One of the most common mistakes new Forex traders do, is that they have no trading strategy. Because of the many appealing characteristics (24 hours, trade both short and long, leverage etc) most of the new traders entering the market are eager to prove themselves in an often egoistic approach. Egoistic in that they believe that they can become very profitable and make a fortune in the short term, but soon enough they end up with a bad psychology which at the end accelerates their loosing pattern. In fact, the most successful Forex traders are people recognized for their humility and discipline. These qualities are acquired trough experience and accepting some simple realities of the Forex market.The first step towards becoming profitable in the Forex market is to devise a trading strategy/plan. Creating a trading strategy is of paramount importance and is actually very easy.
To create a successful trading strategy, traders should address the following considerations:
1. Reasoning of the trade: Why buy or sell? Which pair?2. Timing of the trade: Why now? Before economic news releases or after? Day or night?
3. Trading objective: What is the take profit target? What is the stop loss?
4. Money management.
5. Documentation and analysis of the results.
Read more >> http://forextradingtutorialhq.com/ultimate-guide-to-create-a-profitable-trading-stategy/
|
|
|
|
Get Free Forex tips via Email Daily! |
Follow us! 
|
5 Comments:
It is my great pleasure to visit your website and to enjoy your excellent post here. I like that very much.
This want to thank you for this informative read; I really appreciate sharing this great.blog impressed me and over exceeded my expectations. You know how to involve a reader and increase his curiosity to read more. Many congratulations!
Excellent tips. Really useful stuff. Never had an idea about this, will look for more of such informative posts from your side.
Good job Keep it up.
It is really a perfect guide on trading. I enjoyed reading your blog and found lots of information.
TESTIMONY ON HOW I GOT MY LOAN AMOUNT FROM A RELIABLE AND TRUSTED LOAN COMPANY LAST WEEK. Email for immediate response drbenjaminfinance@gmail.com
Hello everyone, My name is Mrs. Carolin Glowski, I'm from Europe, am here to testify of how i got my loan from BENJAMIN LOAN FINANCE after i applied Two times from various loan lenders who claimed to be lenders right here this forum, i thought their lending where real and i applied but they never gave me loan until a friend of mine introduce me to {Dr. Benjamin Scarlet Owen} the C.E.O of BENJAMIN LOAN FINANCE who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met {Dr. Benjamin Scarlet Owen}, who really helped me with my loan and changed my life for the better. I don't know if you are in need of an urgent loan also, So feel free to contact Dr. Benjamin Scarlet Owen on his email address drbenjaminfinance@gmail.com
THANKS
Post a Comment
Have any questions !> Feel free to leave a comment , I will reply within 6 hours :)