The best way to learn how to trade is by building your strategy. When you create a system, you are aware of the drawbacks and the outcome you desire to achieve. When you work hard to achieve a certain thing, you no doubt will succeed, because you hold all the information necessary having complete control to turn things around. Readymade strategies may work but not for the long term.
I like how you compared beginners to interns, I think that's pretty spot-on. It's really idiotic to think someone else is just going to carry you through to riches and you barely need to know anything - after all, if these ready made concepts worked so well, then wouldn't we all have found them and become rich by now?
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.
Absolutely, there is no way to copy others trading strategy; so new traders need to concentrate on their own learning process; thus they can build their own trading strategy!
In forex trading, there is no one-size-fits-all strategy. The success of one trader's strategy does not imply that it will be successful for all traders. To find profitable trading strategies, one must apply and test a variety of methods.
There are a lot of readymade strategies available in the forex market but there is no guarantee if they will work for you. You have to make some changes to them to customise them as per your trading needs. This will help you develop necessary trading skills that will help you proceed further in your trading career.
Don’t go for ready made strategies sold by instagram and youtube influencers. They sell an attractive strategy that apparently looks like you are going to gain millions. That is how they make their living, by selling people their dreams. So, the best advice to follow when trading forex is not to go for spoon feeding of strategies.
Right, ready-made strategies do not work. It might be helpful to provide an outer shell by the help of which you can frame your own strategy or plan. If you are a beginner trader, please do not rely on other trader’s strategies. Like this you won’t learn, and won’t last long in the market. Learn, fall, and learn again, only then you will become perfect.
You cannot pick just any strategy from the market and expect it to work for you. You will have to work on your strategy as soon as you obtain some experience. Just don’t expect any magic to help you make great profits.
I guess it’s quite obvious to believe that a readymade strategy won’t ever work the way a customised one will. So, instead of wasting your time and money on something that you don’t understand, you better build a new one after gaining some experience with the readymade one.
Ready made strategies do not work for every trader. It is better to develop a strategy based on your understanding of the market. You should test a few strategies and select a few out of them. If any of them gives you promising results, trade with it.
There are things that make us unique in every way possible. No two persons are the same; even twins have some differences. Other people’s strategies are exclusively for their trading; you cannot use them to your advantage. You try to imitate someone, and you lose. Trading is not like our school tests where we could copy to get good grades. In trading, you need to have proper knowledge to succeed.