comes to forex strategies, the story is no different. There are certain currency pairs that offer more safety and others that are incredibly volatile. Research them to understand which will be most applicable to you.

Practice as much as you can

With just about any forex broker out there, you will be able to open a demo account and test their service. This will also allow you an opportunity to determine just how the markets behave to see if you can make some gains. The gains and losses with a demo account will not be real funds but it is always good to practice. Head to our forex demo account page to find out more.

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Once you have progressed past the beginning phase of your forex trading career, you will surely be looking to implement some of the more complicated strategies into your trading techniques. In this section, we will be taking a look at the top 5 forex strategies out there at the moment. To ensure that you are not overwhelmed here, head to our forex trading basics page to cover the fundamentals.

Forex scalping

One of the favourite strategies that our experts like to employ within their transactions is forex scalping. Scalping is a strategy that is used with a variety of trading instruments and involves taking the small gains from multiple trades throughout the day. You might need to use some data analysis or an algorithm here to determine the key exit and entry positions. To see our detailed article on this strategy, head to our forex scalping page.

Trend trading

Probably the most common of forex strategies out there, trend trading focuses on a specific currency pair’s momentum to determine exactly how it will perform. You will usually do this over a certain period of time by taking a look at the momentum. Are there higher highs and higher lows? Then the trend is upwards. The reverse and you are likely investing in a downward trend.

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Range trading

Range trading is slightly more involved than the other techniques we have been through so far. With range trading, you will identify points of resistance and support to determine what range the price lies within. This will allow you to time your trades at moments where the currency is set to go downwards close to the resistance ceiling and upwards with the support floor. To make use of this strategy, you will first need to understand how to trade forex in Australia.

Price action trading

Price action trading is one of the more general trading strategies on forex that experienced traders employ. With price action trades, you are studying the historical prices of each market and developing a strategy relevant to the specific market. There are plenty of data analysis tools that you can use to determine your price action points and plenty of them are available within online broker trading platforms.

Day trading

Day trading is the most time-intensive of all the strategies and will result in all of your trades being closed on the same day. This requires a solid understanding of the price-performance to determine the optimal entry and exit points. You will need to make use of some data analysis if you are looking to make the most of the day trading strategy, so be sure to browse through our reviews to determine which broker has the tools you are looking for. You will also need to try and conserve your funds as much as possible, so take a look at our forex broker with the lowest spread page.

Applying your forex trading strategies 2023

With all of the best forex strategies 2023 in mind, you will definitely be itching to try and apply them to your investment portfolio. Some of them will require more time than others and you will quickly determine which of them are forex profitable strategies.

Once you have done the necessary research on each of them, you will need to see if you are signed up with an online broker that offers you the necessary analytical tools to employ them within your portfolio. If not, make sure to head to our review pages to see if there is a better offer out there. Forex strategies 2023 are fairly easy to apply with the advancements made in data analysis.

There is no use in researching forex strategies that work if you are unable to make use of the knowledge that you have gained. You will need to consider how much time you have available to apply the variety of strategies out there. If you are unable to invest a lot of time, you probably won’t be using the day trading strategy. You will also need to set goals on your trading to see if the specific forex strategies are working for you. Make sure to keep a solid record of all the transactions you make and try to keep a ledger of them to better analyse your performance.

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Using the tools you have

If you have decided to try and use some of these strategies, you will need to consider a couple of things first. Is your broker up to scratch? Does their trading platform have the necessary software to analyse price performance? How far back does each market’s history go? By looking at all these factors, you will have a better idea of what strategies are likely to work within your trading portfolio. Some forex investment strategies are just not applicable to some readers out there while others seem to be the holy grail. Most of this will depend on your personal preference.

Each broker will advertise the full extent of their offer to try and attract new customers to their service. You can analyse their adverts to find out if they provide the necessary tools, or you can make use of our broker reviews where our team of experts have gone through each of them thoroughly and determined the most important aspects of each offer out there. This is bound to save you plenty of time that could have been used to complete transactions. You can also browse through some of our more detailed guides surrounding trading strategies to better apply them. Head to our forex hedging strategies page to get an idea of what you can expect to find.


You should now have a solid understanding of what forex strategies are mostly applied by experienced traders out there. As with any online service, there are plenty of strategies that you can apply to your transactions but the efficiency of each of them will depend on your personal requirements. You should have a comprehensive understanding of why you need to use these strategies and just how to do that. For all the beginners out there, be sure to keep our beginner tips in mind when you are getting your career started with the best forex strategies 2020 that work.

The more advanced forex strategies that have been mentioned on this page will also be applicable once you feel more comfortable with completing some trades. Be sure to research each of them thoroughly by visiting our detailed strategy pages for each of them. You will then need to apply these strategies within your investment techniques and this will depend largely upon what broker you have signed up with. Use the tools you have to make the entire experience easier and possibly more fruitful. To take a look at one of our favourite strategies, head to our forex scalping strategy page.

Forex Strategies That Work FAQ

📈 Where can I find good forex strategies?

If you are trading some of the currency pairs available within forex then you are certainly on the lookout for some trading strategies to apply to your trading techniques. There are plenty of markets available with forex and with strategies, you can look at increasing the gains you make from your trades. While you are not guaranteed success, with online trading, the more you know, the better! You will find that all of our guides and articles here at Wetten Australia are accurate and informative. You will also be able to use them free of charge. Head to our page now to find out more.

✔️ Are there forex strategies that actually work?

You might be wondering if there are forex strategies that make money. Each of the online trading industries seems to be filled with promises of making some gains on your initial investment. Luckily, our team here at Wetten has plenty of experience within the industry and knows what works and what doesn’t. You will be able to find a wealth of information presented here to include within your trading portfolio. There will always be random market fluctuations but the more you learn and apply, the better chance you have of making some potential gains. Head to our page now to find out more.

🔢 How many forex strategies are there?

If you have googled forex strategies, you will most likely be astounded with how many results are available. There will always be an experienced trader who believes their approach is the ultimate winner and this results in plenty of strategies developing. To find the best of the lot, our team of experts have been put to the task of identifying some of the best strategies and implementing them in our own portfolios to see just how well they work. You will find most of the forex strategies online right here with Wetten Australia. Head to our page to find out more.

🤷 What are forex strategies?

A strategy is a method of doing something that has been tested and usually works. While a strategy is not a guarantee, it is a tool that you can use to improve your trading techniques. There are plenty of strategies out there and each of them come with their own benefits and drawbacks. If you are interested in using forex strategies within your trading portfolio, head to our page now to find all of the latest information surrounding the industry and you can browse through the full extent of our offer, free of charge. Wetten Australia is your number one resource for information within the online trading industry.

📚 What do I need to use forex strategies?

Depending on what online broker service you have signed up for, you might find that you require a variety of different documents and details before you are able to transact within their service. This is done to avoid any illegal accounts from being opened. Before you can make use of the strategies we have research on our page, you will need to browse through our broker reviews to determine exactly what you will need to get started with foreign currency trading. Head to our page now to find out more about the trading instrument and all of the strategies that you can use within it.

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