The Guide To Forex Trading Strategies – Part 1
In episode 64 of the Desire To Trade Podcast, I decided to discuss a very popular topic: defining a trading strategy. I recorded a 3-part Guide To Forex Trading Strategies so we can set you up with a plan as soon as possible.
I've seen a lot of traders trading with absolutely no plan expecting they would succeed, so I want to make sure I address this topic.
In fact, you've probably already heard the saying “trading is simple but not easy”, right? Well, it is when you have a plan and a strategy to execute on.
I agree that executing on that plan will be the hardest part, but we have to cover things step-by-step here.
In Part 1 of the Guide To Forex Trading Strategies, I'm giving you a quick introduction of what type of strategy you can trade. In the next parts of this series, we'll deal with specific indicators you can use as well as how to read price movements.
Share ThisHaving your strategy written down is the first step to being disciplined Click To Tweet The more you plan, the less you tend to act emotionally Click To Tweet There are a million ways to make money in the markets, but they are all very difficult to find. Click To Tweet
What's Covered In This Episode?
- The concept of market phase
- The 3 types of trades
- When you should consider each of the trade types (based on the market phase)
- What to expect as win rate and reward-to-risk for various Forex trading strategies
- The top mistakes traders make when defining a strategy
- And much more!
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
- One book to read: Stan Weinstein's Secrets For Profiting in Bull and Bear Markets
- The Exclusive Lesson: Understanding The Market
DesireToTRADE's Top Resources
- DesireToTRADE Forex Trader Community (free Facebook group!)
- Complete Price Action Strategy Checklist
- One-Page Trading Plan (free template)
- DesireToTRADE Academy
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