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The Benefits of Following a Forex Trading Strategy

Discussion in 'Diskusi Pemula dan Tips Trading' started by Adam Smith, Feb 8, 2016.

  1. Adam Smith

    Adam Smith
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    Trading with a set of rules can work wonders and make your trading system much more profitable. Here’s why. First, your trading system will not break the rules or enter the market on a whim. Trades will only be placed when there is a verifiable reason for entering the market. Secondly, you don’t have to deal with your own emotions, as all the trading decisions are determined by established parameters.

    The Exit strategy is the most important part of a successful forex trading strategy. This is because, determining the exact time when to exit the market is one of the most emotional trading experiences.

    Greed and excitement will pull you in opposite directions. The part of you that is greedy will want to stay longer in the market in order to squeeze as many pips out of the market as possible, whereas the excited part of you will be happy that you have earned a few pips and will want to exit the market with a guaranteed profit.

    An exit strategy does not have to be complicated. Depending on the time frame of the chart that you are using, a few simple rules can be created. Using such an exit strategy is definitely a good idea, as you don’t have to consult your emotions every time you want to exit the market.

    It is a good idea to create a system that is rather strong and mechanical. Your main job as a forex trader is to create and devise profitable and effective trading strategies. Once you have created a profitable trading system, all you are required to do is execute it in a methodical mechanical manner.

    Once you have done the hardest part of devising a trading system, that is, capturing pips, anybody with a basic knowledge of the forex trading platform can follow these simple rules and make a lot of money.

    You can do completely emotion free trading, as long as you follow the system that you have devised. Emotions are regarded as enemy when it comes to constantly making good money in the forex market.

    Always have a clear thought about what you want to focus on and what is your priority while you are trading in forex. You may want to capture more pips rather than make a lot of money in the forex market. The choice is yours. These little things will assist you to become a successful trader in no time.

    The above article is shared by Fibo Group (www.fibogroup.com).
     
  2. OSN

    OSN
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    Is Fibo Group a broker? Its my first time I am hearing about this broker. If its a broker, who regulates it? how long has it been in existance?
     

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