THE RIGHT WAY TO TRADE

[forexsage]

Ok forumers. I opened this thread to discuss a very important thing.

The right way to trade.

What is the right way to trade? The forex world is filled with so many 'wise' men telling us what not to do.

So what do we do? Is there really a right way to trade or a wrong way to trade?

Some people believe without indicators your life as a trader is doomed. Others believe without any fundamental analysis you can be ruined.

Some others believe that price action is all that matters.

Others believe in stop losses (fear based strategies),

others believe in non stop losses (risk based strategies)... with all these 'know it all' methods running around no profit to show for it, it makes me wonder...

'what is the right way to trade'

My verdict: EVERYONE IS RIGHT AND NO ONE IS WRONG

However, I believe in capital protection. No matter which way you are going, be sure to protect your capital...

If you find a strategy that works for you 'even if it is throwing a set of dice on the floor and deciding to buy or sell' IF IT WORKS, do it...

We are all suited to different styles of trading due to our different personalities. Some people are not used to risk taking, and others are used to avoidance methods.

The right way to trade is :

Develop a signal method

Develop a way to manage losses or capital

Trade

That is all. I am an iconoclast (a person who doesn't believe in the norm).

I believe in NOT 1 way to trade forex, but in all ways to trade forex.

Happy trading

forexsage

[Cashcube]

Thats a good point, right way of trading.
Well i personally trade with no SL most of the time. Cause my target is so small per trade which is easy to get.I play with high lot with confirm trade. I dont get signal all the time.I have to wait long to get a solid signal. This is my style.

[forexsage]

Thats a good point, right way of trading.
Well i personally trade with no SL most of the time. Cause my target is so small per trade which is easy to get.I play with high lot with confirm trade. I dont get signal all the time.I have to wait long to get a solid signal. This is my style.

My question now is... does it work for you? Are you profitable? How do you manage risk?

Thanks and happy trading

forexsage

[Cashcube]

My question now is... does it work for you? Are you profitable? How do you manage risk?

Thanks and happy trading

forexsage

I am testing it, it works for me i am profitable still. I use some my own ideas and of course thanks to Mr. Sudanfx, his strategy also works best.
I target only some 1 to 2 pips per candle with spread in general and i have seen that i am wining over each trade. My risk actually higher because my i dont place SL. But if i am confident with my entry, then its worthy.

[forexsage]

So there is a live example. What works for you is the right way to trade. A lot of traders criticize people's methods so much that eventually while finding all the WRONG WAYS to trade, they never figure out a RIGHT way to trade. Thanks a lot, Cashcube.

Happy weekend

forexsage

[PhAnToMtRaDeR79]

...

'what is the right way to trade'

My verdict: EVERYONE IS RIGHT AND NO ONE IS WRONG

forexsage

that is so true. imagine a market where everyone is doing the exact same thing (assuming they are doing it the "right way") LOL. in fact, there will be no market at all because everyone would be selling and no one would want to buy...

[forexsage]

that is so true. imagine a market where everyone is doing the exact same thing (assuming they are doing it the "right way") LOL. in fact, there will be no market at all because everyone would be selling and no one would want to buy...

Simply put, for every eager buyer, there is an eager seller... the market is dynamic with different styles.... with every teacher or master trying to advocate his own... but I guess profit is the one who says who is right or wrong

[PhAnToMtRaDeR79]

Simply put, for every eager buyer, there is an eager seller... the market is dynamic with different styles.... with every teacher or master trying to advocate his own... but I guess profit is the one who says who is right or wrong

indeed. in fact, i love diversity for my own profit-sake
that being said, the problem with your last statement "profit is the one who says who is right or wrong" is we don't really know whose money we are taking as our profit because there are thousands of orders per price (let alone per second). one trader with huge sl might not profit during the 5 minute where scalpers profit but who know 4 hours later, right? maybe we just profit from fresh new orders (we sell high to experienced scalpers/buyers who expect the price to go higher). after all there are thousands of trader who trade naked and there are thousands of trader who uses moving average. just my point of view

[forexsage]

indeed. in fact, i love diversity for my own profit-sake
that being said, the problem with your last statement "profit is the one who says who is right or wrong" is we don't really know whose money we are taking as our profit because there are thousands of orders per price (let alone per second). one trader with huge sl might not profit during the 5 minute where scalpers profit but who know 4 hours later, right? maybe we just profit from fresh new orders (we sell high to experienced scalpers/buyers who expect the price to go higher). after all there are thousands of trader who trade naked and there are thousands of trader who uses moving average. just my point of view

In the end, it is the account statement that tells who the good or sometimes LUCKY trader is. That's what I meant.

Happy trading

forexsage

[monkeylong]

Ok forumers. I opened this thread to discuss a very important thing.

The right way to trade.

What is the right way to trade? The forex world is filled with so many 'wise' men telling us what not to do.

So what do we do? Is there really a right way to trade or a wrong way to trade?

Some people believe without indicators your life as a trader is doomed. Others believe without any fundamental analysis you can be ruined.

Some others believe that price action is all that matters.

Others believe in stop losses (fear based strategies),

others believe in non stop losses (risk based strategies)... with all these 'know it all' methods running around no profit to show for it, it makes me wonder...

'what is the right way to trade'

My verdict: EVERYONE IS RIGHT AND NO ONE IS WRONG

However, I believe in capital protection. No matter which way you are going, be sure to protect your capital...

If you find a strategy that works for you 'even if it is throwing a set of dice on the floor and deciding to buy or sell' IF IT WORKS, do it...

We are all suited to different styles of trading due to our different personalities. Some people are not used to risk taking, and others are used to avoidance methods.

The right way to trade is :

Develop a signal method

Develop a way to manage losses or capital

Trade

That is all. I am an iconoclast (a person who doesn't believe in the norm).

I believe in NOT 1 way to trade forex, but in all ways to trade forex.

Happy trading

forexsage

I do have remember the words in heart.Develop a signal method

Develop a way to manage losses or capital.For me, I am trying my best to build a trading system of my own now.