New technique or what?

[TradeKillaz]

When I started trading I was trading in stable plus, but like 3 months ago something changed in me and now I cannot earn anything. Most probably, my strategy does not work anymore. I know that I should probably drop it and try trading with other Forex technique. But how did you learn new technique? By your own mistakes, reading a book or how?

 

[Enivid]

Experimenting and backtesting.

 

[TradeKillaz]

Experimenting and backtesting.

Yeah, but sometimes it is better to learn through opinion of others. Which I actually did. Just went to Tickmill Webinars page and watched 'em untill understood everything. Took me some time to be honest, but now I can trade once again!

 

[hatetheslippage]

Yeah, but sometimes it is better to learn through opinion of others. Which I actually did. Just went to Tickmill Webinars page and watched 'em untill understood everything. Took me some time to be honest, but now I can trade once again!

I saw That Tickmill Webminars in september will focusing with "Elliot Wave"
one of old strategy
and somehow i believe , old strategy never expired
look the dow jones theory, supply demoand, candlestick and chart pattern, moving average trade.
they are still used , even by institutional trader

 

[Forex Trading Channel]

A strategy can work perfectly under specific trading conditions but not to work on other times. Choosing trading strategy is important and it worth to take your time and choose wisely. There is a endless number of different strategies, but the most important is choosing something that you will fill comfortable with, and will fit your trading style.
Applying a proper money management system is equally important and actually even more important, as you can have the best trading strategy and you will keep loosing if you don't apply a proper money management method.

 

[TradeKillaz]

updated here! After long period of time, I've managed to get somewhere I stopped loosing my assets and moreover got some stable profit each month.
Recently I came across one website, that focuses on the educational materials only and in my opinion this is good one :Forex-library.com
I wanna share it with you, since I am curious about your opinion!

 

[Forex Trading Channel]

Good to hear, I hope it will keep that way! Never heard about this site, but it seems to have some nice educational section. There are plenty of good site, but as long as it usefull and serve your need, that's what matter

 

[f4forex]

I guess successful traders have good set of strategies and they knew when and where to apply these. They keep trading journals and learn from their mistakes so if your strategy does not works anymore, try to find out the reason and fix it.

 

[Forex Trading Channel]

I guess successful traders have good set of strategies and they knew when and where to apply these. They keep trading journals and learn from their mistakes so if your strategy does not works anymore, try to find out the reason and fix it.

Exactly. An experienced trader knows that markets are dynamics and therefore apply the proper strategy for every financial environment

 

[MarkTrader]

I agree with you guys,trading system and strategies are the most important aspect of trading.You should develop your own strategies for every possible market situation if you want to be a successful trader.

 

[GazFx]

Money management. I know I keep raving on about this, but a great strategy is useless without a good money management plan, whereas as a crappy strategy can survive and prosper with good money management. If my strategy delivers a 90% win rate, but I make $1.00 per win trade and $10.00 loss per losing trade, I'm out of business sooner or later. But if my strategy delivers a 10% win rate, and I make $10.00 per win trade, and lose $1.00 per losing trade, I will survive and prosper in the long-term. If you look at the win/lose ratio of any strategy, you can quickly calculate the maximum loss you can sustain in order to remain profitable.

 

[f4forex]

If money management is added up with controlling your emotions, the result would be 100 times higher as if money management contributes 15 - 25 % in your winnings. The remaining 75 - 85 % depends on the psychological management.

 

[GazFx]

If money management is added up with controlling your emotions, the result would be 100 times higher as if money management contributes 15 - 25 % in your winnings. The remaining 75 - 85 % depends on the psychological management.

Money management is psychological management. When you know your strategy win/lose ratio, longest losing streak, largest losing trade, average gain and average loss, you have all the information you need to establish a money management plan that preserves capital and ensures long-term prosperity. Trading is then no longer an emotional ride, but rather, a non-emotional mechanical process. For example, if you have a 50/50 win/lose ratio, and your average winning trade generates, say, a 5% gain, then setting a stop-loss limiting losses to less than 5% will ensure overall profit. There is nothing emotional about this, because all things being equal, you know that ultimately you will win regardless of incurring losses along the way. The psychology of trading is all about greed and fear, right? Good money management provides data that will enable you to eliminate these fears, and moderate the greed that often translates into over trading.