Should we try different trading approaches, or should we stick to our established strategies?
As a learner, it is essential to try different approaches until you find one, or even more, suitable to what suits you and your lifestyle. Once found and is consistently profitable you should stick to your established strategies.
However, as strategies come and go as time takes over, I have found that the best strategy is trend trading. In the USA , Dunn an investment company, has the proud result of being in the green for four decades, trend trading anything that financially moves, and the client monthly costs are protected by a HWM, which is not enacted until their account rises on a monthly basis.
Hope that helps.
To add a little bit more on what @steve369 has stated, at the same time, please do not get trapped thinking that there will be a strategy that would give you a certain amount of win rate % so that you could have a postive expectancy in the market. To me, it’s very hard to gauge your real win rate because it depends on the market cycles and how good or bad your recent perfomance is.
To have a winning expectancy, you must have a good risk management expecially regarding how to exit the trade. If your exit is solid, even if you don’t make any money, it’s very very hard to blow the account.
If it ain’t broke, don’t fix it.
Thank you. I also think It’s a good idea to try out different trading styles to see what works best for you and fits into your life. By testing various methods, you’ll learn a lot and get a feel for the markets. Is there a limit to how many different trading strategies I can try out before settling on one?
You’re right about not just chasing a win rate. The markets change a lot, and how well we’re doing can vary too. What strategies do you recommend for deciding the best time to exit a trade to effectively manage risk and protect profits?
Good point! We can see sometimes changing strategies can lead to confusion, increased risk, and potentially missing out on the benefits of a consistent approach. However, it’s important to periodically review our strategy to ensure it remains effective in changing market conditions. Do you agree with my view on this?
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I think I am one of the contrarian here that is like to tightening up my stop very quickly. To me, the effective method to do this is to learn how to use trailing stop. Sometimes I trailed to lock in profits until it reaches my take profit area, sometimes I just move to 1/2 of my initial stop and to break even as the price go into my favor. You need to practice to use it because then only you will gauge properly when to move it or not etc.
I trade in a trending markets and use price action strategy in case you’re curious in this. And I don’t like my trade to go half way my TP and then reverse back to my entry price. I rather get out first, and then wait for the price to re-stabilize again, usually I would find another setup to re-enter the market at that time (which can come very quickly after I got out sometimes).
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Nah, I don’t think it’s necessary unless you’re missing signals, or start taking on too many losses.
But, to each his own.
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you should try different strategies in your demo account and then come up with your favorite strategy, either copy or create your own strategy, and then stick to that, yet remember that the market is dynamic and you will need to change your strategy from time to time.
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I think it’s important to find one that works for you (as others have said). And to that end there should be no limit on the number of strategies you try before settling on one. If you find one that works for you then that’s good, file it away and keep trying, till you find another… and maybe another. Then when you have a couple that work for you, then you can start deciding which you will follow etc. Basically don’t settle for a strategy that doesn’t suit you, just because you feel like you’ve tried too many already.
It’s beneficial to explore different trading approaches, but avoid constant jumping between strategies. Experimentation can help you find what suits your style, but once you’ve identified a strategy that aligns with your goals and risk tolerance, stick with it.
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Don’t you think there might be some strategies out there that could work better for you than the ones you’re currently using?
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I agree with what you’re saying. Experimenting with different strategies in a demo account is a great way to find what works best for me. Whether I develop my own strategy or adopt it, sticking to it is important, but also I should know that markets change, and being flexible and ready to adjust my strategy is important too. Than you Phonix.
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Nope. Not at all. What I’m using now is perfect for me. I have no interest in any other strategy, at the moment. I trade D1, and it only requires 30-160 minutes per day.
If you’re got a good strategy, and it’s performing well, why change? If suddenly you’re losing too many trades, you gotta see if the problem is you or the strategy.
What do you think?
What kind of market changes do you mean? There are only three possible directions: up, down, and sideways.
What other changes could you possibly expect?
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I get what you’re saying about trying lots of strategies until I find the ones that really work for me. It’s good to know I shouldn’t just stick with one if it’s not a great fit. Really appreciate your advice.
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Got it, thanks! It’s good to try different ways but not switch too often. I’ll stick with a strategy that fits my goals and how much risk I’m okay with. Really appreciate your tip.
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For Forex I can tell you a story, I’ve been trading the 1minute timeframes for the top 1% trades, you know the ones that actually make real profits, you actually have a 0.64% window which provides you a 3minute entry window per day (8hrs because there are a few too many people who think you can trade the forex markets 24x5), this means you get one trade per day.
So I’ve switched to 2s and 10s timeframes (1s is a little inconsistent due to broker data, not the platform), this comes back to it costing $1million to train someone as the algos work every 50ms to calculate the prices, now I was avoiding this as much as possible because sub minute timeframe trading is hard work, seriously hard work, you can do per second trading in MT5 (trade entry), but like everything you have to know how.
This is where the markets are today, is it an end of year anomaly or will it sustain in to next year and beyond, who knows but something big is building up, if you have to go sub-minute it means even those with wealth and time are finding it hard to breakeven, something is going to snap in the markets - in geopolitics - in economics, currently these low timeframes are the only top 1% profit generating routes.
The exception is having extreme amounts of time at the top end (ultra wealth), now if you were experienced you would know in one of the Market Wizards that a scalper said he used scalping for direction but the real profits were made investing, the scalping provided the market insight to make informed trades, that you now have to go down to 2s and 10s is just where it is today, so yes two strategies work best, and that’s the private information, long-tail of the normal distribution!
What was the purpose of saying all that stuff, apart from promoting the totally implausible claim that you have “private information” (which you do - or something very similar - every time you post)?
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lol, maybe private information from the carousel at Schiphol? 
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