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Thread: The importance of having YOUR OWN strategy

  1. #1
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    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.

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    Last edited by Value trader; 12-03-2013 at 12:24 PM.

  2. #271
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    This is always right in my view, just because you see your friends doing a thing, that does not mean that you should do the same thing, good forex traders will have their own trading patter and the system they will use . This has happened to me many times that i say big companies analysis against my own, but i never gave up. this is a very god thing to have your own strategy and approach that you will backup.

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  3. #272
    Trader Nizar's Avatar
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    Quote Originally Posted by cozard007 View Post
    This is always right in my view, just because you see your friends doing a thing, that does not mean that you should do the same thing, good forex traders will have their own trading patter and the system they will use . This has happened to me many times that i say big companies analysis against my own, but i never gave up. this is a very god thing to have your own strategy and approach that you will backup.
    it is known that trader in his beginning time gets affecting by the trading styles of those around him and he try to apply every new system he find but as time passes and he gets more experience a trader try to discover his own methods which usually come based on all his previous experiences and systems he tried at his beginning days.

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    Bend your view to the charts, not the charts to your view

  4. #273
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    It should be a combination of momentum and position trading and i can explain any daily charts and intraday chart but i prefer intra day chart because daily ranges have lot more to offer on 5 min intraday chart be2use intra day new highs and new low often bring reversals which bring strong momentum specially breakout failures or failed failures

    regards

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  5. #274
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    Quote Originally Posted by dkarev View Post
    the best way to really enjoy doing this business is when we have our own trading strategy that we best understand,the more understanding we have on the strategy will determine how well we are gonna do making use of the strategy when trading,our strategy and level if understanding determine if we are gonna make profit trading or not
    I agree with you, if we understand with our own trading system, we will easier to follow it and be discipline with the trading system. but the trading system must be good and profitable for us, can give us consistent profit if we discipline with it. If we have our own trading strategy, i think it will be easier to be discipline with it and of course we will earn good profit

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  6. #275
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    Firstly , i want to say that having a own strategy is the best way to trade in the forex market which will make you confident and also perfect trader . But depending on the indicator is not well . Make some analysis dependent strategy which will be more effective for the trading . Now , i am telling your system , your first screenshot was a system of swing which comes on the effect of any high impact news . That trading is so much risky . But the last one was very clear down trend and i am agree with that was an excellent trade one . we always thing that we come to forex market to make money , not to lose money . Taking small risk and making standard profit is our goal .

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  7. #276
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    Quote Originally Posted by elena View Post
    I agree with you, if we understand with our own trading system, we will easier to follow it and be discipline with the trading system. but the trading system must be good and profitable for us, can give us consistent profit if we discipline with it. If we have our own trading strategy, i think it will be easier to be discipline with it and of course we will earn good profit
    the basic of trading is to make profit from the market when trading and if we are able to modify a strategy that best suite our trading understanding ,this business become easy to some extent,even if the market is not in a static condition but we can always get something from the market from time to time since it our own strategy we can always modify it again to suite the market condition

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  8. #277
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    Quote Originally Posted by hwaleed View Post
    Very good information, i have a strategy which belongs to long term trading in this strategy i wait for 2 or 3 days but get good results and now i will try short term strategy that you mentioned above and post result here soon.
    This is very good thing that we set the own strategy and follow that strategy. when we make hi sown strategy then we must have a great chance to win and earn the best profit.
    When we make hi sown strategy then we use it very carefully and in the proper way because it is create his own.

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  9. #278
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    Quote Originally Posted by SAJANFX View Post
    Well, all trader need to create their own strategies since they won't be able to trade Forex if they didn't even make a trading strategy in the first place. After they design some trade strategies through the events and the knowledge then they will be able to trade.
    it might take a while for a trader in order to be able to create his own trading style and set his own trading strategy and during that time it is ok for a beginner trader to try to understand famous trading strategy and use them in trading because they will establish the base for his own method and he will use combination of them in his own style.

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  10. #279
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    The importance of following own strategy is indispensable. Because a strategy is the outcome of a trader of long term trade experience. This is very useful to him who create this. Because what matter are hide behind this strategy is unknown to other. It is only known to him perfectly. So he can utilize this strategy so effectively. But to other it is not possible.

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  11. #280
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    the differencies and similiarities. that should be there with the request with the trace with the absence. to complete the uses with the work with the periodes with the ma crossing i guess that is to compare to dispose the unwillingly entries of the worse with the unmanaged competence of the proper technical with the uniforms.

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