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The importance of Forex trading strategy

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The importance of Forex trading strategy

Postby uncle gober » Wed Mar 18, 2015 8:12 am

Specific trading strategy should be used exactly for a chosen currency pair, for which it is created because it depends on the ratio of the certain currency pair. However, this does not mean that the other currency pair won’t benefit from the chosen strategy, but make sure you analyse the strategy more before applying it on different currency pairs.

The main task of any Forex trading strategy is to minimize the impact of external factors on the Forex trader and to organize trader’s activities. The development of a trading strategy can even be compared with the development of a business plan for a specific project.

When developing your own trading strategy or improving the old one, it is important to remember these rules:

  • Any trading strategy has a share of subjectivity, it does not guarantee a success and can work also against you;
  • Each Forex trading strategy should be compatible with a trader’s style;
  • 95% of trading failures are caused by lack of the psychological stability – Forex trading strategy is designed to solve this problem.

Traders can combine different methods or develop even their own indicators and trading robots, because there is no limit in different variations. now I try to stay consistent to trade with some combination of several indicators that I try to apply in TICKMILL
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Re: The importance of Forex trading strategy

Postby Lil Lilly » Tue Sep 08, 2015 12:43 pm

i dont think there is no sense to trade without any strategy... scalping? it is for baby traders. Morning is for being a McDonald's seller and evening for being A TRADER lol
no worry, be happy on fx
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Re: The importance of Forex trading strategy

Postby uncle gober » Wed Dec 09, 2015 4:21 am

One of the main issues a new trader faces when starting is the idea that they should be able to reproduce the results of their mentor or teacher. Of course this is the end goal, but it is important to give this some further thought. The problem is in thinking that the student will eventually trade the exact same way the teacher does. This is a very big mistake just about every new trader makes because it will never happen. The reason is the difference in their personalities, personal schedule, discipline patience, and many other factors make it virtually impossible to do so. That fact that no two people think alike means that in order to be successful with a method you are being taught, you generally must in some way make it your own. Therefore you must form the trading strategy you learn to your own personality and then you will have a much greater chance for success!
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Re: The importance of Forex trading strategy

Postby Joy Bahadur » Mon Jun 13, 2016 9:28 am

Actually, for leading a profitable trading life with certainly we have to choose in the brokers which don’t restrict any kinds of trading strategies. Now, I am using MXTrade trading broker which is regulated and does not restrict any kinds of trading techniques with scalping and hedging. So, my trading life is very much comfort and profitable.
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