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Do you have a forex trading system and you have been trading with it for a period of time but still you don't have the success you hoped for? This can only mean that your trading system does not take into account the basic trading rules and principles that any powerful forex trading system incorporates.

This book teaches you how to construct your own powerful forex trading system, what are the most important forex trading tools that you must include in it, what not to include in your forex trading system, how to apply solid money management rules and equaly important, how to avoid making trading mistakes that will cost you when you start to trade with your newly developed forex system. Product Details Price. Earn money by sharing your favorite books through our Affiliate program. This amount is subject to change until you make payment. For additional information, see the Global Shipping Program terms and conditions - opens in a new window or tab This amount includes applicable customs duties, taxes, brokerage and other fees.

50 Pips A Day Forex Strategy Fxntrading Com-PDF Free Download

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Shipping cost cannot be calculated. Tip 2 — a 50 pips a day forex strategy, is built on the foundation of price action. Price action trading involves trading and making decisions on whether to buy or sell a forex currency pair based on a bare chart. This method of analyzing the market. Is based on the premise that all the information that you will ever need to be able to make trading decisions is hidden within the candlesticks. The use of lagging indicators will not provide or produce any added benefit.

Learn more about forex candlesticks here. Price action traders hardly use any indicators at all. They depend on developing support and resistance levels manually. Occasionally they do add one or two simple indicators such as moving averages to their charts. For a comprehensive and detailed approach to price action trading, and how you can go from beginner to seasoned price action trader read Price Action Breakdown by Laurentiu Damir.

In developing your 50 pips a day forex strategy, always remember to keep it simple. This process is called fine tuning. Every trader needs to fine-tune their forex strategy this is done primarily through two methods, namely:. Backtesting is the process of testing a trading strategy using historical price data.

This form of validating a forex strategy is important. Because it provides you a statistical feel about the validity of your trading rules. Backtesting is not the end all be all and is not sufficient to validate a forex strategy because:. Most people do not want to make themselves feel bad or expose themselves to the fallibilities of their trading systems.

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This concept is known in the field of social psychology as Illusory Superiority first termed by researchers Van Yperen and Buunk. This concept basically states that people tend to overestimate their own ability, in comparison to others. In developing trading strategies this means that people would much rather believe they strategy work simply because they thought of it. Rather than actually admit that it does not work because maybe it might just be poorly defined due to their limited knowledge. Real trading conditions and simulated traded conditions are very different, your trading strategy might work on paper.

However, it can fail in real trading conditions.

Due to a poor trading plan, trading system or poor temperament of the trader trading the system. Therefore, backtesting is useful but only if used correctly, for further reading on backtesting methods read the guide here. A more realistic way of testing your forex strategy is to forward test it. For more valuable trading resources click here. Forward testing is the direct opposite of backtesting. Forward testing involves implementing your forex strategy under real-time market conditions.

This is done using a demo trading account from a reputable forex broker. Find a list of reputable forex brokers here. Once you have back tested and feel that your strategy has potential to work. It is now time to develop it as part of your holistic trading system. There is no better place to test you emotions, your ability to follow and implement the rules of your forex strategy, and your perseverance than the market itself.

50 PIPS A DAY FOREX STRATEGY - IS IT REALLY GOOD?

It is generally accepted that in order to validate a trading strategy it will need to produce a nett profit over a period of at least 3 months. It is recommended that it should take you 3 months of successful demo trading. Successful as in you have a nett profit after a 3 month period, before you can ever try to implement the strategy live.



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Please, do not kid yourself, trading like any other discipline requires dedication and a long term approach before you can ever succeed.