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Iceni Magazine | July 3, 2022

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What are the best ways to personalise your forex experience?

forex experience

If you want to claim a slice of the $6.6 trillion forex market, you’ll need to use every tool at your disposal.

You’ll also have to enter the market with a deterministic and back tested strategy, in order to cope with the market’s innate volatility.

One of the best ways to achieve success in this space is to create your own, personalised forex trading system, as this can be tailored to suit your trading strategy and unique appetite for risk.

There are a number of different platforms available to help you personalise your trading experience and create an individual methodology. So, here are some of the key considerations to keep in mind when creating a customised experience online.

1. Remember That Research is Key

Research and insight is central to any personalised trading experience or system, primarily because this helps you to understand your own unique strategy and core objectives as an investor.

This, combined with a clear understanding of the forex market and a keen sense of determinism, creates an informed and clear mindset that can deliver success within your desired time-frame.

For example, you need to understand such time-frames and your core methodology as a trader, whether you’re a scalper who executes hundreds of orders each day or a swing trader who holds on to positions for a longer period of time.

This will inform precisely how you approach the market and utilise your capital, especially when it’s combined with practical knowledge of the real-time marketplace.

2. Find the Indicators That Help You Trade

Once you’ve researched the market and cultivated a viable trading strategy, the next step is to uncover the indicators that enable you to trade in a practical setting.

Trading platforms offer access to a wide range of technical indicators, with so-called “moving averages” providing a relevant case in point. More specifically, the use of two moving averages (one slow and one quick) help to chart prices over time, until the latter crosses under or over the former.

This clearly identifies trends and potential buy or sell triggers, while laying the foundation for a truly personalised and effective trading set up.

3. What Tools Can Help You to Trade Forex?

The final stage of personalisation involves the utilisation of freely accessible forex trading tools, which can be selected based on your underlying strategy, your appetite for risk and the precise amount of money that you’re willing to lose in the pursuit of profits.

For example, stop-losses are trading platform features that automatically close positions once they’ve incurred a predetermined level of loss, helping to minimise the risk of margin-based trades and tailoring the experience to suit your exact requirements.

Other popular tools include the economic calendar, which can also be customised to showcase upcoming economic events and monetary policy data releases.

This allows you to time your trades more effectively, as you look to pre-empt certain trends and profit accordingly.

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