What is a good strategy?

Discussion in 'For novice traders' started by Francmorio, Jun 29, 2019.

  1. Francmorio

    Francmorio Member

    As I said in my previous post, a good strategy is that which incorporate a proper risk management. If your strategy does not take into account the amount of risk involved it is not a strategy at all. Just know that, everytime you enter a trade, there's only 40 to 60% chance of price going your way!
     
  2. Tengkorakfx

    Tengkorakfx Member

    Risk management is only a part of trading plan, you need to learn a better trading system in order to profit more in the market. Try support and resistance system, since it has good risk reward ratio
     
  3. broforex

    broforex Member

    Speaking forex trading means talking about various information about forex trading strategies that you can get on the internet. However, in reality not all strategies that are claimed to be "great" can really function.
     
  4. Tengkorakfx

    Tengkorakfx Member

    That's why we need to try it out on demo account before going to get it run on real account. Even some strategies will give you great 99% winning rate but when loss comes, it will wipe out your entire profits.
     
  5. broforex

    broforex Member

    I like to use the swing trading strategy, trading with this strategy means you have to open positions, both entry and exit, on the same day. If you buy GBP / USD in the morning, then you have to sell GBP / USD at maximum in the evening. Because the entry and exit positions are done on the same day, the profit and loss can also be known on the same day. Such techniques are easier to help traders to quickly move on and focus on looking for new opportunities the next day. Because Day Trading is a short-term trading strategy, the commonly used timeframe is 1H or 4H.
     
  6. Tengkorakfx

    Tengkorakfx Member

    Never heard of this technique, though. Since the London and New York session is not that far in terms of gap, you might have to be careful with the volatility when those market session combined...
     
    broforex likes this.
  7. broforex

    broforex Member

    Or, you can use "position trading", Position Trading is a long-term strategy that allows traders to hold positions for several weeks or even months. With this strategy, more traders use forex trading as an investment. Because trading is long-term, the analysis done is usually more in-depth, in order to find out the external influences on the currency to be bought. One of the most widely used analytical methods in Position Trading is trend following (trading follows the direction of the trend).
     
  8. broforex

    broforex Member

    Remember, your strategy only gives you 20% chance of success, the rest is money management. It has been too often discussed and recommended by forex masters in the world. But in practice it is often constrained, either because of emotional problems or due to ignorance of correct Money management techniques. Without money management the money in our forex account will be used up in no time because currency price movements are very fast.
     
  9. broforex

    broforex Member

    The best forex strategy is one of the things that many traders are looking for to achieve success in forex trading. But there are still many who do not understand it.
     
  10. liafatlouie

    liafatlouie Member

    In my opinion, the best strategy is one that suits my trading style and of course provides profits. To find it, we have to try a lot of various strategies and techniques in forex.
     
  11. Tengkorakfx

    Tengkorakfx Member

    There are tons of trading strategies out there. Starting from one with fixed SL and TP to the one that has no SL nor TP at all. But be careful with 99% of trading accuracy, the 1% loss itself can be the whole capital
     
  12. broforex

    broforex Member

    So many good strategy to success in forex. If you don't have a good strategy, you can join any channel. Channels in forex is one of the tools used in technical analysis whose function is the same as trendline, which is to determine the position of buy or sell properly. Simply stated, the channel is the trend line drawn in parallel, and either the peak or the bottom is the area that has the potential to experience support or resistance.
     

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