Forex How to develop a unique forex strategy

[Lens1000]

Learning forex is not an easy thing because you would have to go through a lot of lessons and lectures before you could be able to understand the basics of Forex. I've gone through this stage, and I understand what it takes to learn Forex. In my own case, I have a mentor that taught me how to use the fundamental and technical analysis to predict the market sentiment, but most important thing is to develop your strategy and the strategy must be result- oriented. The challenge is how to develop the strategy that will fit your trading styles.

When you develop a unique strategy, you should also have it at the back of your mind to develop a trading style that fits the strategy that you have created because this will minimise losses in forex trading. The trading strategy is more or less like the rules that you should follow before you enter into trade or taking any trading position. You must follow this set rules for you to be able to avoid falling prey of losing huge amount of money in the process.

Your strategy should also be risk tolerance because you wouldn't want to risk all your account on a single trade. The Risk-to-reward ratio should be reasonable in such a way that minimises risk as much as possible. It is advisable not to risk more than 2% of the account.

 

[Flow-er]

A unique strategy will take you a long time because the professional that has strategy that works for them must have been studying the market sentiment for years before they could come out with such strategy and that is why mentorship is very important in forex trading. You could as well try out the unique strategy that was developed by some of the experts and you will make a remarkable impact. The big name in forex trading on YouTube shared his unique strategy and he called it "20% strategy" and I've tried that strategy severally and it works but have not used it with the live account, l used demo account to practice the strategy.

Whenever you have a strategy, it doesn't work all the time you will need time to study the market and when the opportunity present itself, you will hit it hard. Sometimes the best strategy is not to trade at all if the market is not favorable.

If you are not very careful in forex trading and you want to trade all the time, you may lose all your money. This is why it is very important for you to take into cognizance a good strategy to work with.

 

[Ivo Zetticci]

Experience plays a vital role here and you should try to turn your mistakes into a lesson and it will help you derive a better result. It inspires a trader not to make more mistakes that ultimately gives a trader better consequence. When mistakes are recovered, you are able to generate a better strategy.

 

[Lens1000]

A unique strategy will take you a long time because the professional that has strategy that works for them must have been studying the market sentiment for years before they could come out with such strategy and that is why mentorship is very important in forex trading. You could as well try out the unique strategy that was developed by some of the experts and you will make a remarkable impact. The big name in forex trading on YouTube shared his unique strategy and he called it "20% strategy" and I've tried that strategy severally and it works but have not used it with the live account, l used demo account to practice the strategy.

Whenever you have a strategy, it doesn't work all the time you will need time to study the market and when the opportunity present itself, you will hit it hard. Sometimes the best strategy is not to trade at all if the market is not favorable.

If you are not very careful in forex trading and you want to trade all the time, you may lose all your money. This is why it is very important for you to take into cognizance a good strategy to work with.

Developing a unique strategy in forex is very important but before you could develop a strategy that is unique in forex, you will need to have enough experience around forex. It is not what you will just learn in three months and you think that you are perfec, Forex isn't so in many cases because you will have to keep practicing for years before you would develop a winning strategy.

if you want to take a shortcut, you could copy the strategy that is developed by the experts. I do that too in some cases ans I often copy-trade and that is one of the things that I do occasionally.

I copy the trading strategy of the export inorder to pull successful trade and when I combine the strategy I copied with mine, in most cases, I get the most desired results. This is why forex trading needs mentorship and a lot of training because you will need all these things make success in this field. without having an experience ,you can not venture into Forex business and that is why most of the people that rushed into the forex business , rushed out of it with huge losses . Learning forex is a key to success.

 

[Mary Frederick]

Unique strategy building takes time because experience is needed to do this. Don’t make any impulsive decision based on whatever you see in your bare eyes rather try to know the market based on market analysis. Strategy helps a trader take flourished decision.

 

[Caballine]

Run a few backtests on selected strategies that stood out the most to you in your eye as a trader and try it out on a demo account. Once you see changes, select it and add risk management to your plan. Calculate and analyse the market opportunities carefully, and go ahead and start earning profits.

 

[Diapason]

Well, each person is unique. And every strategy has to be unique as well. No two strategies are the same in nature, as one size does not fit all. You need to figure out what works for you and what doesn’t. Learn, apply, and observe. That’s the key to developing a unique forex strategy.

 

[Ponmo]

Experience is important here, and you should aim to transform your failures into lessons in order to improve your results. It motivates a trader to avoid making more mistakes, resulting in a better outcome. When mistakes are identified and managed, you may develop a more effective approach.

 

[rahim299]

No strategy works everytime. Only money management and discipline will help to stay in financial markets for long time which will eventually helps to gain experience and profit in the long run. Either forex,stocks or crypto whichever the basic is price action. Most of the traders they start with trying indicators and then to strategy but they lack in money management and discipline eg. if having a capital of 1000 $ then the stoploss risk be strictly maintained should be 20$ if it all move stop loss to breakeven and profit target 30$ or 40 $ or pyramiding when markets in your favour depending and no of trades as per capital. It is not mandatory that trading needs to be done everyday but when opportunity make money out of it with maximizing profit. Demo Accounts doesnt psychologically affect us where as trading real accounts affect which causes these fear and greed

 

[Ithedicious]

For people that are just new into the forex market , it is rather be advisable for them to go through the normal advanced learning on forex because that is the first stepping stone that will help you to really understand how the forex market works, and from there is how you can be able to develop your own unique trading strategy that will help you navigate the trading platform effectively without so much loss.

I have made up my mind and even if I have to engage in any profitable venture online , it will definitely be forex or cryptocurrency and I don't have to go through the basics class alone . I have to spend money if necessary to go through the advanced class that will help me to understand how the forex market work . When i understand this , i can be able to give out signal based on advanced market observation and other things.

 

[pawelkolasa]

Well, a unique strategy will take time to develop. Understanding your current level is important. Experience will do so. Keep practicing in a demo account and read books on forex trading because that’s how you will identify strategies that have worked for other traders, then you can enhance those strategies to make more lethal strategies for better chances of success.

 

[Dita Walczak]

It depends on your capability. If you think you can derive sufficient amount of profit from trading, you can choose full-time trading. Otherwise, stick to part-time trading as long as you are not well-learned. Follow all the possible approaches of learning and take lessons from mistakes.

 

[LaneBall]

Building your own strategy is important to carry out profitable trades. Every trader has a different personality and different trading style so you must choose what works the best for you and don’t try to copy others. Select some strategies and backtest them in a demo account to figure out which one suits you the best. If it starts working for you and you notice positive changes then add your risk & money management to it and start trading with the same strategy to make profits.

 

[Jack Reacher]

But, it’s essential for a trader to be well learned, motivated and mentally-fit for trading. Traders can be so when they are well-skilled. Traders should identify their deficiencies and then work on them to repair. Skill is a very precious quality to achieve for a trader.

 

[Asahi]

Coping up with the market trend is essential for avoiding depression. So, enjoy your profits and never care about losses because it will make you fell into depression. Decision making plays a vital role in eradicating depression and market analysis comes in handy in this regard.

 

[Tubiform]

It takes time to learn and understand everything about the forex market. You will become more skilled as a trader when you gain experience in the forex market. A unique strategy and tight risk management will surely give you an edge over others. Developing a good strategy is a lot of trial and error. That is why we have to backtest our strategies and also forward test with a demo account before going live.

 

[Tactical]

Well, everyone’s strategies are unique in themselves. No two strategies are similar in nature unless you are copy trading. If your goal is to make a unique strategy, though, you need to learn and relearn from your experiences, successes, and failures. It will naturally and gradually appear, so do not force it. Forcing a unique strategy from now will result in chaos and confusion along the way.

 

[goodstomecom]

I think that in order to develop a unique forex strategy, you need to develop unique forex indicators, and for this you need to be a good mql programmer.

 

[Jenet]

Experience is key in this scenario, so make an effort to learn from your errors so that you can go on with better results. A trader is motivated not to commit more errors as a result, which leads to improved outcomes. You can come up with a better plan when mistakes are recovered.

 

[Mudpuppy]

Developing a unique strategy takes time because experience is required for this. Avoid making snap decisions based on what you can see with your own eyes; instead, try to understand the market via market analysis. A trader uses strategy to make successful decisions.