How a beginner in forex could develop the winning strategy

[Lens1000]

In Forex trading, it is important that we have our own trading strategy. It is not overstated if we say that developing a winning forex strategy is very difficult, most especially for the new traders. The answer to the question is very simple amd also very comprehensive. To develop the strategy that will fit our trading style, we need to keep watching the YouTube channel because this is where you could get different experts that could help you develop different strategies.

I would give you an example of how I developed my own strategy. I would not say that it's a winning strategy at present, but I'm still experimenting it on the demo account. I have couple of expert on the YouTube channel and I combine all the strategies into a particular one that I am experimenting right now . This is exactly one of the ways at which you could develop your own strategy. Another way at which you could get your own strategy is by reading books that are made by forex experts. This will help you with the in your forex trading career. There are several books that you can lay your hand upon to sharpen your skills in forex trading.

 

[Ithedicious]

Forex is more advanced than we might think , although the volatility of forex is quite different from that of cryptocurrency but yet still developing a unique strategy that help you trade the forex market effectively is not something you have to do overnight and you shouldn't expect it to be something to achieve within a short.

Normally you have to go through a lot of learning process and reading to be able to develop your own trading strategy.
What we have to understand is that we shouldn't expect to make money from something we don't understand like the forex market..

Before you even think of earning perfectly in the forex market , you must be able to understand and analyse the market perfectly, That is just the only way. You will not be able to achieve this for free , you may need some sort of money commitment and time. It's not really easy and anything we are interested to do dedication to be the most greatest character.

 

[Cosmasaor]

I agree with you on this post, forex trading strategy should not be something you just woke up, watch one or two YouTube videos and you conclude on a strategy NO....
You need to process over time, taking other events into consideration,also as a starter you need to apply anything learnt on the DEMO Account first to avoid lost of funds.

 

[Jack Reacher]

Before investment, a trader should learn how to operate an investment to earn a better feedback. Investment is a big step in Forex trading and so it should be done carefully so it doesn’t make you a sufferer in the long run.

 

[Dora Wi]

I think it's important to get your information from several sources in order to maximize your knowledge and develop your critical thinking. I do agree that the best is to develop your own strategy based on what you have learnt, but there is no one perfect strategy - we often have to make adjustments based on our needs, experience and the market conditions.

 

[cashisking149]

I think the issue with newer traders trying to learn or develop a strategy is impatience. They often want to jump straight into the meat of the subject where they can come up with a plan to make them money but this means that they are fundamentally lacking in certain key areas such as understanding risk profiles, how the markets actually move, nuances of a particular pair etc etc. To use a medical analogy, surgeons will want to get to a point where they are able to perform operations. But in order to do so they have to spend time studying anatomy, surgical techniques, suture technique etc. These all come together eventually to build a comprehensive surgery.

 

[Vladv26]

You can't really develop a winning strategy as a beginner, at least not a strategy that's going to last for a very long time. You need to put a lot of effort and learn all the tricks there are, watch other expert traders, read books, articles and then go out there and practice as much as possible. This is the only way you can actually develop a good strategy. And you won't be able to do it in a short amount of time. Also, even if you find a good strategy, it's not going to remain consistent for a long period of time because things always change in the forex market. You'll have to always adapt your strategy to current times.

 

[Tubiform]

With all my experience in forex trading, I would say that it takes much more than following a couple of youtubers and books to create a winning strategy. In order to make a winning strategy you will have to find your goals and objectives, adjust them in the strategy, research the market thoroughly, and most importantly, backtest a number of times. Most youtubers will sell you a ‘dream-like’ strategy, because that is how they make their profits, by attracting viewers. But I suggest the following books are much better than youtube.

 

[Asahi]

Remember one thing that every mistake can lead to a big loss so traders should prepare them in such a ways that no mistake takes place. Always go for step-by-step development.

 

[Spittle]

It will surely take time for a beginner to develop or devise a winning strategy. There will be a lot of trial and error. You just have to identify your mistakes and correct them as you move forward. We should never stop learning and improvising even after finding that perfect strategy.

 

[Polyglot]

A forex trading strategy must include proper observational results that you have obtained from fundamental and technical analysis. As a beginner, as your analysis skills are not so strong, you should prioritise on risk management. Use stop loss, and risk:reward ratios. As a beginner, in order to develop a winning strategy, you must backtest your strategy thoroughly for accuracy. Use different indicators if you are not sure about your decision after analysing the charts. As a beginner, you should practice from the very first day about sticking to your trading plan. Don’t mess with it or fidget with your trades after you open them.

 

[Titulus]

I believe it is critical to obtain information from multiple sources in order to maximize your knowledge and develop your critical thinking skills. I agree that developing your own strategy based on what you have learned is the best option, but there is no perfect strategy - we frequently have to make adjustments based on our needs, experience, and market conditions.

 

[Gastrolatry]

There is much more than just watching trading strategies on YouTube or reading books. Of course, they do help traders in developing and improving their trading strategies, but merely watching videos or reading books won’t help anyone. We can take inspiration from such people, but we cannot make their strategy ours as their goals and our goals are unique, their capital and our capital are unique, etc.

 

[Sociable]

Nothing would help more than a trader’s experience! Every strategy would seem easy until you start using it in the live market. The more details you know about your strategy, the easier it gets for you to customise it as per your needs. So, use a strategy with a small amount when you are starting off and make changes to it wherever you feel like.

 

[Monadism]

If a beginner wants to develop the winning strategy in forex trading, he should focus on one trading method and stick to it. Switching between different techniques will not help the trader develop his skills. Moreover, it is important to run the strategy through backtesting for thorough check.

 

[Hylotomous]

It’s an important question that needs to be addressed because most traders are worried about getting their trades right. They don’t understand that there is an issue with their strategies. With time and experience, you will get to know what needs to be done that will help you in making great profits as you want.

 

[Walkabout]

A beginner forex trader could make the winning strategy as follows:

1. Start with a small account.
2. Learn the basics of forex trading.
3. Develop a trading plan.
4. Stay disciplined and stick to your plan.
5. Use stop-loss orders to protect your capital.
6. Take profit when you have the chance.
7. reinvest your profits.
8. Be patient and don't get greedy.

 

[Slumberous]

Whether you are new to trading or have years of experience under your belt, there is no easy way to discover a winning trading strategy. The only way to discover a winning strategy is to research and experiment with a variety of different strategies. You can take the help of a demo account to test those strategies. There is no other way to discover it.

 

[Scrutinize]

I think as a beginner you should work with the popular strategies that are already tested and proven to be successful for many traders. By doing so, you will get to know what works for you and what needs to be changed to suit your trading style and goals. Developing a truly unique winning strategy of your own will take time and gaining knowledge and experience is very much needed for that.

 

[Satanology]

Google is there to help you with your first strategy. But when you wish to trade for a long term, don’t refrain from customising your strategy in accordance with what you wish to achieve.