How can I create a forex strategy? What should I be looking for in the charts? I want to have my own because I believe it’ll benefit me more in the long run (I’ll follow my own rules better than someone else).
This is such a broad question. I guess the first step is during your education or reading books did anything resonate with you? Eg day trading, scalping, swing trading. You may find that certain things will fit your personality, lifestyle eg you work during the day so day trading is not suitable. Most books explain different strategies as does the babypips course so you could try them out on demo and see how you get on.
So that’ll be the first step, find out what kind of a trader you want to be. After that, you’ll know what to look for in the charts. Developing a strategy requires an entry, an exit and risk management rules and itll just be trial and error and testing and analysing charts.
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You have to be ready for it because you will be frustrated on your road to discovering your system. You also have to be patient, it will make you last in the road to discovery. Personally, I have tried out multiple strategy and most seems not to resonate with my life style. I took systems from this forum and traded with them but it turns out not to be the strategy that suit me as a person. I discovered a system that make me lot of money and later took the money away from me. Those systems taught me risk management. I am presently working on a strategy I discovered by mistake. They say the harder the work, the luckier you become. The strategy have been giving positive result and I hope it keeps it that way in the long run. Be stead fast in discovering yours and take @tradeforex077 advice.
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The easiest way of explaining the process is, find out what works for you, firstly timeframe, day in day out, how much time do you have, can you sit on a screen all day or not? Also how long do you want a trade to last? I think once you find that number, you know the rough area you are looking at, especially if you are working with multiple time frame analysis.
Once the timeframe has been worked out, spend some time looking at charts, try and see the way the price moves. Once you have an idea of this, you can go one of a million ways, and you will probably try 50 before you find one that works. I would then start doing some research into strategies in that time frame, get an idea of the sort of things you should be considering. From there, it is purely trial and error. I would suggest once you find a strategy you think will work, or that resonates with you. Try the 30 trade trail period, Trade that system on a demo account for 30 trades, and stick to it!!
If it works, congrats, you have created a system.
developing strategy depends on your trading practice . every time market moves at random . so without developing trading approach there is no way to survive in here with successfully.
to be skilled about money management is a long time process , so after passing sometimes they lost interest.