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How To Create A Solid Forex Strategy

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How To Create A Solid Forex Strategy

مُساهمة من طرف abou rayane في الجمعة 23 ديسمبر 2016 - 0:04

How To Create A Solid Forex Strategy
One biggest mistake for many new traders is starting to trade forex without a solid forex trading strategy.

Forex market is really attractive because it operates 24hrs a day and you can trade when the market is going up or when the market is going down and in the eagerness to make money, or prove themselves they dive headlong into trading.

Does that mean the beginner forex traders cant make money?

Yes, you can make money trading forex…and its if you are a beginner trader and you get into forex trading and start making money right away, you should be very careful to let ego overcome you.

You can make a fortune trading currencies in the short term but soon this will lead to a bad psychology and trading discipline problems and you’ll end up blowing up your forex trading account.

Good trading discipline, psychology and humility are only achieved through experience.

To be successful in forex trading, you’v got to have a strategy/plan in place which you must follow. Creating or finding a forex trading strategy is very important as this addresses the following:

Reason for taking the trade: why buy or sell? And what currency pair?
timing of the trade: why buy now? should you buy or sell after economic news release? Asian session, london session? New York session?
Trading objective: what’s the profit target? What’s your stop loss?
Money management? How much are you risking per trade? Per day?
Documenting and analyzing your trading results? This identifies your strengths are well as weaknesses.
What is your reason for entering a trade?

And there should be a really good reason!

If you are entering a trade out of boredom or just the need to take a trade for the excitement, this is a recipe for disaster.

Nothing feels more worse than entering a trade and watching a trade turn into a loss when you precisely know you should not have taken that trade in the first place!

Every trade should be taken based on a condition that’s been stated in your trading strategy, whether it be a technical reason or fundamental reason or both. Follow what your trading strategy says.

Free Forex Trading Strategies
When selecting which type of forex trading strategy to use, you have two options:

you either pay for them
or you can use any of the free forex trading strategies on this site and test them out.
The trouble with paid forex trading systems is that: (1) you can spend a lot of money on buying a forex trading strategy that does not fit your trading style and (2) later down the line you realize it does not fit your trading personality so you won’t be using it once your initial fascination starts to wear off. Waste of money.

With free forex trading strategies:

you have the option to test them out without paying for them and eventually find a trading system that suits you.
free forex trading strategies can make money in forex.
With that in mind, this forex website has hundreds of forex trading strategies for all kinds of traders. You may also like these:

Top 10 Forex Reversal Candlesticks For 2016
8 Amazing Facts About ForexFactory Not Many Traders Know About
How Fred Made a Million Dollars in 40 Trades and You wouldn’t believe What Happens Next
Free Price Action Trading Course (16,000 words long, covering tricks, tips and price action trading techniques)
Free Forex Trading Signals & Setups That Have The Potential To Make You 100’s of pips profit each week.
How To Trade Elliott Waves In 6 Simple Steps
These forex trading systems range from simple forex trading strategies to complex forex trading systems, from forex trading strategies for beginners to advanced traders and including forex price action trading strategies.

Here are the 6 different types of forex trading strategies and systems on this site:

- See more at: http://forextradingstrategies4u.com/#sthash.Jt6FHkfY.dpuf
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