Choosing The Best Forex Trading Strategies (Best Forex Trading Strategies)
This is a special and main topic to get successful on trading.In opposition of many of you could be thinking, it doesn’t matter primarily about complex strategies and sophisticated indicators to stablish the best in and out of the market. No indeed.
The main think we should have in mind and the never to forget rule is: “Take care of your ACCOUNT BALANCE”. Your money is your main trading tool, and if you lose it, you are out.Then, in my humble opinion, we must focus first on risk rules.
My own experience in Forex Market
How much to expose and when to get out if the trade is going wrong.When you’ve decided a comfortable and safe calculation rule, then you’ll be able to start thinking about how and when to open a trade.According my own experience, only in some particular and special oportunities, we can take an exception and expose more money than usual in a trade.But in regular, we must rule strictly any temptation of overexposing.
Money Management and Forex Trading (Risk /Reward and Money Management in Forex)
One nice and Great rule could be “never expose more than 2% or 5% of your capital in a trade”.Other very important issues to have in mind are the stop limits (both: on winning and loosing). Trying to be conservative about the win/lose rate.In the start and with very limited capital, a 1:1 rate could be fine. According your expertise, you could increase this rate in favor of winning.
It is possible you can read an infinity of alleged “very profitable” strategies, but please, trust me when I say: “Take care of your account balance and always take care of your account balance”.
That’s the best strategy I can suggest you to follow.Well, after clarify this critical issue, I can suggest some trading strategies to try.
But first, we must agree some basics (4 Steps To Building A Forex Trading Strategies)
1) Follow the trend (Trade in Forex With The Trend)
There are a lot of ways to confirm the market trend. And it might be safer to confirm with more than one. As stronger is confirmation, the safer the trade.
2) You are not trading alone (The Main Players In The Forex Market)
In the market there are many actors, some of whom instead of following the rules, set them. Therefore, it is always good trying to identify what are doing large banks or hedge funds, on a particular market event or under certain situation on the market. Sometimes it is better to eat by side of large predators than be eaten by them.
3) Keep out of the market when are releasing high-impact news (How To Trade Forex On Important News)
Generally, during the disclosure of some very important data like employment (NFP), adjusting interest rates, inflation data, CPI, etc., produces important asset prices movements in, or a high volatility during a short time. This creates a high risk for open trades, as in an instant, could cause a margin call or come to a stop out of your account. It’s usually better to wait until 15 0 20 minutes after the news before trading again.
4) Be realistic about expected earnings
Expect a gain of 10 or 20 pips ensures greater security to reach the target to wait 50 or more. Sometimes an trade fails, due being too greedy in getting higher profits than the possible.
Maybe instead a trading strategy, these are just advices of better trading, but, at least for me, is The Best Forex Strategies For Get Profit.
I hope it will be useful for all of you.
Good luck and happy pips!!
By Alberto Cushnir
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