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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. #2441
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    This is something that we have to so much learn and follow correctly. Using the demo account, you could have a better way of trading the market and then making good choice without having to put your account through any risks. I got to make the decision trading with the strategy I have right now after my learning with it on the demo account.

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  3. #2442
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    The most efficient way to choose a better trade method is achieved with spending time on the demo market so on the basis of our work on demo market we can attain more and more chances to obtained success by choose a right methods and make a better plan to proceed the trade according to our plans .

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  4. #2443
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    Quote Originally Posted by melan View Post
    The most efficient way to choose a better trade method is achieved with spending time on the demo market so on the basis of our work on demo market we can attain more and more chances to obtained success by choose a right methods and make a better plan to proceed the trade according to our plans .
    There is no better way than the demo account because the demo will provide us the platform to ensure we practice our skills to know what kind of system can work for us and give us lots of success in trading. Practicing good will always create way for us to build a profitable method to enjoy good quality earning which will is our target. So demo trading will create this platform for us and give us the possible chance to improve a system without risking real money.

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    Rookie juniorpeters's Avatar
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    to choose a strategy you need to know what kind of trader you are,whether a long term trader or a short term trader then you can choose the kind of strategy you want to use and trade the market.there are many profitable strategies in the market you just need to be patient with them when you find them,don't expect to start making much money from the market when you start trading with the strategy.

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    Registered user famousfx's Avatar
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    Trading strategies are many in the market traders are choosing any one that suit their trading styles, some of these strategies are designed by one trader or the other in the past and all other traders are embracing it, but before any strategy could be used trader must test it well using demo account.

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    A trader that wants to have their own system must learn on how to create one for themselves. I think it's the better way to see that we can constantly practice on the demo and look to create a good system that can put us to a higher height. The right strategy have to be properly created and it is for our our own good we manage this trading in the way we can profit good. Success will come from choosing the right strategy and this is why we have to be open to learn.

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    We ought to be willing to do what it takes, before we can get to have a profitable trading strategy, that is just the way it is. Furthermore, a good profitable trading strategy is made most of all out of experience and skills, so, you also should be ready to go through the losing aspect so as to learn and gain full knowledge about the market and how to handle it.

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    Quote Originally Posted by melan View Post
    The most efficient way to choose a better trade method is achieved with spending time on the demo market so on the basis of our work on demo market we can attain more and more chances to obtained success by choose a right methods and make a better plan to proceed the trade according to our plans .
    Learning is the best and suitable way for choosing the good and profitable strategy for trading.Demo accounts are very helpful for trader for getting good knowledge and trading experience.Forex trading is not easy trader has to do hard work for getting success in forex.There are so many and different strategies and swing is the best strategy for trading.

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  10. #2449
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    Quote Originally Posted by Faheem222 View Post
    Learning is the best and suitable way for choosing the good and profitable strategy for trading.Demo accounts are very helpful for trader for getting good knowledge and trading experience.Forex trading is not easy trader has to do hard work for getting success in forex.There are so many and different strategies and swing is the best strategy for trading.
    Experience and learning are keys to get success on market with good earning. If you can daily basic use demo account for trading practice with higher time frame then you will easily find strong and profitable strategy for trading and easily generate good profit or loss from market. It not easy business without good experience and knowledge.

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  11. #2450
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    Quote Originally Posted by famousfx View Post
    Trading strategies are many in the market traders are choosing any one that suit their trading styles, some of these strategies are designed by one trader or the other in the past and all other traders are embracing it, but before any strategy could be used trader must test it well using demo account.
    It is the best way to test our trading strategy because there are so many source for us to have strategy but if we do not have a way proper way so we face losses and failure we must always work accordingly to make good plan , it is for our security that if we first test on demo account so we develop our trading plan safely .

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