What strategies do you use in your trading systems?
This is a broad question, so its tempting to see it as shallow and ignore it. But if not, you just might get a bundle of literal answers to your question - so you end up with a list of 30 named strategies from 20 traders, and they’re all in different styles and markets and time-frames, and two-thirds of the names will mean nothing to you if you’re a new trader. So what do you do then?
Why not short-cut this whole thing to get a step further forward a bit quicker? You could post here what strategy you have found that you might be considering using, and then traders might post what they think of your plans so far?
I would certainly recommend if this would be your first strategy, it should be simple to learn, objective to use, and long-term rather than intra-day. But maybe my biases are showing…
Go ahead and post.
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As it was mentioned above, try to start with the developing your own strategy. For sure, it is important to know and understand the strategies other trader use to be able to use them as a source of additional ideas, but your first strategy should be your own one.
If you do not know where to start from, spend as much time as possible watching charts and looking for situations that occur time to time. Pay attention to each detial. After a few days, you would be able to see some main principles describing the price movement. Then, when you have something interesting, develop this idea into strategy by adding certain criteria. At this stage it would be useful to search fro the information on the particular issue through the web. Maybe, someone just works on something quite similar to the strategy you are trying to develop.
When you will have your own understanding of the market, you would read about the strategies used by other traders not just to copy them, but to find addititonal elements you need to improve your own strategy, and this would be the best possible appoach.It could be difficult to find something entirely new, especially for novice trader, but it is quite easy to combine existing elements into something original that would work better than initial strategiy serving as a source of ideas.
I do use my own experience usually, all that stuff you may have seen on the web rarely worth something really, so be prepared to implement your own and do not ask other people to share their strategies cause it may not work and you will be in despair.
That’s a bit pointless. Hes asking if someone is already successful and has a strategy that works. Instead you’re asking him to mess around, look for his own and see what others think. Lol. What a weird response. If someone has a technical strategy that works and is happy to share then why not ask.
Sorry Brian, I trade fundamentals so no entry/exit rules that I can say I always use. Maybe someone who is consistent will share their strategy with you.
There are numerous TA strategies on this site that work, including one that I have described several times recently.
I have yet to meet a trader that trades on solely fundamentals. Do you have to have a large capital in order to do that? Just curious, because I’m straight technical/price action. And of course, keeping track with the fundamentals. I’m assuming you’re mostly a swing trader too? I’m just not sure how someone can just trade based off of news alone without looking at the technicals
I typically look for an obvious market structure such as a support or resistance level that has caused a few reversals. Most stops are grouped below these as novice traders often think these structures will provide some form of protection. So I will push price past one of these structures a bit hit some stops, scare some of the traders with wider stops to exit manually, and just as the break out traders get on board I will take price back in the opposite direction.
His question might be only a matter of conversation and not a hint for his strategy because he has none. Maybe he only is curious what other traders do and he has already a strategy…
As for my personal experience, I find myself comfortable working on short timeframes, like 1M, 5M and 15M. Wish I had 30 sec and 10M timeframes too to calculate and plot respective moving averages to check for various confluences, but my Hotforex platform offers only standard MT4 timeframes. These timeframes are abound of price inefficiencies - you have only to explore them testing signals for different indicators/mix indicators on history.
This simple guide should be enough to invent your own unique trading approach.
In order to succeed as a forex trader, one needs to be have a well reasoned trading strategy. It is even better if the strategy you use for forex trading is back tested. Along with adapting a trading strategy, traders should also work on improving their risk management, exit trade timings, sizing of position, etc.
Choosing forex strategies can vary from person to person. There are a number of strategies available for a forex trader. He can choose the one he thinks, is best suitable for his convenience and ease of trading. Also before deciding on any trading strategy, a forex trader must take note of the present market conditions.
There are numerous strategies available for forex trading. Some of them are ads follows:-
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DAY TRADING – this is the perfect trading strategy for someone who has just begun with forex trading. It limits your transactions to one day. Trades in this case last for only a few hours and cannot be taken forward to the ext day.
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SCALPING – this strategy basically works at taking advantage of the smallest to smallest price fluctuations in the market. The trades under this strategy are really short lived. They only stay for about a few minutes. This strategy makes use of tick charts.
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POSITION TRADING – this strategy looks for major changes in the prices as the position is held for a long period of time. It not only requires good knowledge about the currency situation, but also a lot of patience to harvest the maximum profit available.
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SWING TRADING – this includes holding the trade for a position, somewhere in between day trading and position trading. A trader aims to maximize his profits by holding the position for some days.
Certainly Kashmaster, I was just thinking the same. I also think that he is just trying to get some ideas about any profitable trading strategy. And I find that it is quite ok. However, the best strategy is one developed by yourself, copy-past just dont work here
Thanks a lot for the advise