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Developing a killer forex trading strategy!

Developing a killer forex trading strategy!
By: LonTorin

It’s known that very few forex day traders make money from trading in forex. That is mostly because most of day traders only trade on plain instincts without any facts, or based on what they find online. And, also the fact that trader’s mind and decision are greatly influenced by misunderstood technical analysis when trading, with the added confusion of hundreds of indicators, strategies, and other kinds of tricks, losing is a sure thing.

You can still make money in forex trading though, but you have to learn to follow the rules. If you want to survive on this game the first thing that you have to do is creating a strong trading strategy. There are many things that go into trading strategy, which should be detailed, step by step, and simple.
A good strategy – is a scheme that accurately lays out the path toward a goal.
A good forex trading strategy should eliminate all the emotional guessing. It should illustrate all the steps from analyzing the market before entering the trade until the trade is over, and that means clear buy and sell signals.
Any good strategy should have two primary bases: technical analysis and fundamental analysis.

Technical analyses – approaches the market by analyzing price historical data. All the hundreds of methods, tools and indicators that are used in technical analysis are based on the assumption that price patterns and the trends exist in forex.
Fundamental analysis – are also an important part for a good forex strategy. They are supposed to determine the intrinsic value of the market. These are general economic and political factors. The supply and demand of the market are affected by these factors, hence the drastic and unexpected change of the currency prices. News can change market direction on a split second, no matter what technical indicators are saying. Therefore, it’s important to keep an eye on these indicators, even if you’re a technical trader.

To be successful there is another factor that will play a big role, and that is passion for forex. Most of successful day trader say that they love forex trading and everything that goes with it. Including all the analyses, studying, anticipation, execution and the result. They simply love everything about forex and no matter how tough it gets they don’t’ get bored nor tired of this stuff. Forex trading is not just about making money for them, it’s a way of life. Given the fact that there is a lot of analysis and research to do when trading forex if you don’t have some kind of passion for it you will be held back as you won’t push the pain to the end. You can’t stop your analysis in the middle and make a decision to enter the trade just because you’re nowhere near to finish it. If you don’t have a passion for it, that’s exactly what will happen.
A good forex trading strategy needs to have strict and set predetermined conditions which need to be fulfilled before entering and exiting a trade. A good forex trader in the other hand needs to follow these predetermined conditions before taking any actions without exceptions.

Article Source: http://articlejoint.com

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