Actions

  Print Article
  BookMark Article

Author Login    Author Login

Important
Existing members will have to use the lost password facility to get new username and new password

Welcome Guest! Please login or create an account.

Username:

Password:



If you do not have an account yet, you can register ( Here ), or you may retrieve a lost user/pass ( Here ).

Navigation    Navigation

   10 newest articles RSS

Author Highlights    Featured Author

steve austin
Oshawa

"I am a 35 year old software developer"

View My Bio & Articles


Henry Clements
Dayton

View My Bio & Articles


Lance Rainmaker
Medina

"Lance Weatherman has been practicing the art of importing and exporting for over 35 years..."

View My Bio & Articles


Other Websites    Websites of Interest

What A Complete Forex Trading Strategy Looks Like

Author : Alex Harper


Most new forex traders will go from system to system, trying dozens of strategies with limited success. It's important to know what a complete forex trading strategy looks like.

The factors to be aware of are:

*Currency Selection - Which currencies will you be trading and why? It is a fact that every currency has it's own characteristics. For example the GBP/USD pair is very volatile and can move very quickly while the USD/JPY generally is a much less volatile pair with slower movements. The USD/CHF while being generally the inverse of the EUR/USD spends much more time range-bound. The GBP/JPY (aka "the beast") is usually the fastest moving currency with the biggest movements. Besides these properties each currency pair has a differnet spread that you will pay to your broker which will also influence your decisions depending on the pair you trade.

*Risk Management - How much of your account are you going to risk per trade? Most professional traders will advise you to never risk more then 2% per trade, others advise only 1%. Let's say that you are risking 2% and then after a bad string of losses you lose 50% of your account. Now you have to have a 100% gain just to get back where you started. Risk management is the key to successful trading along with knowing your win rate and what type of drawdown to expect.

*Entries & Exits - Successful traders know exactly when they will enter the trade and exactly when they will exit the trade. There is a very specific gameplan. Otherwise, you might as well try your luck at the local casino.

*Avoiding Trades - There are times when the market is stuck in a range or when extremely volatile news announcements are expected. These are times when you need to either avoid trading or exit your trades.

*When Do You Trade - Certain times of the day such as the US and European opens have more volatility then other times of the day like US afternoons or during the Asian session. Depending on what type of system you trade it's important to pick the right times. You wouldn't want to be trading a breakout strategy for example during a low volatility time of day.

By being aware of all of these factors you can start to think like a proffessional forex trader. Don't be a part of the majority that loses their money and gives up.


Author's Resource Box

Take a look inside a forex live trading room where professional traders show you what they see.

Article Source:
Articlebliss

Tags:   forex training, currency trading course, learn forex trading, forex course, forex scalping, forex coaching, free forex training

Author RSS Feed   Author RSS Feed     Category RSS Feed   Category RSS Feed


 

  Rate This Article
Badly Written Offensive Content Spam
Bad Author Links Mis-spellings Bad Formatting
Bad Author Photo Good Article!
 

 

 

 

Submitted : 2010-10-20    Word Count : 429    Times Viewed: 374