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%.
blackChelsea posted: 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%.
The best trading strategy is the one you create for yourself. It is a bit difficult if you are a beginner, and if you are an experienced trader, then you already have some future strategic developments.
Basically, you have to create your own strategy. For new traders if you just recently have joined a broker, then you should go to demo account and just open positions, long or short, it doesn't matter. It's the best strategy and simultaneously you should learn theory about trading. When you will open positions, you will start noticing regularities on the graphics and gradually you will be able to start to understand some feature of trading activity. After you will gain enough theoretical knowledge, you will create your own strategy and you will have to test it on demo account. Guess that it's enough for a new trader.
Although you will get a good solution from Google. Yet I can give some ideas. There are some strategies you can use, such as having an idea about the news and thinking about the news effect, following the swing strategy, following the support/resistance level, understanding the market sentiment. Trading will not be so difficult for you if you can form an idea about these.
There are no best strategies or worst strategies, all of the are considered to be strictly individual, because nowaday traders can choose the strategy which they want or the best option is to create their own ones. No doubts, that strategy plays a major role in trading activity, because it literally determines how sucessful you will be on the market. However, it doesn't mean that you have to seek for some best strategies. I got used to believe that all the strategies are the best, because once they helped traders earning money, thus they can be considered as effective ones. Anyway, you have to elaborate our own strategy and test it until you will start noticing the result.
bgaymon1 posted: 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!
thanks it really helped alot to learn more as a new trader
To learn the basics, new traders should usually work with indicators. Basic notions must be developed by evaluating several types of indicators like as the moving average, the RSI, and the Bollinger bands, among others.
AliForexTalks posted: To learn the basics, new traders should usually work with indicators. Basic notions must be developed by evaluating several types of indicators like as the moving average, the RSI, and the Bollinger bands, among others.
If you want to work with indicators, I would say Hunter P Pro 7 can work with custom indicators.
I got used to think that the best strategy is not to have any strategy when you're on your first steps in trading. The matter here is to understand the basic mechanics of price changes and price movements. You should open a demo account, and just start making deals, based on your personal feelings, you know. Here you shouldn't appeal to your logic or analysis, because you don't have enough knowledge and skills yet. When you will start noticing regularities, you will be able to think about your strategy. On this stage, you can start exploring various technical indicators/patterns/figures and so on.
The main thing which you have to understand is that on initial stages, you shouldn't bother about strategy at all. Everything because you have less knowledge about trading than other traders, that's why the better way to start to understand all the basic things in trading is to ind a broker and open demo account. Then you just choose some assets, for example, currency pairs and you should simply watch for the price movement and try to follow up the price changes. When you will learn how to reveal regularities on the graphic, then you can start thinking about your own strategy. It will take no more than couple of weeks of daily practicing.