I have no clear strategy right now. Is it better to just follow an existing strategy or create my own?
IMO, if you haven’t developed a profitable strategy and a strict process to follow for each trade, it is unlikely that you will be successful. Use a demo account to practice and experoment on.
best of luck.
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Man, i was in your shoes. I’d say pick up somebody’s just so you have some rules to follow and you can see if it fits your trading style. Go from there. You learn a lot just actually trading and watching charts.
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Yeah, it’s kinda like, ¨man I wish I know how to foresee xyz¨ and start looking for signs on the chart via price action or indicators.
The most common is the MA. You could start from there. In Pipsology, there are many suggestions for strategies: channels, breakouts, etc.
I think eventually you’re gonna create your own, anyway, even if you start with an existing strategy. You’re gonna make little adjustments, and it’ll morph into something new. Perhaps like Dr Frankenstein’s monster.
When you start trading and know next to nothing about the markets or TA or forex, how can anyone take a shot in the dark and hit the target first time of inventing a profitable strategy?
Whatever profitable strategy can be invented, someone has invented something like it already. And it might have taken them years to do so. Use what’s out there.
i agree with most of what’s been said above (even though the replies don’t all appear to agree with each other!)
i’d say that if you want to get some practical experience of using a trading platform and brokerage, to familiarise yourself with how everything works, and have no strategy of your own (yet), using something that’s out there already is a perfectly valid and reasonable way to start …
… but in the long run, you’re only going to earn anything much from trading forex if you develop your own methods, and time spent “looking online for something you can just copy, that will work reliably, going forward” isn’t the best way to use your time
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both have pros and cons, but at least you have to know trading basics
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If you have no strategy, use an existing one.
Then you can create your own.
this approach can be a short time approach , not a permanent solution at all.
It’s quite essential to strengthen traders’ basics and focus on developing a good trading strategy.
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If your existing strategy is working well, then keep following it. But if the strategy isn’t giving you sufficient trading profit, you have to rectify your strategy.
Whatever is best for you . In the beginning you’ll probably use other people strategies because “we all” started with no blue print ,but over time you’ll take bit and pieces of other strategies and make your own . I recommend making your own because everyone eyes see the charts different.