5 types of forex trading strategies
- 4 years ago
FXMoneyMaker: One biggest mistake for many new traders is starting to trade Forex without a solid Forex trading strategy.
The Forex market is really attractive because it operates 24 hrs 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 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’ve 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? The 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.
Visit Our Website
fxmoneymaker.com
Follow Us on Facebook
https://www.facebook.com/FX-Money-Maker-107960897488334/
Subscribe Our Youtube Channel
https://www.youtube.com/channel/UCu9XY1nA5yClPNlm3AiR-Og?sub_confirmation=1
Follow Us on Linkedin
https://www.linkedin.com/company/fx-money-maker
Follow Us on Twitter
https://twitter.com/fx_maker
The Forex market is really attractive because it operates 24 hrs 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 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’ve 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? The 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.
Visit Our Website
fxmoneymaker.com
Follow Us on Facebook
https://www.facebook.com/FX-Money-Maker-107960897488334/
Subscribe Our Youtube Channel
https://www.youtube.com/channel/UCu9XY1nA5yClPNlm3AiR-Og?sub_confirmation=1
Follow Us on Linkedin
https://www.linkedin.com/company/fx-money-maker
Follow Us on Twitter
https://twitter.com/fx_maker