I first thought finding a strategy won’t be though, but I’ve tried it with several indicators and realized that they aren’t really helping me. I want to trade price action and S/R but I need clear rules because it would be too subjective. Has anyone a price action strategy to recommend?
I winning strategy is not difficult to find, we as humans complicate everything
To be sucessful you only need 3 tools: PA, S/R and money management
That’s it!! of course you can use a bunch of other tools to improve your chances in a trade… like volatility, volume, divergences, linear regressions, trendlines, Fibos and thousands of indicators. They are good but focus on those three.
My advice is read anything you can about them, practice in a demo or a small account and start trading the
daily chart. With all the info, just build your own strategy. Once you master the daily, you can go to smaller time frames.
ScalperEU,
I am having the same problem; while there are fundemental rules and strategies, implementing them in the practical world is very difficult for me. I mean, you have the issue of which time frame to trade, which currency pair, news events, risk management, position size, etc.
Some indicators work better on certain markets and time frames- how do you discover what those are? How do you discover the rules that will work for you during the time of day you are actually trading?
I have a full time job, and can only live trade for about 2 hours a day, which means I need to have short trades. I’ve been at this for about 9 months and a consistent method in forex is still eluding me (and I’m relatively intelligent).
What this tells me is that this skill seems to have a very steep learning curve and we all will have to pay a price in order to master it.
I want to say thanks to all the contributors on this site- I’ve “lurked” here for quite a while and learned a lot- thank you.
For right strategy for yourself, you have to understand your personality first! Are you a position trader or swing or a scalper or carry-trade?
Once you figure out the right one, stick with it! explore it! and trade it in your way to make consistently profits day in, day out. Weekly, monthly and yearly! hope it helps!
Happy Trading and great profti to you!
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My strategy is all price action based. As a successful trader that is the only way to trade. One thing to consider is your personality are you a person who follows or leads by that I mean do u like to buy breakout or retracements. I post weekly you should check them out. IF you would like email me and I will help you along your journey. visit my profile to get my website address.