How Many Strategies To Trade From

Hi Guys,

I have been trading around 4 years with little success and then last year was my first positive year. Mainly because I stuck to 2 strategies - a daily and H4 strategy.

This year I stuck to the same guns and were successful so far. Since our lockdown because of Covid-19 I have ben trading of signal providers as well because of a little more time available during the day at home. Using my 2 strategy and some signals I managed to double my account in June which is nice but think that I might be overtrading my account. I am used to longer term strategies so intraday strategies are still a little daunting for me - things happen a lot more quickly.

How many strategies do you guys trade from? Do you have a long term (daily) strategy and then a M15-H strategy for supplement the long term strategy? Is there a recommended number of strategies? Does it depend on myself on how many strategies to work with?

For now I trade to increase my balance. Eventually I would like to trade for an income. Using compound interest from my current balance it looks like another 4 years before I can grow my balance and then withdraw an income.

Apologies if this has been answered in another thread. I tried looking for one but have not found it yet. If there is another tread I will gladly go through it and then ask my questions there or here.

Regards,
Kakmaker

Form what you have said. Youhave been tradig for quite a long itme. 4 yers and you still have not gained any profit. I think yo uhave been taking things slow and that is a good thing. We all move at our own pace in forex. Do not be discouraged but rather continue on. You will be an expert if you continue like this. As for your strategies they seem to have worked quite well. That is because you are still running after 4 years. I do not employ much strategies but I enter into trades when it is at its peak. That is when there are a lot of entry points. If ound that it was mcuh easier plus I do not have to wait long for the trade to end.

Intraday trading requires time, skills and discipline, but it is definitely on the list of strategies for traders who plan to succeed and make significant profits. Remember that there is no perfect strategy. Be prepared to change, improve and combine different approaches to get the most promising results. Day trading is a great opportunity to make significant profits in forex trading, if you manage your risks correctly and stick to the strategy. Be sure to check your profit percentage and keep it above 50%, and choose leverage according to the strategy you are using, and day trading will bring you 5-15% profit per month.

When choosing a strategy, as well as when choosing a car or a life partner, you should be guided by your personal preferences. While studying this or that system, ask yourself: do you like it? Will you feel comfortable and confident trading on this strategy? After all, if you don't have confidence in the system, after the first losing trade, without which you can't do anything in trading, you'll start to doubt and miss signals that could lead to profit. You should feel confident in the system, it should fit your temperament: hold one position for a few days or open/close many small orders during the same time?
The strategy must also be in line with your beliefs - the same martingale has many opponents, but many followers. Some people think that it is impossible to trade on minute charts, others will prove the opposite.
It is also possible when you take from the system only some elements that you like (some indicator or method of analysis) and thus, leaving the best, in time you construct your own method. Personally, I prefer to mix several strategies, combine them into one and create something really unique. Because for me, only there you can get really unexpected results. Trading is a constant experiment with systems and the trading technology itself. It is important to understand what exactly a strategy should do and understand the outcome of its use.

I think you're on the right track.

Trading on a higher timeframe to avoid overtrading is a smart move.

Most profitable strategies turn unprofitable because of commissions piling up and slippages.

Some people do scalp successfully though?

its all depend on your personality, everyone is different. and yeah scalping can work

Yes, you can scalp successfully and still be profitable in the market. In Forex scalping, you really need to love what you do. This is because you have to wait for the signal from the market situation to know which position to take - short or long. Forex scalpers trade on Forex in short timeframes, such as 15, 5 and 1-minute charts.
However, in order to make money using the scalping method, you need to wait for the right time to open a trade, you also need to execute orders quickly and close a floating position if necessary.
One of the most important things a scalping trader shouldn't forget about is to use scalping indicators.
If you are a beginner trader and want to do scalping at Forex, the best way to learn scalping is to use scalping indicators. The indicator will show you the right time to enter the market when you want to sell or buy. So all you have to do is wait for the signal before opening a Buy or Sell position.
To trade on Forex, all you need is practice. If you are scalping, you also need to practice. One successful market entry isn't the same as 100 unsuccessful position openings. All you need to do is start practicing now.

I like post from Active1. These are absolutely basic forms which can be frequently found on charts. Yours is just to figure out which formation is at palace and start planning your next trading move

Personally I just trade one single strategy, on the daily chart. I do this because it works with my other commitments (i.e. don't have time to constantly monitor for intra-day trades). Also, trading one strategy I feel allows you to master the other (non-system) related aspects of trading i.e. good risk/money management, position sizing and importantly, psychology.

There are 3 types of strategies in the Forex market. Which is Fundamental Analysis / Technical Analysis / Sentimental Analysis Of these 3 types of analysis, I like Sentimental Analysis. I have also gone back to many strategies but I have not found a good strategy like sentimental analysis anywhere. But you have to trade with a long time view. Overtrading destroys careers. No matter what strategy you use, if you trade overtrading, you will never succeed. Maybe you make a profit for 1 month or 1 year but at the end of the day, you will make a loss that will cover all your profits.