Forex How to develop a unique forex strategy

[Spittle]

Upon backtesting different strategies, during the journey, the trader will get comfortable with dealing with sudden shifts and that is when they will find the strategy that can make them lots of profit, only through hard work, of course. It is achieved through experience and many ups and downs. The road to profit isn’t easy but it’s worth it.

 

[Henpeck]

A unique successful trading strategy is not something you can simply copy from other traders. It's something that can only be discovered through experience and failure on the part of the trader. Analyze different strategies one by one on a demo account. If any of them is profitable on a demo account, you can use the same strategy on a real account.

 

[Misology]

Every trader should develop their own unique forex strategy. They should not only form the strategy after analysing the market but also take into account their own conditions, as to how much time and money they can put in.

 

[Hydrogenic]

Self motivation plays a huge role while you wish to develop a unique strategy. You will fail multiple times, this is why backtesting on a demo is best! It increases experience and prepares you a little bit for what you may face when you trade live. Amateurs often lose and then walk out with empty pockets, no. you should pick yourself back up and continue trying. Maintain a journal so you can refer to past mistakes and rectify it and find your strategy that works, personally. Keep trying, that is the concept towards winning.

 

[Numiinous]

However, a trader must be knowledgeable, driven, and mentally prepared for trading. When traders are skilled, they can be successful. Traders should recognize their shortcomings and take action to address them. For a trader, skill is a very desirable characteristic to possess.

 

[Polyglot]

You can develop a unique forex strategy by applying your own research analysis and knowledge. Don’t blindly follow someone else’s strategy, make your own. Backtest your strategy with a wide range of historical data so that you can find out which timeframe suits best for you, and what other factors like risk:reward ratio and stop loss should you apply.

 

[Gastrolatry]

First things first, know what you want to achieve in your trading career. When you know the destination, building a path becomes easier. Also, see how much time you can dedicate per day to your trading. Once you know that, you will be able to build the right forex trading strategy.

 

[Titulus]

The fact is, no strategy is ever certain to succeed. The "best" Forex trading method is subjective. Depending on their risk tolerance, trading style, and ultimate goals, various traders will have different preferences. Before you start your trading journey, there are a few things you should be aware of. It's crucial to determine which of the many available strategies best suits you because there are so many various kinds of them. Learn about technical & fundamental analysis well and try to figure out your own strategy. Backtest it on a demo account to see if it works for you.

 

[Monadism]

Your end goal has to be the beginning of building a solid trading strategy. The best is to analyse the market and see what tools you can use. Do mention the details of every move you are going to make and every risk you will take so that you know how to handle an opposite situation.

 

[Hylotomous]

The best strategy will be built on the basis of your own experience in the forex market. But until you gain some, use a readymade strategy but keep your risks low. This will help you collect information about the market and how a certain strategy works.

 

[Economacy]

Traders will pick up new skills along their journey through experience, once they backtest different strategies, they understand their style of trading and that helps them create a strategy that works for them. Traders must be patient and give the process time, profit is earned if you put in the effort.

 

[Chockcroal]

In order to develop a unique forex trading strategy, you need to keep your own conditions and goals in mind. Set the time frame of each trade equivalent to how long you can stay focused at a stretch. Set the number of trades in a day, as the total amount of time you can invest in one day. Set your risk:reward ratio as per your risk appetite. Practise in a demo trading and make sure which trading style suits you the most. Backtest thoroughly with a wide range of data so that you can make sure what can be a good day or time, or a profitable price range to trade.

 

[Wavemeter]

No trader is able to find a fully functional trading strategy from the day he starts. It takes time to find or build a good one. There is also no guarantee that this particular strategy will work for you every day. You will have to update it with time to make the most of it.

 

[Satanology]

Developing a trading strategy takes time. The important aspect of developing a unique forex strategy is to have a clear and concise plan. This plan should outline your goals and objectives, as well as the methods that you will use to achieve them. This plan should be reviewed and updated on a regular basis, as your goals and objectives may change over time.

 

[Zygomatic]

The only way to develop a successful strategy for foreign exchange trading is to first study and then test a variety of different strategies. You will be able to discover one strategy that is profitable using this method. Consequently, you can employ this strategy in your trading.

 

[Jack Reacher]

Strategy is generally produced combining several indicators and personally I prefer using RSI, stokistics, moving average and Bollinger bands.

 

[Liquescent]

The best way is to analyse one’s personality, risk appetite and financial goals. Then one can pick and practise the strategy on the demo using different technical tools and indicators.

 

[Sociable]

In order to develop a unique forex strategy, you have to put in your own needs and conditions as the indexes in the strategy.
What I mean to say is, you may take the idea or the structure of a strategy from someone else. But you need to frame it as per your personal objectives. Set the time frame as per the amount of time you can dedicate in a day. Set the trading capital per trade only as to how much you can risk losing. Don’t trade what you cannot afford to lose. Set your risk:reward ratio as per your own risk appetite. You do not need to follow how many pips someone else is trading in a day. Trade only at the level you are comfortable and confident at, then proceed gradually. That is how you make it unique.

 

[ShyCube]

You need to be patient and learn from past mistakes, in order to be able to figure out how to make returns. A unique strategy is developed over time and comes with experience. Analyse the market efficiently, run a few backtests and moreover, focus on the bigger picture.

 

[Winebibber]

Only through experience and hard work will you learn to establish a unique and profitable market strategy. It takes time to create a strong and lucrative trading strategy in the market. You can do that, but it will require more expertise and understanding.