Best Strategy

Beginner Questions
1

Hi Friends,

How r u?

This is rama, i am new to forex and forum. Can any one tell me the best strategy that works for u?

Thanks in Advance…

Have a nice trading day…

2

I use the power of the sun to reflect high intense light on 1 focal point at institutions and tell them give me money or I’ll boil your offices.

So goes my strategy for world domination EUAHEHAHAHAHAHHAHAH~!

Everyone’s strategy is different you have to find what works for you

3

Rama,

Change the question, please. You wont get a constructive answer with people just telling you how to make money. It would be nice, but even I tried it once :slight_smile:

Although, trading in just your underwaer can sometimes help

4

Dear Jezzode,

thanks for ur suggestion, currently i just want to know, what strategies traders use and i like to try them with demo. If it works then only i trade with real amount.

Its just like, collection of information from friends like u…

Thanks again for your suggestion.

5

I understand what your asking, but there are seriously soooo many different ways to trade, and then time frames, pairs, news or technicals.

I personally use price action, and revsion of the mean to trade.

What I would say to you is to design your very own trading approach that is built around your own strengths. Even if I told you how to trade my own approach, you would trade it differently. We both have different attitudes to risk!

6

have you complete the Pipsology school ??

anyway, believe it or not the best strategy ever that work for me is not to trade real account as long as i am not a master trader.

7

No one will serve you a strategy that works 100% giving 20% monthly profit on a silver platter :wink:

Here’s how I started off and became profitable (at least for now):

  1. Babypips school: Don’t be lazy, go through the entire thing even if some of it sounds familiar. I studied business, investing, and real estate for 6 years at uni, and still read the entire damn thing…and I’m glad I did! Funny pics too :wink:

  2. Decide what type of trader you want to be: Are you ok being glued to the screen for hours on end to scalp 3-5 pips profit or less per trade and therefore take dozens of trades a day? Or would you rather check once or twice a day because you have a fulltime job? Or even less like once a week?

  3. Read up other people’s systems: Once you decided what type of trader you are, go through systems that stick to that timeframe. So if you figure the 4hr charts are your thing, read corresponding strategy threads here on Babypips and Forexfactory.

  4. Keep up to speed with forex news by reading Freshpips.com and the calendar on this website.

  5. Create your own system either by copying an existing one for your timeframe, or mix a few of them together. FYI, I took a scalping system for the 1min/5min timeframe and adapted it (added a few indicators too) to the 4hr charts. Works like a charm given my risk profile, money management, and time I’m able to spend in front of the screen.

  6. Create a demo account and test your system. Don’t only backtest it, actively trade for a few weeks and refine it along the way. Once you’ve been consistently profitable for a good while (and that’s more than 2 days fyi!), open up a small live account and start testing it live. “Small” depends on your financial background…consider it money you wouldn’t cry over if you lost it. It could be $100, $10,000, or more…totally depends on you.

  7. Work on money management!!! Everyone always talks about indicators and “systems”. Often the money management aspect is often only touched on briefly. For example, I use high leverage and a larger % of my account each trade that wouldn’t work for all systems. I use a breakout strategy that only triggers once a LOT of things line up…so it’s often a very high % chance of me being right. As a downside, I don’t get as many trades as say a guy going for 10 pips at a time. But even though my trades are high probability, I still always try my best to keep my largest losses smaller than my average winners. That’s the only way I can live with the occasional larger loss…and so far it’s right for me. You might have a completely different feeling towards risk. Watch your losses and always ask yourself “does this feel too large given my account”?

  8. Keep on testing your strategy, and REFINE it. Always aim to improve it. Ask yourself after every trade “what could I have done better”? That’s how I learned the most. Takes a LOT of time, but I don’t think there’s a better way.

8

thanks for the suggestion dude… i will try to follow ur sugesstion to become good trader…

9

just practice in a demo account, you will find the best strategy f-o-r y-o-u! which will be the best!
good luck!

10

thanks john fisher