When I started trading, I didn’t know anything about the markets or about any kind of trading strategies. I had to learn that trading is something very individual. You cannot trade the style of another person with success. You can trade only your own style successfully. So, whether you’re trading stocks, currencies, ETF’s, CFD’’s or.
There are a wide variety of different forex traders who follow different forex trading strategies. Some of these traders may get in and out of trades within an hour or two, whereas others may stay in a trade for a few weeks or more. Depending on your forex trading strategy and the style of trading.
Many Forex traders fail because they try to follow a strategy that isn’t suited to them. So before you embark on any type of Forex trading strategy, you need to decide what type of trader you are. Use your answers to the following questions to help you build a picture of the type of trader you.
A stop loss is a great way of knowing when it’s time to admit you’re wrong about a trade. But how do you know where to set these stop levels? And can you use stop losses to protect your gains too?