What is the best strategy used as a new trader?

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!

Price action is good but it can be inaccurate. Just try MACD and RSI + always setting stop loss in your trade

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.

I find rsi a really good way to trade and scalping

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.

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.

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.

i use just over buy and over sell RSI That its

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.

Damayanti posted:
i use just over buy and over sell RSI That its

that's it... big like

I want to get more into using Fib retracement and MACD but am a bit confused on how exactly to use them.

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.

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.

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.

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.

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.

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.

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.

Indeed, security depends on the broker you plan to trade with.