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 a 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 need 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?
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.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 take 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 fundamental reason or both. Follow what your trading strategy says.Simple Trading Strategies I have listed below;1. Daily High Low Forex Trading Strategy2. Bollinger Band Breakout Forex Trading Strategy 3. Parabolic SAR Strategy For Forex Trading4. Daily Chart Forex Trading Strategy for Non Day Traders5. RSI Forex Trading Strategy With Awesome Oscillator6. Bollinger Band With Awesome Oscillator Forex Trading Strategy7. Relative Vigor Index (RVI) Forex Trading Strategy8. Simple RSI Forex Trading Strategy
Traduzir para Inglês Mostrar original