Is there anything like a best trading strategy?
- Thread starter Nealeliff
- Start date
Try limit order in that case and you’ll get to close your trade at the preset profit level. In case you aim for a better profit, there’s always a chance to place the limit order above the current price.
ideas won’t hurt right!?Even I use conditional stop and limit orders to manage a trade if the entry order is triggered when I am not using the platform. This gives peace of mind that no irrelevant trades have been made without proper orders attached.
I am also in favor of talking to absolute strangers and knowing what they are doing. It doesn’t only give you a new perspective but also makes you believe in how vast trading is and there is still so much that you can do instead of standing stagnant.
I could easily say that the price action strategy is the best one for me. But it would not be true for you because you may not be able to trade as many hours or at the same time as I do. It depends on your style and circumstances. For instance, a day trading strategy can be the best for you to focus on the charts all day. If you cannot focus, it will be extremely difficult for you to use it.
Can’t agree more! Until you find what you want to achieve and what you can do for that, it is hard to determine which strategy you can use. When I was struggling to find an answer to this same question, I did a lot of market research and training. As I have been a day trader, I had that kind of mindset and so, built a short-term trading strategy to scalp the markets with fxview and avatrade. I started small and grew my account as my skills improved.
First of all, you need to be very disciplined.
- Do not risk more than 1% of your account
- Keep your risk-to-reward ratio to at least 1:1.5
- Do not close the winning trade before hitting the Take Profit
- Do not hold the trade and waiting and waiting. Place the Stop loss according to the 1:1.5 ratio.
- If you can maintain a Win Rate of more than 40% of your trades, You are on the profit side.
- Do not put your money into testing the strategies. Use the Demo account and No Deposit Bonuses.
Change is the law of nature. At some point, you may feel that one trading strategy is working fine for you. But the other time, you might feel like using the other one. I truly believe that it is better to learn a few strategies and practice them on your demo account to gain hands-on experience. But remember to stick to a single strategy when you enter a trade.