The Best Strategy for FOREX | Forex Review

August 31, 2011 by  
Filed under Forex review, Forex Trading


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The Best Strategy for FOREX

1. Temperament and Time Frame A key factor in matching your personality with a trading strategy is the main time frame used by a strategy. If you usually seek activities that provide immediate gratification, a strategy based mostly on a four-hour chart will not work for you–even if you see others making money with it. You will be more comfortable trading a strategy that is built around a lower time frame–15, 5 or 1 minute. These time frames demand your constant attention and participation.

2. Skill Level and Discretion Another factor to consider in strategy shopping is your current skill level. New traders will likely not be successful with highly discretionary strategies.

3. Trade Rooms and Signal Services Another way for beginning traders to find winning strategies is to join a trade room or signal service.

4. Creativity The best trading strategy if you have a creative streak is to “roll your own.” Learn about the fundamental tools of technical analysis and, especially, how price action seems to respond to them. Paper and demo trade your strategy for at least 2 months before taking it live,…… By Darrin Koltow to learn more about Forex please visit www.guideverygood.com

Forex Currency Trading System : How to Become a Forex Trader

August 25, 2010 by  
Filed under Currency

Even the most intelligent soul in the world can be puzzled by how the forex currency trading system worked and how to place a forex trade. The chaotic mental picture that most of us have of the stock market’s busy trade floor is not really that far from the reality. Make sure that you know more than just a little bit about Foreign Exchange, Futures, stocks and have proven forex strategies before you think about making your first financial move, the forex market is too risky to just try to learn as you go. Every successful forex trader that I know, no matter at what level they trade at, have a Forex Currency Trading System that they use. Most develop their FX trading system after years of trial and error, which is not possible with the novice. Regardless of skill level, traders can utilize both hard copy data and online tools to make their stock decisions. Reading Forex signals is an art that can take years to master. Some traders have spent years working with foreign exchange and they still aren’t successful. Getting the right Forex currency trading system is the most important step in becoming a great trader. These days there is even automated software that is becoming a vital cog in trading currencies. The best forex signal systems integrate the education and usability in one easy to use program. If your forex currency trading system includes the use of a forex broker, then you will want to have enough education under your belt to know not only what is being recommended to you, but to be able to make your own suggestions as well. Always do your due diligence when choosing a forex broker as they can make or break your success. This is especially the case if you are using an automated forex trading system. Regardless of how many other people are involved, make sure that your own personal fx trading system takes into account your limits and your financial goals. Do you invest solely as a hobby, with any profit being a pleasurable bonus? Or are you investing as a way to build your retirement nest egg? Do not invest more than you can technically stand to lose, no matter how strong the stocks that you pick have been performing. No matter how solid a company seems to be, they can crash at any given time, so do not bet on a “sure” thing and risk your family’s financial wellbeing. Not only will this save your marriage but it will allow you to enjoy trading rather than being stressed every time a trade looses 5 percent. Stock Broker firms have realized how many people prefer to do their trading online, and many have switched to allow this- some only do trades online, while others still offer brick and mortar offices where clients can come in and speak face to face with their broker. Not to mention the automated forex systems. Most of these systems can actually place the trades for you even if you are sleeping or at work. Now that’s what I call making money while you sleep.

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