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.
Yes, profits in forex trading are very relatable to the quality of strategies. Strategy is very important in trading but you should build strategy with deep analysis of the market and using all important tools such as patterns, charts, etc.
whitneytyler posted: Yes, profits in forex trading are very relatable to the quality of strategies. Strategy is very important in trading but you should build strategy with deep analysis of the market and using all important tools such as patterns, charts, etc.
So true. A strategy is just the output from analysis
Yes, of course. Because of forex strategies, a trader is able to make profits. Strategies are made of logical calculations through fundamental analysis,price actions, risk management, and money management. Trading without a strategy is like gambling.
It isn’t a myth. To trade successfully, you need a strategy. It's a plan you follow after you backtest different ideas that may help reduce risk and bring in profit, it means choosing the right time to enter or exit a trade depending on analysis of the market environment and the budget you choose to invest with. Learn all you can about the fx market before you enter. Without a trading plan, it gets tough to manage the tense situations. It involves good risk management.
Strategies are made out of indicators. Indicators help a trader in a variety of ways and so they play a vital role. Efficiency on the use of indicators should be earned. There remain a number of indicators on a platform and traders pick one of them according to their knowledge over it. So, flourish yourself with a good strategy and proper learning so it doesn’t become a threat to your survival.
It depends on how effective your strategy is. Almost all traders have a strategy but all those strategies are not well-proven and testified and so testifying of strategies is needed. Personally I prefer moving average strategy and always have a better result.
Absolutely! In fact, if there were no strategies, traders would have just been entering and exiting the market without really knowing what is happening and what they must do to make money in the forex market. Strategies show you the way to your trading goal.
Strategy is not a myth. The term strategy actually comes from the military and someone in the army would define a strategy as an art of planning and directing the army unit’s movements towards the enemy. It is impossible to win a war in the absence of an effective strategy. Planning in advance for what might happen in order to attain the best possible result is the essence of strategy. When we talk about forex, a trading strategy is a technique used by a trader that helps them to pick up a trade that will result in profits. The strategy can be based on fundamental and technical analysis. It is a plan of action that a trader would follow to attain the set goal. A trader cannot survive in the long run without a good strategy. Taking up random trades without any analysis won’t even count as trading. It would be more like a form of gambling. And talking about whether the strategies work or not, No strategy will work forever and one might need to modify and improvise from time to time according to the market situation. But it is really important to start with a strategy and trading in the absence of a strategy would be like going on a deserted island without a route map. You will surely get lost among the experienced and professional forex traders and won’t stand a chance against them.
They work but not always. The market is dynamic, and to win consistently, you have trade as per the market demands. So get yourself acquainted with different market conditions. In this way, you will know which strategy to implement and when.
It surely isn’t a myth. In fact, having a strategy is important in forex. Strategy is a plan on what you will do as a forex trader and what you will do based on market conditions. Having a plan to work with will save you from a lot of trouble. And that is why we often hear trading tips like “you must stick to your strategy”. So strategies do work, but not forever and not every time. You must be flexible and skilled enough to improvise and improve your strategy when the situation demands.
Forex strategies do work, but there is no 100 per cent guarantee that they will work or not. A successful strategy might fail too. This is why it is said to tweak and adjust strategies according to the market.
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
Of course, but indicator based trading strategies may not work! Forex is all about fundamental & technical analysis, so if your trading strategy is based on these 2 pillars, then surely your strategy will provide the green pips!
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