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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. #4181
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    We can make a best trade system if we have the working hard on it so to choose any strategy and give it time is the best option to give worth to one of the strategy by giving it full of attentions and learn it completely for taking the better results so we must make the better strategies and use the better experience for earning success progressively .

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  3. #4182
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    The best strategy is anything that you have trained yourself with and to be honest, this is not easy, you will fail several times before you come to the point where you say that you have understood a strategy, some forex traders give up easily because the development of a strategy is not easy, the sooner we practice and learn the easier it becomes to get the best strategy.

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  4. #4183
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    My dear you can use every trading strategy because Everything depends on your own hard work.
    I have learnt one thing in forex market in my last years of trading career that there is no magic behind the success of a successful trader and he always become successful after facing a lot of failures and learning from past mistakes.

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  5. #4184
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    It is a relative thing when we think about the best trading strategies buti do agree if traders have mastered one of them then become the best trading strategies. And so everyone here will take different choice to use the trading strategies with take the suit ones. In this case, we need to know oir the weakness first and how to fix and complete and so this become the wise points to get our best performanve at trading forex

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  6. #4185
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    What work for you might be the best strategy for you but not for everyone, because that same strategy might not be working for someone else, so best strategy is just personal, there is no general best strategy as we all no, the best strategy for you depend on you experience, cause it's what you understand that will work for you.

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  7. #4186
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    Quote Originally Posted by stanlon View Post
    What work for you might be the best strategy for you but not for everyone, because that same strategy might not be working for someone else, so best strategy is just personal, there is no general best strategy as we all no, the best strategy for you depend on you experience, cause it's what you understand that will work for you.
    Yes I agree with you, many traders usually have such doubts, like which strategy to use or what is the best strategy for him or her? A simple answer is that a strategy we learned and practiced enough is the one we are going to use. Further we have to use a strategy without getting aggressive, I mean we should mind our risks levels too. With the strategy, you should have a plan and follow risk management to achieve success.

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