The 3 things you need to know to be successfully in forex trading
After trading for few years in forex, attending many courses, get to know many people and many trading strategies. There are lots of trading strategy that earn profit consistently and there are many which does not. The only things which I found to enable you to be successful are 3 which I list down below
This is an important key indicator of any trading results and have to be treated with top priority when choosing strategy to run on your MT4 EA platform. Any EA can have huge profit but is the losses that makes people scare and blown out thousand dollars trading account. If you set the maximum drawdown correctly, calculate it accordingly to your account margin with lots of buffer, you will achieve trading success consistently for years to come. Usually mine is 100% to 50% of the available margin.
This is an easy formula. Just take the Profit divide by losses. Anything that is between 1.8 to 3 would be good. And it usually have to be over 30 to 52 weeks and more then 80 to 100 trades, then the profit factor would be consider a good indicator. As the fore market changes, some strategy actually works at some time and then dont work after that.
Usually a good strategy can be profitable at max over 1 to 2 years. And would have to be modify to achieve profitable over next few years. No single strategy can be profitable at all times. And using different currency to trade also plays an important part as currency market changes every 3 months according to supply and demand. So trends, sideway and gapping are always here and there. Therefore, always adjust your EA accordingly.
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