Forex strategies may or may not work. The reason why they do not always work is because of the always-changing nature of the forex market. It is very dynamic and the market situations tend to vary. Because of that, traders have to change their strategies. It is also why traders should backtest and have multiple trading strategies, so they can trade as per the market’s situation.
richardmarcus posted: I am compartively new to trading and have many times came accross term like trading strategies can anyone explain me this it is just a myth or they work for real.?
Thanks in advance
Well, if you try to copy/paste others trading strategy or system, then surely you’ll suffer! In reality, most of the technical tool based strategies are meaningless in a long run, so don’t waste your time by following technical tool based trading tools! Try to learn chart reading (Price Action trading) strategy!
They work, but they may not always work. Strategies are small edges that traders get in the market. However, the market’s volatility is unforeseen. Due to which, your current strategies may not be applicable to future market situations.
My strategy is I only trade pairs in ONE direction only and only trade it when I believe it is going in my direction. That is all. I never switch directions unless I see it is stopping or topped or reversal and I want to protect profit. I do not try to guess direction, hence chasing prices.
UweMoench posted: Strategies work. But to work a strategy we need to know how to use that strategy. We also need to customize strategy according to our mind set. But for that you need good understanding of market.
True, there is no way to copy/paste others trading strategy or system! We need to build our own trading style manually! On the other hand, only indicator based strategies are meaningless according to my own experience!
Not all Forex strategies work well because if all strategies worked well, you would see all traders were profiting. A strategy is made out of experience and a trader trades according to the signals ensured by the strategy. This is how; a strategy is proven over time. Traders should put emphasis on developing better strategies.
Forex strategies may or may not work. They don’t work because they don’t fit in because of the current market situations. I think traders need to be flexible and have multiple strategies. So they can trade with the current market scenario.
Most forex strategies during the inital stages do not work 100% because they are based on predictions, but it is certain that they can turn out to be the most profitable when done with research and tracking the daily movement of the market.
A strategy depending upon your trading style and what you want to achieve. There is no best fit for all. Moreover, a strategy that works for you today might not work tomorrow, so you have to keep on updating it from time to time.
They work but not always! Strategies fail because they remain no longer applicable to the currency market situations. Since forex is a dynamic market, traders have to be flexible with their strategies. So they can trade as per the market situations.
Till now, Demo is the best way to learn Forex! I believe in no superstition because as long as you don’t sufficient knowledge on trading, no one can give you profit. Mental imbalance works as a bar to the way of earning profit. So, before descending on trading, make your mindset in a way that doesn’t inspire to take high risk.
Should understand if forex trading included investment products in high risk, the market is dynamic and the strategy is static, on certain time strategy doesn't work, and trader needs to realize to protect account on these time.
Obviously, strategies work because that’s why traders have been able to make money. But I am not saying that all strategies equally work for all traders. You have to find a strategy that works for you.
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