FX TRADING METHODS celebrity status.
Andrew Krieger, for example, focused on the New Zealand Dollar,
on which he laid an
extraordinary amount of pressure through a 400:1 leverage. In the end, his short position was higher than the country’s entire money supply. George Soros, Stanley Druckenmi l ler or
Lipschutz
Bill are
other famous forex
traders.
S h o r t i n g , pushing big breakouts or in f l u e n c in g trends is a game of giants, but their strategies are
r e c o u n t i n g in
order
worth to
reach a deeper understanding of the market.
Finding Your Strategy
Every time you look at the Forex market, it has changed. In such a volatile and, by definition, an unstable environment, hanging onto a single at-times- winning strategy is risky and not recommended.
However, some of the most brilliant strategies have made a
56 FX TRADER MAGAZINE July - September 2017
trader is his time frame. The period in which you are willing to hold a position impacts your trading style and strategy. The four-time
frame defined styles
of trading are – from shortest to longest – scalping, day trading, swing trading and positional trading.
As such, while a day trader is not interested in the large shifts of the market and sticks to at most
realistic
name for themselves and remained in the collective memory of traders. Some work even today. Even though it might seem like a
Sisyphean task, devising a
solid Forex trading strategy is paramount to long-term success on the market.
The defining feature of a Forex hourly charts, positional traders
study the existing and possible trends through daily charts.
Once you have chosen a time frame that fits you, it’s time for the next step. The tools you use to determine when to buy and when to sell also give direction to your strategy. These are the indicators you
on a regular basis
follow and
choosing them is necessary before devising a strategy.
Tried and Tested
The pioneers of the Forex market had to
survive
by following their gut and e x p er i en c e .
Today, I can pick between numerous indicators, methods and strategies and test them on a
trading simulator. In
that way, I can perfect my trading skills even before incurring any real losses.
Essentially, a trading strategy tells you what to follow and when to act. Trading strategies compete with one another on a brutally evolutionary system. If one fails,
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