How to choose the strategy on forex?
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  1. #1
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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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  3. #3
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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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  4. #4
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    A good trading strategy can always lead us to beat the market. A trader who is planned well can just deal the market in good way. Through his trading strategy he planned about everything and he is well aware about when to enter and when to exist the market? He will also planned how to trade and how much trade he will made in the market ? In my view strategy is a short and quick way to make such plan which just earn profit for us. My trading strategy is that I trade according to the Japanese candle stick pattern. Each new candle give me a way to earn money in the forex market.

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  5. #5
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    Once we have that strategy that can help us to make good profits, then it's possible for us to really have a good time with forex trading business. I keep telling newbies to focus more on learning and try to work out on a system that will help them have a means of trading good. There is no perfect strategy anywhere and an average strategy with a perfect money management will still give traders the means to earn too. Let's not be too fast to make profits but ensure we take time to develop a better system that will give us more opportunity to trade better in forex.

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  6. #6
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    Quote Originally Posted by Tonycee View Post
    Once we have that strategy that can help us to make good profits, then it's possible for us to really have a good time with forex trading business. I keep telling newbies to focus more on learning and try to work out on a system that will help them have a means of trading good. There is no perfect strategy anywhere and an average strategy with a perfect money management will still give traders the means to earn too. Let's not be too fast to make profits but ensure we take time to develop a better system that will give us more opportunity to trade better in forex.
    We can make the choice on how to choose a trading strategy by learning from other traders. In a nutshell, just getting to know how they have been making profits. Though, he general process to having a good successful trading strategy is depending on self discipline and not much on having a perfect trading strategy.

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  7. #7
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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.
    I am a working on the news because this is one of the best strategy .. i am working since 6 years on the news and short term trading because this is best. you must working on the news because this is best and when you will learn about events and news so then your skills will be increase and then you can best working on the market. so then you can fulfill all your wishes from the forex profit and stock too..

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  8. #8
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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.
    this strategy is a best i think it look like a good but we need to try on a demo 1st but many trader confused about that how to choose a strategy so this is a simple is that you need to learn about that and then you need to apply on a demo account when it work then you just follow this on your personal account otherwise stay away form this...

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  9. #9
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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.

    None of the Experienced trader would dispute that the key to success in the fores trading is to create a reliable trading strategy capable to determined the optional moments for the transaction with very high precision. As with all strategies, keep the risk on each trade small relative account size. The information on the thread and very simple illustrations make it good and simple also to make choose our own trading strategy which is very good for all traders.

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  10. #10
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    There are so many ways to choose a trading strategy in this business It is really nice point for traders that are serious to make sure they get some think from it.The way I am choose the best strategy for me is back test as many as trading strategy.from back test data,I will know many things that may happend in the market in the past if I use the strategy.

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