Forex trading strategies can be broken down into a wide variety of categories depending on what type of trade they use, the time taken to complete the transaction, and a host of other important factors.
Scalping is risky especially for newbies. By doing scalping a newbie becomes habitual to lot of trading which leads to over trading. And over trading leads loss. Later it becomes very difficult to change the habits.
Dec 30 2020 at 10:36
It is important to choose the right strategy for yourself. And stick with it.
Jan 15 at 09:51
Balint364674yy posted:
It is important to choose the right strategy for yourself. And stick with it.
That’s the simplest way of looking at it. I know traders that keep experimenting with strategies and even combine them at times to get better results. I don’t think one strategy would work on every pair and trade. Some of them even choose pairs according to their strategy. I think it's more of an individual preference.
Jan 15 at 12:57
I was trying my hands on some indicators with price action. Scalping didn’t really work for me though and blew my demo pretty soon. However, the fibonacci retracement has been very good for me to look for support, resistance in the market. It is quite interesting to work on strategies and I’m fond of this aspect in forex.
Jan 15 at 13:47
These days, traders can use many trading strategies, but the only problem is money management. If you are looking for maximum results on your trading strategy, you better understand the right money management approach.
Jan 15 at 17:30
Jordan5ith posted:
These days, traders can use many trading strategies, but the only problem is money management. If you are looking for maximum results on your trading strategy, you better understand the right money management approach.
Traders need both risk and money management to survive long in trading.
I think money management is one of the main things to sort out when it comes to trading. I have a set percentage I risk and won’t go over that no matter what happens.
Jan 16 at 04:21
Garrywilson posted:
I was trying my hands on some indicators with price action. Scalping didn’t really work for me though and blew my demo pretty soon. However, the fibonacci retracement has been very good for me to look for support, resistance in the market. It is quite interesting to work on strategies and I’m fond of this aspect in forex.
I can second that for Fibonacci. It is really good for my short term charts. I used it on my GBP/USD weekly price chart and I applied it at the starting point. Turned out well for me. I’ve been using Mt5 and Acttrader for some time now. Both are customisable and easy for me to use. The multiple charting options are a big perk.
Jan 16 at 09:43
Looking for a profitable strategy so that I can stick to it like all the other traders out there. Any suggestions?
