How to Create a Forex Trading Strategy?
How to Create a Forex Trading Strategy? The word ‘Strategy’ itself is intimidating to novice traders as there are no foolproof techniques to create a flawless strategy. You might have a tight grip over the concepts of trading, but that doesn’t come in handy when creating a strategy. So, here are the basics to help you create a strategy. Step 1: Identify the trader in you The first factor to consider before developing a trading strategy is the time frame in which you can trade. In Forex trading , you can trade at your convenience, but sticking to a routine will help you make an effective strategy. Day traders are those who can spend most of their time reading charts and numbers. They make over a dozen trades in a day. Swing traders hold on to a stock for a few days, and the time they spend is only to keep themselves up to date. Step 2: Foresee the trend The better you know the trend, the better are your chances of profit. The trend is the way in which the market mov...
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