There are three things

There are three things you need to create your own strategy. Study, Practice and Study. You have to study a lot. Initially it is best to choose one single pair. Spend time to observe that pair as much as you can. Every pair has Its own characteristics. You will find some unique characteristics of that pair. Study them and test them. It's a trail and error process.

It is not possible to gain profit consistently without acquiring a trading education. A trader must first acquire trading education. Then you have to apply that education and practice a lot.

I completely agree with you. Learning and practising your trades is very important. Every day can be a learning experience for traders both new and advanced.

I also think that concentrating on 1 pair is most beneficial. It’s easier to undertake technical and fundamental analysis on it.

Trading plan, consistency and knowledge. These three things are important for me in trading.

The first step of trading is to understand that it needs a lot of time and efforts to be skilled enough. There is no short cuts. If you can't give enough time and effort in learning just leave it. You have to go through the full learning process. Just by following some ready-made strategies, nothing going to happen.

It is not possible to trade successfully without the help of education and study. You can never be a good trader if you lack knowledge and skills. So always learn the basics of forex before investing money.

Michihito posted:
There are three things you need to create your own strategy. Study, Practice and Study. You have to study a lot. Initially it is best to choose one single pair. Spend time to observe that pair as much as you can. Every pair has Its own characteristics. You will find some unique characteristics of that pair. Study them and test them. It's a trail and error process.

Yes i agree but psychology is so key too. Its more than half the way to success in my opinion

Dictiony posted:
It is not possible to trade successfully without the help of education and study. You can never be a good trader if you lack knowledge and skills. So always learn the basics of forex before investing money.

It’s true. Traders also need hard work for making consistent profit in trading.

Yea I think a lot of people make the mistake of not doing this enough.

Yes I order to make regular profit and become a successful trader you need to develop a strong strategy, and you can only develop a strong strategy by studying and regular practice.

LeviSievwright5 posted:
It is not possible to gain profit consistently without acquiring a trading education. A trader must first acquire trading education. Then you have to apply that education and practice a lot.

Yes, you are right, trading education is very important. It is never possible to make a trading profit without proper knowledge.

I think three things required to create your own strategy are knowledge, your financial goals and market analysis.

LeviSievwright5 posted:
It is not possible to gain profit consistently without acquiring a trading education. A trader must first acquire trading education. Then you have to apply that education and practice a lot.

@LeviSievwright5 what in your opinion would be great habits for a new trader to make ?

Yes, I second that. These three things can really make a difference to trading.

forexminded posted:
I think three things required to create your own strategy are knowledge, your financial goals and market analysis.

That's right and then testing the strategies is also an important part.

Roberto21 posted:
We always advised by the senior traders and experts just for learning. but I think we the newcomers have to practice trading besides learning process. Demo account is more appropriate for them and as a learning Process newcomers can depend on Pips School.

I also agree. Newcomers should learn first before real trading.

For effective trading consistency is crucial. Some random winning transactions don't assist in success. Achieving consistency is critical in trading. For that one needs enough knowledge, skills and experience.