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mohsinqureshii

Choose your strategy...!!!!

By mohsinqureshii, in Trading

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mohsinqureshii    10

mohsinqureshii
Posted

Learning to trade forex is not an easy task, but by no means it is difficult either. Learning to trade forex does not require a great intellect or a college degree. Doctors have failed as traders and construction workers have become millionaires. Trading is all about discipline, determination and perseverance.

 

The key is to understand who you are as a trader and trade to your strength. Leveraging your strength can be magnified by deploying the appropriate Forex trading strategy.

 

There are hundreds, if not thousands of forex trading strategies out there. Logic will tell us that there is a currency strategy out there which leverages our strength. it is not one size fits all world. To immediately cut to the chase and take away the magic, it all comes down to two basic trading strategies; trend-following and range-bound.

 

All forex trading strategies use a variety of indicators and combinations, MACD, Moving averages, Stochastics, Chart patterns, Candlesticks, Pivot Points, Fibonacci ratios, Elliot wave analysis, Bollinger bands, Parabolic SAR, relative Strength Index(RSI), and the list does on and on. Lets take away the magic again. These indicators and studies are merely measuring support and resistance and trend in the forex market.

 

But which strategy really works ? This is the old age question.

 

First, we must understand who we are as traders. Does our personality fit the pip sniper mode or does our disposition attract us more towards swing trading. Finding your trading personality will mean studying and experienced the different time frames and/or comfort trading one style over others. Pay attention! The market is is telling you where your skill is more capable of extract consistent profits for the market. This is Why Journaling is so important to your Forex trading routine.

 

Secondly,IF you are using someone else's strategy, a most of us are, deploy this strategy without change until you fully and completely understand all aspect of the strategy through back-testing and actual experience. Just dance the dance you have been taught until you learn a dance of your own!

 

Don't fall into the trap of jumping from strategy to strategy or combing different strategies when the one you are using does not yield immediate success. This is only a recipe for disaster. Take the time to really understand the trading strategy. Study the components individually so a deeper understanding of the strategic mechanisms is mastered.

 

above all, know when and when not to deploy this strategy. You will not find consistent success implementing a trend following system in a range-bound currency market.

 

So what's the right strategy for you? It is simple, the one that works. It does not matter is it is complicated or simple, trend-following or range-bound, uses Fibonacci studies, pivot points or both. If you understand the components, internalize its use, and drive consistent profits into your trading account, then you have your forex trading strategy.

 

It does not matter what the experts say, your account balance is the ultimate judge and jury for your forex trading strategy.

 

Thanks for your precious time.:)

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mohsinqureshii    10

mohsinqureshii
Posted

It is Important to find the forex strategy right for you! When I begun learning to trade the forex market I was introduce to intraday trading using 5-minute charts. I gained an understanding of nuances of market movements and the importance of technical tools, such as simple/Exponential Moving averages and Fibonacci. These proved to be valuable lessons coming from the options world.

This style of trading just did not suit my personality. It was necessary step, but as soon as I felt comfortable and confident in the 5-minute trading style I dialed my chart right out to the hourly charts and beyond. I know lots of people that like the fast pace, simplicity of this style and are some of the most successful traders I know.

I am not just one of them!

My personality fits a longer term view and i just did not thrive in the faster paced decision making required in the 1-minute and 5-minute styles. my focus is on swing trading on the 240-minute chart and itraday trading on the hour and 15 minute charts. It is important while you are learning to trade Forex. You maintain an open mind to all Forex strategies, but in the end your personal trading style must recognized and exploited for long term success! :)

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