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General Forex Discussion
How to create your own forex strategy
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[QUOTE="mumuy, post: 55523, member: 23995"] This is a follow up on my other thread which states that “you should develop your own forex strategy.” Since, it is vital to have your own strategy to succeed as a forex trader. Yes, there are several strategies out there; however it has psychological factors that come into play that may affect your trading. There are several factors to consider in creating one’s strategy: first is the time horizon, you must determine the time horizon which you feel comfortable with this will influence your own trading strategy; second the timeframe, a strategy will work on one timeframe and should be optimized for it, do not apply it on other timeframes as the result will not be the same; third, risk management, this is one of the most crucial aspect of trading, since risk management will determine if a trader will last in the market or not; fourth, personal trading ideology, different traders follow different ideology and it is reflected in their own strategy; fifth, capital requirement, it is impossible to trade with insufficient trading capital; sixth, profit expectation, you need to have a profit expectation in order to define an exit strategy in order to create a complete forex strategy; and lastly, losses, creating a long-term profitable trading strategy cost money and if you are not prepared to lose trading capital as you build your strategy then it’s best not to start at all. [/QUOTE]
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