What is the best strategy to use as a newbie

Hello guys am new to the Fx trade and will like to know the best strategy to use in trading as a newbie …

Hi,

As for me, the best strategy for newbie is something based on trendlines, simple and efficient. First of all, it would be quite easy to understand the principle of such strategy and use it. At the same time, using the strategy like that you will improve such important skill as drawing trendlines. In fact, most of patterns consist of trendlines, so it is necessary to know how to draw them properly.
The idea is the following: each time when you have directed movement (a trend), you should draw the line using its lowest point in case of uptrend and highest ones in case of downtrends. Then, you have to spot the momevent when the price moves through the trendline and creates a consolidation on the other part.

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There are tonnes of strategies out there… but best to start learning about the markets and take the long road… here is some advice…

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There is no “right strategy” really. It takes time to learn the markets.

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Thanks for your reply it was really helpful …I will try to learn more about drawing trend lines, but from your little explanation, I think I get it a bit …

It depends on your personality and the type of trades you want to take.

I’d say start simple? :open_mouth: Sometimes, we newbies tend to overcomplicate things. Like, we think that the more indicators we include in our strategy, the more effective it’s gonna be, but that’s not really the case. :thinking:

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Use a Mechanical system. Check the blog of FOREX NINJA so you can gather some ideas:

https://www.babypips.com/authors/forexninja

I think you should start from something as pipsology, have you already implement it for some real things that I could never imagine . Please include this all to your to do list in some near future. You can go to Forex Peace Army as well.

Start very simple, with price shown in candlesticks plus a medium-term MA (20 to 50) if you need help to illustrate price trend.

Identify a consistent trend, enter in the direction of the trend after the failure of a pull-back, set a stop-loss at a support ore resistance level behind the entry, size the position to a maximum risk of 1% of your account capital, trail the stop-loss behind price as it advances.

I can’t think of anything simpler.