Having a trading strategy is very much essential for all the traders to excel in the forex market, without a trading strategy its like beating around the bush and there is no sure way of making gains.
A strategy defines whether you are buying or selling.It is based on technical or fundamental analysis. It involves looking for signals and interpreting whether to buy or sell. Not all strategies are equal in the market some perform than others so it important to have a strategy that works best for you.
Yes… I posted it on the 1st page. It might not be very clear, as I can’t really explain it clearly as I’m not sure myself how I enter a trade.
It’s my exit strategy that I need to work on more than anything. While I may be taking some profit here or there, I’m also leaving ALOT on the table because I’m too concerned with protecting my profits.
I’m also struggling with where to set my stop-loss… as I’ve been dropped out of a few trades that hit my stop-loss, only to reverse course even stronger… thus losing a potential winner.
There are now hundreds and even thousands of trading strategies available for you to use. But what we are too focused is on raking profit and most of the time neglecting on how to manage losses.
Losers can take losses while winners know how to manage their losses to turn into winners. This is the clear difference that separates losers from winners.
For me, I don’t mind what strategy to use as long as you know how to manage your trades when the market reverses.
I totally agree with this as you can have a good entry and exit strat, but you could get some news or in experience, things you see that could determine a win/loss.
Without a strategy you’ll be like in a desert without any map to know which way to go. Its only with a strategy that you can trade well and get good results.
Yes developing a strategy is important for a trader. It may be a simple strategy which works good for him. There is no need to go for complicated strategies. Do trading with some line and length s that your trading remain planned and disciplined.
Exactly the point, whether we realize it or not we all follow a pattern in trading. And that can be term a strategy, a work plan that helps us enter or close a trade.
You are right, without any strategy its not possible to earn consistently from forex market. I mean you can get some odd good results at times and even make money from it but on regular basis, you need to have a good strategy.
We must have trading strategy to gain from the risky Forex market and without strategy risk factor is very high and we may lose all our investment so we must make and follow strategy to improve trading.