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Thread: 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.
    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.

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  2. #3381
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    If we want to choose good strategies in forex business then necessary thing is time. When we give good time to this platform then i hope we gain good money. Money is good power for us. So before choosing good strategy time is most important part of trading business. So forex business depends on strategies.

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  3. #3382
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    Quote Originally Posted by sehr View Post
    Yes learning is so much important thing for trader for choosing the good and profitable strategy.Therefore trader should spend his good time for learning and do more practice for getting good trading experience.So many strategies are available in Forex and every trader has freedom to choose any strategy i use the swing strategy for trading.
    Daily basic learning and use demo account for trading practice are good decision for trader then you can make everyday high profitable strategy for trading toward success on it. Became patience and use hardworking trading method are good decision for trader then our simple or strong strategy good working in it and became success trader in forex trading business.

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  4. #3383
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    To choose which method is safe or unsafe is all rely on the traders own knowledge and good learning skills that ate the essential factors which are very effective to learn and very helpful for making the money so try to learn a strategy and then practices with it for a long time for getting the profitable trade results from it in the other times .

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  5. #3384
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    A trader can easy to choose the trade strategy which is best for them on the basis of good learning skills and on the basis of experience. so this is required to every trader to choose which is better way for them for earning a trade with selecting best ever trade strategy for self so on the basis of good knowledge and experience we can obtain success easily.

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  6. #3385
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    tejaravi, Its basic element in trader life that with knowledge and experience we are much clear about our trade strategy and we are clear which time is best for using own strategies and when we have to avoid trading , experience and knowledge in our hand so we have to spend our time here in right way so we take good control of our trade strategies for making plan .

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  7. #3386
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    Quote Originally Posted by ASS7890 View Post
    Learning is the best and suitable way for choosing the good and strong strategy therefore trader should spend his value able time for learning and do more practice on demo accounts for getting good trading experience.So many simple and easy strategies are available in Forex if trader has good knowledge and trading skills then he would be able to trade with any strategy.
    Use demo account for trading practice are good option for trader to find that which type of strategy is perfect or reliable for him to everyday trading on forex market. I know that so many simple strategy available for beginner to everyday trading but if you can any wrong decision to start the trade time then you can getting good loss.

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  8. #3387
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    Now these days a lot of ways available for beginner to find that everyday simple or strong strategy for trading but he can needed to daily basic good learning and use demo account for trading practice then you can get it well which type of strategy is made for simple and prove that helpful everyday to make high pips profit in forex market.

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  9. #3388
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    There are different trading strategies in forex. It's about us finding what would work out for us and make use of it to our advantage. A good strategy is helpful and its one thing that we need to see we maintain a good trade. Knowing how to manage our risk is good and choosing the best strategy is something we must not loose hope on. A good strategy will always give us the chance to earn and will truly amount to successful trading.

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    Your strategy is always the way to go about good trading and this should be done if we are likely to keep trading rightly. To choose a system that will increase our level of profits is necessary and all plans should be made to manage this risk well. Here we should follow the choice to trade and see we build a profitable system that will work out for us. Through learning we should know that success won't be easy and we should get ready to face though times and learn from experience.

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  11. #3390
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    This is the occurring challenge most beginners in forex do face even me when i started trading, choosing the best out of numerous ones is achievable only through practice not with life market but demo. Try different one over and over until you see thr best suited for your need. Its unwise to trade live market without having a suited strategy that would like throwing money in the air, so get skills practice dont be too in a hurry to start live trading.

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