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Forex Trading!?

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  • Forex Trading!?

    To succeed as a trader, should you have a "trading strategy" that you apply or should you go by feeling?
    What is the best "strategy" in trading if there is one?

  • #2
    Originally posted by manuell View Post
    To succeed as a trader, should you have a "trading strategy" that you apply or should you go by feeling?
    What is the best "strategy" in trading if there is one?
    When first starting out it might seem like a good idea to have no One Strategy when trading, to just pick your entry when you feel it is a good time, based on various factors present at the time, and then take profit in the same fashion.

    BUT (and that is a big BUT) over time you will see how this doesn't give you a consistent edge in the market.
    Just like the best poker or blackjack players don't play by feelings, neither should we traders. They strategize and count cards and consider other factors, and they play the hand that will give them the best probability of winning.

    Formulate a strategy after researching the trade plans of other traders and also after monitoring price action on various currency pairs to learn how different currency pairs behave at different times. The basics of my trade strategy are included in the description of my 2 trade copying signals named "outside the box" and "outside the box high risk"
    “Learn from your mistakes and do not give up!”

    Outside the Box - Myfxbook
    Outside the Box - SimpleTrader Trade Copying
    Outside the Box - MQL5 Trade Copying
    Outside the Box - ZuluTrade (performance fees & trade copying)


    • #3
      First of all trading without experience is like roulette. Trading platforms like to pretend that you can make big profits in a short time even without previous knowledge, but I would definitely advise against it. So before you go into trading you should learn a lot about it on sites like this one and maybe some trading forums.
      On the strategy part, I'll try to explain it as simple as I can
      A "trading strategy" is like a roadmap:
      - Which financial product is traded? In which period? (intraday, over several days, weeks, months)
      - How much of my deposit do I risk trading?
      - When do I buy or sell? Under what conditions?
      - What is the price target? What is the risk? (Risk-reward ratio)
      - If you are in a trade, how is the trade management? Do I work with a take profit? When do I pull out?
      Of course, this strategy is being tested.
      The more inexperienced one is in the whole subject, the clearer the rules and "instructions" of the strategy should be.
      Your Source for CFD, Forex, Binary and Crypto Trading in South Africa. ✅ Broker Reviews ✅ Education ✅ News and more...


      • #4
        Don't even hope to make money very quickly in Forex, first of all it is a long work that requires a lot of time for patience and preparation, you need a clear plan and strategy.


        • #5
          I agree. Trading is a marathon, not a sprint, don't hope and don't aim for big profits (or any kind of profits) right away. That just leads to mistakes.


          • #6
            I don't think that you can specify the perfect strategy. I believe that you will be able to specify the strategy that suits your personality when you have spend enough time in demo account trading. Demo accoun trading is the best thing that you can do to yourself.


            • #7
              There is no such thing as a perfect strategy. All strategies include some degree of losses, the point is to find a strategy that leads to more profits than losses, if you follow them in detail.