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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. #3601
    Trader Sixteen's Avatar
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    Focus on learning can go a long way and to choose a good system can be done with better practice with the demo account where we can test out some few system and know what can be obtainable in terms of profits. A good system will result to more chances to earn good and its going to be the best way for us to make it here. Choosing the right system is helpful and its the best opportunity to follow the market properly.

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  3. #3602
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    Penuelophir, If we have a good system on which we have to trade so it will help to make our plan successful , working without learning and without good plan will always reason for losses , we must have to make it sure our trade is perfect if we have enough learning and our trade success is possible with them it should be good and most helpful to get good advantage of trade .

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  4. #3603
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    There are many good and profitable trading strategies in forex market and traders can choose any of them. But trader should look for strategy that it is good and according his trading requirements and trading methods. Trading strategy can be tested in demo account and if there are positive results so trader can start to use the strategy in real account.

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  5. #3604
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    Quote Originally Posted by Krosneles View Post
    There are many good and profitable trading strategies in forex market and traders can choose any of them. But trader should look for strategy that it is good and according his trading requirements and trading methods. Trading strategy can be tested in demo account and if there are positive results so trader can start to use the strategy in real account.
    in my opinion if testing the trading system is more suitable to do on a demo account, besides using multiple accounts to test a trading system what is not complicated, it is simpler and easier if the trading system test is carried out on one trading account, when there is indeed a need we just need to fix it, then we can evaluate whether the improvements / changes we make are effective in boosting the performance of the trading system, there is no need to be afraid of the losses after all the account used is a demo account

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  6. #3605
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    Making the very right plans in choosing the right system can be very helpful and would possibly give us the all chance to make success in trading. Choosing the best system is one of the very helpful ways we can succeed and if we can plan better on this management we will of course have the means to make good trading. Let's learn to choose the right system and let's practice hard to take on the right trades.

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  7. #3606
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    There is no short cut to knowledge in this market,is it only with good knowledge of the market that we can begin to talk of gaining experience. It is when you put what you know into practice that you can actually begin to talk of gaining experience and our experience can actually be both positive or negative.

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  8. #3607
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    Once we are looking to make money from trading, we have to work on the chance to choose the right system in forex. Working hard is compulsory and from this business, the possible means of growing is very possible for us. Good practice can work well for us and its sure going to help us understand the best system we can depend on.

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  9. #3608
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    You choose your trading strategy based on learning, you decide on the trading strategy you want to make use of based on the discipline at hand. I like making use of long term trading strategy ever since I have learned and seen how effective it could be for us. Using a strategy that is based on that will help the trader know the long term market direction and movement.

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  10. #3609
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    If a wrong strategy has been adopted by the forex trader, that might just be the beginning of the different issues he will face, now before we can go ahead and say we want to use the scalping strategy for instance, questions we should ask ourselves is how much time do we have available and what are the things we need before this can happen which r us as profitable style, some traders use anything without knowing the advantages or even the disadvantages.

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  11. #3610
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    We do have all what it takes to decide on which trading strategy we are going to make use of, as a a matter of fact, the strategy that we should decide on making use of should be something which we have learned a long time ago, using the demo account and then all sort of learning measures, deciding on the trading strategy to use isn't a simple decision though, as the trader should know that there is no perfect in any strategy so losses acceptance is important.

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