Effective Trading Strategies?
You can't go around looking for "the best strategy that anyone can trade". The reason why many people fail at trading is because they do exactly that. They think they can "solve" the market and follow a set of rules some bloke gave them and they'll be rich. It won't happen.
The best effective strategy will be one that fits you and your trading style. Your availability, your attitude toward risk, your attitude towards winnings, your psyche, everything comes into account when thinking about trading and building a strategy.
There is no such thing as best trading method. Only you can create a better system according to your style.
Develop one & stick with the rules. Then you don't need to follow others
It all depends on the trader personality and we can't just follow someone strategy because it's successful. We have to find the system that suits ourselves the best so that we won't jump to another strategy when we have consecutive losses. Trading is 95% mental games and that's why a lot of traders fail and give up eventually when they have losses.
For me the most effective forex trading strategy is trading on daily time frame using price action on support and resistance levels and also on trend lines.
As long as the strategy is a system and not just a bunch of indicators thrown together to resemble to a strategy, almost every such strategy can be profitable with patience and good MM
In reality the best trading system is what you have on your hands; having said that, the best system is usually the simplest( 3 indicators at most), maintaining a max of 2% risk. In most cases its the first system right after your Forex schooling.
At advanced stages, then price action obviously rules.
PAT
What trading do you choose manual or automated?
What trading do you choose manual or automated?
All Manual for me.
The only one trading strategy that I had found effective was price action trading strategy on longer time frames. It had proved of great effect for me.
a bow for archer
a sword for sword-man
a chart for technical analyst
a helicopter not for someone who cannot fly copter
a knife not for baby
We can list more, what most important is all traders need to find what is working for themselves,
this can be achieved by trying one by one all the system until successfully find what is working.
What working for A trader might not working for B trader.
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Since I was introduced into the world of trading, I’ve come across many trading strategies: manual, custom, automated and semi-automated. They’re available on websites, seminars, and forums and in magazines. Many of them come with high prices or low prices. Some even come free! Sadly, majority of them are worthless, otherwise, majority of traders wouldn’t end up losing their shirts.
However, there are good strategies out there, as evidently used by successful traders. What do you think is the best trading strategy that most traders can use successfully, provided they stick to its rules faithfully?