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Trader Algorithm: Making Sure You Succeed on Forex

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АЛГОРИТМ-ФОРЕКС-ТРЕЙДЕРА Every human life is subject to a variety of algorithms. Trading on the FOREX market is no exception in this regard. A trading algorithm is none other than a list of all the necessary actions aligned in a certain sequence and different market situations which you need to carry out when trading. As work in the Forex market is very emotional due to the risk of losing all the money, experienced traders recommend having a trader algorithm, which can be written down on paper, so that it could at any time be looked up and read. Thus, if a string of losing trades comes about, you can read it and if you do everything according to plan, then you don’t have to worry about anything. Otherwise, you need to find and fix errors in your trading, which may lead to a series of losses. How to Create a Trading Algorithm Many beginner traders mistakenly think that to write one’s own trading algorithm is a simple thing. At the same time, some of them believe that they can remember everything and that it makes no sense to write an algorithm. It should be remembered that a trader should incorporate in his/her algorithm all of the details, as the success of your trading depends on it directly.
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The algorithm of a Forex trader is strictly individual for each trader, as it includes the trading strategy, level of leverage, schedule, risk management as well as the currency pairs that this particular trader prefers to use. In this regard, you cannot take someone else’s algorithm and use it to work in the Forex market. As practice shows, it is very difficult to write a trader algorithm, even if you have a working trading strategy. Very often, it is necessary to rewrite the algorithm several times, as in the next writing important little things pop up that were not considered in the past. After the Forex algorithm is written, it is necessary to re-read it several times in order to finally make sure that you have not missed anything. The advantages of trading by your own algorithm As a Forex trader’s algorithm contains all the nuances of a particular trader’s trading, its availability allows for protecting the trader from errors in the Forex market, which can be very costly. Also, a trader algorithm can significantly reduce the emotional impact of the market, as you can always look up your trading algorithm and re-read it to understand how to act in a particular market situation.
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When using a trading algorithm, two major problems are always there:
  • Create a trading algorithm based on your trading strategy, risks, your daily schedule, and so on;
  • Have the iron-clad discipline to strictly follow all that is written in the algorithm.
While the second aspect is the purely personal effort of each trader, the writing of your Forex algorithm is very difficult, and for that you must have some knowledge and skills in trading to know and understand how the price can behave in a particular situation, and how a trader can benefit from it. The danger of trading without a trading algorithm Beginner traders often think that it is enough to memorize the trading strategy and that no algorithm is needed to trade Forex. But look at it another way. Suppose a trader has a strategy but trades without an algorithm. When he/she is receiving a steady income, things are good, but at some point the trader takes a loss. During this period, he/she becomes overwhelmed with panic and begins to open trades that are not in his/her strategy. The result is even greater losses. Sooner or later, this leads to the loss of the deposit.

By contrast, if the trader has a Forex algorithm at hand, it is always possible to read and understand whether there was a mistake or everything was done the right way but the market did not provide an earning opportunity. In this case, the trader does not give in to panic and continues his/her stress-free work in the market.

An algorithm builder from Gerchik & Co company Good help for beginner traders To help beginner traders create good algorithms, Gerchik & Co company has developed a special algorithm builder that works absolutely free of charge. To use it, a trader needs to answer a number of orientation questions and provide some data relating to his trading strategy and so on. Once all answers have been received and the result processed, a ready algorithm is sent to the mailbox you have specified.. This service enables even beginners unable to take into account all the nuances of FOREX market work to create a good trading algorithm. As a result, all they will have to do is to follow what is written in the algorithm.

TRADING ALGORITHM BUILDER:CREATE

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