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!
I think you are pretty well versed with the analytical tools so i would suggest that you should test your new strategies with indicators on a demo account. This helps you to retrace accurate findings that help you to trade.
The problem is new traders move from strategy to strategy too quickly. Find a strategy that fits your trading style and perfect it. Learn to be a better trader. Give the best strategy to a bad trader and they will still lose money.
There are many types of strategies available in the Forex market. Among these strategies, I give the highest priority to technical analysis. Market context is an essential element for trading. If you do not know the market movement, how to make a profit from the market. First of all, you need to know if the market is volatile. It is not possible to trade in the volatile market situation. If there is an impulsive market, it can be traded.
No strategy is the best strategy, I believe every individual has their own trading style and trading strategy as per their investment and their expectations. Most of the people change their strategies very quickly, it takes time and effort to make the best strategy. Test your strategy before investing. Stick to your plans, learn from mistakes and keep improving till you succeed.
I think position trading and day trading can be techniques as well as strategies because they are very similar. A position trader would keep the position for as long as possible and a day trader would not keep any security overnight because he will trade all the security as soon as possible.
PercymcDonnell54 posted: I think position trading and day trading can be techniques as well as strategies because they are very similar. A position trader would keep the position for as long as possible and a day trader would not keep any security overnight because he will trade all the security as soon as possible.
Slippage becomes a considerable factor when we day trade because if the spreads are high we can suffer loss. The brokers also become very important in your strategy because spreads and leverages are offered by brokers. When I started demo trade to test out the brokers I finalized on Fxview and Robinhood because they fit into my strategy. So do think about the brokers.
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