A single strategy without any changes cannot be very useful. To make it work in different scenarios, it is important to customize it as the situation demands. If the trader is not confident about the customization, a demo account can always be used to backtest the new strategy.
Jan 27 2022 at 07:39
Any strategy needs an upgrade according to the time and demand of the market. Several traditional strategies have been successful in the past and they still work great in the market. But over time, the market will require a different approach to the strategy that can beat it. So, traders need an upgrade of their strategies.
Forex market is so dynamic that you can’t rely on a single strategy to achieve success in it. You will have to keep making new trading strategies, but don’t try in live trading. To test your trading strategies, you should use a demo account. You’d be able to find flaws (if any) in your strategies, which you can then rectify before implementing those in live forex trading.
With strategists, you must always be very careful. Otherwise, the result may be unpleasantly surprising.
Feb 23 2022 at 17:49
So true! Most of them are valueless because Forex market is so random & volatile! So, there is nothing like copy/paste formula in Forex!
The forex market is an always-changing market. You can take help of automated trading, but they only work to an extent. To fully comprehend the market and make profits you have to trade on your own. Once you encounter different market situations, you develop a better understanding of the market. So it is only trading and learning that will take you ahead in the forex market
UweMoench posted:
Ready made strategy doesn't help at to develop your trading skills. As you newbie you have to learn how price works, how an indicator works, why and when an indicator gives any buy or sell signals. When you are newbie, you are like an intern. You work to learn the skills not for money.
To be honest, I have such a bad experience with so called profitable trading strategy! Basically, if you want to succeed here then surely, building your own trading system is the best practice! Surely, it’ll take a little bit time but the result will be more sustainable!
Ready made strategies may sometimes work for traders if their trading style matches with the strategy. It can be a good way if a trader is not able to build a good strategy for himself. Even if a strategy is not suitable for a trader, it can be modified according to the requirements.
Every trader should develop their own strategy that suits their trading style. It is not mandatory that the ready made strategy will suit you. Furthermore, to learn trading properly you must not follow ready made strategy and build your own. Also, if you don’t work hard on your own you can never learn trading skills and it will be harmful in the long-run.
It's not to say you can't draw inspiration from other strategies. Few things are original anymore. But there is no one size fits all in trading and if you go into it thinking there is you'll waste a lot of time and money.
If you can't spot the liquidity then you are the liquidity.
Ready made strategy is not beneficial and every trader must develop their own strategy that suits them the best. It is not mandatory that if the same strategy worked for other traders then it will work for you as well. Also, using ready made strategy will never allow you to develop your trading skills proficiently. Every trader must create their own strategy with their psychology, personality, and financial goals.
May 20 2022 at 05:09
Every trader may not be suited to the ready-made approach. So, to establish a successful trading profession, strive to devise your own approach.
Ready made strategies will provide you an outcast of how you should trade. It is good to be taken as a guiding strategy or a reference. But depending upon your own trading capacity and currency pairs, you have to modify the strategy. If you are completely relying on a strategy that someone else made for the whole world, you will most probably lose.
A ready-made strategy will never benefit you in the long run because what works well for someone else may be disastrous for you. Therefore, develop a strategy based on your own personality and objectives.
The premade approach may not be suitable for all traders. So, in order to establish a successful trading profession, strive to devise your own approach. If it works, it’s good, if not, go to a demo account, tweak the strategy, return to a live trading account and implement the strategy. The point is to keep trying until you get it right.
May 26 2022 at 09:17
There is no such thing as a foolproof approach when it comes to profitable trading. It is best to gain knowledge and experience by watching the market. It will be helpful to you in formulating a good strategy based on your own personality and goals, as a result of doing so.
I follow a moving average strategy and it is well proven. In the same way, I suggest traders use a well-defined and proven strategy to make average profit. But, traders’ intention is different and they always try to make a quick buck. Demo accounts to make a judgment over your strategy.
Strategy-based trading gets the highest priority in trading because it’s a disciplined way of trading. Innovation of strategies is highly essential for a trader because it helps trader be consistent in making profits and understanding the market. This is the ability that traders basically want to grow overtime.
Jun 02 2022 at 06:28
A ready-made strategy is another way of saying that you are too lazy to create your own strategy and would rather adopt someone else's, which is not a desirable attitude to have if you want to earn money trading. It is not definite that the strategy that worked for others will work for you. And also the strategy needs to be amended according to the change in the market as it might lose edge.
Traders should develop their own trading strategy depending on their trading style.
Traders should develop their own trading strategy depending on their trading style.
Jun 02 2022 at 07:11
This is so true. A trader needs to understand the logic behind a particular strategy in order to execute it properly. Just blindly following a popular strategy without any know-how will never give you good results. Any strategy will only work when the trader is well equipped with knowledge and skills. They will also need to improvise and modify the strategy from time to time when the situation demands. Backtesting a strategy will help you to decide if it will be helpful or not. There is no one size fits all strategy in forex. So you need to find what works for you and make it work for you in the end.
