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Strategy Definition Understanding

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  • Strategy Definition Understanding

    Hi,

    I have read a few books on Forex Trading and many YouTube videos. I have understood most things such as money management etc.

    I understand there are many methods to establishing confidence in entering a position such as fundamentals, technical analysis, ability to see candlestick patterns.

    I believe that experienced traders will see a pattern and then back this up with a another indicator continuously until they are either convinced or deterred. The group of tools used from my understanding is ''A Strategy" and traders will have many.

    An example, is using Bollinger Bands and backing up a sell signal with an oversold signal from RSI indicator.

    (Please tell me if I'm wrong here)

    My real confusion comes from many blogs referring to Strategies such as Bollinger Bands Strategy or SMA Strategy or Fibonacci Strategy.

    My question is, can you simply study the markets for potential positions based on only looking at Bollinger Bands or Fibonacci Lines? Because what if you look at the charts in the morning and 0/6 of the currency pairs you prefer do not show any potential with Bollinger Bands overlay, do you not place any positions for that day?

    I may have stated some things here which will highlight how new I am to Trading so I apologise. I am sure you can still understand my real question.

    Thanks
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