Thread: The importance of Forex trading strategy

Specific trading strategy should be used exactly for a chosen currency pair, for which it is created because it depends on the ratio of the certain currency pair. However, this does not mean that the other currency pair won’t benefit from the chosen strategy, but make sure you analyse the strategy more before applying it on different currency pairs.

The main task of any Forex trading strategy is to minimize the impact of external factors on the Forex trader and to organize trader’s activities. The development of a trading strategy can even be compared with the development of a business plan for a specific project.

When developing your own trading strategy or improving the old one, it is important to remember these rules:

• Any trading strategy has a share of subjectivity, it does not guarantee a success and can work also against you;
• Each Forex trading strategy should be compatible with a trader’s style;
• 95% of trading failures are caused by lack of the psychological stability – Forex trading strategy is designed to solve this problem.

Traders can combine different methods or develop even their own indicators and trading robots, because there is no limit in different variations. now I try to stay consistent to trade with some combination of several indicators that I try to apply in TICKMILL

You need to have a good trading style so that it can make you money from the Market, so its good to work out in the market and then select a style.

Originally Posted by Rahul247

You need to have a good trading style so that it can make you money from the Market, so its good to work out in the market and then select a style.

Surely, as a trader, we must try to more improve our trading skills. Any strategy we used for trading, the most important if we can try to maximize it with discipline. Try to use small amount or demo account first. I think, cent account in TenkoFx also can be maximized


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Originally Posted by CahCuncun

Surely, as a trader, we must try to more improve our trading skills. Any strategy we used for trading, the most important if we can try to maximize it with discipline. Try to use small amount or demo account first. I think, cent account in TenkoFx also can be maximized

I agree that knowledge is very important in trading. knowledge can be gained by using a demo account or by using video tutorials. I advise you to see a video tutorial on the basic principle of forex. Tickmill’ Forex Trading Video Tutorial contains hours of video dedicated to multiple Forex aspects you need to become a more knowledgeable trader. Every nuance of trading at Forex market is covered in this simple and easy to catch tutorial – from basic concepts to advanced skills.

There is really no rocket science needed to know how important strategy is when it comes to trading because without that we can never get consistent results, therefore I always rely heavily on having a proper strategy first up and I remember a very beautiful saying that never start your day unless it’s finished on paper.

I do exactly the same thing and plan very carefully first up and only once I am done I move to trading, where also I have good best broker in OctaFX, so this basically is what I really hope to have in a broker and to be honest all my expectation got exceeded with this amazing company and it has major contribution to the success I have got so far.

Good to have a profitable trading strategy because with out a good trading strategy, you cannot make consistent profits in the Market foe better results.

Importance of a good strategy is huge; it can make a loser into a winner and a winner into a loser, so that’s why it’s so crucial in having a good strategy to be working with. The best way for me to be creating a good method or strategy is by using OctaFX broker’s service, it is really outstanding due to their superb swap free account, it helps me trade well with overnight trades since there is no charges with that and I can keep it without any fear at all.

Trading in forex trading strategy is very important, because by having a trading strategy that will allow us to trade with maximal if we apply a trading strategy very well. For that, try to use a trading strategy well and always disciplined with our trading

In my view having good strategy is very important because that is the way to comfort as well as making profits regularly, it is not going to be possible to see us been successful without having a good strategy or even just proper one that if we put effort can easily get into good category. At the moment my strategy is completely based on FMbinary.com broker since they have news and analysis service available, so that really helps me work well.

A good strategy plays the biggest role to been successful or failure, if we have right method to do trading then we can make it seriously big but if we are unable to do that then we will always have to settle for lower. I never do that because I have almost perfect strategy and this is all thanks to Nova FX Company due to their outstanding conditions with no commission on overnight trades while they also have stable spread of 1.5 pips for all major pairs.