Cryptocurrency

Trading Mastery Summit: personal Strategy in Forex

Carlos Racines, Trader veteran, explains in the Trading Mastery Summit-how to survive in the Forex market and build a personal strategy financial.

The papers of the first Trading Mastery Summit continue.

The first day is focused in its entirety on the basic fundamentals of the trading platforms. For this reason, the rapporteurs have focused their lectures to give advice to the novices of Forex.

The interventions have flowed, and the numbers of people connected exceed 15,000, since the interest in the Forex market has grown during the pandemic.

Carlos Racines explains how to build a personal strategy in Forex

The key to success, according to Racines, the strategy is clear and well-planned. Because as in every sphere of life, without a strategy and the disciplined, no one can achieve success.

Carlos explains that the trading strategy is a fundamental requirement at the time of taking the first steps in the market of currency. And this backs it up with a career in Forex for 14 years, since for him, this is more than a hobby: it is a profession.

And, as with all profession, requires practice, experience and dedication to play everything perfectly, however, there are always difficulties.

For Racines, the difficulty base of traders beginners, and even experts, is based on the psychology of each individual applicant, professional and veteran Forex.

It is a common denominator among the traders, experts and analysts of the currency market the mention to psychology as a factor that affects in operations.

Since, the constant hustle between winning or losing, to invest or not to take a risk, generates an uncertainty that directly affects in operations.

In addition, he mentions that he believes that anyone can do trading in Forex.

However, it requires knowledge, practice, and learn to understand all the technicality. Coupled with this, believes that studying the market to be able to identify the moments of the market, is more important.

How to create a simple strategy personal financial?

There is No strategy accurate, or perfect that can be applied to all in general. Because the world is full of diversities and factors are infinite, as well as in the foreign exchange market.

Racines explains that the main thing is to understand that the strategy must be own, based up on the way to be owned by the trader or the beginner, as well built a personal strategy financial.

As he considers that the psychology in the market is individual.

He added that this is so because at the time of trading in the forex market, it is practically a domestic dispute, because of the uncertainty of the operations.

This is, because you can fall and you can climb by risking too much. Then the greater challenge in the market is the challenge psychologically.

Another important factor that added as a key element of the financial strategy was fundamental analysis. This because it does not only matter the technical analysis, but it is important to be aware of international news.

It is important to bring an economic calendar of countries, to understand the nuances of economic and political tensions, have an effect directly proportional in the trends of the market.

Use of the strategies techniques: The key is in the simplicity

Understand the technicality of the Forex Market depends on the practice, and as you gain knowledge, traders are adding more and more indicators and technical channels to their trading strategies.

However, Racines emphasizes that the key is to find a technical strategy where trends can be more clear and concise as possible.

In addition, it explains that the graphs where you will see daily averages give better results, since one of the keys is to know the trend and understand when to buy or sell.

One of these examples is the strategy of Trading Heiken Ashi. This strategy works with daily averages, making it more feasible, since we can observe more clearly the trend, and it is simple.

Carlos Racines Build a personal strategy for financial Forex Trading Mastery Summit

“We must not overburden the technical channels. Not believe that while more cumbersome is the chart, the better benefits you will get. Because it is the opposite,” he explained, because for Carlos, while easier to understand the box, and signals, best results are obtained.

5 steps to follow to refine your own strategy

For Carlos, the steps to follow to make your own strategy are the following:

Skills assessment: to understand where in the spectrum of the trader is the individual. And that is identified through the results of operations, as when one achieves a constant, there is a strategy that works. Because what is important is that this strategy will work long-term and provide operations balanced in the profits and losses.Psychology of investing: greed and the appetite for risk tends to generate negative effects in the moment of losing or winning. And that can lead to the path of bankruptcy. But the key to this step is to learn from the mistakes.Risk-benefit: the strategies may be good, and give excellent figures, but they can also give too many losses. A good strategy is one that gives gains between 20% to 30% profit monthly.Set Goals: How Much you want to win? What are my aspirations in the month? How much am I willing to lose? Essential questions to understand the Forex market and build the strategy.A clear idea of where to place the indicators: Since this way, you can study the trends in a better way.

Trading Mastery Summit: from 27 July to 30 July

In CriptoTendencia we will be covering the event during the week. Stay current with the articles and various topics.

For more information like this, go to the web page of Trading Mastery Summit and request your ticket for free.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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