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How To Develop A Forex Trading Strategy

Jun 26, 2008
Are you interested in learning how to trade the Forex market? Learning how to trade the Forex market is not easy, but it is not difficult either. It doesn't require a college degree or much studying on your part. Trading is all about discipline, willpower, and perseverance. It also takes a good, strong, Forex trading strategy to be successful in your trades as well.

If you understand exactly who you are as a trader, you will learn to trade to your strength. Trading to your strengths will only increase your effectiveness if you have a strategy to help you. There are thousands of trading strategies out there today. Just look in any search engine for a Forex trading strategy and you will find countless sites about this topic.

There are two basic forex trading strategies; trend-following and range-bound. Any trading strategy that you come across will use indicators and combinations, moving averages, chart patterns, candlesticks, pivot points, Elliot wave analysis, and the list can go on and on. Each of these indicators are simply to help you measure the trends in the Forex market.

If you can answer the following questions about yourself, you will be able to pick the strategy that is right for you and your trading. The first thing you need to understand or find out is who you are as a trader. Are you in to make quick money, or are you in for the long term? Pay attention to your trades and what the market is telling you. It is important to keep a journal of your trades and their outcomes. This will help you figure out the first question.

Second, I would imagine that you are using someone else's strategy, aren't you? Don't worry, because, most of us are too! It is much easier to use a successful trader's strategy than come up with our own. You must be very careful if you decide to change part of the strategy. I would recommend that before you change the strategy to your liking, you completely understand all aspects of the strategy through actual trading experience.

Third and most important, don't jump from strategy to strategy. You should also stay far away from combining two or three different strategies. A lot of traders find themselves doing this and having no success. If you take the time and effort to truly understand the Forex trading strategy that you chose, you will be able to master the strategy and be a powerful trader.

So, at this point, you might be asking, which strategy is right for me? There is a very simple answer to that and it is, use the one that works! It really doesn't matter if it is simple, or very complex. Pick a strategy that works and roll with it!
About the Author
Bart Icles is an expert Forex trader. He has developed strong Forex trading strategies that he uses to successfully trade the forex market on a regular basis. Visit our blog to learn about a great Forex trading course and check out this Forex trading strategy hub page for more information.
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