Does forex strategies usually work?

fxoday

Recruit
Messages
367
Correctly explained. its good to get honest answers which actually reflect experience and testing. I generally follow chart patterns as my strategy but its not like i will blindly follow a chart it it says that this is the entry point this is the exit etc etc, Apart from this you need to have an in-depth analysis only then my patterns strategy will work.
I like the chart pattern too, in my opinion, this is a simple way to analyze the market pattern, sometimes I use indicator but in practice, my concern is more to analyze by chart pattern, indeed not always perfect, but I like it
 

LostCause

Private
Messages
12
As a new trader you should focus on learning how to read the markets. Strategies even ones that ARE profitable will not be profitable for you because you will change things, tweak things, miss things, make emotional decisions that sabotage the strategy. Every new player looks for strategies and 90% of traders lose money and are not profitable. So don't do or chase what the majority do and you will succeed.

Trading is about following and developing a process. Its process over outcome. Focus on the process and results will follow. Strategy is the last thing you should be thinking about.

You need to find out what sort of trader you are, you need to develop the skill and understanding reading price and market (or news/geopolitics etc if you want to be a fundamental trader) you need to have a good understanding and a knowledge of basic rules, what is a trend, the rules how you define a trend (IF/THEN syntax) and many more things I am not going to write, once you have all this in place, then you learn basic money management and risk management, Only then do you develop a rule set of what you want to trade (A strategy) and then you test it to see if it is profitable or not.

So "im new to trading" and looking for a strategy... wrong way around. That is the last thing you should be thinking about.
 
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ele020

Corporal
Messages
75
I like the chart pattern too, in my opinion, this is a simple way to analyze the market pattern, sometimes I use indicator but in practice, my concern is more to analyze by chart pattern, indeed not always perfect, but I like it
Yes, when it comes to trading, its the combination of various techniques, knowledge, experience, indicators that works.
 
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