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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. #3691
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    Choosing a forex trading strategy ia one big problem that almost every trade have and always looking for how they will solve it the truth is that they they are a lot of trading strategy in the market but I will like to advise that which ever strategy you are trading try it on a demo account first for some times.

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  3. #3692
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    Learning is necessary to jump into the field of forex. we can not trade in forex without proper knowledge and experience. we need to work in demo account and must try different trading strategies in order to find the perfect strategy and then invest some money after developing a trading system and try to earn small profits depending upon trading experience. It is best way to take a healthy start in trading.

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  4. #3693
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    in different strategies we can choose any single which is fulfilling our requirements, where it clearly shows us what is good for us and how to earn, if we do not have skills if we do not have patience we can lose simply, so choose any strategy but make sure it is beneficial for you and according to your target and time as well, some time we do long term but we do not have enough time to check market and can not be enough into balance as well, so check these things before choosing

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  5. #3694
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    When we want to choose our strategy, there are professional Forex Traders that already have something we might be interested in, I guess that is where we should begin from, trading this market with a strategy that has not been checked and proven by someone else might be difficult especially if we are new to the market, we definitely need help in this regard.

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  6. #3695
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    The right system is something we must have better plans to choose because right here we must trade with the right system before thinking towards making money. Forex is actually a good business and we must have the very plans of managing risk to see we can survive in trading. Great practice must be followed and its what will very much give us the chance to maintain good trade and see we can have the proper chance of developing the right system to follow.

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  7. #3696
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    There is two of our behavior one is trader want to be work with a good strategy and 2nd we do not put our efforts for trading with safety so all the trader if want to get success with simple trade strategy so we have to be focused on best one how we will use them and how we will make our trade simply perfect by use own knowledge and learning in market.

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  8. #3697
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    The choice of trading strategy the trader needs to make use of has to be done after which the trader has learned and followed the demo account in learning. That is when the trader will then be able to make the choice on which strategy that they will make use of. A good demo experience should be able to help a trader understand the market in general.

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  9. #3698
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    Quote Originally Posted by Azeem View Post
    Choosing a trading strategy is a choice but then know how to make the right choice. ts really important for us to make a good trading plan to earn more money on this business and use good and strong trading strategies to make some high earning on forex trading business. I used to allow my trading experience to guide me through the process of making a choice of the trading strategy that I would like to make use of when trading.
    Making the choice of choosing the right system is important and the choice we make should be one that will increase our chances to which we can make profits from the market. The right system is important and what will give us a great ability to make it here is to practice to choose the better system we can manage. Learning is good and building a profitable trade will give us great chance to make it.

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  10. #3699
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    Choosing our trading strategy is the key thing that we must do in order to become successful in the field of forex trading market but we should understand that it is through learning and mastering the ways of the forex market that will lead us into the things or trading tools we would start using in order to become successful in choosing the right trading methods for us. I have never seen anyone who made it here without first developing a good trading methods which shall give them an edge over the market.

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  11. #3700
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    The success will always come when they are training to devise what is best for them, and such have a full trading system as their trading package. To be able to choose a trading strategy, you should be first ready to learn and trade in the demo trading account, because there is no other way to know a working trading strategy. So, we have to be patient with the market and develop more trading experience from the demo account in order to entertain this business.

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