You won't find too many forex traders that have implemented their own strategy. You need something that you do on a consistent and regular basis to make good profits for the long term. This is how all business functions and this advice should help you in determining your own strategy.You first need to determine the length of trades you're best at. Some of us are better at day trading.
Others like to swing trade and lastly, others like to trade for the long term. Which one are you good at? Keep doing it because you don't want to stop what has been working for you.The next step is developing the skills, so you can identify indicators of trends on a daily basis. Trends are basically what are expected to happen to the currency in the future.
The better you are at determining what a currency will do, the more you're going to profit. If you can predict a currency going up and get in while it's low, you're going to make a nice profit.When you trade, you need to understand you're going to have trades that end up profitable and trades that end up unprofitable. It's just the way things work. The key to winning at this for the long term is to limit how much you lose on those failures. The key to this is setting a point where you're no longer going to lose money.
It seems sort of stupid, but people will hold onto currencies with the hope that it will eventually rise up again.Lastly, you're going need to get Forex Killer automated software. This software program will monitor all the currency graphs and identify trends for you. It makes it much easier to make those profitable trades, while you can spend more time learning strategies.
