Strategy and Forex

I agree. Forex trading is not an easy task. You have to be passionate to learn every moment.

If you want to succeed in the forex market, you must learn technical analysis and fundamental analysis.

Forex isn't any child's play. If we actually want to do good here, we have to form strategies that work for us and bring profitable results for which analysis is super important.

Calacti posted:
Forex trading strategies can be based on technical analysis, or fundamental, news-based events.There are various forex strategies that traders can use including technical analysis or fundamental analysis A good forex trading strategy allows for a trader to analyse the market and confidently execute trades with sound risk management techniques.

Both technical and fundamental are important. I need to track news event to trade. It may affect your technical analysis.

I agree with you. Proper money management is the most important aspect along with careful attention to risk management. It can be beneficial for every trader.

There are many good indicators. It all about what you understand the most and what works for you. By following other's suggested indicator we may make some temporary money but for long term sustainable success we need to find the indicator or system that works for us.

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.

It is important to choose the right strategy for yourself. And stick with it.

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.

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.

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.

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.

To make huge amount of profit you need a professional mindset and skills. Without skills consistent profit is not possible. Most traders forget this simple thing. They run for strategy without making themselves knowledgeable.

marnuslabushane posted:
Looking for a profitable strategy so that I can stick to it like all the other traders out there. Any suggestions?

Sure, there are so many strategies that you can try your hands on. Use different timeframes on demo and find the one for you. RSI, Price action, Scalping, Range trading, Position trading, Trend trading, Day and Swing trading. Even the Carry trade strategy works considering the low and high rates of different currencies. You can keep exploring more of these and work hard until you arrive at a profitable strategy.

harrymartinez posted:
I’m working on some great strategies on my demos these days. Can’t share much details since it is a work in progress. I’m using daily time frames and let’s just say that the indicators are the best thing for me right now. Got demos with Cmc markets, Etoro and Fxview. Let’s see where it goes from here. Happy trading!

I wish you all the best in your journey. Just stay focussed and you’ll do good :)

trollssent posted:
You are right. A decent money management structure can turn out to be a big help and makes trading comparatively easy in the future.

Exactly, money management is an effective way to minimise the risks and to make Forex trading beneficial.

We need to customize or personalize our strategy. Every person needs his own understanding of the market and price. That's why we don't get success by following other's strategy.

UweMoench posted:
We need to customize or personalize our strategy. Every person needs his own understanding of the market and price. That's why we don't get success by following other's strategy.

Yes. Ready made strategy may not suit you.