Forex Trading Strategies

[cspandey06 3]

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:

1. Reason for taking the trade: why buy or sell? And what currency pair?
2. Timing of the trade: why buy now? should you buy or sell after economic news release? The Asian session, London session? New York session?
3. Trading objective: what’s the profit target? What’s your stop loss?
4. Money management? How much are you risking per trade? Per day?
5. 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 make 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 a 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
• 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.
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:

1. You have the option to test them out without paying for them and eventually find a trading system that suits you.
2. Free Forex trading strategies can make money in Forex.

[dr4ch3 18]

It is really true, I have experienced it myself. Now I am still down about 25% of my initial capital.

But I believe one day I will make profit with forex trading.

[adidas21rus 37]

Even the best Forex trading method won’t produce positive results if you don’t know how to cut losses and let winners run. That’s why risk and money management, as part of a complete trading plan, are so important to a trader’s performance. The most successful Forex trading strategy needs to take into account your personality traits and trading style, and be combined with strict risk management rules.

[cspandey06 3]

thanks

[Iftikhar1 0]

On 10/4/2020 at 12:59 AM, Green Grace said:

very tricky way to invest

they are too long in the market, but reviews are 50/50

i'd better use Binance - only positive experience 

Yes the forex market is very risky mostly investors lost their money on this market that is why as you said binance exchange or other exchange use for cryptocurrencies trading i think it is more better then forex trading but forex trading give you profit or loss in hours and the crypto trading is slow than forex. 

[ricardoramc 49]

On 10/8/2020 at 12:25 AM, Iftikhar1 said:

Yes the forex market is very risky mostly investors lost their money on this market that is why as you said binance exchange or other exchange use for cryptocurrencies trading i think it is more better then forex trading but forex trading give you profit or loss in hours and the crypto trading is slow than forex. 

Either of the two trades can give a loss, there are people who are better adapted to forex, others to crypto, you just have to know what you are doing and not enter by impulse no more

[nasirbadawai 7]

I think that everyone should learn well before venturing and trying. Experiments, and if they succeed once, they will not always succeed. Working in a scientific way is correct even though the error rate is logically half the percentage of correctness, but the reality is not that.

[nasirbadawai 7]

did some one have any One of you has any idea or plan to earn 0.00500000 a profit every hour. If you have, please advise me and thank you all

[MoralStories 1127]

instead of buying the strategy from someone and trying to get profits from it I think one should generate his own strategy and follow that to make the profits from the investment

[RoyalHouse01 9]

the best strategy is to make the money on the basis of trading on the signals so if you want to do this just do it with the help of the expert traders and make money out of it.