How to choose the strategy on forex?
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    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.
    forex-indicators.gif moving average.jpeg pinbar.png

    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.

      images.jpeg images-1.jpeg

      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

      images-2.jpeg
      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.

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  2. #2
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    Wow, dear u really made a point because it have been long I try to setup a good and nice strategy for myself but its seems not working out for me. I think with this guidance provided for you today I know that it will work out well for me.

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    There are so many ways to choose a trading strategy in this business, and robo forex forum is one of the good place from where we can gather couple of good trading strategy for our business, and along with it we can test them in our demo trading account. Demo testing is also very crucial because it can give us more clarification of those strategies. Bye the thread is nice mate good work.

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    Quote Originally Posted by chioma View Post
    Wow, dear u really made a point because it have been long I try to setup a good and nice strategy for myself but its seems not working out for me. I think with this guidance provided for you today I know that it will work out well for me.
    It is a really nice point for the traders that are serious to make sure they get something from it. In this case, it is always about what the trader want and the way they are getting it done. It is more of what the trader has learned, the mindset, the place they learned it, and how serious they are with what they are doing in the trading.

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    The way i am choose the best strategy for me is back test as many as trading strategies. From back test data, i will know many things that may happened in the market in the past if i use the strategy. Then i can develop a good trading plan, a good risk management and money management to trade with the strategy

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    Trader cutiekc's Avatar
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    Before you get to select a trading strategy, then you must have learned and practiced it on the demo account, therefore the performance you have about it on the demo account will really determine how good you would be able to make use of it when trading. So in recap, practice is all that it takes for one to know the one to select.

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    Quote Originally Posted by cutiekc View Post
    Before you get to select a trading strategy, then you must have learned and practiced it on the demo account, therefore the performance you have about it on the demo account will really determine how good you would be able to make use of it when trading. So in recap, practice is all that it takes for one to know the one to select.
    yes, we can use demo account to try for some trading strategies and get one that is good for us, it is very important for traders to spend the time for this case till really understand for what is the right thing for them, and after all, they will know how to develop the skill with it to increase the ability at real account trading later

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    Quote Originally Posted by newcomer View Post
    yes, we can use demo account to try for some trading strategies and get one that is good for us, it is very important for traders to spend the time for this case till really understand for what is the right thing for them, and after all, they will know how to develop the skill with it to increase the ability at real account trading later
    It is true, the demo is for learning and unveiling the true way to trade, and that way shoudl be such that will work with the real ways the traders will want to make money from. This is better more on the way of trading development of the tradaer, and by the real training to make sure that the results they want eventually come out.

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    Strategy choose is the best thing any trader will think of doing when he is still learning with his or her demo account before even thinking of trading with the real account. Good Strategy can help a trader to be making much profit in almost all his trades. Strategy will make you to trade the trend and close for the day with a nice profit. So, my dear is better to think and practice very well before you decide on the particular strategy you will be using to trade.

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    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.

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