Practically in order to our trading understanding we the traders choose our trading strategies. According to me , if you want to get maximal result by your trading strategy , first of all you have make sure the proper money management approach , otherwise that’s not possible at all to make profit at all with great consistency despite of most powerful analyzing trading strategy. so, it is more important to know how to manage money in Forex trading.
Well said mate. Managing money is one of the most important things for any tarders. But sadly many people don't spend quality time on formulating sound money management strategies. I believe results would be better, if we emphasize more on it.
It took me quite some time before I realised the best trading strategy for me. It takes practice and patience. If you want to develop a very good trading strategy then you need to develop it while you are still in your demo account. Do not rush into trading until you have a strategy that you are sure of.
Thorgahuginn posted: It took me quite some time before I realised the best trading strategy for me. It takes practice and patience. If you want to develop a very good trading strategy then you need to develop it while you are still in your demo account. Do not rush into trading until you have a strategy that you are sure of.
Yes. We have to ourselves find the right strategy for ourselves though it may take time but in order to be profitable we have to keep our calm and work for it.
The best part of the forex strategy is money management –make sure every time you trade , you don’t risk more than 2-3% of you account otherwise you will break your account pretty soon. I learned that lesson from my own experience.
I have seen despite of a profitable trading policy scalping cannot use in a proper way due to many restrictions. So we the traders who are particularly scalpers always have to be more careful when choosing a broker. Scalping will be successful when you could make sure lowest trading spreads which is very supportive to make profit with certainly by scalping that brings profit in a short time.
There are many ready-made trading strategies on the market, both simple and quite complex and understandable only to professionals. Beginners, as a rule, begin trading using a ready-made trading strategy, and not the most complex one. However, over time, almost each of them understands that trading is truly effective only with a strategy developed personally, based on their own experience and preferences. Regardless of whether a trader creates a strategy from scratch or modifies a ready-made one, it is necessary that it suits his character and type of account.
Yeah you are right. Money management is very important. Another thing is also very important which is control of your mind. If you can't control your mind, you will end up opening trades without any reason. That's why discipline is needed as well.
Every trader needs to keep in mind that trading strategy should be simple and select the appropriate trading strategy that suits his needs. This will help to make the right trading decisions, measure the amount of risk trader is willing to take.