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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. #3621
    Trader Senorita's Avatar
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    If we choose a better system, we will have great advantage of making a profitable trade consistently in forex. Choosing the best strategy is important and through the means of demo trading we can have the possible means to choose a better system that would help us make profits in forex. If we can play an important role we can choose a working system and can have the ability to maintain success in forex.

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  3. #3622
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    Quote Originally Posted by treasurechristain View Post
    » Follow the forex market (follow the market trend)
    It is very important to note that the best trading systems that are out there are the ones that will always follow the main market trends at all times and one of the best means of choosing a trading systems is when we are still learning about them on the demo trading accounts and practicing will expose you to a lot of mistakes and it is through learning from those mistakes that we can become better and be able to choose a better trading system for us to start earning money consistently over time.

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  4. #3623
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    This is the basic aspect that how we can choose the right working system for self and in this regard if we have the power of knowledge and basic concept on each and every factor everything is matters for earning the reliable and valuable trade results with winning profitable trade in the results by selecting the profitable trade strategies .

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  5. #3624
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    Strategy is not the whole but a main component of profitable trading and therefore with the learning of a strategy on demo, learning does not come to an end. We further have to learn many things so that we have some consistency when we come to live trading and most importantly we have to learn discipline. It is to be borne in mind that leaning begins with demo, but even after the demo phase still a major part of learning remains that comes through real trading experience.

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  6. #3625
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    Quote Originally Posted by Abhishekwala View Post
    Strategy is not the whole but a main component of profitable trading and therefore with the learning of a strategy on demo, learning does not come to an end. We further have to learn many things so that we have some consistency when we come to live trading and most importantly we have to learn discipline. It is to be borne in mind that leaning begins with demo, but even after the demo phase still a major part of learning remains that comes through real trading experience.

    Learning to trade and not demo will not be disappointed or loss, too, learn not to choose where and how because the most important learning is to get knowledge that if we benefit from getting the right business or business especially with trading forek gan must be right in order to grow in the future the will will be maximum

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  7. #3626
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    A trading strategy is the first step of our trading career. so, we have need to be serious before choosing a trading style. in my point of view. A trading strategy which is based on our interest is playing a good role in our success. Because, anything which we do on interest base then we learn it properly.

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  8. #3627
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    In order to be trading and be making good profits in the Forex trading business trader should have chosen a right strategy for his own trading style. as at the time trader should choose with care and ready to do hard work to get to know how such strategy works, good records and following of all the Forex trading rules.

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  9. #3628
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    The things to do before having a successful trading strategy includes consistent practice. That is one of it, and then when we want to earn money from the market. We need to follow a good trading simple concept about the business. Forex is not a business of getting perfection, so, a strategy will always have the ups and down, being when you make profits and then when you loss as well.

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  10. #3629
    Trader Sascha's Avatar
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    Quote Originally Posted by zha5454 View Post
    The things to do before having a successful trading strategy includes consistent practice. That is one of it, and then when we want to earn money from the market. We need to follow a good trading simple concept about the business. Forex is not a business of getting perfection, so, a strategy will always have the ups and down, being when you make profits and then when you loss as well.
    while the practice has no time limitation because we can't predict easily when we're so ready to trade for real. took me months to realize that i was so bad at trading and took another months to learn how i must trade after looking out for strategies. find some strategies that only related to our style and volatility level, so we can narrow our searches without wasting more time to make deeper selections since there are so many strategies available.

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  11. #3630
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    I think choosing the good and profitable strategy is very difficult work specially for those trader who has lack of knowledge and trading skills. Learning is too much important for trader for getting success in Forex business. There are so many trading strategies in Forex business and i think most of the strategies are good and profitable.Learning is the best and suitable way for choosing the good strategy.

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