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Thread: What is the Best Forex Strategy to Use?

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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. #3971
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    Quote Originally Posted by Eneregha View Post
    The best strategy to trade with depend on our experience and knowledge about the market, because it's our experience about the market that can help us to learn and master any trading strategy and it's our knowledge that could help us to create our own trading strategy, so with the right experience and knowledge about the market we can choose the best strategy to trade with.
    I am sure if we come up in the market with own best and an accurate trade strategy then the chances to increase the success rate will also be at the peak so making a trade strategy very best is needed and if we give extra time to any trade strategy that will make it very powerful for use and we can avail moreover chances to get success through it.

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  3. #3972
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    Quote Originally Posted by letsdo View Post
    I am sure if we come up in the market with own best and an accurate trade strategy then the chances to increase the success rate will also be at the peak so making a trade strategy very best is needed and if we give extra time to any trade strategy that will make it very powerful for use and we can avail moreover chances to get success through it.
    There is no way traders could come up with a best strategy, the best strategies is not what is easy to get. To trade the market with the use of the good strategy is what we should be long for, not that our strategies can ever be the best. There are many strategies that could be used proudly by any trader. The Ichimoku strategy, trend, Fibonacci and price action strategies can all be used to achieve success by traders.

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  4. #3973
    Trader Sixteen's Avatar
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    The right trading system will give us the advantage to make a profitable trade in forex. We should be well ready to manage our system and put in great time to work on a profitable trade. By good practicing, we are likely to understand what system would work out and how we can ensure profitable trading is followed. The right strategy is for our own good and every plans to manage our risk will be a well dependable means of trading.

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  5. #3974
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    the best strategy characters differ from one trader to another and so the trader can choose the best strategy for him and so he will be able to trade well with it and makes good money, the trader should test his strategy before trading with it to see if it will work well with him or not and gives him good results or not to save his money and enjoy trading.

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  6. #3975
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    A good strategy does not serve us in a plate it is a results of trader hardwork and his learning as far as we have more knowledge about trade strategies we have good understanding so we are able to make our trade plan successful and if our trade strategy is does not compatible with learning and practice so we shall face losses here.

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    Quote Originally Posted by Sixteen View Post
    The right trading system will give us the advantage to make a profitable trade in forex. We should be well ready to manage our system and put in great time to work on a profitable trade. By good practicing, we are likely to understand what system would work out and how we can ensure profitable trading is followed. The right strategy is for our own good and every plans to manage our risk will be a well dependable means of trading.
    And don't forget to achieve consistent profit in our trading targets. actually to be able to profit consistently only need one trading technique, the rest returns to our psychological and money management.
    If you can profit consistently for months, but in the following month it was the MC, so if I may guess for sure, the damage is money management that is broken.
    Without having the technical accuracy of 60%, we can actually make consistent profits, with the condition that money management is always prioritized

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  8. #3977
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    Traders always look to search for the very best system to use in this trade and I think it's a good one to work towards developing the right system so as to have a strong level of trade. There is much more to be made in forex and we should be thinking towards working hard and establishing good in forex. A good trading system is good to have and if we can work on our right means of trading forex, we can very much look to improve on forex which is a good one.

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  9. #3978
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    There have been a lot of argument on the one which is the best and then the one which is not the best. I think there is no need to look for the best, since we can actually get to learn and then know how to make use of the one as the best. It is like any other trading method, have one, learn it, know the appropriate means of trading and then you will get profits.

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  10. #3979
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    It is one of the major source for all the trader that we have to chose our trading strategy according to the knowledge we have in market, so we work harder get quality knowledge about trade so these will givel trader opportunity for good success rate from market and obviously our trading is going to be safer.

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  11. #3980
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    Quote Originally Posted by Risk management View Post
    It is one of the major source for all the trader that we have to chose our trading strategy according to the knowledge we have in market, so we work harder get quality knowledge about trade so these will givel trader opportunity for good success rate from market and obviously our trading is going to be safer.
    Leaning is the only way to choose that strategy that will be best for you, if you are looking for the best strategy from people opinion then you are wasting time because there is no general best strategy, the only best strategy depend on you it's your experience and learning that will determine the best strategy you should be trading with.

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