Community Forex Questions
How to design your unique forex strategy?
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You must develop a trading strategy that works for you as a beginner. Here are a few pointers to help you design your forex strategy:
Know the basics:
As a newcomer, it is critical to understand the fundamentals of currency speculation and trading. Forex trading is a broad area of finance. As a result, before entering the trade, you must first gain knowledge of it.
Decide on your time frame:
Many forex trading strategies are based on a time frame. Some require time frames ranging from short to long. It is best for you to decide whether to trade every day, week, month, or even year.
Determine your risk appetite:
The trading strategy you choose will be determined by your tolerance for risk and loss. You can use high-risk strategies for high returns if you can deal with high risk. Otherwise, you can opt for more stable, low-risk strategies.
Choose indicators that can detect and confirm trends:
Technical indicators are useful for identifying market trends and signals. After you've decided on your trading style, you should look for good indicators. Traders commonly use MACD, RSI, and stochastic indicators to identify and confirm trends.
Specify your entry and exit points:
To maximise profit and minimise loss, determine the best time to enter and exit a trade.

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