it is indeed true that there is no single strategy that will always give you wins. as we all know that forex is a game of probabilities. All we are trying to do is being on the high probability side and make money out of it. In my opinion, there is actually much more available to us to trade than what is required. What i am referring to is that there are so many indicators, literally in thousands. Seriously guys, we don't need so many indicators to trade. Trading in my opinion is fairly simple and we only lose when we try to make it complicated. The more simpler your set up and strategy is, the more chances of success.
Even the simplest strategy like "buy if this week's close is higher than previous week's close and sell if this week's close is lower than previous week's close", will make money, and that too, compared to those highly complex strategies out there. Then why do we lose? That's because we are not giving enough time and patience to any strategy to develop and mature.
Suppose if we decide to trade on the daily chart, our strategy is trend following, i can bet 95% of us would put up a trade in the right direction, using the right indicators, timing perfectly. But then we keep coming back to the screen to see where has the price gone. This creates a lot of anxiety and will make you as a trader nervous and will ultimately lead to premature closing of the trade.
If you are trading on a daily chart, put up the trade and then don't look at it until at least a day has passed. Since we all know that markets trend only 20% of the times and are choppy or ranging 80% of the time, we cannot expect the trade to be successful immediately after we putting it up. If one wants to be a better trader, my personal opinion is calculated your risk, then decide your trade size, work out the entry, place the trade, and then forget about it. The worst that will happen is that either you will be stopped out. But you have already worked out the risk right? so why bother keeping yourself glued to the screen.
If you are trading the daily TF, you should start your analysis at the weekly chart for Trading Bias and Support/Resistance and the Monthly chart for Major Support/Resistances and Long Term Bias.
Once you have established a Trading Bias to go Long or Short, look for opportunities only in that direction and ignore all indicator signals that give opposite signals. Even for trading Divergences, those divergences that are in sync with the major trend will be more reliable and make bigger moves than CounterTrend Divergences Since all divergences do not lead to reversals.
do write back with your comments and i would be happy to help.
thanks and happy trading :)
