Trading in any market requires much work: Risk management, money management, trade management, trade psychology, journaling, reading news, chart analysis…
Yes, there is still a lot to talk about but I think it’s time to sell you something, so I can hire someone to write the rest of these articles and write some code for Forex calculators..
Strategies are very important in Forex because all of the aforemenntioned topics can be used by themselves as well as, mixed and matched together to form these strategies. After studying all of these different elements, I suggest backtesting a strategy in your demo account. Using a demo account and backtesting different strategies is another important element in trading, btw.
Backtesting done properly actually takes some time like, 6 months to a year. There are different robots and programs that allow a hypothetical figure, based on past data. Or, you can write your own code or program to do this, if you’re tech-savvy. After your run a few tests, compare your results and trade your most profitable strategies.
I will leave this as homework for you. (Didn’t think it would be that easy, did you?) Using platforms such as, Metatrader, you can run some strategies automatically which, allows you to remove the human element from your trading. This does not mean that you will be without drawdowns or losing trades. But this is one method that some traders are utilizing to make their trading easier.
Personally, as an introvert, I enjoy staring at charts, using positive powers of my subconscious mind to sway prices back and forth.
There are many strategies for sale online, some selling for $1,000+. But, what’s more important than a good strategy is, consistency and discipline in the execution of the strategy. If you’re trading with very little capital, one bad trade can wipe your account out and preservation of trading capital should be a trader’s highest priority.
It’s like gas for a vehicle (or hydrogen, batteries.. whatever you kids are using these days).
The best strategies are simple. Sometimes I go overboard on indicators and lines on my charts because who doesn’t like a sexy chart markup?
This is mostly aesthetics and theatrics. i will keep the strategies quite simple.
The key to being successful is, finding the specific setup and only entering a trade when specific conditions are met. Journal every trade and be sure to include which strategy was used. This data makes a world of difference. $100 will make you a millionaire with consistency and discipline. (Guaranteed.. but not by me, sorry. Lawyers won’t let me. SEC is a DIC.)
This section was originally going to require a subscription fee but I don’t have time to set up payment processing so, consider yourself lucky, for now and pay attention.
Futures and options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this video or on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVERCOMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. All trades, patterns, charts, systems, etc., discussed in this video or website and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations.