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).
     

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