Forex market, from the trader’s viewpoint, is a very challenging market. Every piece of information can have huge influence on the currencies’ exchange rates. The exchange rates often change unexpectedly and rapidly so the lack of a proper trading strategy dooms inexperienced traders to failure. In case of such a volatile market iron discipline is a vital condition for the trader’s success, which is to multiply the capital. The discipline implies the consistent subordination to the strategy and constraining the urges. Every trading strategy must consist of market entry and exit rules, ordinates for the managing of the capital, behavioral aspects and the trading target. Behavioral aspect is the personal profile of the trader. Contrary to the trading schemes provided by your forex broker or the ones found on the web, strategy is something more than a scheme, which consists only of entry and exit rules.
If you decide for trading on forex, you must remember that this market is not a subject to the constant principles. Therefore, you cannot create a perfect automated scheme, also called an expert advisor. MT4 is the most popular trading platform offering a multitude of robots, but if that was so easy, IT specialists would be the best players. Good trading strategies are based on probability rules. But remember, this is only a probability, not a certainty. You may find on various social trading websites the profiles of extremely profitable traders. They have developed their strategies for years and worked for a long time on a forex demo. Insincere brokers would promise you extraordinary profits without much effort, but often their only reason is to cash a profit on their clients. Top forex brokers do not exploit their clients, they may not offer you best spread or lowest fees, but you can be sure that they will execute your orders immediately.