What the best strategy ??? - page 4
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Money Management
I think that one of the overlooked strategies in forex trading is money management. If you want to be good at making money, you have to figure out how to manage it. Make some rules on how much you invest daily, how much can you loose etc... dealing with loses is much more important than enjoying the winnings
Good luck
It nice to see someone that only wants 30 pips. Most I know aim for stupid targets and get nowhere. My own aim is 30 pips a day and is a realistic target for me. I earn my living from trading and so have be sensible or I'll get drowned out of forex. small amounts and discipline work well together.
The most important thing is to get PIPS, as long as you make pips you make money. And another time is TIME. Do you have time in front of your computer all the time just to make pips. You don't have to loose money as long as you watch the charts...he..he.. I rarely loose money if Iam in fron of my desktop.
But if you don't have much time to manage all those, you should get your system in place to do all the hard things. You still can find good softwares, brokers or whatever to do it for you....
In order to be successful you must have a good strategy and the best strategy is the one that gives you confident. When building your strategy you must be focus in the right mix of indicator. Some traders talk about choosing the indicator according with your personality. You must understand this in a simple way. Just find an indicator that you can rely on. And you can only find it if you study and practice a lot. If you read as much as you can and you learn how the indicators work you would be able to find confidence in the market.
One Advice..
well, I’ve been trying some indicators and some mix of them. Starting, I rely sometimes. After a while, it begins unexpected comportments of indicators then I don’t trust them anymore. I know there are lots of maths behind but in conclusion I can’t rely on it and I just make decisions in short, rarely I keep orders for more than half an hour. Let me know your advices about rely or not in this kind of strategies. Gabby
Hi there,
One Advice i can provide you is to pick a system use it ( Demo trade ) until you have at least 20 trades from it doesn't matter you make profit or not . Make sure you follow that system A-Z.. If you don't like it then change to another system and repeat the process. Believe me it will not take you long time to materialize your trading and you will feel much confident about your self in terms of trading i meant.
hope that helps.
Guyver.
Personally, I like trading breakouts, and if the initial breakout fails, I like to trade the reversal. I trade on the higher timeframes because there is less false signals.
There will be many days that there will be failures. So it is important to commit to any strategy before you put real money on the line.
I wish I had learned how to trade breakouts when I first started trading. It is fairly simple compared to the numerous systems out there. No indicators are necessary. No real intelligence is necessary. Just discipline and persistance.
I highly recommend reading the following book:
Amazon.com: Trade Your Way to Financial Freedom: Van K. Tharp: Books
It is all about creating a system that works for you. It also covers some common faliures of beginning traders.