Newbie looking for the best strategy (my trading journal)
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Thread: Newbie looking for the best strategy (my trading journal)

  1. #1
    Trader ara's Avatar
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    Newbie looking for the best strategy (my trading journal)

    Thanks for Value traders as educators who have advised us to make a trade journal in building a strategy.
    Yes, I realize the importance of trading journals, especially for me as a beginner to improve the knowledge, skills, and build a profitable strategy. So I create a trading journal in this forum. And this is my first trade journal in my career as a trader.

    "So please do not take me into the contest" because I am just a newbie who was looking for a system and build it in this journal.
    Maybe a lot of other members here are more worthy to join the contest.

    I have almost a year experiences in forex trading, may still have a long journey, and you know ... I really get bad experiences in trading, I actually lost a large amount of money in any trading account, so I tried to search for knowledge in this forum and practice in a real account with bonus forum, so for a while I would try to keep a journal trading with a bonus forum, if I have succeeded in making a profitable strategy, then I will try to use deposit account. Because I do not want to take the risk in making a deposit without a good strategy.

    You do not wonder if I get a margin call or stop out, but this is a process, I need to fix my performance with this journal. And I tried not to lose all the equity.

    But you do not wonder if I can profit consistently for three months, because I have learned a lot about everything. My goal is to build a strategy with achieving profitable for 3 months.

    At the moment I am just trying a simple strategy, just use Bollinger Bands (period = 100) with zigzag default setting. I have my own way to analyze using zigzag, and Bollinger bands, but there are times when I use other indicators as filters. But it's not a big deal. I am a long term trader, so do not ask me why I rarely update my entry or exit, but this is my characteristic.

    I used the smallest lot in the trade, so I do not put a stop loss, I just cut loss when the condition is in danger.

    I am sure that with just using a simple strategy, and a simple indicator and enough knowledge about the fundamentals can make me successful. But it might take a long journey.

    So let us learn together, trading journal is not only for experts, but trading journal is very useful for beginners in the search for identity as a true trader.

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    using Bollinger Bands and zig zag is really good to find out the trend and find out the break out.I think we all should have a plan and our own strategy.But i have two complains about your trading system . you are may testing this. you trade only for long term basis to me i think we get some news and it is sometimes really need to take the advantages of this. you do not take it . and about your stop loss. you trade in long term you may face a huge movement in a short time. so you will just have not enough time to prevent these lose. so whatever happens use this.

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    There are a lot of strategy some are using some other indicators along with Bollinger but the key point is whatever we use we must be comfortable with the strategy at the same time the strategy should be well tested over demo account and should be a proven one for profitability, and secondly follow the basics then the Forex trading will become very easy and enjoyable.

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    As a newbie first of all don't think about there is a holy grail or any mechanical system that is going to bring you profit and if you use naked charts to know what price is doing and how it reacts at top or bottom or after break of trendline then most probably you need to cream all the possible scenarios and hard work is there but if you start doing that then after 1 year or so you dont need any other help just half and to 1 hour you should get you entry with protective stops and target and this would be your routine

    regards

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    But consideration of price could really filter your trades and in order to completely rely on indicators you must come up with a stop otherwise you need a lot of practice because some unexpected event that bring risk could weigh on your journal very badly

    regards

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  6. #6
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    dear my friend, there is a time for us to use cut loss, stop loss and hedging to protect our balance from unwanted situation, there is advantage and disadvantage from them, cut loss, it is good if we have good decision to protect our balance based on the analysis or also good internet connection, cut loss is not effective when there is a problem with internet connection,

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  7. #7
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    strategies are different for different person. one must try to understand the market and use demo account. follow the signals. keep an eye on market news. beginner can be use small lot for trading. using demo account may instruct about market.

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    good strategies means good profit in Forex market. If a Forex newbie spend his maximum time and practice a lot then he can easily learn all type of Forex strategies. Good strategies means good profit in Forex. So, all Forex trader should learn Forex strategies then start Forex trading.

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  9. #9
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    All time newbie are face a lot of trouble in Forex trading. Because they have not enough knowledge for trading Forex. As a result they face loss in every steps. About 80% Forex trader leave Forex trading at firs stage. In my personal thinking all Forex newbie should first learn about all Forex strategy and practice a lot then try to trading Forex.

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  10. #10
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    Strategies can be good for traders this is right but if you have very very good knowldge in the market then you can earn money without any strategies.. because this is economical business and if you will learn economics then you can earn very good money..

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