Are there any problems with my trading strategy?

[masonlee]

Hi everybody,

I have been practising forex trading with demo account for some time. Generally, i am trading by referring to the news in forex calendar. When the released economic data is shown in green color i will buy the related currency and when the data is shown in red color i will sell the currency. I found out that i lose quite frequently and my total money is keep on reducing. Anybody can point me to the right direction on how can i reverse this losing situation?

Thank you

 

[Enivid]

That is hardly a trading system at all, more like some vague entry system. You can start by learning that currencies not always react to the news the way they are expected.

 

[Fxpipper]

Sorry but the strategy you'd listed is just not good enough..it is more in line with what some of the so called "signals" that the top brokers had on offer and hyped it a lot. And as you have figured out by now, all that the app did was point in other direction, resulting in a loss..
FWIW, try to review some of the resources on forex trading and do not depend on any signal provider to provide you with accurate data for the simple reason such an app does not exist contrary to the sales pitch.

 

[Master Forex IB]

No strategy is perfect there are problems and benefits of every strategy you use in trading. in which atrategy you aremaster not think it will be always proifitable . You should change it time to time according to the market situation because market not runs in same manner all the time.