How to Start Forex – Step 2 Forex Trading Strategies

how to start forex, forex trade strategies

Forex Trading Strategies

– The second step in starting Forex is “Creating Forex Trading Strategies“. After you got your basic education, you should be knowledgeable about all the forex terms; How to read charts, when to buy, when to sell, when to stop loss, why markets move, and all the other fundamentals. If you have done the training we talked about in the first step, you are now ready to take the second step and create your first “forex trading strategies“.

In the previous step of this guide to start forex, We talked about:
* Doing Your Research and Training (Step 1).

Step 2: Creating Forex Trading Strategies

A “forex trading strategy” is a series of rules of engagement. Your trading strategy determines when you are going to “buy” and “sell”, and how you manage risks.

As a forex beginner, your forex strategy should be as simple as possible. Keeping it simple is extremely important! Many newcomers fail in forex because of their over-complex strategies. Yes, you know a lot after your training step, but you need to keep it simple until you get some firsthand, in-market experiences.

Your first forex strategy should be a strategy that you don’t need any of the technical analysis. It should be just a simple guideline to follow. After you create a trading strategy, you need to stick with your strategy strictly. So, with your first, simple strategy you will get used to sticking with it. Even, when it is having its “losing streak”.

Forex Trading Strategies: Take It Easy

During this “Creating Forex Trading Strategies” experience, you will get used to the fact that a forex trading strategy doesn’t need to be perfect too. In fact, every forex strategy will see a period we call “losing streak” where it loses money for a while. You will learn how to manage this “losing streak” with your practices. This skill will help you a lot when you trade with live money.

Remember that we’re working on the demo panel. Since we are not getting into the real market yet, you can find ways to test your forex trading strategy virtually with some “back-testing” software such as “Forex tester 3”, or you can use Demo broker accounts which we will talk about in step 4.

Continue To The Next Step:
– Step 3: Choosing a Forex Broker –

Now, you should have grasped the second step of “How to Start Forex Trading”, that is “Creating Forex Trading Strategies”. For more detailed explanations on this topic, you can click on the link buttons of this website or other related websites, taking place on this page.

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