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    Thread: What is the best Forex Strategy?

    1. #11
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      The strategy is the number one final stage that guarantees that a trader in Forex can now trade with a lot of success. This is very important and so if a Forex trader Newbie is not getting the desired results like they expected from Forex, Then they can change their strategy or maybe adjust it so that he can improve in their trade results. It is paramount that every trader checks the sustainability of their trade strategy at all times, Especially when they have many losses. . Also a Forex trader can still trade the Forex Market with different trading styles and strategy as well. Adjusting the Workings of a strategy that is faulty or changing into a new one is too important because it is the Life wire that guides a trader to the Glory of profits.


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    3. #12
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      First of all you need to test your strategy on demo because that is the best way to introduce new strategy. if your strategy failed then your real money will be secure.
      Let's suppose if your strategy work on demo properly but when you start using in on real then you start facing losses. in this kind of situation you need to stop trading and try to find the reasons behind losses. if its happening due to strategy failure then you need to solve the problems of strategy or totally change it. before start trading with new one try it on demo again for some time. I know it is quite difficult for a trader to use demo again and again but it is much better then use it on real account and face real money losses.
      Normally traders not totally change strategies, after some changes and mixing other ideas they find the good way of trading which can give them real success and handsome profits.
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    5. #13
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      Normally we want a perfect strategy to survive and make consistent profits in our trading and that is every traders goals to create or find that one perfect strategy. Unfortunately, because of that same goal, we always discard strategy that gives many loses with out trying to modify it or improve it's weakness. You see not all strategy are perfect, some strategy is good during side way trend, some does not work well during news times and majority got several flaws in between. Strategy's effectiveness need to be tested for a few months, you have to give it time to work and fixed it's flaws, that is the only way to see if it's worth sticking with. You can try running 2 or 3 strategy at the same time and see which of them suits your trading personality well. Some traders trade with 2 or 3 methods and they can make them all work by tweaking some parameters. Of course, strategy with out good money management wont work well in the end.
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    6. #14
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      In a simple terms, you change your strategy when it is no longer profitable to you. The profitability here means that the strategy is no longer efficient in keeping profits above losses, maybe liked it used to do in live trading ,or even in demo(which I hope you tested it on).
      There are many reasons why this strategy may no longer be profitable, it may be as a result of a trader's direct or indirect action, or just due to the market behaving the way way the market behaves. The former, can be seen when the trader lacks the basic concepts of the strategy and find difficulties in its application, or simply the traders neglect of the strategy most if the times. However, the market environment is always changing and we should know that no one strategy would work for every market condition. Therefore, I recommend that traders have different proven strategies to trade different market conditions, all strategies built into a trading plan, and should just switch strategies instead of going through the stress of changing strategies and starting afresh.


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    8. #15
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      Any trader planning to change a strategy simply means they don't have a self built strategy in the first place, if we have a good self develop trading strategy then we wouldn't be thinking about changing it rather we will be thinking about improving it.

      Every strategy will mostly gives dark side, no strategy is 100% perfect. And we cannot afford to always change a strategy every time we lose.

      But if we are loosing consistently and we couldn't find solution to the problem then we can decide to go back to demo account to develop new strategy, but this will take some time, because we will have to confirm how good the strategy will be before implementing it on live account.


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    10. #16
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      Price action typically measure what is happening in the Forex Market by taking a cursory look at price movements itself, the traders that use it watch out for certain patterns to form in the market before they take their trading decisions for each pair, it is important to note that some people use indicators to assist them in the identification of these movements while other people just prefer the naked charts. The choice is determined by what the particular trader finds as appealing based on what he is waiting to see. Not many traders know how to trade this way hence they just go for the regular systems that involve the application of their favorite indicators from the trading platform. You must do lots of reading and researching. It requires serious hard work and complete dedication to understanding it.


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    12. #17
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      Use a strategy for at least a year, have a good sample of trades and make an assessment of what is possible for you at the end of the day. One thing that characterises the journey of a new forex trader is the frequency in the change of their strategy with the excuse that it is not working, this is obviously the worse way to trade, you don't need to change a strategy like someone that is changing a cloth that is dirty, there must be good enough time for you to apply it and become convinced that it is not profitable and should be dumped but I guarantee you that if you use a system long enough, you will know the loopholes and how to effectively tackle them.


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    14. #18
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      No, price action is not the best strategy, it is one of hundreds of possible ways to earn from the forex market, it is like saying that traveling by road is the best method of moving from one place to another, what about when one needs to do an international journey, can his vehicle take him through the sea or through the air, that is definitely not possible, each system is good but they all have their drawdowns, I may be trading with a chart that is all clogged up with various indicators and someone else is using a clean chart at the same time, there is a no guarantee that you will make more profit than me. I might have the kind of discipline that you don't, this among other factors can make people more profitable than others in the forex business.


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    16. #19
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      Few golden questions before you consider changing your strategy:
      • Did you lost a lot of money because the trades were wrong or you had too big risk?
      • How old is your strategy? Is it just recently created?
      • Why do you think changing strategy is going to help deal with your discipline issues?

      I often ask these questions to myself because I fully understand that my strategy is at no fault at all. Most often trader lose money because of bad discipline, too big risk in that one trade that turned out to be a losing trade but that is definitely not a reason to leave that trading strategy behind.

      Give your strategy maybe 6 months, trade with it with strict rules and then add it to any trading explorer for detailed analysis. You will see the issues it has, maybe it simply do not give you enough risk reward and not enough winning trades, then surely it might be good to change it, but if these numbers are all good but you lost all your money in just one or two trades, dont think its the strategy. You simply need to get your act together and keep it simple, yet very effective with your trading discipline.


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    18. #20
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      Price action trading, from my point of view is one of the most powerful trading strategies that you can find.

      However there is one huge disadvantage if you decide to use price action strategy. It takes years to master it fully and understand all the price movements and behavior. Unlike other technical strategies that just require two or three things to happen, price action strategy is something you need to understand and feel properly.

      With price action strategy you guarantee that you are in the movement right from the beginning of it, you catch the maximum possible profits for that move. However sometimes price action setups tend to catch you with the fakeouts - price action setup forms but quickly fades. At that moment you need to realize it fast and react fast and cut the loss short or even better, take a fresh setup that will be the right one.

      I definitely recommend price action strategy but make sure your discipline is at the highest possible level, then you will achieve awesome results!


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