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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. #3801
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    Our knowledge and good learning skills are always the important factors which playing the vital ole in every aspect and for us this is soo essential to pay attention on the better strategies and use the good learning skills and select a better trade system for self which will sure us to determine the way of market and get advantage from it .

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  3. #3802
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    Firstly i like to comment on this thread , this is the best way to earn huge amount when we are using the best strategy in the trading . when we start the trading firstly we use different browser in the trading and use the best way of the trading . i also want to make a strategy that is different from the other strategy , all traders use this and earn huge amount .

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  4. #3803
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    Every trader wish to earn extra ordinary in this market because we do everything which is help trader to get maximum profitable results but if we do not have any strategy or perfect trade plan so in this way we lose our capital for security and for better trade results we have to use our system successful so we make our plan accurate for trade .

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  5. #3804
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    We need a very good strategy to trade that's when we can have the chance to trade forex very well. Without a good strategy it will be very hard for us to make money from the market, we need a good strategy to trade and analyze the market well before it will be simple for us to trade and make money from the market easily, and the right way to choose the strategy is through experience and knowledge.

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  6. #3805
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    This is very important for all traders to choose their trading strategies with care and follow the market trend with good practice. Traders success is become possible only if they are follow the market movement with good planning and they are use those trading methods in trading that are help traders to earn daily basis good money from forex market.

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  7. #3806
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    fahaddd, Yeah the lot part of our success is possible if we selecting the right strategies for self so to work with choosing the better strategies and to use the better skills and work hard and good to follow the rules of trade market all very important for us to take the beneficial trade results from this market .

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  8. #3807
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    It's very important to choose a profitable system because this system will bring about the chance for us to trade better and come up with a strong means of profits from forex. A strategy is important and this system gives us the possibility to make profits from the market continuously. By learning we can choose a system that can help our trade and would possibly give us the chance to maintain more profits. The right strategy is important and if we can develop to build such profitable trade, we can have a big chance to earn.

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  9. #3808
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    Trader's need to master their strategy before they can make good use of the strategy, if we don't master the strategy that we are using it won't be a good strategy for us to trade with, the only good strategy we can trade with is that strategy that we have learn to master how to make good use of, that's the best strategy that we can choose to trade with.

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  10. #3809
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    For choosing the good and profitable strategy trader must have good knowledge and trading skills therefore trader should spend his good time for learning.Demo account are very helpful for trader for the purpose of knowledge and testing a strategy.There are so many strategies in Forex and every trader has freedom to choose good strategy.Trader should choose that strategy which help the trader in analyzing the trend.

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  11. #3810
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    Learning is the best and suitable way for choosing the good and profitable strategy therefore trader should spend his good time for learning then he would be able to realize that which strategy will work for him.There are various strategies in Forex and every trader can easily choose his strategy.I use the swing strategy for trading and it is one the strong strategy for trading.

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