Wicked_Daddy
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I can't read all 24 pages of this garbage just to confirm that no one has even bothered to define the word, "strategy". Is it a method? Is it a system? Is it a set of rules? Is it a goal with a plan to achieve it?
Let's start with:
"A plan of action or policy designed to achieve a major or overall aim."
So you want a Forex strategy? Ask yourself, What is my overall aim?"
If you say something stupid, like; " I want to be rich", then just stop right here. Wrong focus. You will be chasing the trades until you are standing on a street corner with a cardboard sign.
Ultimately, what you are trying to accomplish is to be knowledgeable of the global financial markets, the fundamentals that drive currency valuation, while also being proficient at analyzing price data on charts to determine market sentiment and the most probable future price direction.
Notice I did not mention anything regarding trading, making money or using an a la carte menu of indicators to magically tell your otherwise blank mind to pull the trigger on a trade.
Your "major overall aim" is to be an expert in fundamental and technical analysis of the market. Period. If you achieve that, you can make money trading, if trading is what you choose to do with that expertise.
So, your strategy needs to answer the question; "How do I get there?"
Read, read, read and read some more. And for everything you read, test every principle the author talks about. Research every concept. Look at all the various indicators and take the time to learn about the formulas that make them do whatever they do. Follow global geo-politics daily and read as much unbiased news as you can soak up. Compare what is happening in the world to the movements of the various currencies, in real time. Research the relationships of supply and demand and how the flow of currency around the world is influenced by the demand for one and the supply of another. Why does it shift? What are the causes? How do interest rates influence currency value and why? So may questions and you must learn to answer them all.
What is the perfect strategy? LEARN, TEST, PRACTICE, REPEAT.
Over time, you will begin to put it all together. It will go from being hugely intimidating to becoming amazingly simple. You will look at an indicatorless chart and with all the fundamental knowledge clicking in your head, have a good feel for what is happening and what will happen next. You will have gained an understanding of a myriad of indicators and will have chosen the one or two that make the most sense to you and work well together. These will serve to confirm your assumptions and provide guidance on where to enter and where to exit. They will INDICATE, not dictate. Your knowledge will be your power and your strategy will then morph into using that knowledge to consistently extract profits from the market so as to reward yourself for all the time and sacrifice you spent learning what is necessary to be successful.
There is no other way. Knowledge, and the discipline to acquire it and execute on it is the holy grail of trading.
Let's start with:
"A plan of action or policy designed to achieve a major or overall aim."
So you want a Forex strategy? Ask yourself, What is my overall aim?"
If you say something stupid, like; " I want to be rich", then just stop right here. Wrong focus. You will be chasing the trades until you are standing on a street corner with a cardboard sign.
Ultimately, what you are trying to accomplish is to be knowledgeable of the global financial markets, the fundamentals that drive currency valuation, while also being proficient at analyzing price data on charts to determine market sentiment and the most probable future price direction.
Notice I did not mention anything regarding trading, making money or using an a la carte menu of indicators to magically tell your otherwise blank mind to pull the trigger on a trade.
Your "major overall aim" is to be an expert in fundamental and technical analysis of the market. Period. If you achieve that, you can make money trading, if trading is what you choose to do with that expertise.
So, your strategy needs to answer the question; "How do I get there?"
Read, read, read and read some more. And for everything you read, test every principle the author talks about. Research every concept. Look at all the various indicators and take the time to learn about the formulas that make them do whatever they do. Follow global geo-politics daily and read as much unbiased news as you can soak up. Compare what is happening in the world to the movements of the various currencies, in real time. Research the relationships of supply and demand and how the flow of currency around the world is influenced by the demand for one and the supply of another. Why does it shift? What are the causes? How do interest rates influence currency value and why? So may questions and you must learn to answer them all.
What is the perfect strategy? LEARN, TEST, PRACTICE, REPEAT.
Over time, you will begin to put it all together. It will go from being hugely intimidating to becoming amazingly simple. You will look at an indicatorless chart and with all the fundamental knowledge clicking in your head, have a good feel for what is happening and what will happen next. You will have gained an understanding of a myriad of indicators and will have chosen the one or two that make the most sense to you and work well together. These will serve to confirm your assumptions and provide guidance on where to enter and where to exit. They will INDICATE, not dictate. Your knowledge will be your power and your strategy will then morph into using that knowledge to consistently extract profits from the market so as to reward yourself for all the time and sacrifice you spent learning what is necessary to be successful.
There is no other way. Knowledge, and the discipline to acquire it and execute on it is the holy grail of trading.
