Hello all. I’ve been trading forex for a year now. Mostly demo and a small live account. Now I have finally decided to partake in a prop firm challenge. So far, so good. I just passed phase 1 in five days with an 8% gain. Forex isn’t rocket science. It’s actually fairly simple. I wouldn’t recommend paying anyone for a course. Youtube has everything you need. Of course everyone tries to say they have a magical indicator and such, which is never the case. Learn support and resistance levels, learn different indicators and how they work, and most importantly, learn risk management. Tradingview is a great website. Get on there and play around with different indicators combinations and backtest their effectiveness. I have had more positive results doing my own research then following someone else’s “system.” One thing I have learned and adhere to is the acronym K.I.S.S. - Keep it simple stupid.
Good luck with your prop challenge, I’ve heard they can be difficult, the spreads can be much wider than your average broker, which is one way they burn you.
I see this is your first post. Feel free to come back and share some of the knowledge you picked up over the past year.
Hi! I’m a newbie trying to figure out my own trading style but getting confused. Can anyone please tell me which trading style works best for you and why?
There are a lot of different ways to trade forex, and it is really important to find the style that suits you best. Some people like to take a more conservative approach, while others are more aggressive. There is no right or wrong way to trade, but it is important to find a style that you are comfortable with and that fits your personality.
The best way to find your own style is to experiment with different methods and see what works best for you. There is no magic formula for success, so it is important to keep trying new things and see what works for you. The most important thing is to have fun and not get too stressed out about the whole process.
I don’t think anyone can help you. Any trading style can fit you. Just make a few tries and see which one is the closest to your personality. That’s surely the best way of making the right choice.
When you develop your own trading style you’ll get to learn various aspects of the market. You’ll learn what’s achievable and you can establish your goals accordingly. Your goal should stretch your abilities but it should also be realistic. You need to decide how much time you’re able to give in trading and choose a risk–reward ratio. Decide the currency pair, outline your motivation and start with getting knowledge.
When it comes to FX, finding your own style is crucial. There are so many different ways to approach the market, and no one way is right or wrong. What matters is finding the approach that works best for you and your trading goals.
There are a few things to keep in mind when finding your own style.
One thing, i would recommend you is to try a style that is different form the one that you were initially taught, wether it was by babypips ( indicators, news, patterns, etc.) or some outside source. I would recommend trying a variation of those things that you feel more comfortable dealing with. Take my case as an exemple : I used to trade with indicators and take the news into consideration and complete ignore price action. I ended up being more profitable by neglecting the news and ditching the indicators and using more price action and patterns. Do a mix of all the things taught in this school or taught outside, that creates a more personal way of trading that YOU suited for you.
Finding your own style is not that easy in my opinion. It is a lot of trial and error until you find something that works for you. I agree with OP on the point that we should keep it simple. It is also important to experiment and try new techniques from time to time as that helps to develop our skills as a trader.
To create your own style of trading is a total exploration process and everyone should go through it because this is a wholesome process of learning and trying various strategies.
Yes I agree, Trading styles that reflect your strengths will play a large role in your ultimate success as a trader. And one’s trading style is developed by following others.While it’s always wise to work on your losses and up-scaling trading skills that can give you better results.
Lack of patience is what leads to the majority of long term losers in forex in my opinion. The desire to have everything here and now and then dismiss things as a scam that don’t work out short term is poisonous to anyone learning this business. It takes time to figure out what and who you are as a trader. This can only come via practice and brutal self reflection and most don’t want to do either.