To use chat, please login.
Back to contacts

What is the best strategy used as a new trader?

Jan 24, 2021 at 19:52
1,889 Views
36 Replies
Member Since Jan 24, 2021   3 posts
Jan 24, 2021 at 19:52
My main strategy with being a new trader has been with using price action through top down analysis along with support, resistance and trend lines. Ive been thinking about adding some indicators as well as so far started using the EMAs. In the future im thinking maybe Fibonnaci can help with catching more accurate retracements. Anyone else have experience with any indicators they think are really good to start off with? Or implement them in their price action strategy? Just wanting to get some input and ideas!
Reinvent Your wheel ~ Its not about the cards you've been dealt, its how you play them!
Member Since Nov 03, 2020   70 posts
Jan 25, 2021 at 08:41
Price action is good but it can be inaccurate. Just try MACD and RSI + always setting stop loss in your trade
Member Since Jul 20, 2020   298 posts
Jan 27, 2021 at 21:41
ddarko3 posted:
Price action is good but it can be inaccurate. Just try MACD and RSI + always setting stop loss in your trade
Yes, you are right you can use this element to get the basic idea first.
Member Since Jan 13, 2021   52 posts
Jan 28, 2021 at 19:18
I find rsi a really good way to trade and scalping
Member Since Jan 22, 2021   125 posts
Jan 29, 2021 at 17:05
I think you are pretty well versed with the analytical tools so i would suggest that you should test your new strategies with indicators on a demo account. This helps you to retrace accurate findings that help you to trade.
Member Since May 10, 2018   90 posts
Jan 29, 2021 at 17:35
The problem is new traders move from strategy to strategy too quickly. Find a strategy that fits your trading style and perfect it. Learn to be a better trader.
Give the best strategy to a bad trader and they will still lose money.
Member Since Jan 17, 2021   31 posts
Jan 29, 2021 at 18:50
test every system you can read about...but test it in real account...have a very high leverage in your account, but use the lowest leverage possible in your trades. Be patient.
Member Since Nov 19, 2020   15 posts
Jan 30, 2021 at 13:27
i use just over buy and over sell RSI That its
Member Since Jul 20, 2020   298 posts
Jan 31, 2021 at 01:47
New traders should usually work with indicators to know the basics. Basic concepts need to be created by analyzing different types of indicators such as moving average, RSI, Bollinger bands, etc.
Member Since Nov 20, 2020   1 posts
Jan 31, 2021 at 11:08
Damayanti posted:
i use just over buy and over sell RSI That its
that's it... big like
Member Since Jan 24, 2021   3 posts
Feb 02, 2021 at 18:55
I want to get more into using Fib retracement and MACD but am a bit confused on how exactly to use them.
Reinvent Your wheel ~ Its not about the cards you've been dealt, its how you play them!
Member Since Jan 21, 2021   48 posts
Feb 03, 2021 at 11:37
No strategy is the best strategy, I believe every individual has their own trading style and trading strategy as per their investment and their expectations.
Most of the people change their strategies very quickly, it takes time and effort to make the best strategy. Test your strategy before investing. Stick to your plans, learn from mistakes and keep improving till you succeed.
Member Since Nov 16, 2020   16 posts
Feb 04, 2021 at 10:54
ddarko3 posted:
Price action is good but it can be inaccurate. Just try MACD and RSI + always setting stop loss in your trade
These both indicators are very good because they give us the correct position of the trade and when to enter/exit.
Member Since Nov 10, 2020   23 posts
Feb 05, 2021 at 06:04
I think position trading and day trading can be techniques as well as strategies because they are very similar. A position trader would keep the position for as long as possible and a day trader would not keep any security overnight because he will trade all the security as soon as possible.
Member Since Nov 16, 2020   16 posts
Feb 05, 2021 at 10:17
PercymcDonnell54 posted:
I think position trading and day trading can be techniques as well as strategies because they are very similar. A position trader would keep the position for as long as possible and a day trader would not keep any security overnight because he will trade all the security as soon as possible.
Slippage becomes a considerable factor when we day trade because if the spreads are high we can suffer loss. The brokers also become very important in your strategy because spreads and leverages are offered by brokers. When I started demo trade to test out the brokers I finalized on Fxview and Robinhood because they fit into my strategy. So do think about the brokers.
Member Since Nov 10, 2020   23 posts
Feb 06, 2021 at 05:44
josejames posted:
PercymcDonnell54 posted:
I think position trading and day trading can be techniques as well as strategies because they are very similar. A position trader would keep the position for as long as possible and a day trader would not keep any security overnight because he will trade all the security as soon as possible.
Slippage becomes a considerable factor when we day trade because if the spreads are high we can suffer loss. The brokers also become very important in your strategy because spreads and leverages are offered by brokers. When I started demo trade to test out the brokers I finalized on Fxview and Robinhood because they fit into my strategy. So do think about the brokers.
Yes absolutely slippage and spreads are the real deal breakers while choosing a broker.
Member Since Oct 16, 2020   137 posts
Feb 06, 2021 at 08:08
ddarko3 posted:
Price action is good but it can be inaccurate. Just try MACD and RSI + always setting stop loss in your trade
Thanks for sharing.
Member Since Aug 27, 2017   994 posts
Feb 08, 2021 at 10:27
Forex market or forex trading i think is completely secure but
it depends on your broker performance , because without a broekr you cant a trade at all.
Member Since Jul 27, 2020   81 posts
Feb 08, 2021 at 12:43
Indeed, security depends on the broker you plan to trade with.
Member Since Jan 22, 2021   125 posts
Feb 12, 2021 at 11:15
I always use bollinger bands to predict the movement of currency pairs. Along with bollinger bands I use MACD and RSI to get the clear idea of overbought and oversold volumes. Combination of these three always helps me too keep my trade success around 80%.
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.