Successful strategy

I am 40 years old.My name is Hassan , i am from Somali. I tried many times to trade my own in forex but loose many time. I would be thank full to be helped a good starategy with good profiyable.
Thanks

Well, you need to learn 1st to be a consistent player! Did you read the Babypips School?

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Even the simplest strategy should be run in a demo account before you put real money in. Not to find out whether it works or not but to make sure you as the trader can manage the strategy without serious mistakes.

The simplest strategy involves looking for an uptrend which shows price steadily rising for a long period of time, like a shallow staircase. When a candlestick closes with a lower high price than the preceding candlestick, set a buy order just above this high and a stop-loss just below this candlestick’s low. Adjust your position size so that the risk is 1% of your account capital. Set a take profit order at one and a half times higher from entry than the distance to the stop-loss.

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Hello Hassan, try the School of Pipsology here on Babypips if you mastered the english language. This will help you massively. My tip for you: try using cross-currency, they are more likely to follow trends so it could be easier for you. Another tip is to try swing-trading and higher timeframes lilke D1 or maybe H4. I noticed that a 21 period SMA works fine on D1, try alwayse to trade with the overall trend and use as less indicators as possible.

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Dont trade forex dont trade leverage

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Don’t trade forex is odd advice on a forex forum.

But members have the freedom to tell new traders that either they are not trading the right way or they are not trading the right markets. This is entertaining for about 5 seconds and not practical at all, so then they must ask, “OK, so why not trade forex? What is the right way? What are the right markets?”.

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Well, trading in Forex market is not a bad choice! But we traders need to ensure our trading skill 1st! Good skilled traders are enjoying their trading sessions! On the other hand, using small trading leverage based on trading plan is also an useful option!

leverage is risky element in there no doubt. but when you use it with exact trading knowledge including powerful risk management then it could ensure a massive result.

Leverage has the potential to turn a reasonably good investment into disastrous gambling. :hocho: :hocho: :hocho:

but most of the time the result from leverage could be dangerous for the beginners level.

according to me there is no successful trading strategy until having most powerful analyzing money management.

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“insert meme”
do you wanna get cheat?because that’s how you get cheat!

A successful strategy is one which is in perfect accordance with your trading goals and objectives. Using someone else’s trading strategy might profit you for sometime, but not in the long run. You need to make your own trading plans to get the maximum of the market.

@Aurifex - I disagree as follows -

A trader’s goals are subjective. A successful strategy must be objective. The trader’s goals are subordinate to the strategy they use.

A new trader simply cannot develop a successful strategy with no experience. To gain experience they must use someone else’s trading strategy.

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We cannot recommend or suggest a strategy without knowing your trading goals and trading style. You have to choose a strategy that suits you the most. Also the success rate of any strategy would depend upon your skill level as a forex trader. So, just focus on developing your skills and pay attention to risk management.

May I know, how many months you have been using your demo? Actually, it’s a long process, so it takes such a long time! You can use Price Action trading!

I think maybe the best strategy you need at this point is going back to the drawing board, try and figure out what you have been doing wrong. Could it be that you don’t have enough knowledge yet or practiced enough yet?

What type or how many strategies do we have in forex trading? And what does “skill” mean? Like how can I be skillful in forex trading?

How long do I need to learn or practice before I can start trading please?

Can you share yours please maybe we can learn from you. Thanks