Looking for the best Forex strategies? (Lets talk about Forex strategies)
Talk about Forex strategy, it will be very much a factor in it and to be very complex. All Forex strategy that both existing and new or are being created have the same goal which is to get profit. In Forex trading is like war, it requires the right strategy for us to win the battle, in this case we need the right strategy so that we can profit in Forex trading. Of course there is no perfect strategy, all strategies must be has advantages and disadvantages. but at least we can choose or create a strategy that has many advantages and little flaws. That might be called the best strategy, in this theme are called the best Forex strategy.
Creating a Simple Profitable Forex strategy
The best Forex strategies for profits should cover all aspects or the following factors:
1. Psychological / Emotional management
2. Money management
3. Studies trading (technical and fundamental)
All aspects or factors are an absolute must in a Forex strategy. The best Forex strategy should contain three aspects / factors are and they constitute an integral and complementary.
Let’s assume the best Forex strategy is 100% so they are consist of : money management take part by 25%, technical – fundamental: 15%, and the management of psychological / emotional implanted at 60%.
Why psychological (emotional management) take the largest part ?
That is because of psychological / emotional factors most determines the success or failure of a Forex strategy in gaining profit.
Forex Money management and Technical – Fundamentals Analysis in Forex Trading
Very good Forex money management and technical – fundamentals will not work and apply when psychology / emotion management is not enforced. How psychological / emotional management applied ?. Application of psychological / emotional management is a position where we have to prepare mentally, to be realistic and logical with what we have and what we are facing.
In case this is Forex, so we have to prepare and finalize the psychological / emotional us first. We are a Forex trader, we are facing with the Forex market, what do we have? we must be aware of what we have in the face of the Forex market. Our goal is to make profits. Do not let us want to make profits but instead stump. We must be realistic and logical in determining profit, how much we are targeting our profit? and how much we are ready with the losses we face. All that must be mature and well implanted in our souls as a trader, which is reflected in the attitude of DISCIPLINE.
Emotions and Forex Trading (How to control emotion in Forex Market?)
We must always control our emotions, we are traders and not speculators (for example: want to quickly obtain a profit, do not accept a small profit, wants reinforcements revenge if loss) . Do not let us too emotions as a trader, because uncontrolled emotions will beat logic, in these conditions, we’ve minded speculators which eventually leads to gambling. When emotions / psychology controlled our mind, so any strategy cannot be implemented properly.
TECHNICAL – FUNDAMENTALS (Fundamental Vs. Technical Analysis)
we use to trade Forex as a reference or basis we determine the Open position (when and at what price we will do transactions/making OP). While FINANCIAL MANAGEMENT we use in determining the amount of lots in the transaction, determine profits and losses compatible with the financial condition / our capital. Both the technical- fundamental and financial management we can learn. But the EMOTION / PSYCHOLOGY MANAGEMENT very difficult to applied, we need experience and strong discipline to do that.
Implementation of the strategy can be manual or EA (robot). There is no problem and not much different in achieving a profit as long as it uses the same strategy. Both of them (manual and EA) is just the difference in the implementation of the strategy.
A good Forex strategy for all Forex Traders!?
A very good even the most good Forex strategy is can be successfully used by traders A, but not necessarily successful when used by traders B. This can happen because of emotional/psychology management different from one person to another. So the best Forex strategy to get profit are THE GOOD MANAGEMENT OF EMOTIONS/PSYCHOLOGY. Whatever strategy if followed with good emotional/psychology management will surely become the best Forex strategy.
Happy trading and greeting profit
By Agus Supardjoko
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