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The Forex Trading Manual: The Rules-Based Approach to Making Money Trading Currencies by Javier Paz

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CHAPTER 7 Your First Trading Strategy

Every day, we drive a certain distance in going to work and earning an income. In the process, we become familiar with the road and the landmarks, shops, and billboards between our home and our work. We know how long it should take us to complete the trip based on the time of day when we travel. When traffic conditions become difficult, we typically know whether we should use a different road. We know this because the road becomes very familiar to us.

As I mentioned in the first chapter, forex traders seek specific profit targets each day—for example, an average profit of 20 pips per day. More often than not, a trader becomes very familiar with his trading strategy and with the behavior of his favorite currency ...

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