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Old 16-03-2015, 08:56
unclegober unclegober is offline
Level V Lasers Member
Join Date: Apr 2013
Posts: 672
Default The importance of Forex trading strategy

Specific trading strategy should be used exactly for a chosen currency pair, for which it is created because it depends on the ratio of the certain currency pair. However, this does not mean that the other currency pair wonít benefit from the chosen strategy, but make sure you analyse the strategy more before applying it on different currency pairs.

The main task of any Forex trading strategy is to minimize the impact of external factors on the Forex trader and to organize traderís activities. The development of a trading strategy can even be compared with the development of a business plan for a specific project.

When developing your own trading strategy or improving the old one, it is important to remember these rules:
  • Any trading strategy has a share of subjectivity, it does not guarantee a success and can work also against you;
  • Each Forex trading strategy should be compatible with a traderís style;
  • 95% of trading failures are caused by lack of the psychological stability Ė Forex trading strategy is designed to solve this problem.

Traders can combine different methods or develop even their own indicators and trading robots, because there is no limit in different variations. now I try to stay consistent to trade with some combination of several indicators that I try to apply in TICKMILL
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