Do you want to learn a profitable strategy for Forex? Even though the Forex market is open 24 hours a day, the currency pairs will be very different at different times of the day. This is due to the activity of the participants in the market at different times. Many beginners have the misconception that the more they trade, the more money they should be able to make. This can not be further from the truth.
1. How Do You Develop A Profitable Strategy For Forex?
A profitable strategy needs to take into consideration the technicals of the chart and the volatility of the particular currency pair. If you are planning to make your own strategy and not adopt a proven system or software, then you must have a good understanding of the timing of various markets, and how to profit in different volatility levels.
For example, it does not make sense to develop a strategy that sets small stop loss levels If the strategy is used to trade a currency pair whose price swings very wildly.
2. Is It Possible To Create A Single Strategy To Trade Every Currency Pair?
This is another mistake that many traders make. Making a successful strategy to trade one currency pair does not mean that it will work for every other pair. Again, this is due to volatility and market conditions.
If you are a beginner, I highly recommend you to try out other's tested and proven systems first before you try to make your own. Nowadays, I use a trading software that trades Forex and makes money for me automatically. You can find out more about it at the website link below.
Source by William Barnes