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Thread: How to build our trading strategy in forex?

  1. #1
    Trader Hukam's Avatar
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    How to build our trading strategy in forex?

    A Forex Trading strategy, if properly developed and followed will allow you to survive and make progress in the Forex market. Without a good trading strategy no trader can become successul in this business. There are many trader's who not able to know the exact value of their trading strategy in forex. So how do you develop a strategy that keeps your risk minimal while allowing you to trade the Forex Market?

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    1. Follow the market trend: I am talking about this topic in starting because its very important to follow a market trend in forex. No matter which type of trading strategy you are are using you have to always follow the market trend, you can't do trade against the market trend.

    2. Check about your trading style and time frame selection: You should have a very good idea about your trading style first of all you should know that which type of trading suit to you like long term trading or short term trading, and should know about trading styles also like swing trading, scalping, etc. Along with it you should know about your time frame selection also. As a short term trader you can do trade with lower time frames like M1 to H1 time frame and for long term trading goal you can choose H4 and above time frames.

    2. A Good entry point: A good entery point should be there in your strategy because it will help you a lot to get a good risk and reward ratio in your each trade and even you will able to lock your trade during trading. So try to find out a good entry point.

    3. Follow Risk management: Your next step will be to follow a strict risk management in your trading. Set our stop loss and take profit levels properly and don't try to use any kind of high risk in your trading. Proper risk management is very important part of our trading.

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  2. #371
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    Quote Originally Posted by silverlady View Post
    the past to trading in the forex business is the path of the strategy to which the trader has chosen to trade with. and with the skills of working, traders will find the means to do their trading and make something nice out of what they know in this business, and they will always be cool.
    We should always try trading with a good strategy. if the past strategy was not a good one we should find a better one to trade. Forex trading ordinarily is a tension filled business- some traders heart beats actually goes up with every pip movement the market makes. But all that can be put to check with keeping cool mind.

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  3. #372
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    Quote Originally Posted by AmitChallenger View Post
    We should always try trading with a good strategy. if the past strategy was not a good one we should find a better one to trade. Forex trading ordinarily is a tension filled business- some traders heart beats actually goes up with every pip movement the market makes. But all that can be put to check with keeping cool mind.
    Merely good strategy dont give profits. A good strategy also need a good and experienced trader. When new traders have zero experience, they are mainly up against the market, but with time and exposure, the market becomes their friend with their mental setup developed to suit for successful trading.

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  4. #373
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    You have sensed right buddy, until we don't have the right trading skill and enough understanding of the market till then better to focus on our training, this is not very easy to get the skill regarding the consistent gaining, we need some more time for it and till then better to use cent account trading with smaller lot size. This would be best training for us.

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  5. #374
    Trader Hukam's Avatar
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    Every type of business have some work to do, and without any proper practice nobody would able to know the right technique of doing business. Practice, training, and learning is important to enhance our working skill. It can also increase the size of our experience. It should not be the obligation to learn in forex, we should have good interest and passion to learn here.

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  6. #375
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    Quote Originally Posted by Hukam View Post
    Every type of business have some work to do, and without any proper practice nobody would able to know the right technique of doing business. Practice, training, and learning is important to enhance our working skill. It can also increase the size of our experience. It should not be the obligation to learn in forex, we should have good interest and passion to learn here.
    In any business results largely depend on the quality of the work of the businessman. In Forex we can trade earn by trading short term or long term. Also we can leave our trades open for days only when we have confidence on our analysis, strategy and have a working risk management system combined with our plans. Without these it is hard to undertake long term trading or even short term trading.

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  7. #376
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    Quote Originally Posted by PROPENSITY100 View Post
    In any business results largely depend on the quality of the work of the businessman. In Forex we can trade earn by trading short term or long term. Also we can leave our trades open for days only when we have confidence on our analysis, strategy and have a working risk management system combined with our plans. Without these it is hard to undertake long term trading or even short term trading.
    yes, it depends to the trader's quality, so the results is the reflection of their ability to trade with analyze the market, make approaches and good deals in the market, then why traders need to have enough knowledge and ability to work well in the market with manage the risk

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  8. #377
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    The internet engendered the online trading phenomenon. One can trade anywhere there is a connection to the world wide web. The result has also been the creation of instant experts, trading gurus who offer modern versions of snake-oil cures for traders. The web is flooded with trading alerts, systems, and blogs that promise returns that will lead to instant wealth.

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  9. #378
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    Of course, it is quite easy to find trading strategies within the Internet, but it is quite diffuclt to find a strategy that would realy work because it is less likely for someone to share a strategy that is profitable for free. Most of the strategies available are no longer performing as intended, so if you would try to use them, you may face loss. Thus, the best solution would be to develop your own strategy using all knowledge and experience you have to create a trading system that would be consistently profitable in long term perspective.

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  10. #379
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    Quote Originally Posted by Hukam View Post
    A Forex Trading strategy, if properly developed and followed will allow you to survive and make progress in the Forex market. Without a good trading strategy no trader can become successul in this business. There are many trader's who not able to know the exact value of their trading strategy in forex. So how do you develop a strategy that keeps your risk minimal while allowing you to trade the Forex Market?

    Attachment 11863

    1. Follow the market trend: I am talking about this topic in starting because its very important to follow a market trend in forex. No matter which type of trading strategy you are are using you have to always follow the market trend, you can't do trade against the market trend.

    2. Check about your trading style and time frame selection: You should have a very good idea about your trading style first of all you should know that which type of trading suit to you like long term trading or short term trading, and should know about trading styles also like swing trading, scalping, etc. Along with it you should know about your time frame selection also. As a short term trader you can do trade with lower time frames like M1 to H1 time frame and for long term trading goal you can choose H4 and above time frames.

    2. A Good entry point: A good entery point should be there in your strategy because it will help you a lot to get a good risk and reward ratio in your each trade and even you will able to lock your trade during trading. So try to find out a good entry point.

    3. Follow Risk management: Your next step will be to follow a strict risk management in your trading. Set our stop loss and take profit levels properly and don't try to use any kind of high risk in your trading. Proper risk management is very important part of our trading.
    Goodmorning hukam , how are you today ? i think the building of the trading strategy is never the issue in the market, but the ability to strictly follow the trading strategy you have built. This is what is really important for traders to know. If you are the type that is using the ones the professional traders has built, it might be better for you, but try to do real application. thank u i hope my comment is good for us.

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  11. #380
    Trader J_C_Anderson's Avatar
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    Almost each trader wants to create his own trading strategy that would fit his trading style and personal preferences. The process of strategy development takes a lot of time and includes several important steps.
    First of all you need an idea. Once you have noticed a pattern repeating from time to time under the particular similar conditions, you can try to benefit from it by creating a set of rules allowing you to use it to make profit.
    When you will have a concept of your strategy, you will need to test it to check its performance The easiest way to do this is to backtest it using special software like Forex Tester which executes simulated trades using the historical data provided by brokers. As the result of such testing, you will get a detailed information on strength and weakness of your strategy, which is important to be able to improve it.
    The next step would be to test it manually using demo account to figure out the impact of trader`s psychology - sometimes it could be substantial and even lead to the underperformance of the strategy due to the psychological issues.
    It is also important to mention that you will need to revise your strategy from time to time to make sure it works great since market conditions are subject to changes.

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