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unclegober 16-03-2015 08:56

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 won’t 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 trader’s 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 trader’s style;
  • 95% of trading failures are caused by lack of the psychological stability – 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

FxCash 16-03-2015 23:02

Re: The importance of Forex trading strategy
 
Quote:

Originally Posted by unclegober (Post 23777)
95% of trading failures are caused by lack of the psychological stability – Forex trading strategy is designed to solve this problem.

Yes. I would say more: EAs are designed to solve this problem.
Of course, any EA is based on strategy.

goldtrader 17-03-2015 14:06

Re: The importance of Forex trading strategy
 
the most trader lose in this market. when we learn more we can encrease the win percentage. it is important. now i still learn more with demo account. we can learn more from our trade. it is good experience. you can join in some demo conest we can earn some money with it

captainfx 18-03-2015 08:21

Re: The importance of Forex trading strategy
 
I think that every trader should build their own strategy based on their goals. Of course, anyone can't make a good strategy without having first the knowledge of market. Once you have your own strategy it is important to stick to it as much as possible in order to avoid that emotions take the control of your trading, specially when results are against you.

DirkNannes 19-03-2015 13:33

Re: The importance of Forex trading strategy
 
Thank you very much for your valuable option. In addition, I also like to trade with my permanent trading strategy. Because, the volatile Forex market change detection for many times. So, if you trade without your trading strategy then surely you will lose big money. By the way, in my demo practicing period I watched beginners level and advance level video tutorials on ‘how to make a profitable trading strategy’ from TradingBanks trading broker. So, according t their direction I made my trading strategy that giving me monthly 30% profit. And, I am happy with my small consistent profit.

smithandrew 20-03-2015 09:29

Re: The importance of Forex trading strategy
 
Well said
Forex market is open for 24 hours; new traders often suppose it as a gaining opportunity. But excessive trading without a trading strategy leads to higher losses and tiny gains. Professional Forex Trader formulates a suitable trading plan and strategy and sketches a suitable entry point prior to jumping into market.

orni308 30-03-2015 12:43

Re: The importance of Forex trading strategy
 
Yes you have to pre plan some strategies in order to save time in last minute when you place a trade, it will also help you to make quick decisions.

DirkNannes 03-04-2015 12:49

Re: The importance of Forex trading strategy
 
In this trading place, there is nobody who can predict the real faction of this market with certainly. So, for keeping survive, we have to depend on our trading strategy that we select according to our trading experience. As a newcomer, I fixed my trading policy scalping that is most useable in this market place. And, I have selected GCI as my trading platform where I am getting only one pip trading spread which is very supportive to make profit by using this short term trading policy. Due to getting very narrowest trading spread my trading life is comfort and profitable.

vic84 03-04-2015 14:20

Re: The importance of Forex trading strategy
 
Pre planning strategies is very important as the market is very volatile and you might not get enough time to place a trade in time, although there is no fix strategy for making profits but a trader should continuously evaluate new strategies.

DirkNannes 05-05-2015 12:05

Re: The importance of Forex trading strategy
 
For keeping survive in this volatile trading place we have to depend on our trading strategy that we select according to our trading experience. I have selected scalping as my trading strategy due to getting profit instantly. And, my trading platform GCI is very much supportive to me to make profit by using this trading policy by means of only one pip trading spread.

captainfx 08-05-2015 07:49

Re: The importance of Forex trading strategy
 
Yes, very helpful thread. I think that having a trading plan is a way to have many factors of your strategy under control and definitely it is a very important thing that contributes to the trader's success.

unclegober 22-10-2015 04:53

Re: The importance of Forex trading strategy
 
rading strategy for Forex is basically a defined set of rules for trading. Strategy largely affects the long-term success in Forex trading. Trading without strategy is able to give only the short-term profit and soon can be followed by a collapse. That is why Tickmill offers its customers to learn and choose among the most successful Forex trading strategies the one that fits your trading style the most.

wuxiami 06-11-2015 06:42

Re: The importance of Forex trading strategy
 
Forex trading strategy can help you build reasonable trading objective and risk control plan, that's quite important because you have to adjust your strategy accordingly.

dangtrader 09-11-2015 11:45

Re: The importance of Forex trading strategy
 
Forex strategy plays key role in your trading as it basically means the edge in the game against other players, and exclude randomness from your trades. Never trade more than 3% from you deposit and you won't lose in short run for sure.

unclegober 12-11-2015 03:27

Re: The importance of Forex trading strategy
 
To become a professional of trading require strong experience and knowledge as well as the reading direction of the market situation due to the movement of the forex market not only by traders but other institutions. I've now learned was trying to maximize my analysis to read the direction of the market with better

BubbleGum 28-08-2020 06:11

Re: The importance of Forex trading strategy
 
Forex trading strategies can be based on technical analysis, or fundamental, news-based events. The trader’s currency trading strategy is usually made up of trading signals that trigger buy or sell decisions. Forex trading strategies are available on the internet or may be developed by traders themselves. Traders working on their own trading systems should backtest their strategies and paper trade them to ensure that they perform well before committing capital.

mlawson71 05-09-2020 16:58

Re: The importance of Forex trading strategy
 
I think it's important to decide how you want to trade before picking a strategy - with the trend or against the trend, as both can be profitable but the approaches are really quite different.

PapiaKhatunAsha 15-09-2020 17:01

Re: The importance of Forex trading strategy
 
The importance of a good strategy is huge and without that is next to impossible for anyone to succeed. I find it super easy with FreshForex broker to do with their low spreads, high leverage, bonuses and variety of such benefits. I love it with their 101% Tradable Deposit Bonus too, as it helps me a lot.

chin100 24-09-2021 01:26

Re: The importance of Forex trading strategy
 
A strategy and plan are comparable to trading without a great deal of luck, which is not productive. regardless of The more you plan around your pairs, timings, trading strategy, trading volume, daily target, how to react if you carry loss, how to incorporate emotions whenever you trade, etc, the more your chances of success will be when you trade within a well-organized manner.

xtradings

BubbleGum 30-09-2021 18:24

Re: The importance of Forex trading strategy
 
The most important thing would be that you need to change the strategy time to time in the Forex Trading.


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