Why you Should Develop your own Strategy

We have been tired of telling the traders that Forex miracle strategy or Holy Grail will not work in the industry. If you really want to make cash out of your profit, you will have to make it the old fashioned way. You will have to develop your own strategy in Forex market. We are going to tell you one more time as we have told you earlier that only your own strategy will work in the market. This sector is very hard to make money and you have to use the analysis that you have developed to get money by winning the market trend. There is no other alternative other than learning the art of trading. Many traders have lost a huge amount of money consider this industry as a money making the machine. But things are not at simple rather this just like real business. You need to find a reliable broker like Saxo and do the perfect analysis to make a consistent profit. At your initial stage, it’s very normal for you to struggle but if you remain devoted than its just a matter of time to understand the nature of this market.

Can’t I Just follow what the big traders are doing?

Sounds like you are a smart trader. Do not be heartbroken as we tell you that you simply cannot follow the footsteps of the big traders. The things that they are disclosing to the public are only the minimum things of their hundreds of strategies. You cannot make a fortune like them by simply following what they are trading. If these big traders were so big hearted like their Forex account, do you think they will have the paid education in their sites? They will give it for free to all the traders. If you follow the big traders and do not work on your own, you will not be a successful trader. You may make money but it will not be consistent and it will be very hard for you to make Forex as your money earning source.

Your strategy is your edge

When you are working on developing your strategy, you will discover many new things about the industry. You need to have your own developed trading system to place your trade in the online trading account. There are many things which may be very common but you have not heard its name. This is very common in Forex. When you are in the market for finance, you will have to use your own strategy to make the money come in your pocket from the market. Forex is the most liquid market in the world. Trillions of dollars are being exchanged here every day and if you can get a small bite of it, you do not have to think for the rest of your life. Professional traders each use their own strategy and do not take help from others. It is your edge that you have to develop to get the money from the market. If you want to get money, develop your strategy by your own. Some retail traders often develop their system based on indicators and EAs. But without assessing the market sentiment you can never make any real progress. Try to develop a simple trading system based on support and resistance level. Find the long term prevailing trend and use the minor retracement of the market to trade along with the market trend.

Summary: Without having your own trading system you will never be able to make a decent profit. You need to work hard and learn the three major form of market analysis. This thing will help you to identify the potential trade setup with a great level of accuracy. But never expect to have winning trades all the time. Be prepared to embrace the losing trades just like your winners.