The importance of having YOUR OWN strategy - Page 2
Page 2 of 349 FirstFirst 1234561252102 ... LastLast
Results 11 to 20 of 3485

Thread: The importance of having YOUR OWN strategy

  1. #1
    Educator
    Join Date
    Jun 2013
    Posts
    1,103
    Thumbs Up
    Received: 579
    Given: 189

    The importance of having YOUR OWN strategy

    What do I mean by that?

    Of course, you can take one of gazillion strategies, offered by the internet, but still there are a lot of variables in trading that should be taken into consideration.


    First, what is a strategy?

    This is a combination of trading system (discretionary or mechanical), capital management and position micro-management (should you hold your winners, when to filter your trades, when to add to your position or to cover some of the risk)

    I guess, the last one is one of the most important things (position micro-management).

    You can have absolutely wrong directional bias, but still make money.


    There are coulple of examples:


    I trade with short-term strategy and spot very small imbalances. My friend is a swing trader, and we have different perspectives on the market.

    I bought twice, covered quickly and made some money:

    Attachment 740


    ...while my friend at the same time went short and made money on his trade too:

    Attachment 741


    This example shows relative importance of position management comparing to directional bias.

    Peter Brandt, one of the most successfull world traders says: "I may think I know, but in reality I don't know".

    To manage your position properly, you should know your trading niche.

    Are you a swing trader? Are you short-term momentum trader? Are you a position trader?

    Your trading niche must be selected considering your ability to manage your trades (you should have enough free time to follow markets or have psychological ability to trade short-term or to have guts to hold your winners e t.c.) Know more about it here

    Make some research and explore - what you can do on the marketplace. That will be the most rewarding experience in your trading.

    Not allowed!
    Last edited by Value trader; 12-03-2013 at 01:24 PM.

  2. #11
    Trader
    Join Date
    Aug 2013
    Posts
    757
    Thumbs Up
    Received: 85
    Given: 14
    First of all , i would like to say that building up your own strategy is a difficult task.
    But yes, if someone has its own strategy, then the chances of loss would be very less because if a trader has its own system than that means it would include very few or probably no weakness in his/her system. So its a plus point too.

    Not allowed!

  3. #12
    Trader martyn's Avatar
    Join Date
    Jul 2013
    Posts
    1,328
    Thumbs Up
    Received: 18
    Given: 0
    indeed we need to look for a strategy of our own making. because the strategy of ours, means we have to understand everything about the strategy that we use. for example if we're at a disadvantage, because we use our own strategy then we already know how to improve this strategy, then we can look for weaknesses, we develop the strategy again and finally was able to make good money in forex trading

    Not allowed!

  4. #13
    Trader
    Join Date
    Feb 2013
    Posts
    80
    Thumbs Up
    Received: 7
    Given: 15
    It is important that we must have our own trading style, because every people have different condition and living in different time.

    A good strategy that make 1 people get profit, not always fitted with other people.
    Maybe 1 trader who use technique that can consistenly get 20 pip for every trade, might not applicable for other trader,,, it might 1 trader able to wait for good momment,, and other trader too busy to trade with same technique.

    Not allowed!

  5. #14
    Trader
    Join Date
    Aug 2013
    Posts
    250
    Thumbs Up
    Received: 11
    Given: 1
    Quote Originally Posted by Khimi234 View Post
    Wow that's very interesting strategy thanks for sharing the strategy in these days I am also busy with learning in these couple of days back I learned RSI 70-30 strategy here that was also very good strategy so you everybody should implement that strategy
    I advise you not to rely solely on the indicators in trading and must be all the indicators are only to illustrate the movement and the technical analysis and fundamental analysis are also the main types of trading because they are the most popular among senior traders and professionals

    Not allowed!

  6. #15
    Trader
    Join Date
    Aug 2013
    Posts
    51
    Thumbs Up
    Received: 1
    Given: 0
    Quote Originally Posted by PROPENSITY100 View Post
    Forming our own trading strategies will allow us to consider our own risk capacity and profits expectations. When we formulate our trading strategy we are relying on our own skills and knowledge. After all its better to rely on on our own knowledge and skills than to rely on other's predictions.
    I agree with you every trader has his own style of trading is forex market. As you can see that there are many good strategies that are shared by successful traders on internet but still the followers are not good enough to make money using the same strategy.

    Not allowed!

  7. #16
    Trader
    Join Date
    Aug 2013
    Posts
    764
    Thumbs Up
    Received: 7
    Given: 4
    I think the important part in forex is to have a profitable forex strategy and it's not always must created by our self. If we found any trading strategy from forex forum, ebook or from other trader then we can use it as long as it can help us to make profit. Perhaps after learning from a lot of sources then you can try to mix it and make it as your own strategy too.

    Not allowed!

  8. #17
    Registered user
    Join Date
    Aug 2013
    Posts
    3,026
    Thumbs Up
    Received: 84
    Given: 80
    We should have our own strategy to trade in Forex market. Developing our own strategy helps us to consider what we can afford to lose and what we want to earn here. We should only stake that much in trading which we can afford to lose and for which we do not have any urgent commitments.

    Not allowed!

  9. #18
    Trader
    Join Date
    Aug 2013
    Posts
    731
    Thumbs Up
    Received: 1
    Given: 0
    having your own strategy is very good thing to be successful..because you can easily understand the strategy that you have made with your own as compared to others strategies

    Not allowed!

  10. #19
    Trader alv_trader's Avatar
    Join Date
    Jul 2013
    Posts
    62
    Thumbs Up
    Received: 15
    Given: 7
    Having a trading strategy before starting to trade is much like having a map before starting to travel. Trading strategy is like our travel guide. Would you take a trip without knowing how to get where you are going? Trading in the forex without a trading strategy is almost a sure recipe for failure and losing your money. Basically, having your own trading strategy helps you to treat trading forex more like a business. Most people interested in forex trading already know that anyone running a business generally requires a business plan in order to have an organized basis from which to achieve greater success.

    Not allowed!

  11. #20
    Registered user
    Join Date
    Mar 2013
    Posts
    3,925
    Thumbs Up
    Received: 215
    Given: 113
    Quote Originally Posted by alv_trader View Post
    Having a trading strategy before starting to trade is much like having a map before starting to travel. Trading strategy is like our travel guide. Would you take a trip without knowing how to get where you are going? Trading in the forex without a trading strategy is almost a sure recipe for failure and losing your money. Basically, having your own trading strategy helps you to treat trading forex more like a business. Most people interested in forex trading already know that anyone running a business generally requires a business plan in order to have an organized basis from which to achieve greater success.
    This was a nice correlation and explanation. A trading strategy guides us in our journey to earn money in Forex business. A trading strategy ensures that we use our knowledge and risk management skills efficiently while trading Forex. It thus increase our chances of being profitable in this business.

    Not allowed!

Page 2 of 349 FirstFirst 1234561252102 ... LastLast

Posting Permissions

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