This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
One of the biggest mistakes that many new Forex traders make is wrongly believing that they do not need a strategy.
Lots of new FX traders think that successful forex trading is about merely looking at the charts and being able to trade on a hunch, anticipating where price is heading next.
However, these traders all find out the hard way that trading without a strategy is a recipe for disaster.
Having a solid Forex trading strategy is a vital part of achieving success as an FX trader and certainly vital to maintaining success.
A good strategy specifically sets out the exact trade setups you can take so that you know what to look out for in the market. It determines your risk and also your reward, letting you know where to place your stops and targets and at what size to trade as well as how to manage your trades.
So, how do you build a Forex strategy?
The first thing to consider is time. How much of it do you have available to trade? How much of it do you want to spend trading?
To keep reading this article, please navigate to: Orbex Forex Trading Blog.