What are some of the strategies you guys find most useful while trading in the MT4 trading app
Training my mindset to be in the Zone. Discipline, patience and emotional control over risk and money management are the keys to success.
Just use a simple strategy that suits you and works. Learn how NOT TO LOSE MONEY. Never, ever, overtrade.
best of luck.
Hmmm. I’ve tried a couple of strategies and I think one of my favorite ones is the HLHB system. If you wanna try it out, here HLHB Trend-Catcher System Explained - BabyPips.com
Love this, risk first then profit
Ask me how bad over trading can be. It was only after I blew my first account with IC Markets that I realized and worked on my risk management strategy.
Quote from Tom Hougaard.
We should not trade under false assumptions for if we think most everyone wins in trading, our behavior is going to be based on winning protection rather than losing
Managing the risks associated with overtrading begins with a well structured trading plan. No matter what your experience level is, whether a beginner or an experienced trader, you do need a trading plan in line. Once you have a blueprint in hand, it’ll be easier for you to assess whether or not you’re overtrading.
This is very true. Always consider the risk and reward ratio to maximum 2% or 3% for the most of your trading. And yes, a sounding plan is very important aspect here.
This I’m aware about, but what confuses me is the difference between calculating the risk per trade and working out the risk-reward ratio.
I just use trading view, don’t use indicators personally. I trade Smart Money Concepts.
It’s a personal choice when choosing how much you’re willing to risk. It can be either 1% or 10%. But, if you’re planning to go with the 2nd option, remember that it’ll take only 5 wrong trades to lose 50% of your trading capital. With turnkey forex, I risk 3% of my trading account to be on the safer side and with fxtm, I go a bit more, 5% just to experiment with the strategies and indicators.