How to choose the strategy on forex? - Page 2
Page 2 of 382 FirstFirst 1234561252102 ... LastLast
Results 11 to 20 of 3812

Thread: How to choose the strategy on forex?

  1. #1
    Registered user
    Join Date
    Mar 2016
    Posts
    964
    Promo (¢)
    225
    Thumbs Up
    Received: 24
    Given: 11

    Red face How to choose the strategy on forex?

    Before I go into details on providing an answer to some of the questions newbies always ask and also needs to know, I want to first and foremost thank the administrative bodies of Robofox for this great opportunity given to us yo participate in this contest, infact you people are the best so far.
    With the little knowledge I have knowledge I have gotten so far in forex, I will like to elaborate on this particular question that alway disturb Every newbie hence forex is concern, and the question is "How to choose forex strategy". This have been the most questions that have been disturbing almost everybody especially the newbies. Thats why I have decided to explain alittle about it here.

    HOW TO CHOOSE FOREX STRATEGY
    The word strategy have different meaning to different people depending on the context of their definition. So far, I have undergone so many research on Strategy from different resource materials then I decided to go with this definition inother to explain myself very well on the topic at hand. The definition am using is the one that states "strategy is a systematic, formally documented process for deciding what is the handful of key decision that a trader must get right in order to thrive over the next month, year or years. Therefore, your strategy is that one thing that uniquely differentiate you from other traders. The way you go about your strategy determines how far ans how well you will go in this trade. Like I keep on emphasizing that the best strategy I have ever seen and come across so far is that strategy that you setup for/by yourself, while the worst strategy I have also seen and come across happens to be that particular strategy that you copied from someone else without you having the full knowledge of what that strategy is all about and how it functions.
    Now, the question is What are the things you need to know when choosing your strategy? . Permit me to say that the best strategy one can use to trade firstly comes from learning, because, is during the period or process of learning using either your demo account or anyother resource materials that you will be able to map out different strategies, and then you will then chose the best one among the others.
    For you to defective set up a good strategy, there are different tools/indicators you need to work with. The tools/indicators are your pinbars, moving average, the MACD, Trading Journal, calculator of volatility, calendar etc.
    Let's take a look at the indicators.
    Attachment 13916 Attachment 13917 Attachment 13918

    Atleast, I fully believe that once you have learned and master any of these tools or indicators, you will be able to trade effectively if and only if the below steps are strictly followed to set up your trading strategy.

    Here are the list of things you have to use in setting up a good and nice strategy.
    • » Plan how you will trade (that is, plan your trade)
      I definitely believe that for a strategy to work well and effectively, plans must be involved, because with a good plans you can make even what we see as a worst strategy to emerge as the best strategy so far. And for you to really plan your trade you should, Firstly choose the sweet and best currency pairs that you know too well. Secondly, you have to make some decisions on how long you want to last or stay in the trade. That is when I belive the use of time frame now come in place. Just select the best timeframe you which to use whether is the H1, H4, or others. It's all dependent on you to decide. Then, Thirdly, don't forget to place your target for the trade. That is, all you have to be thinking of are risk management and money management. There is this saying that goes like this "lose or risk small to gain big or great, that is to say that, you should trade only what you can afford to lose. Don't be greedy and emotional on your trade, because those two works are the things that can easily blow your account, but to overcome it you need to exercise some patience on your trade, very important.
      Let's take a look of the images of forex planners and risk takers.

      Attachment 13913 Attachment 13914

      Learn more about plans at http://forum.roboforex.com/threads/5...RADE-your-plan
    • » Follow the forex market (follow the market trend)
      It's very necessary and important to follow the movement of the market ot the trend. This is to say, you should follow the trend of the market and then trade the trend ( don't just jump into placing and order in forex without you first and foremost try to study the movement of the trend. And for you to really follow the flow of the market you need to be good at analysing the flow of the trade. Because been able to analyze the flow of the market trend, that is when you will be able to trade the trend effectively. I fully believe that the forex chart is one of the best tool/things one can use to analyze the flow of the trend effectively.
      Image of following your trend

      Attachment 13915
      To read more about the trend, visit http://forum.roboforex.com/threads/1...with-the-trend
    • »Always keep a Forex Trade Record, Daily orJournal
      Keeping of forex record, journal or daily is one of the good way to know how good or bad that your strategy is. And also going back to your previous records to learn will help you don that you wont think of repeating such a mistake again in your trading life.
      For you to keep an accurate and correct record of almost all your trades, you need to ...
      Firstly, know the exact date and time you place the order because having the knowledge of the date and time your orders are been placed will help you to know the exact time that best suit that particular currency pairs whether it need some adjustment or not. And with that you will be able to know the particular time that is really made for particular currency pairs.
      Secondly, you also need to knowledge the rate at which you placed your order; that is to say, knowing the rate of risk taken by you in each trade you ordered for, because with that you will be able to know what you are actually or really risking for a particular trade you placed an order on. For more information on how to control your risk visit "http://forum.roboforex.com/threads/9052-Loss-Control-Techniques" .
      Thirdly, Know what your profit and lose is. That is, don't trade what you cannot afford to lose; always trade what you can afford to lose. Here, Yeh application of stop lose and take profit is fully needed because with that you will be able to know the exact amount of money you are to lose and to gain in that particular trade. For more information revisits the above url stated before this paragraph.


    So there, having good strategy is the best thing very traders have to get so as to trade effectively.
    Goodluck my dear.

    Not allowed!

  2. #11
    Banned
    Join Date
    Feb 2016
    Posts
    8,649
    Promo (¢)
    0
    Thumbs Up
    Received: 38
    Given: 12
    Quote Originally Posted by Ifycoguy View Post
    Before we choose a strategy to stick to we have to practice with them and know which one can be more profitable when we trade them. It's good to have a good trading system which can always act as a good means to which we can always earn from forex. I am developing my trading strategy and I believe that after a good form of learning, it will help me make proper earnings everyday.
    That is what will make a good trader, the trading strategy of the trader is not such they have really known until they have developed it well. And that is not the only thing, traders will keep on learning, so that they get thing better with this, and money will be made in that process when they are sire of the way of their trading and the system they build, with what too.

    Not allowed!

  3. #12
    Registered user
    Join Date
    Aug 2013
    Posts
    11,658
    Promo (¢)
    1,830
    Thumbs Up
    Received: 70
    Given: 48
    choosing of the forex strategy should be done after testing some of the strategies as the trader needs to practice on different types of strategies to see which one is the best for him, and give him good signals of trading, the trader should practice on the strategy for enough to see its strong and weak points and know how to get the best results of it.

    Not allowed!

  4. #13
    Registered user Sixteen's Avatar
    Join Date
    Sep 2015
    Posts
    12,155
    Promo (¢)
    4,020
    Thumbs Up
    Received: 141
    Given: 68
    Quote Originally Posted by Ifycoguy View Post
    Before we choose a strategy to stick to we have to practice with them and know which one can be more profitable when we trade them. It's good to have a good trading system which can always act as a good means to which we can always earn from forex. I am developing my trading strategy and I believe that after a good form of learning, it will help me make proper earnings everyday.
    Of course we need to practice on our strategy and know if truly we can depend on it and target long success with forex. There are lots of strategies we can use to trade forex but we don't use them all but rather look to see which one will be stable for us to make steady income right in forex. My strategy is good because I have worked on it and am confident that it can help me secure profits.

    Not allowed!

  5. #14
    Banned
    Join Date
    Feb 2016
    Posts
    8,649
    Promo (¢)
    0
    Thumbs Up
    Received: 38
    Given: 12
    Quote Originally Posted by Sixteen View Post
    Of course we need to practice on our strategy and know if truly we can depend on it and target long success with forex. There are lots of strategies we can use to trade forex but we don't use them all but rather look to see which one will be stable for us to make steady income right in forex. My strategy is good because I have worked on it and am confident that it can help me secure profits.
    It is good to create the working system of traders, this is the starting of the whole thing that the trader will be needing in the market. To make the best choice of trading, the trader is more in the side of the strategies they are using, and they will get to be the best when they are really doing things right as the trader.

    Not allowed!

  6. #15
    Registered user cutiekc's Avatar
    Join Date
    Dec 2013
    Posts
    23,508
    Promo (¢)
    2,685
    Thumbs Up
    Received: 158
    Given: 236
    Well, when we feel as if we are not doing fine and then it is our trading strategy which is the cause of which at most cases it is not the cause, then we have to change it. But then, most times even when we change it we still end up losing, because it is not always the cause,we traders are actually.

    Not allowed!

  7. #16
    Registered user
    Join Date
    Aug 2015
    Posts
    12,806
    Promo (¢)
    5,595
    Thumbs Up
    Received: 122
    Given: 24
    for choosing a best strategy we need of good experience first, which can come from practice on demo account practice, and in practice we need to use the strategy which we want to check, if it works then can apply on real account, but in checking we need to keep in mind that capital must be same like real and try in on diifferent time frames, then check which is suitable for you

    Not allowed!

  8. #17
    Registered user
    Join Date
    Aug 2013
    Posts
    12,830
    Promo (¢)
    0
    Thumbs Up
    Received: 94
    Given: 1
    Quote Originally Posted by naeem555 View Post
    for choosing a best strategy we need of good experience first, which can come from practice on demo account practice, and in practice we need to use the strategy which we want to check, if it works then can apply on real account, but in checking we need to keep in mind that capital must be same like real and try in on diifferent time frames, then check which is suitable for you
    A set of good trading experience certainly is very important but if we don't have the knowledge themselves, the trading experience themselves won't have big meaning since you are not learning anything about the market from there. As for emotional control based then you might be learning something from there but it will only goes as far as that in the end.

    Not allowed!

  9. #18
    Registered user Sixteen's Avatar
    Join Date
    Sep 2015
    Posts
    12,155
    Promo (¢)
    4,020
    Thumbs Up
    Received: 141
    Given: 68
    Quote Originally Posted by naeem555 View Post
    for choosing a best strategy we need of good experience first, which can come from practice on demo account practice, and in practice we need to use the strategy which we want to check, if it works then can apply on real account, but in checking we need to keep in mind that capital must be same like real and try in on diifferent time frames, then check which is suitable for you
    The strategies you will come up with will give you good experience on knowing its effectiveness and how it could be profitable for you. There is need to have a working strategy and we have to take the chance of learning and practicing with the demo account so that good strategy which will help us make good profits can be developed and get to see we make the right choice.

    Not allowed!

  10. #19
    Registered user cutiekc's Avatar
    Join Date
    Dec 2013
    Posts
    23,508
    Promo (¢)
    2,685
    Thumbs Up
    Received: 158
    Given: 236
    Before choosing any trading strategy, we are been expected to make use of them on the demo account, the demo account is the place where we have to learn and understand the business, forex trading is a risky business but we can become successful if we should learn. A trading strategy will work better when we have it well learned and understood.

    Not allowed!

  11. #20
    Banned
    Join Date
    Jun 2016
    Posts
    4,556
    Promo (¢)
    0
    Thumbs Up
    Received: 24
    Given: 11
    When choosing a trading strategy we must consider the need to work on it and see if it can be very possible for us to make profits with it. A strategy that is not powerful to give us profits should be forgotten while we look out for that strategy which will give us more good chance of making consistent profits. We have to know how to learn to develop a system to trade forex and see which would help us make reliable profits.

    Not allowed!

Page 2 of 382 FirstFirst 1234561252102 ... LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •