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How to choose the best strategy for trading in the Forex market?

Every day, a huge number of financial market participants make good profits, but among them there are those who fail. Of course, you will not be able to make a profit out of the blue. For this you need to have a strategy. Today, there are a large variety of trading strategies on Forex. Each of them promises trader profit. They differ in the level of risk (maximum, minimum), the type of analysis used, the tools used, and so on. Each author claims that it is his strategy that is the best. For a beginner in this situation, it is difficult to figure out what to choose.He is lost and confused, which leads to a drain on the deposit and loss of desire to work in financial markets.
Types of Forex Trading Strategies
There are several types of strategies and each of them has its own characteristics. Below is a classification of strategies by time:
Long term. They are designed for transactions from 1 week to a year. The advantage of this strategy is that the participant does not need to make quick decisions, there is no psychological burden. So, the risk of losing money here is minimal. In order to use such a strategy, you must have a good deposit. Therefore, investors, hedge funds and many others use these strategies.
Medium term. Duration from one day to several weeks. Same properties as long term. Only swaps can be considered a minus, that is, a fee is charged for carrying the transaction on the next day.
Short term. Here the duration of the transaction from 1 hour to 24 hours. The risk of losing money in this case is quite large. In this case, the participant must be able to analyze the market well.
Super Short. Duration from 1 to 15 minutes. It attracts many participants, as it can be very profitable. Most often, it is used by beginners who are eager to quickly make a good profit. But there is a big psychological burden on the participant, the risk of losing everything is very high.
Today there are a huge number of classifications of strategies. They are systematized according to: the degree of risk, the use of indicators, trading volumes, methods of trading, types, methods of money management.
What strategy of Forex trading to choose?
We have prepared for you a few tips that will help you choose the best Forex strategy. The strategy should be primarily simple, convenient and understandable for the trader. The player must clearly understand how it works, when exactly to enter or exit the market, to know the optimal size of the set profit and stop loss. In the chosen strategy, everything should be very clear. If there are any strange moments for you, sort them out. If they turn out to be too confusing, choose another strategy, a simpler one.
To receive a small but stable income, you need to choose a strategy with minimal risks. Big profits, as a rule, imply rather high risks. Therefore, the trader should initially determine what exactly he wants – a potential large profit with a high risk of losing all the money or a small profit, but with minimal risks.
When choosing a strategy, you should consider the ratio of successful and unprofitable transactions. This is an extremely important indicator, because if the strategy is dominated by unprofitable transactions (even a small amount), the player will stagnate, without large losses, but without significant profit. Therefore, boldly refuse such strategies. Also note the trading tools with which the strategy works. Different currency pairs have different volatility.
What are the benefits of using strategies?
Beginners in this matter should learn that unsystematic trading in the Forex financial market will not bring you the desired result. Success, of course, can be, but only it will be short-term and unpredictable. If you want to get a stable good result, then you need a strategy. Only with the observance of all the rules of the strategy you will be able to receive a stable income.
Choose those Forex strategies that use familiar trading tools. If there are no such people, then choose the most suitable, understandable and comfortable strategy for yourself and test it for several months. In the event that the result is positive, then you can safely transfer to a real account.

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