Any suggestions on what trading strategy I can start applying?

Beginner Questions
1

I’ve been trading mostly signals for a while now, I would like to know what trading strategies I can start with.

2

Hey @Tobohrey

I think it’s worth starting with Supply and Demand

There are lots of good videos on YouTube

3

I’m finding Babypipsology education really, really helpful - trying out different strategies across different timeframes…

4

Hi Tobohrey. Check out this thread.

5

I know as a beginner, you would find trading signals quite attractive. But I don’t recommend using them in the long term.

6

As a beginner certain assumptions can be made about your first strategies -

  • you know only a little TA - use a strategy which relies on simple, objective chart elements and as few indicators as possible
  • you are confused by how news, GDP’s, interest rates and monetary policies affect forex - avoid trades across major news announcements like NFPR’s
  • you have little experience holding a position - you need to have written, clear and concise rules for what you will do
  • your decision-making process in positions is difficult - trade the highest time-frame you can stand, preferably D1
  • you are probably trading a very small account - risk a very small percentage of your funds per trade and always set a stop-loss
7

Try taking the babypips course for a better idea. It is really helpful. Good luck.

8

It’s difficult to say which strategy will work for you and which ones won’t. In order to find the one for you, you can try out different strategies on your demo account and check which one works better. Doing this will also give you an idea about the possible options you have in the market to make money.

9

Scalping can be a good change for you where you capitalize on the minute price changes. As soon as the trade seems profitable, sell it. Trust me it’s quite exciting but yeah risky as well. A low risk vs reward ratio will help you make the right decision.

10

Most new traders start off trading very short time-frames with very small accounts, using very high risk as a percentage of their account. They don’t usually survive. Most scalpers end up scalping themselves…

1 Like
11

Great advice from @tommor as per. Stick to higher time frames and learn how to use proper risk management. This will be a solid underpinning for whatever you do going forward.

12

Yes, that’s true. This is the reason why newbies are not suggested scalping. They should start with a simpler type of trading like swing trading to see how the market works in reality. What they read in their books is not what they apply in the live market!

1 Like
13

Scalping might look like a perfect strategy but gets harder with time. Because of algorithmic trading, you won’t be able to compete with a computer program. It can make a trader lose a week’s worth of profits in a fraction of a second with one losing trade. No matter how well a trader can control their emotions, it’s no child’s play to perform perfectly over so many trades and losing money.

1 Like
14

Exactly, my point! When you have other options why would anyone want to choose something that won’t get them anything other than losses. I too thought of scalping as an easy strategy but thanks to my mentor, who suggested that I start with breakout trading with turnkeyforex and avatrade. Trust me, it’s far better than picking pennies in front of steamrollers.