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

  1. #1
    Registered user 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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  2. #721
    Rookie ola4real's Avatar
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    Quote Originally Posted by Penuelophir View Post
    I did not think it was of any help to me because all it ended me with is having to start all over again each time that I have to start using a new trading system and it lead me into series of losses because before I could learn how to make use of it then it must have made me to lose some money. It is very important to stick with just one trading system as to use it to master the field of forex trading over time and become use to it over time too.
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    I think this situation is not new among forex traders, what you started with might not be what you will end your forex career with. It is until forex traders have the verified forex system who can stand the test of difficult times that the forex trader will gain correctly. If forex traders have not got the solid forex system under a strong experience and foresight, the traders have to continue learning no matter how many years it will takes.

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  3. #722
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    Using the bollinger band as a part of the strategy look very profitable the only problem is how do you confirm whether you have done the right thing or not. Because even with the zigzag that you have applied as a secondary signal confirmation sometimes might give you wrong swing zone because it is almost seen as an oscillator, but use what you know works. That matters more.

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  4. #723
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    A winning strategy is not easy to come up with. And when I see newbies looking for the best system without enough experience and knowledge, I know they are really for a long thing. Patience is one needed thing we must follow and the plans we must make with forex is to build a profitable means to achieve standard trading. Beginners must learn and must understand the real possibility of building the right skills for themselves. It's not going to be that easy and it will make sense if we can appreciate the fact that we must learn about this business.

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    The best strategy search by newbies is very wrong and inappropriate, that is when many of them now shift into trading the holy grail which we understand is not in existence yet, the best strategy can only emanate from practice which is what we all need before we can truly become profitable in this business, what we require to make more success is doing what we understand about our strategies.

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    Quote Originally Posted by simisola View Post
    The best strategy search by newbies is very wrong and inappropriate, that is when many of them now shift into trading the holy grail which we understand is not in existence yet, the best strategy can only emanate from practice which is what we all need before we can truly become profitable in this business, what we require to make more success is doing what we understand about our strategies.
    Yes, nebies are looking for the Holy Grail but such does not exists in reality and new traders will not find a perfect strategy that can guaranties incoms from forex market. All strategies have pluses and minuses but they do not work without good knowledge and experience of trader. It is the trader who makes profits but not the strategy alone.

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  7. #726
    Trader Sixteen's Avatar
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    What should be necessary is that newbies have to learn and realize the importance of maintaining a strong trade for themselves. As a newbie the effort to learn must be followed and we should make plans to take the demo trading serious to be able to build a dependable system. What should be our concern is to manage our investment and have a plan to deal with forex. Beginners who decide to learn can have so much to achieve and will sure have the potential to make profits with the thigh patience.

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  8. #727
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    Quote Originally Posted by Sixteen View Post
    What should be necessary is that newbies have to learn and realize the importance of maintaining a strong trade for themselves. As a newbie the effort to learn must be followed and we should make plans to take the demo trading serious to be able to build a dependable system. What should be our concern is to manage our investment and have a plan to deal with forex. Beginners who decide to learn can have so much to achieve and will sure have the potential to make profits with the thigh patience.
    As newbies we have to respect the nature of the Forex busienss and try to build ourselves appropriately for this business. We have to keep our mind open to take more new knowledge and lessons wherever possible even from our own mistakes. Some losses are acceptable but if we get margin call then we have to be more serious about risk management and discipline.

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  9. #728
    Trader mexima's Avatar
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    Quote Originally Posted by Sixteen View Post
    What should be necessary is that newbies have to learn and realize the importance of maintaining a strong trade for themselves. As a newbie the effort to learn must be followed and we should make plans to take the demo trading serious to be able to build a dependable system. What should be our concern is to manage our investment and have a plan to deal with forex. Beginners who decide to learn can have so much to achieve and will sure have the potential to make profits with the thigh patience.
    well you have mentioned the important point how ever i initially think that newbie just have to control their emotion because i observe mostly new trader earn good profit in the starting up the real trading how ever soon after you start putting bigger lot to earn more profit and in the result they blow their account with in a week.

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  10. #729
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    Learning is the major important thing for a newbie, so if you are new your focus should be how to learn how to trade forex perfectly well, if you learn and acquire good experience and knowledge, before you try to choose a strategy, it will be easy for you to choose the right strategy that will be suitable for you to trade the market.

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  11. #730
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    With the right experience and knowledge of trading forex we can choose a good strategy from the list of strategies easily, so as a newbie the first thing you need is to learn how to trade, because if you acquire the right trading experience and knowledge, it will be easy for you to find a strategy that will be simple and suitable for your liking.

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