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Forex Strategy

As a Forex trader, you should not adopt strategies that are complicated. We believe you should look into those strategies that are simple and easy. Once you come up with the Forex strategy (or strategies) you will be using, you should implement as soon as you can in order to enjoy those results.

Forex trading has become very popular recently. Unfortunately discussing the developing a winning Forex strategy is not so popular. Instead Forex trading is presented as a way to earn money quick.

If you are serious about this market, first thing you need is to realize that it is not a "get-rich-quick" scheme. There is a lot of things to learn to be successful in this market.

 

Nobody in their right mind would just jump into the forex market blindly. That would be even worse than attempting to pilot a 747 jet if you have never had flying lessons. Jumping in without a good understanding of the forex market is reckless at best, and you would save yourself a lot of time by simply lighting a match under your money. In order to get the gains and rewards that are very possible in the forex market, you need to study, lean, and understand how the market works, the ins and outs of forex currency trading, and the various factors that go into making an informed and intelligent trade decision.

 

Here are some steps that can help you develop a winning Forex strategy:

 

- Learn the basics. Do not rush through the process. There is really a LOT to learn. There are good resources online and offline that can help you with that.

 

- Learn about yourself. What kind of trader are you? Are you a risk-tolerant person? Can you psychologically accept losing money? Are you a disciplined person? Can you follow your own tested strategy while in a losing period? These are some things you need to understand so you'll be able to develop a strategy that fits your profile.

 

- Decide what timeframes you want to trade. This should be based on your risk profile and the amount of risk capital that you have.

 

- Develop a strategy using a combination of different indicators. Incorporate money management and risk management techniques into your strategy; determine entry and exit points. Place all the indicators on your chart and visually evaluate how well the strategy is doing. If it does reasonably well, consider automated it through using the programming language of your trading platform. You can also outsource this part.

 

- Now you need to backtest it. You need to run your strategy software (also known as expert advisor on the MT4 platform) several years back to see how it is performing. If it does relatively well, you need to test it in real time in a demo account. Do not take short cuts here. Trade in a demo account for as long as it takes till you feel comfortable to trade in real time.

 

Confused? Find it difficult, but still want to get in on Forex and make money? Then let a computer software package do _ALL the trading for you!

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Click here for the Next Article: Automated Forex

 

Learn Forex: Forex Training Articles
Learn Forex: Forex Indicators
Forex Software Reviews
Assistance

Forex Indicators

Average Directional Movement Index

Moving Average Convergence/Divergence (MACD)

Stochastic Oscillator

Relative Strength Indicator (RSI)

Moving Average

Bollinger Bands

Fibonacci Indicator

 

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