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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. #4151
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    Hard working and consistent practices on a specific strategy with use of better knowledge and lot of learning skills could helpful for us to develop the positive earning with making the best strategy for self so we need to do work very harder and to explore more knowledge and use the better skills will helpful in this regard .

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  3. #4152
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    You can use any trading strategy and I think every trading strategy will work good for you but, one thing is necessary for every trading strategy that we cannot become successful till we will not do hard work to know that how its work.
    Because making a trading strategy successful is all about practice.

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  4. #4153
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    We do our work with all the trading strategies we have and the powerful strategies we develop , if we have experience about trade and we have build our plan very well this will give trader opportunity and we always have to make our plan successful , so we have to keep focused on trade and get the best solution from market in shape of profitable trade .

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  5. #4154
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    forex strategy to be use is mostly depended on th trader himself and it varies from trader to trader. What may be good for trader A may be different from what traderB have as a strategy thus it is advisable to develop what work best for you. my opinion the best strategy is not the strategy it most be built upon following rules, proper risk management,g good trading skills.

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  6. #4155
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    Hard work is required to make any strategy very best for the functioning of success so we have to make the right trade systems at the start and then with the help of own experience and to do number of practices with the working strategy also matters to gain the perfections in the results and earn more profits very easily by using the better strategies .

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  7. #4156
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    All traders will have different picture about all strategies possible in the market. They all got different opinion on each strategy depending on what they can use and what is the condition of the market. Strategies that is created only for short term trade usually got less accuracy while longer term will got better accuracy. The bad side is just most longer term traders will need to be patience and ride the volatility.

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  8. #4157
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    There are many good and popular strategies that can be very profitable if trader has good experience and knows how market works. But nobody can advise new trader what strategy to use and which strategy will be the best for him because every trader has his own market knowledge and different trading methods. Only trader can decide which strategy is the best after testing it in demo.

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  9. #4158
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    The best strategy to use depend on your learning and experience, there is no specific best strategy that all traders can make use of, there are many good strategies to trade with so it's depend on you to choose one and learn to master how to use the strategy very well, there is no specific best strategy that all forex trader's can make use of in this market.

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  10. #4159
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    Eneregha, First of all we get knowledge and learning about trade and then we develop our trade strategies so it is possible for trader only if we have enough knowledge and practice about trade and basically we are understand the price movement and give chances of wining to make successful plan .

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  11. #4160
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    In Forex so many and different strategies are available and i think the result of most strategies are good and profitable it also depend on trader knowledge his trading skills.Demo accounts are very helpful for trader for the purpose of knowledge and testing a strategy.Scalping is one the best and profitable strategy for trading and it is one the strong strategy for trading the trend.

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