Читать книгу Currency Trading For Dummies - Kathleen Brooks - Страница 20

Before you can develop a trading plan, settling on a trading style is essential. Different trading approaches generally call for variations on trading plans, though there are plenty of overarching trading rules that apply to all styles. (See the Appendix for more on trading strategies.)

What do we mean by a trading style? Basically, it boils down to how you approach currency trading in terms of

 Trade time frame: How long will you hold a position? Are you looking at short-term trade opportunities (day trading), trying to capture more-significant shifts in currency prices over days or weeks, or something in between?

 Currency pair selection: Are you interested in trading in all the different currency pairs, or are you inclined to specialize in only one or two?

 Trade rationale: Are you fundamentally or technically inclined? Are you considering creating a systematic trading model? What strategy will you follow? Are you a trend follower or a breakout trader?

 Risk appetite: How much are you prepared to risk and what are your return expectations?

We don’t expect you to have answers to any or all of those questions, and that’s exactly the point. As you read this book, we hope you’ll be thinking about what trading style you’d like to pursue. Feel free to experiment with different styles and strategies — that’s what practice accounts, or demo accounts, are for. (See Chapter 2 for the best way to utilize practice accounts.)

At the end of the day, though, zeroing in on a trading style that you feel comfortable with and that you can pursue on a consistent basis helps. Your own individual circumstances (including work, family, free time, finances, temperament, and discipline) will be the key variables, and you’re the only one who knows what they are.