- Strategy is a key area of focus in business and trading. With a solid strategy top companies make advances and deal productively with setbacks while pressing forward towards their strategic goals.
The art of creating strategy is one that can be learned and is of great value in trading and all areas of life. Two texts I recommend to help you learn Strategy and how to apply it to Forex are:
- Strategy: Create and Implement the Best Strategy for Your Business by Harvard Business Essentials
- The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell
As a professional trader, strategy is invaluable. It is imperative to have a structured trade plan and predefined strategic parameters for each trade. This clear course of action brings inner-balance to trading and added clarity of thought. When you have taken the time to carefully choose the right setup for your trade, evaluate your risk / reward and position size, then associated stress is greatly lessened.
There is a high attrition rate in trading and I believe this is largely due to lack of education in trading and strategic planning. Every trader must develop these skills to ensure success; these recommended texts will guide you in these two areas.
US Dollar Analyst, FOREX.TODAY