Best strategy for a new person.

Discussion in 'Forex' started by tedmos38, Feb 25, 2021.

  1. According to my experience, the best and simplest trading strategy for a newbie is breakout trading.
     
    #141     Oct 6, 2021
  2. noframe

    noframe

    I believe beginners should start trading on higher timeframe and familiarize themselves with price action strategy. Apart from this, they should also focus on learning risk management and emotional management.
     
    #142     Oct 6, 2021
  3. Though a different strategy works for every trader, buy and hold is said to be the best for new traders as you get time to analyse the market and see which way you should go.
     
    #143     Oct 6, 2021
  4. Branos

    Branos

    I would suggest learning and practising.
    Really, it is hard to tell what kind of strategy is okay for the newbies because we all are different. These differences in our mindsets, personalities and perceptions of the market are extremely important for choosing the trading strategy. Some people find scalping to be the optimal style of trading for them. Some people prefer to trade long-term in order not to spend too much time before the computer screens following the charts and they prefer to make weighted decisions without being limited by the time, and so on.
    So, my advice to the new traders would be to explore the market and learn a lot. You should have your own opinion about the markets in order to have your personal outlook. Only after it can you look for trading strategies, otherwise, you'll fail.
     
    #144     Oct 6, 2021
  5. Relying on a strategy suggested by other traders will only set you up for a failure. Right strategy can be discovered through trial methods. If your goal is to earn small profits frequently, you can go for Scalping, while if you want to play safe by keeping your risks minimized, you should prefer holding your positions for a longer time. Strategy entirely depends on your goals and trading style.
     
    #145     Oct 7, 2021
  6. Exactly well said, as you get more experienced as a trader you tend to notice things others wont and thus you can work and build a strategy that work perfectly for you.
    That's the best strategy
     
    #146     Oct 7, 2021
  7. kroxobor

    kroxobor

    Buy on pullbacks when there is high volatility with short profit targets and short stops, this often happens after new information hits the market. Avoid trading during times when the market is in equilibrium i.e. all major information is priced in.
     
    #147     Oct 7, 2021
  8. Almost technical trading strategy easy to understand
    along with experience, it will get a better lessons in practice.
     
    #148     Oct 7, 2021
  9. daxydet

    daxydet

    @fxforlife Yes, learning Breakout trading will be helpful for beginners. They can apply support and resistance only in breakout zones.
     
    #149     Oct 8, 2021
  10. Impossible for anyone other than you to know this I'm afraid. Only you know your mentality, time constraints, risk tolerance, patience etc.
     
    #150     Oct 8, 2021
    noframe likes this.