Which strategy do you use? | Forex Factory

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Which strategy do you use?

  • #1
  • First Post: Apr 8, 2013 12:12am Apr 8, 2013 12:12am
Hi everyone!

As a newbie, I try to get many useful information about forex and trading. Recently I knew about different kinds of trading strategies. Please, give me advice, which strategy will be the best for newbie? And which is good for you? Thanks for answers!!!
  • #2
  • Apr 8, 2013 3:45am Apr 8, 2013 3:45am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Patrik_Forex
Hi everyone! As a newbie, I try to get many useful information about forex and trading. Recently I knew about different kinds of trading strategies. Please, give me advice, which strategy will be the best for newbie? And which is good for you? Thanks for answers!!!
Before start looking for a strategy, you must learn how to trade by yourself. Then with experience you will elaborate your own strategy according to your trading style.

Using preformated strategies will make you go nowhere in my opinion.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Apr 8, 2013 6:03am Apr 8, 2013 6:03am
Yes I agree with your statement here, before start it beginner should need to learn "how to trade"!

Quoting FerruFx
Before start looking for a strategy, you must learn how to trade by yourself. Then with experience you will elaborate your own strategy according to your trading style. Using preformated strategies will make you go nowhere in my opinion.
  • #4
  • Apr 8, 2013 6:42am Apr 8, 2013 6:42am
Quoting FerruFx
Before start looking for a strategy, you must learn how to trade by yourself. Then with experience you will elaborate your own strategy according to your trading style. Using preformated strategies will make you go nowhere in my opinion.
FerruFX you are my freakin hero
  • #5
  • Apr 8, 2013 6:43am Apr 8, 2013 6:43am
Quoting harreymartin
Yes I agree with your statement here, before start it beginner should need to learn "how to trade"!
Yes, before start trading practices with demo account that's first step for Forex.
  • #6
  • Apr 8, 2013 6:49am Apr 8, 2013 6:49am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting allisonmagic
FerruFX you are my freakin hero
MT4/MT5 EAs/Indicators/Alerts coder
  • #7
  • Apr 8, 2013 6:50am Apr 8, 2013 6:50am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Tarusmark27
Yes, before start trading practices with demo account that's first step for Forex.
This won't help for emotional control. But of course demo is the very first step ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #8
  • Apr 8, 2013 9:36pm Apr 8, 2013 9:36pm
Quoting FerruFx
Before start looking for a strategy, you must learn how to trade by yourself. Then with experience you will elaborate your own strategy according to your trading style. Using preformated strategies will make you go nowhere in my opinion.


If I had to go back and do it again, I would not try to mimic any preformated strategy/backtest/pattern trade. Just buy the currency you think will appriciate and sell the one you think will depreciate based on market happenings and fits your own personallity. Once you got your chosen market down, it'll be so easy. You'll know what the charts will look like based on whats going on in the world.
  • #9
  • Apr 8, 2013 10:47pm Apr 8, 2013 10:47pm
Oh, thanks all for advices, but I asked another question. I didn't ask what should I do. I am really disapointed about it. I really wanted to know which strategies use many traders. I need to know it not for using it in my future trading, just to know and that's all))
  • #10
  • Apr 8, 2013 10:52pm Apr 8, 2013 10:52pm
the only strategies worth using in FF, are the strength strategies that ferrufx and several others designed.. and Ichimoku.. outside of FF is another story though
  • #11
  • Edited 3:51am Apr 9, 2013 3:33am | Edited 3:51am
Quoting Patrik_Forex
... which strategy will be the best for newbie? And which is good for you? ...
Hi Patrik_Forex,

You may start here by testing the various systems posted by members of the forum to see if any is for your own style.
http://www.forexfactory.com/forumdisplay.php?f=71
Or like a trend; google is your friend.

I do not use a system, I use a method.

PS:

What I mean by system and method is:

A system is based on indicators to make entries and exits.
A method is based on price.
A system is only for some pairs or markets.
A method fits all pairs and any market.
Enter Signature
  • #12
  • Apr 9, 2013 6:10am Apr 9, 2013 6:10am
One of my favorite scalping strategies on 5, 10 ,15 minute charts.
This is for range trading up down, up down, up down.....
Determine the long term trend direction in a currency you are very familiar.
Enter at market reversals. You are trading the extreme edges of the range.
Trading with the trend I average 4 lots depending on the risk evaluation. High percentage trade minimum 4 lots.
Very tight manual stop loss of 3 - 5 pips immediately on the trade. Do not let trade loss get out of control. Take the loss and move on.
Cash in 2 lots when most of the way through the range. Let the other 2 lots ride it out until market reversal a few pips. You never know when market will break trend in your direction and is good to have cash in the game at that point.
Against trend same thing with maybe 1 or 2 lots.
Get rid of all the indicators except for a few MA's and maybe fibs occasionally. Keep up on the news. Do you really think that USD/JPY is up because the macd crossed the RSI and turned red over elliots nose?
Quit trading your microlot lunch money. Most try too hard for a home run just to make $100 and end up losers. Open a real account if possible.
This morning I have 21 trades so far, up around 77 pips and about $3,500. The YEN is my friend today.
I have 3 monitors - 2 on charts - 1 on news. Not discussed here much but fundamentals very important. Know the news calendar.
This is a very simplified explanation based on years of staring at charts.
Good luck Patrik.
History is written by the victors.
  • #13
  • Apr 9, 2013 8:06am Apr 9, 2013 8:06am
And also there is a nice triple top coming soon on AUD/USD at 1.0500 or so for short scalping.
History is written by the victors.
  • #14
  • Apr 9, 2013 2:17pm Apr 9, 2013 2:17pm
most people say " use a strategy that fits your style, your personality, your personal preference, time ..etc.. " ..

well we are here to make money.. isn't that your personal preference ?


so use a strategy that makes money..
  • #15
  • Apr 10, 2013 5:54am Apr 10, 2013 5:54am
Quoting Patrik_Forex
Hi everyone! As a newbie, I try to get many useful information about forex and trading. Recently I knew about different kinds of trading strategies. Please, give me advice, which strategy will be the best for newbie? And which is good for you? Thanks for answers!!!
Only you can find the answer for this one. There are several trading strategies. But finding the correct one not easy at all. Some strategies may work for some and the same strategies may not work for you.So try to find a good strategy suits to your trading personality.
  • #16
  • Apr 10, 2013 11:20am Apr 10, 2013 11:20am
One size does not fit all, what may work for others need not necessarily work for you..so yes, as others have pointed out you need to develop your own strategy.
  • #17
  • Apr 11, 2013 2:15am Apr 11, 2013 2:15am
Quoting Money-RX
And also there is a nice triple top coming soon on AUD/USD at 1.0500 or so for short scalping.
Thank you very much! It was really interesting to read and very useful. I'll try to note such things.
  • #18
  • Apr 11, 2013 2:01pm Apr 11, 2013 2:01pm
What helped me when starting out was playing around and exploring moving averages and how to spot trends. I started with a demo account and experimented with ema crosses. While this may not be a viable long-term strategy, I think it is worth the time to understand how moving averages work. They can be applied to a lot of different strategies and can be used effectively as a filter to make sure you are trading with the trend.
  • #19
  • Apr 14, 2013 6:20am Apr 14, 2013 6:20am
I always find a good place to start is with technical analysis such as trend lines on higher time frame or maybe moving averages. Draw some trendlines on a four hour chart and watch how price reacts to them, i find trendlines give a good overview of the market enviroment, more so on higher time frames.
  • #20
  • Apr 14, 2013 11:16pm Apr 14, 2013 11:16pm
Tads, ReyesWhite, thanks a lot for your answers and that you shared your strategies here! I'll notice all of them, caues I think that all what is given by skilled traders are good ideas in forex.
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