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To understand how to make money in the currency market and become a successful trader, you should follow the rules of trading psychology and also understand that you need to seek to build your own successful foreign exchange trading strategy.
- Choice of assets
- Get signals on a variety of asset classes: CFDs on Forex, Cryptocurrencies, ETFs, Commodities & Indices.
- Multiple scenarios
- Get laser-focused scenarios based on multiple support & resistance levels. Plan your next move with greater accuracy.
- Multiple time frames
- Navigate across the New York, Asian and European sessions with confidence. 3 times a day, every day- stay on top of the markets with real-time signals.
- Confirmation tools
- Choose from a range of trend confirmation tools and technical indicators and ride the trend with confidence. RSI, MACD, Fibonacci Retracement and many more – all in one place.
The biggest challenge in trading is that no one knows exactly whether the order is profitable. However, everyone can increase the possibility of determining market trends, research different indicators and listen to the forecasts of major traders.
What is the forecast?
It is a probabilistic assessment. That is, it can be true or false. There is a certain probability that the prediction is correct or wrong. In order to create more reliable predictions (that is, those with a higher probability of occurrence), you must base on some reliable recommendations. Normally, these assumptions become the basis of trading strategies on foreign exchange.
The idea will come to mind sooner or later.
Foreign exchange trading strategy model – Why do you need a foreign exchange trading strategy?
In order to have more profitable signals, but also to increase capital instead of losing capital. If a trader does not have a trading strategy, he has nothing to rely on. There are many different facts that traders can use to open and close positions. Some of them may not bring the desired effect. If a trader finds rules, these rules will at least allow him to make a profit in 6/10 of the transaction, and the profit will exceed the loss, he can create a good and profitable strategy based on these rules. Although the trader can only have 3 profitable orders out of 10 orders, this will bring him a higher total profit. It is possible that the profit of the order exceeds the maximum risk several times. This situation is possible because stop-loss and take-profit orders can be set up.
You must test this trading strategy on different currency pairs for a long time.
How to find the pattern in the market?
You can use the strategy generator, or you can find the pattern yourself. Find the pattern yourself, you will need attention, patience, endurance and analytical skills. The most successful traders spend more than one night looking at charts while looking for such patterns. Now everything is easier, you can find a lot of information about using indicators and some strategy descriptions. Sooner or later the idea will come to mind. For example, prices are often not whole numbers. Let us create a hypothesis. For example, when the price increases to an integer, if a trader enters a sell order every time, he will make a profit. Or when the price is reduced to a whole number, if the trader enters a buy order every time, he will make a profit. Now, we need the criteria for closing positions. If the trader enters a sell order close to an integer, the stop loss order can be submitted at a level above 10 points. Take profit orders can be submitted at the level below 20 points. The buying order is consistent with this, but the stop loss will be lower and the profit will be higher. Here are the assumptions of a prepared foreign exchange trading strategy. With the help of indicators, patterns can also be discovered. Some of these descriptions can be found in our article list.
Now, you must try to refute this hypothesis. Why refute? Traders must understand how different factors affect assumptions. You must test this trading strategy on different currency pairs for a long time. Then, the longer the historical period, the better. If you refute this hypothesis, you should comment on the strategy or create a new one. Then, you must check again. And so on, until you find a truly profitable and effective foreign exchange trading strategy, which will allow you to have a stable profit in the currency market.