Every forex trader has their trading strategy. In this blog, we are going to discuss the trading strategy that may range from basic to expert level. Below are 10 Tips that help you to build powerful forex trading strategy.
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Build Powerful Forex Trading Strategy Having perfect knowledge about Forex doesn’t ensure success as a trader. Further, you need a trading strategy to be successful in forex. Every trader in the Forex market has their own Forex Trading Strategy. Today in this blog we are going to share some forex trading strategy that may range from basic to expert level. They may sound really doubtful but can help you to make some real money. 10 Tips To Build Powerful Forex Trading Strategy 1. Demo Trades Avoid using your real money before you gain confidence in Forex trading. Testing the Forex with demo trading is the right choice as it saves you from starting loss and probably from an immediate exit from the Forex trade itself. It helps to know the basics of trading and lets you gain some confidence about the process of trading. Demo trading for a period is good as it helps you to assess your skill. Click on below link: DEMO ACCOUNT VS. LIVE ACCOUNT https://youtu.be/HmPQAlW3Cu4 2. Be Strong Emotional strength is very important to survive in the forex market as it easily plunges you into a highly stressful vortex. You should choose the type of forex trading strategy that best suits your personality. Random decisions result in failure which would be the result of anger, anxiety, and lack of rest or proper sleep. So, being strong is an important factor to emerge as a successful trader. 3. Set Your Limits Allotting a certain percentage of your income to trade in the Forex market is a wise thing instead of risking all income or borrowing in the hope of good returns. During trading, set a certain percentage of your allocated money to trading as an acceptable failure is one of the winning factors as it put brakes to your over-enthusiasm and prevents additional losses.
4. Profit Your Target In a proper trading strategy as like fixing your bearable loss, setting your target to earn a profit is also, a must to do on the list. Every businessperson works for profit, and a disciplined businessman always has some goals to achieve. You as a Forex trader should set your targets, and it could be daily weekly, monthly or yearly targets. Generally, many forex traders set the potential profit should be at least three times the risk. Placing a percentage of your portfolio as a profit target and reassessing them continuously is an important factor in the Forex trading strategy. 5. Be Informed Forex is a 24 hours global market which is affected by various economic, political and geological factors. A lot of online news feeds, journals and magazines are available which give you the proper information on the adverse effect of these events on trade. A well-informed trader always analyses the conditions before entering the trade. Analyzing the currency pairs and the happenings of other economic zones should have top most priority, and here also, information is wealth. 6. Choose Your Trading System Choose your trading system and program carefully. Mark your support and resistance levels and let the system alert you about your entry and exit signals. Make your trading system as a clear indicator with no distractions and use visual and auditory signals. 7. Plan Your Exit Strategy Generally, traders pay their more attention to buy signals than to sell signals. Many traders don’t want to sell which would result in further loss. Even successful forex traders finish up with more losing trades than the winning trades. But with a practice of limiting losses and managing the money, they make a profit. Plan ahead your exit points which usually are stop-loss point and take profit point. Don’t let any emotional stress to take over which hamper your decision making. 8. Plan Your Entry Strategy Generally, many traders buy signals, if the profit looks to be three times that more than their risk. Nowadays many systems are more reliable than the humans as computers make a decision based on the analysis. Today many people rely on systems and make good trades. Click on below Link: Building a Trading Strategy: Entry, Exit or Money Management https://youtu.be/FZmmvFQFM8E 9. Have Your Own Journal Keeping a record of all your actions as a trader is a good practice which is a sign of a successful trader. 10. Be a Critique At the end of the day, thoroughly analyze your trade and be a strict critique. It will definitely help you a lot to grow as a trader as everything percolates deep into your mind.