In the GKFX webinar "The Trading Sessions: Only profitable is not enough! Opportunities & Risks of Profitable Trading Strategies" e dealt traders on March 15, 2018 6:00 p.m. by Christian Maikranz, what constitutes a professional trading strategy. A profitable trading strategy is important for every trader. But knowing strategies and their rules is not enough. A profitable trading strategy consists of many different criteria. Many traders want to keep improving their strategy. In the long term, however, every trader should find the strategy that best fits his personality, attitudes and goals. It is important to know whether you consider yourself more willing to take risks or shy away from risks.
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Find your own strategy
Traders can also do build your own strategy as well as tried strategies of other traders adopt. Beginners in particular often choose the latter. Every new strategy should always be tested using a demo account. GKFX offers a free demo account with unlimited term. Strategies are usually based on fundamental analysis or technical analysis. After a comprehensive analysis, traders will then find good entry and exit points for a trade. However, you should always use several pieces of information and never rely on just one indicator or source for a trading decision.
Use fundamental analysis or technical analysis
Whoever strategy on fundamental analysis builds up, analyzes numbers and news from the entire economy. For example, central bank decisions or reports on the labor market. To do this, you should always keep an eye on the latest news and dates of important players. For example, if a central bank announces a rate hike, lucrative trading opportunities could arise around this event. This could open up interesting entry points for a trade.
With Technical Analysis it is assumed that all this data is already included in the course of the course. One wants to draw conclusions about the future from past courses. In the technical analysis indicators are used and charts are evaluated. Here you can, for example, identify good chances for a trade based on certain signals and chart patterns. Many traders also combine several analysis methods and use, for example, fundamental analysis for a longer-term assessment of the market or the entire economy.
Risk appetite is part of the strategy
In addition to personal goals is also own risk appetite an important step on the way to a professional trading strategy. Traders should know what goals they want to achieve with trading and what risks they are already taking to achieve their goals. While risk-taking traders have high profits as their target, traders who tend to be too risky want to avoid losses.
A profitable trading strategy therefore also includes a good risk management. Traders should know in advance how much capital they want to use and protect themselves, for example, with stop loss orders from excessive losses. It is also possible to determine in advance how much money you want to win with a trade. If this profit is reached, you should definitely exit the trade. Traders have often held the position with the hope of even higher profits and ultimately suffered losses because the price of an underlying has nevertheless fallen.
Aid for a successful trading strategy
A trader opens and closes positions and monitors indicators, chart trends and current news. These aspects are therefore also incorporated into the strategy. Traders get help from technical and fundamental indicators. GKFX offers numerous technical indicators but also current prices and market news on its website. The broker's many current webinars are also helpful. Here traders also learn a lot about the current market situation.
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In addition, self-reflection is an important characteristic for traders. Many traders write down their experiences around their trades and regularly evaluate these notes. In this way, traders not only recognize which mistakes they made and why, but also where they may still lack knowledge. These records may also help to adjust your own strategy.
Brokers with a lot of experience
The Forex and CFD broker GKFX has long been known on the market. In 2009, a team with more than 20 years of experience in the UK financial market founded GKFX Financial Services Ltd.. Since GKFX is a British broker, the provider participates in the Financial Services Compensation Scheme (FSCS). Deposits of up to £ 50,000 are covered. GKFX attaches great importance to the education and training of its traders. Therefore, in addition to extensive training material, many webinars and live trading sessions on a wide variety of topics are offered.
Wide selection of underlyings
GKFX offers a large number of underlyings from the areas Forex and CFDs. These include 50 currency pairs, CFDs on the DAX or on stocks and commodities. The broker offers four account models that are tailored to different trader types. Spreads and leverage vary depending on the account. Apart from the spreads, there are no other fees. Trading takes place via MetaTrader 4 or the extension MyFX. Numerous order functions and trading tools are available there. Alternatively, the GKFX Webtrader can be used. Apps are also available.
Conclusion: Profitable trading strategy is based on many building blocks
What does a What defines a professional trading strategy? The answer will be given by Christian Maikranz on March 15, 2018 at 6 p.m. in the GKFX webinar "The Trading Sessions: Only profitable is not enough! Opportunities and risks of profitable trading strategies" . A professional and profitable trading strategy is not just about knowing the rules of the strategy, but many other factors come together to make the strategy successful.
Traders often find the trading strategy over time, that best suits your personality, trading style and personal attitudes. However, this can take some time. Traders often adopt strategies from other traders or experts and develop their personal strategy over time.
On the way to a good trading strategy, it is important to be aware of the goals you want to achieve with trading. The strategy then includes all measures with which you want to achieve your goals. Among other things, rules are laid down when and under what conditions you enter a trade. Rules for exiting a trader are also part of the strategy.
Many traders make a note of important aspects relating to their trades and regularly keep these records out. This way you can better recognize which mistakes you have made and how you can avoid them in the future. This also makes sense of changes to the trading strategy.
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