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Thread: What is the Best Forex Strategy to Use?

  1. #1
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    What is the Best Forex Strategy to Use?

    What is the Best Forex Strategy to Use?

    This is the most asked question among new forex traders actually i have this question in my mind when I start forex trading, at that time I begin to search the web to find that best strategy and I spend a lot of time but I wasn’t able to find some thing called "the best forex strategy' but instead I learned and realized that there is no indicator or forex strategy that can make a lot of money or winning trades so there is no best forex strategy, but what a forex trader must have in order to be a successful is a strategy that can produce more winning trades than losing trades, a strategy with at least %70 winning percentage, this is the key rule for all good forex strategies, So to make money from forex trading you need a strategy with at least %70 winning percentage, there is no strategy wins %100 even successful traders lose money in forex whoever they have more winning trades than losing trades and that what makes them money constantly.

    To have a good strategy you have to formulate your own strategy because all available strategies online are general strategy and they won't work fine for you or make you any money because you have to test the strategy on a demo account for at least 1 month to fine tune the strategy according to your trading style or to what you have learned by doing trades on a demo account, this way you can learn when to enter a trader and when to exit and how to validate trade setups and how to avoid false trades that cause you to lose a lot of money, this is how successful traders formulated their own strategies and you too have to formulated you own strategy by practice any strategy you like on a demo account at least for 1 month to make it your own and according to your trading style, then when you find that its work for you and you were able to make profits on demo account then you can open live forex trading account to start trading with real money.

    What makes good forex strategy?

    Good Forex strategy is a combination of 4 key factors:

    Selection of Indicators
    Validation of trade setup
    Precise entry of trade
    Tested exit of trade


    Good forex strategy must have These 4 key elements in order to make more winning trades than losing trades or to have a at least %70 winning percentage, remember that you can't make profits just by selecting an indicator because if you do that chances are you will get a lot of false trade signals created by the market, the price will reverse and hit your stop loss causes you to lose your money , this is one of the main reasons why most of new traders are not making any profits trading forex.

    What you need beside selecting an indicator is a way to validate the trade signals as much as possible, by doing this you are avoiding more false signals and get more true signals which mean more winning trades and eventually more profits.

    The mistake that most of the new trades make is they only looking for indicator to use in their strategy but they don’t know anything about having a way to validate trade setup to decide wither to enter a trade or not, so it makes sense why most of the forex new traders lose money ,

    Therefore if you want to be a successful trader, you must have a way to validate a trade.

    The 3rd element of good forex strategy is the precise entry of a trade, it just as important as validation a trade signal, having a precise entry strategy ensure that you enter the trade at the right time which is at the start of the price movement towards your profit target , but without such entry strategy you can't enter trade at the begging of the price movement but the worst could happen you may enter late when the price is about to reverse, so remember precise entry determine whether you are going to make profits or not .

    Final key element you must have is tested exit, what this mean is that if you set the target profit of your strategy to 50 pips per trade then you must first back test this on demo account to see the chances of the price hitting your profit target and to find the best tested exit to your strategy this way when you move to real money trading you know when to exit the trade and collect your profits,

    As long as your strategy has these 4 factors, I can say that you have a good strategy on hand.

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    Last edited by tj1nino; 05-16-2016 at 04:56 PM.

  2. #4081
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    The best strategy for trader could be gotten and make to work for him only through the effort of the traders to understand the strategy through continuous practice with the strategy, when trader know the ins and out of a strategy then such a strategy would work best for the trader. More so trader must be following all the rules of trading the Forex market for such a strategy to give better result.

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  3. #4082
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    My dear friend we can use any type of trading strategy because there are a lot of trading strategies are available which help us to do trade in the market. But, one thing we have need to be aware that only choose those trading strategies which are interested by your own interest.

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  4. #4083
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    The best strategy is come from the hard working and consistent practices on a strategy that make our trade very well so taking the strategy profitable and learning the method completely also important for make the best strategy and earn the complete benefits from it on the daily basis by developing the best strategies .

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  5. #4084
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    Quote Originally Posted by letsdo View Post
    My dear friend we can use any type of trading strategy because there are a lot of trading strategies are available which help us to do trade in the market. But, one thing we have need to be aware that only choose those trading strategies which are interested by your own interest.
    not any type of strategies i think we should pick one best which will work for us if we choose a strategy which will not work for us how we can earn from it and this is possible, like we choose a strategy which is for full time trader and we are part time so how we can do trade with it, so learn trade and never think about profit it can come with time easily

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  6. #4085
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    There is no said special best trading strategy, we all have to that way learn from the market. As, a price action trader, I could say that price action is the best and then some other trader will say that it is not the best, that way, what matters is that one gets to take the demo account and then learn to know what works for them, that way, mastering the rules and then having it be the best for them.

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  7. #4086
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    Price action is selected by many trader according to our simple learning about the trading so if we have enough knowledge and practice about it so that will give trader opportunity to have successful trade results we must have to learn properly about the way of trade we have chose it is possible only if we learn and practice on demo account so we chose the right strategy with profitable plan .

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  8. #4087
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    Robo forex is the great source of Forex trading strategies and from there we can choose a good list of trading strategy but the demo testing would be essential before their use in real trading account.Robo forex is the good and profitable strategy to make good capital by the use of traders require good knowledge and trading sills.Traders should improve their trading skills in demo account and traders should spend his good time for Learning and more practice to getting make good experience.

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  9. #4088
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    Trader can use any strategy and nobody can say what strategy to use because every trader is different with different experience and trading methods. So strategies should be different too. New traders should test strategies in demo accounts and see if the strategy works for trader and if everything is OK so he can start to use strategy in real account.

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  10. #4089
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    Quote Originally Posted by Krosneles View Post
    Trader can use any strategy and nobody can say what strategy to use because every trader is different with different experience and trading methods. So strategies should be different too. New traders should test strategies in demo accounts and see if the strategy works for trader and if everything is OK so he can start to use strategy in real account.
    choosing the best strategy we can understand is our own right. we just counting on what we can see to our charts and calculate with our analysis, there's no intervention from other traders and we shouldn't need to worry about it. find or create a strategy for us and spend a long time to practice with it until we can find the inner core of strategy with complete details and information. time is our only challenge in this process.

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  11. #4090
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    Quote Originally Posted by Krosneles View Post
    Trader can use any strategy and nobody can say what strategy to use because every trader is different with different experience and trading methods. So strategies should be different too. New traders should test strategies in demo accounts and see if the strategy works for trader and if everything is OK so he can start to use strategy in real account.
    What will be working for us is what we should be using as traders. To trade the market rightly is not common these days, and i believe that the mindset that they will be trading with the best strategies is making some traders to make mistakes on the reality about this forex market. What will correct that is the learning of the traders, we can learn with the demo account as you have suggested.

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