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    Thread: How to trade successfully by totally depend on our own strategy?

    1. #21
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      Default

      There are many advantages that a strategy gives to a Forex trader who is very serious about the Forex market, these are what I feel it is necessary:

      1. A strategy is needed to give us the best method to approach the Forex market, anyone that trades without having this is merely engaging himself in gambling which is likely to back fire at him in the future.

      2. A strategy gives credence to your trading, it adds certain levels of confidence to your trading mindset, you won't feel confused about what the charts are saying to you because you know the conditions that needs to be fulfilled before you start trading.

      3. You are more likely to win more trades because you have a clear direction and understanding of the charts before you can pull the trigger, your level of losses is reduced drastically as a result of this which helps you to earn more.

      4. A strategy is the best friend that you can can depend on to lead your safely into the realm if profitability, there is no other companion that can do this conveniently.


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    3. #22
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      Default Re: How to trade successfully by totally depend on our own strategy?

      Quote Originally Posted by Mian Naseer View Post
      How to trade successfully by totally depend on our own strategy?
      It's better to get loss from your own trading strategy than getting profit from copying other trader's strategy. If you copy other trader's strategy then you can't never become a good trader. Because from these trades you won't get any confident to trade alone. You always waiting for the trading signal. That's why build up own trading strategy is mandatory. Demo account is the only solution to build up these own strategy. You should never leave your demo account. Because when your confidence will fly away then you can gain confident again from demo trading. Developing new strategy is mandatory for a Forex trader. If you get success continuous from one strategy then you should set up an alternative strategy for back up plan.


    4. #23
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      Default Re: How to trade successfully by totally depend on our own strategy?

      When you have the skills to develop your own forex trading strategy that is tailored to your trading style and also provides you with the rate of returns you desire, then it is probably better than relying on the strategy of others which may not be suitable for you. But we need to bear in mind that not every trader has the expertise to create own strategy.

      Those traders that may not be able to develop their own custom made forex trading strategy can still adapt profitable strategies developed by others traders to their need. It might need to be tweaked a bit here and there, to get it to work for the trader. Where this is not possible. A trader may copy the strategy of other traders that have been proven beyond reasonable doubt to be very profitable.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


    5. #24
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      Default Re: How to trade successfully by totally depend on our own strategy?

      The first thing i think we need to worry about is making sure we first build or develop our own trading strategy, because this will be the only thing that will determine how successful we will become in the Forex market.
      so the question now is how can we build a successful strategy?
      to be a good trading strategy we first have to acquire a very good trading experience, which can only happen by learning and practicing.
      we need to also find the best and the most comfortable way to trade the market, i.e the style of trading whether its swing trading, or scalping , or price action trading, this will determine the type of strategy we will develop.


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    7. #25
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      Default Re: How to trade successfully by totally depend on our own strategy?

      To trade successfully by totally depending on your own trading strategy, then you must first:
      1. Develop a good trading strategy that can help you in the market, a strategy that analyses the market and becomes productive most of the time.
      2. make sure that the strategy has an routine for entry a trade and for exiting a trade so that you would always have a defined entry point for any trade and also a defined exit point.
      3. Develop confidence in the trading strategy as this would help you not to double mind when it gives you signal and as a result you won't miss some good opportunities that would have profited you in the market.
      4. Make sure to fully understand the trading strategy as per the indicators or tools that it comprises of so that you can know the kinds of market conditions that it works best, if its counter trading, range trading or trend trading.


    8. #26
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      Default Re: How to trade successfully by totally depend on our own strategy?

      The truth is that when a trader depends on the strategies of other traders, it makes him not to work hard in other to build his own strategy. When a trader builds his own strategy, it increases his chances of being a successful trader. Building a strategy is not an easy thing to do because it takes time and if the trader is hardworking and patient enough, he will likely build an effective strategy that will increase his chances of success. Here are the steps a trader needs to take in other to build his own strategy:
      1. A trader must do research online: Doing research online really helps because it enables him to discover new and effective strategies that will enable him to make profit consistently. He can download free ebooks as well as free videos online that will enable him to gather the knowledge.
      2. The strategy must be forward tested on a demo account: When a trader finally learns on how to use a strategy, he must forward test the strategy on a demo account for at least a month in other to know if the strategy is worth using. If the strategy is worth it, then he can use it on a real account


    9. #27
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      Default Re: How to trade successfully by totally depend on our own strategy?

      In order to be a successful forex trader, your personal strategy is a necessity, having a strategy puts your trading ahead of other people, it is imperative that you can use something you call yours, that is what adds authenticity to your performance, professional forex traders always use their strategies, traders that have ever become successful took out time to practice with their strategies, you don't depend on people and expecting to earn money consistently.

      Trading forex is hard work, the more you work the higher the opportunity that you have to make good profits from trading, sometimes, we don't want to develop our strategy because we see it as too much work, but then that is the best way to trade Forex and make profits.


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    11. #28
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      Default Re: How to trade successfully by totally depend on our own strategy?

      Anyone that trades their own strategies are prepared for this business, there are many times that we trade and depend on people because we are not experienced but forex is not to be traded this way, when you develop your trading standards, you are able to trade and earn without many issues, as a trader you will make money more by dependent on what you got yourself, the way we rely on other people's abilities tells us our level of unpreparedness which is a serious challenge, forex trading that is done without having your own strategies is a waste of time, ensuring that you come up with a strategy gives you the impression that you will be successful regardless of challenges you are going to be encountered with eventually.


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