How to choose the strategy on forex? - Page 336
Page 336 of 364 FirstFirst ... 236286326332333334335336337338339340346 ... LastLast
Results 3,351 to 3,360 of 3633

Thread: How to choose the strategy on forex?

  1. #1
    Registered user
    Join Date
    Mar 2016
    Posts
    964
    Promo (¢)
    225
    Thumbs Up
    Received: 24
    Given: 11

    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.

    Not allowed!

  2. #3351
    Registered user
    Join Date
    Nov 2018
    Posts
    1,020
    Promo (¢)
    0
    Thumbs Up
    Received: 2
    Given: 0
    Quote Originally Posted by Sahir View Post
    A good and simple strategy is the need of every trader,Forex business is very risky and making money in this business is not easy therefore every trader need a good strategy.Learning is he most important thing for trader without learning no strategy would be good.Trader should that strategy which help the trader in analyzing the trend.
    we need to be select our target first than need to get knowledge according to your strategy and learn about the your order pair which you want to be used by mangling your risk properly you can be take profit or loss from the market and your efforts to learn and practice to avoid loss is giving you patience and confidence to be make a profitable trade with good money and risk management so practice can give you sense to choose the best strategy for yourself.

    Not allowed!

  3. #3352
    Registered user
    Join Date
    Oct 2014
    Posts
    329
    Promo (¢)
    5,135
    Thumbs Up
    Received: 1
    Given: 0
    Choosing the good and profitable strategy is very sensitive matter trader must have good knowledge and trading skills then he would be able to choose the good strategy.Forex business is very risky and a minor mistake can become the reason of loss.So many strategies are available in Forex and every trader has freedom to choose any strategy.Trader should choose the strategy according to his knowledge and trading skills.

    Not allowed!

  4. #3353
    Registered user sniper007's Avatar
    Join Date
    Jun 2017
    Posts
    10,900
    Promo (¢)
    2,895
    Thumbs Up
    Received: 80
    Given: 146
    We get to decide and choose the trading strategy based on experience, that means, we should follow the demo trading learning, in a nutshell, when you have followed the demo account and then have learned a lot about the market and then you know what it takes to have the best of trading strategy, you will develop your best experience and then know what it takes to become profitable.

    Not allowed!

  5. #3354
    Low Cost
    Join Date
    Mar 2019
    Posts
    574
    Promo (¢)
    30
    Thumbs Up
    Received: 1
    Given: 0
    choosing a strategy is all depending on how much we learn about this aspect so first of all try to learn the major rules of the trading then try best to ought every basic aspect which is important for winning the higher earning rates and get the success safely from this real market so we must do our work very accurately here .

    Not allowed!

  6. #3355
    Low Cost
    Join Date
    Jun 2017
    Posts
    6,413
    Promo (¢)
    0
    Thumbs Up
    Received: 46
    Given: 18
    Quote Originally Posted by Sahir View Post
    Choosing the good and profitable strategy is very sensitive matter trader must have good knowledge and trading skills then he would be able to choose the good strategy.Forex business is very risky and a minor mistake can become the reason of loss.So many strategies are available in Forex and every trader has freedom to choose any strategy.Trader should choose the strategy according to his knowledge and trading skills.
    First of all before making strategy you have need to learning about all strategies and use demo account to clear our major mistake about strategies after manage these all thing well trader simply choose simple strategy for trading and make everyday good profit in it. A lot of reason available for trader to everyday trading but without taking good knowledge about it well does't simple.

    Not allowed!

  7. #3356
    Registered user
    Join Date
    May 2018
    Posts
    1,820
    Promo (¢)
    1,740
    Thumbs Up
    Received: 6
    Given: 1
    Quote Originally Posted by Sahir View Post
    Choosing the good and profitable strategy is very sensitive matter trader must have good knowledge and trading skills then he would be able to choose the good strategy.Forex business is very risky and a minor mistake can become the reason of loss.So many strategies are available in Forex and every trader has freedom to choose any strategy.Trader should choose the strategy according to his knowledge and trading skills.
    All type of strategy trader only that situation choose it for trading then he can taking a lot of experience and knowledge about it well for trading. According to my experience and knowledge trend line long term and scalping are short term both are very effective and reliable way for trader to getting everyday good earning in forex market.

    Not allowed!

  8. #3357
    Registered user
    Join Date
    Dec 2018
    Posts
    2,789
    Promo (¢)
    3,525
    Thumbs Up
    Received: 4
    Given: 7
    We all acquire the knowledge and learning that helpful materials for making the right chocie of a strategy that is really an important cause of making the winning possible here so choose right and work also very perfectly that could helpful for us to make the profitable trade with getting prolonged winning powers here .

    Not allowed!

  9. #3358
    Registered user
    Join Date
    Apr 2019
    Posts
    370
    Promo (¢)
    1,605
    Thumbs Up
    Received: 1
    Given: 0
    I totally agree with you because the market sometimes is unpredictable and one should have a target and decide how long to remain in a particular trade i so much get your point because little by little gain is better than unrealistic wealth and the need to resolve in your heart the amount willing to rist for a particular trade is also important something that will not take much from you when loose but much when gain.

    - - - Updated - - -

    I so much believe that choosing the right strategy begins with the kind of trader you want to be, if you are the emotional type that means you can't really stay in the market for too long a simple strategy we will be helpful like making ur Tp twice your risk by this you can br risking 20 pips to gain 40 pips with this it will be more easier to cover up any lose and still remain positive in your account.

    Not allowed!

  10. #3359
    Low Cost
    Join Date
    Jan 2019
    Posts
    1,031
    Promo (¢)
    -90
    Thumbs Up
    Received: 2
    Given: 0
    Quote Originally Posted by letsdo View Post
    For choosing any strategy for trading you have need to daily basic good learning and use demo account for trading practice after it you should find strong and effective strategy for trading and generate good profit or loss from market. Trend line and scalping are best and strong strategy for getting daily basic good earning from market.
    I agree, but to make time these both strategy for trading you have need to getting a lot of knowledge and understanding it well then you should make everyday good profit or loss in it. Trend line high accuracy strategy are really very effective and profitable for him if trader make it patience and hardworking trading method and start it right market direction for trading.

    Not allowed!

  11. #3360
    Registered user
    Join Date
    Apr 2019
    Posts
    370
    Promo (¢)
    1,605
    Thumbs Up
    Received: 1
    Given: 0
    I so much believe that choosing the right strategy begins with the kind of trader you want to be, if you are the emotional type that means you can't really stay in the market for too long a simple strategy we will be helpful like making ur Tp twice your risk by this you can br risking 20 pips to gain 40 pips with this it will be more easier to cover up any lose and still remain positive in your account.

    Not allowed!

Page 336 of 364 FirstFirst ... 236286326332333334335336337338339340346 ... LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •