Hi I have been studying forex for a couple of months but I’m finding it really hard to develop my own strategy and I could do with some advice on how I go about creating my own?
Basically there are many trading methods available. At first each new baby should go through with the basic ideas of trading and practice with demos for sufficient amount of time with the strategy he is actually planning to use in his real time trading. Hope it will help you to formulate best strategy for you.
My advice would be to find a few you like the look of and trial them on a demo account to see how you find them
I had the same problem when I started out and I would recommend more time studying. I have only been trading myself for 2 years and I’m only just finding a strategy that suits me. one thing I would recommend is when you find this strategy do some back testing as this will quickly determine if it’s any good or not.
good luck.
You won’t develop a world champion strategy at the first attempt so stop wasting time thinking you can do this. You need to increase your understanding of why strategies work and why they fail so collect 10 free strategies from Google and Youtube. Select the simplest. Run it in demo until you understand it inside out and why it works when it works and what is needed to make it work better.
Just as important, find out what is not needed. You will normally find that what is not needed is more information about how banks trade or more indicators or a faster news service or inventing a completely new indicator.
This is so true… Actually don’t believe the word true needs a qualifier…
@tommor is correct! I’ve tried a number of different strategies in demo. Analyzing trades from those strategies and their results is a great way to learn!
Learning this way you will own it. You will also start asking questions and thinking about possibilities of improvement. This in conjunction with exercising emotional control will lead you down the path of strategy development.
Good luck
KC