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1. Besides money management, having a
solid Forex Strategy is one of the most
important factors of successful trading.
Many people come to Forex trading looking
for easy money and an adrenalin rush.
Unfortunately, these quick money seekers
are fooled by quick success that leads to a
form of cockiness. If they are truly
unfortunate, their early forays into the
market are successful, so they in turn start
trading larger amounts of money, and then
BAM the market takes them for everything
they've got. They are left wondering: What
happened? This kind of misfortune often
hits newcomers who attempt to day trade
without a sound strategy, and it especially
wounds those lost souls who try to scalp the
market without any real idea of what they
are doing. Sadly, trading is a zero sum
game: Someone has to lose money in order
for someone else to make money, and
unfortunately it is new traders like you who
are the losers. This article will explain why
you need a sound Forex Strategy to survive
the zero sum game of Forex trading.
Never Trade Forex Without A Tested Strategy (Courtesy of HenryLiuForex.com )

2. What is your Forex Strategy? Are you simply guessing and making decisions on the fly OR do you
have a system that tells you when to make trades? Discretionary trading is not fit for new Forex
traders because you do not possess the experience or knowledge to make trading decisions on the
fly. Even experienced Forex traders avoid discretionary trading because they know how difficult it is to
make sound decisions in the heat of the battles. The big investment banks that provide most of the
liquidity in the Forex market, trade using automated computer tested trading strategies, yet new
traders think they can trade without a Forex Strategy!
Never Trade Forex Without A Tested Strategy (Courtesy of HenryLiuForex.com )

3. On the fly trading results to a lot of emotional decisions, which often lose money. Tactics such as placing
stop orders, closing out orders and adding on to a position shouldn't be done while you're in a trade --
These kinds of decisions should be made well before you even initiate a trade. What do you do when a
trade starts to go against you? Some inexperienced traders have no idea what to do; all their answers
and on the fly decisions are based on either fear or greed. Yes! Fear or greed: They either decide to turn
their short-term trades into a position trade hoping to make more cash (greed) or they prematurely close
trades out of fear. All bad trading decisions are based on fear or greed, and without a sound Forex
Strategy you will eventually lose all your money.
Never Trade Forex Without A Tested Strategy (Courtesy of HenryLiuForex.com )

4. The right way to trade Forex: The right way to trade Forex is to know beforehand -- where you will
place your stop loss, where you will take your profits, how much money you will risk, and why you
are making each trade. Rookies like the excitement of making these vital choices on the fly, and they
eventually go bust. The truth is that most people lose money trading Forex, but you don't have to be
one of the losers. Invest in some Forex trading education, and learn how to form a sound Forex
Strategy, so that you can avoid many of the mistakes that new Forex traders make.
Never Trade Forex Without A Tested Strategy (Courtesy of HenryLiuForex.com )