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Thread: How to choose the strategy on forex?

  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.
    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. #2571
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    We can choose a better trade strategy according to our investments we use for working so if we are working with less pipes then we only prefer to short term method either they are risky but due to less pipes we will not very concern about making profits or falls in to losses so for getting experience on every method we should practices on it .

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  3. #2572
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    Quote Originally Posted by mudassor View Post
    We can choose a better trade strategy according to our investments we use for working so if we are working with less pipes then we only prefer to short term method either they are risky but due to less pipes we will not very concern about making profits or falls in to losses so for getting experience on every method we should practices on it .
    For choosing the good and profitable strategy trader must have good knowledge and trading experience.Forex business is good and profitable but making money in this business is not easy and simple until trader has good strategy.There are so many strategies in forex and every trader has freedom to choose any strategy for trading.

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  4. #2573
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    Demo account daily basic trading practice are best choice for trader to find and choose any simple and strong strategy for trading after it you should easily get success on market and generate good profit or loss from it. Daily basic good learning always give the trader good knowledge about all trading strategy method and many idea to make strategy for trading.

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  5. #2574
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    Traders that chooses to trade and make profits always know how important a good system is because this gives us the platform to trade better in forex and helps us to ascertain the right means of trading better. Choosing the right system is necessary and with good learning, we will come to know what system would work for us as we get prepared to manage our trading right here. If we can look forward to build a good system, we can always improve on this market and would have the opportunity to ride on the means of earning good.

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  6. #2575
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    there is confusion when choosing a trading strategy to trade the market with,because there are many strategies in the market which you think are better than each other.the best thing to do is to pick few strategies,if you can learn all that was recommended to you then its fine,just learn the strategies on demo account anyone that gives you a much better returns should be the strategy which you will use to trade the market.

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  7. #2576
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    Quote Originally Posted by juniorpeters View Post
    there is confusion when choosing a trading strategy to trade the market with,because there are many strategies in the market which you think are better than each other.the best thing to do is to pick few strategies,if you can learn all that was recommended to you then its fine,just learn the strategies on demo account anyone that gives you a much better returns should be the strategy which you will use to trade the market.
    I agree with you because when there is high knowledge we have so there is higher confusion as well that will give us stress to chose any trading strategy so we have to be work well and with good planing all shall be better and profitable for us . so we have to spend our time for selection of our trading strategy because our success will became easy in this way .

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  8. #2577
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    In order to choose a better trade method we have to deeply study our whole the trade method and also with practices on the demo market we can learned completely ans also with have good learning skills we will prefer a best trade strategy with taking good steps according to our abilities for working in the market through it .

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  9. #2578
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    Quote Originally Posted by zahra2 View Post
    In order to choose a better trade method we have to deeply study our whole the trade method and also with practices on the demo market we can learned completely ans also with have good learning skills we will prefer a best trade strategy with taking good steps according to our abilities for working in the market through it .
    To develop any strong and profitable strategy you have need to good learning and take strong trading skills about all type of trading strategy and method after it you should build any choose any simple and strong strategy for trading and easily get success on market with good earning. Demo account are best choice to find any simple and strong for our trading business.

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  10. #2579
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    Quote Originally Posted by BOSST View Post
    Choosing a Forex trading strategy requires a lot of time and efforts,the demo account is the ideal place to build strategy,because with the demo account you do not to lose your money,the problem sometimes is that a lot of traders do not take the time to practice very well impatience is also a problem.
    Yeah it takes time to develop good sense and good abilities to choose a right method for the earning , so choosing a best is our need and with our knowledge and also with learning skills we can be good in this aspect and we ill enjoy profits a lot with this behavior in this complex market easily so we carefully choose a better trade method .

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  11. #2580
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    I love the aspect of this teaching on how to chose a strategy and that is about keeping a trading journal in which we have to keep the record of past trades and all the things that do occur before, during and after any trade. This is the best way to learn from all the past events of the market and it helps a lot in learning and remembering things of the past about the market. One other thing about keeping a journal is that it always help in correcting the mistakes of the past so they are not repeated .

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