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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. #3431
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    Quote Originally Posted by ORACLE OF GOD View Post
    First of all, understanding that the forex market is such that carrie3s a very high risk should put us n our toes when considering the best of system to used in trading the market.A lot of attention must be put into developing a very good system because of what we stand to lose if our trading system o not match up with the strength and the many activities of the market.So many good and efficient traders have lost out of the market because they never put the issue of risk into consideration when choosing a trading system.
    Capital building is for traders who are making consistent profits in this market,it is better to build your gradually by not withdrawing all of your profits from this market,if we do that then it be much easier to absorb losses when they come,withdrawing 100% all profits that comes our way is not good for business.

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    Quote Originally Posted by missphat View Post
    The market is a risky place and as a matter of fact, we have got the demo account where the learning is supposed to be done. Therefore if a trader wants to succeed in the business. first thing they need is to implement good time on the cent account after learning on the demo account, That is how success can be gained in the market. We need to trade with consistency so that we can become successful in the business.
    It is a risky market we are truly dealing with, but as risky as this market could be, many traders are likewise gaining their money through it. It is about the training of that trader, the training is important, it is what i know that will make sure that traders are choosing the right strategy which will be strong enough to work for the trader in the manner that will ensure gains in big form for that trader.

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  4. #3433
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    Backtesting is the key to choose the right trading strategy for a trader. After you have gain enough knowledge and experience and have developed you own trading strategy, then you need to backtest so you could be sure if it is working well or not or if it is the right strategy for you.

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  5. #3434
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    As a trader there is need to choose your own strategy, something that will will give us what we want and how to choose this becomes very important. I trade slightly different from how my mentor do trade and i achieve this by simply by simulating, using strategy tester to practice thats all.

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  6. #3435
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    Learning is the best and suitable way for choosing the good and profitable strategy therefore trader should focus on learning and do more practice on demo accounts for getting good trading experience.Many simple strategies are available in Forex trader should choose the strategy according to his trading skills and his capital.I use the short term strategies for trading.

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  7. #3436
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    Quote Originally Posted by Sahir View Post
    Learning is the best and suitable way for choosing the good and profitable strategy therefore trader should focus on learning and do more practice on demo accounts for getting good trading experience.Many simple strategies are available in Forex trader should choose the strategy according to his trading skills and his capital.I use the short term strategies for trading.
    If you can working on market according to our strong trading skills and knowledge then any getting anything well simply possible for trader. A lot of simple and powerful strategy available for him which are daily basic helping us to identify the market however when trader start our trade on it then in short time frame period earn capital profit.

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  8. #3437
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    We get to decide on the trading strategy to be used based on the experience we have gotten. Experience is the best teacher, the trader should really use the demo account for a long time and let them selves go through the experience, in a nutshell, within six months, I think the trader should be able to come up with the sort of trading strategy that they will want to make use of.

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    Quote Originally Posted by sniper007 View Post
    We get to decide on the trading strategy to be used based on the experience we have gotten. Experience is the best teacher, the trader should really use the demo account for a long time and let them selves go through the experience, in a nutshell, within six months, I think the trader should be able to come up with the sort of trading strategy that they will want to make use of.
    To choose your trading strategy needs the learning, the more you can learn, the more you will get to make it. Those traders which will not be learning will not have the grand knowledge to know what they have to do in the choices of their trading strategies. I am not likewise in support of giving targets on when the trading strategies could be established for traders, it could taken more than 5 years for some traders. What traders use when they start does not mean it will be what they will use forever.

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  10. #3439
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    Quote Originally Posted by Toyen View Post
    To choose your trading strategy needs the learning, the more you can learn, the more you will get to make it. Those traders which will not be learning will not have the grand knowledge to know what they have to do in the choices of their trading strategies. I am not likewise in support of giving targets on when the trading strategies could be established for traders, it could taken more than 5 years for some traders. What traders use when they start does not mean it will be what they will use forever.
    Yes, traders need to learn more and they will be able to understand the market better and choose or build good strategy. Good and profitable strategy in the hands of bad trader is nothing and it will not bring the profit because trader makes decisions based on his experience and knowledge about the market and if decisions are bad so there will be losses instead of profit.

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  11. #3440
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    A good and strong strategy is the need of every trader Forex trading is not easy therefore every trader need a good strategy which help the trader in earning good capital.So many simple strategies are available in Forex and every trader can easily choose his strategy if he has good knowledge.I use the scalping strategy and it is one the best strategy for trading.

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