I’m still on the lookout for a strategy to use. I just want to know what others are using. I hope you could share the strategy that you are using.
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Pretty active in there too, which is great to bounce of ideas and feedback.
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In a sense there are only two strategies - buy because price has been rising and buy because price has been falling.
A trade which follows recent price action is usually the right direction and it allows the position to be enlarged as price continues. Price movement is usually steady, not dramatic. Often there is a high win rate, but low risk:reward ratio.
A trade against recent price action is usually in the wrong direction and doesn’t often allow the position to be added to. But price movement can be sudden and very powerful. Usually a low win rate but a high risk:reward ratio on the winning trades. Most new traders are using this approach and 75-80% of active traders are losing money.
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before live account it is more appropriate to test your trading strategy in demo to see the performance how it works. this approach is really good to avoid unfortunate risk and losses.
In recent time, the market situation hasn’t been going well and trading return has become quite uncertain. So, I am relying on scalping.
yes overall the global situation hasn’t been going well and i think this critical moment will continue for a long time . at the moment i am trying to scalp on crypto . BTC price raise something last night , but still confusing
Hi @blueskies18
I recently posted one of my own profitable strategies here:
If you test it on the pairs I suggest, I think you will be impressed with the results.
There are usually only a couple of trades a week but it’s a strategy with a healthy strike rate and an appealing reward to risk ratio.
In reality, you only need a couple of trades a week anyways but, if you wanted to trade more actively, you could test the strategy on different pairs. If you found enough pairs that it works well with, you could even use it to pass a prop firm challenge.
I should just point out that a lot of new traders are on a kind of treasure hunt for a strategy that will ‘make them profitable’ but, just remember, a profitable strategy is only part of the story when it comes to consistently extracting profits from the global currency market.
More important than a given strategy at the start of your journey is a solid education.
Actually I am flexible in here. When I see there is no trading opportunity available on the market, I go for scalping. Sometimes I follow swing trading strategy too.
Yes, I appreciate you because applying wrong strategy on the live account will result in balance crash.
I am currency following a swing trading strategy because I have a good feedback with it.
but in demo account the result we see actually not works in a real account . this is a true fact . thanks
that’s sometimes true, in that finding that a system or method works ok in a demo account doesn’t prove it will necessarily work in a live account
but the chances of a system or method that doesn’t work ok on a demo account actually working satisfactorily on a real account are so tiny you can forget them
that’s why testing something on a demo account is so worthwhile: if it appears to work, that way, it may be worthy of further study, but if not, you should certainly look at something else instead
it also depends on the extent to which your system or method is using specifically aspects of demo-account trading that you know are unlikely to be reproducible in the live market (sometimes it’s fairly obvious)
Sometimes I follow scalping strategy whereas sometimes I follow swing trading strategy. I switch to strategies depending on market condition.
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Personally I prefer scalping and day trading because I want to trade risk freely.
I think swing trading is best because I don’t have the courage to hold a trade for a long term and I am not even good at market analysis.
Even if it is said again and again that there is no 100% strategy. I have developed it. Who always does the opposite of what I do will be very successful in a very short time. When I go long the price falls when I go short it rises like a rocket. Almost always. Today I have deleted all indicators and concentrate only on the chart and the candle formations. Let’s see how that works. I never thought that trading is such a challenge when I started.
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Yes, I think its a common feeling - a suspicion that the market s watching you, that they have hacked into your IT devices, and that they are just waiting for you to take a position so they can move against you.
Be careful, its not long before you will feel you are being followed in the street, that there is a GPS tracker fixed to your car. Soon you will be jumping out of trains just as the carriage doors close, like in old spy films.
Don’t worry, there is a cure - its called a profitable strategy.
I use scalping, day trading, and swing trading.
Thanks. Not sure if I’m ready for scalping.
Yes I’m trading on demo. What strategy are you using?