{"id":9107,"date":"2019-05-29T07:26:13","date_gmt":"2019-05-29T06:26:13","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=9107"},"modified":"2020-07-11T08:10:37","modified_gmt":"2020-07-11T07:10:37","slug":"creating-strategy-forex-trading","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/","title":{"rendered":"Creating strategy for Forex trading"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Forex_Educational_Series_%E2%80%93_Part_3\" >Forex Educational Series &#8211; Part 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Creating_a_strategy\" >Creating a strategy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Demo_testing_before_creating_a_strategy\" >Demo testing before creating a strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Charts\" >Charts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Indicators\" >Indicators<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Trends\" >Trends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Stick_to_what_works\" >Stick to what works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Rules\" >Rules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#Mentor\" >Mentor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/creating-strategy-forex-trading\/#The_reason_why_a_mentor_is_very_valuable_to_you\" >The reason why a mentor is very valuable to you<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Forex_Educational_Series_%E2%80%93_Part_3\"><\/span><strong><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-education\/\">Forex Educational Series<\/a> &#8211; Part 3<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9110\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1.jpg\" alt=\"Forex strategy\" width=\"800\" height=\"423\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1-300x159.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1-768x406.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1-370x196.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1-760x402.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-1-424x224.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<div class=\"AuthorAvatar\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9044 alignleft\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/trading-forex-is-the-area-to-focus-on-e1558933691759.jpg\" alt=\"Trading Forex is the area to focus on\" width=\"50\" height=\"62\" \/><\/div>\n<p><span style=\"font-weight: 400;\">by <a href=\"http:\/\/www.patreon.com\/hansstam\">Hans Stam<\/a>\u00a0&#8211;\u00a0<strong>A Forex trader<\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Creating_a_strategy\"><\/span><b>Creating a strategy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We left off in the previous chapter talking about creating a strategy of your own. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s obvious you do not want to lose money, your aim is to be right on your trading as much as possible to make a profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how can you create a strategy that will work for you?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I mention specifically it has to work for you because many will sell trading signals on their analyses, but once you try to implement the signals, your timing could be off and totally miss the trade. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then again, who knows if that signal is very successful and why would you trust other traders signals?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, that&#8217;s a personal choice to make, but once you would decide to create your own strategy, here are some tips.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Demo_testing_before_creating_a_strategy\"><\/span><b>Demo testing before creating a strategy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While creating a strategy that works for you, you obviously do not want to spend a lot of money so you will use virtual money using a demo account. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you have set up your demo account, you can start trading as if it was real money, but more importantly, you get to know the trading station you will be using later on. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You see all kinds of options, and most will not apply to you so you will have to figure out what you will use or not.<\/span><br \/>\n<span style=\"font-weight: 400;\">For instance, the chart used.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you like to open a demo account.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Charts\"><\/span><b>Charts<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9113\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1.jpg\" alt=\"\" width=\"800\" height=\"447\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1-300x168.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1-768x429.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1-370x207.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1-760x425.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-2-1-1-424x237.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Most will stick to candlestick charts but there are many other types of charts to choose from. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, there are timeframes you can choose from.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this example, we&#8217;ll stay with candlesticks but many other types of charts will have similar info.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A candle represents what the price did in a specific timeframe. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you pick an hourly chart, it shows candlesticks and the info of the price in an hour. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Main info a candlestick is giving you the Opening Price at the beginning of that hour, the highest price, the lowest price and the closing price of that hour. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The next candle would start its opening price where the previous candle ended its closing price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">(If that is not the case we speaks of having a gap, but that&#8217;s not common)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you would change your hourly chart to a 5-minute chart, it would give you a lot more information whereas the hourly would give you the bigger picture.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s for you to decide what you do with that information and how you would apply that in your strategy or not to apply it at all. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Indicators\"><\/span><b>Indicators<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9114\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-3-1.jpg\" alt=\"Forex strategy\" width=\"734\" height=\"548\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-3-1.jpg 734w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-3-1-300x224.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-3-1-370x276.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-3-1-424x317.jpg 424w\" sizes=\"auto, (max-width: 734px) 100vw, 734px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Using charts you will also have indicators. For example, you can use a curving line which follows the Simple Moving Average of the price known as SMA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Others are MACD or RSI to name a few. There are countless indicators, and it&#8217;s up to you to use some of them or to ignore them. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every indicator you would use has its own specific purpose and shows you the result of what that indicator is designed for. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We can&#8217;t go through all of them, so if you choose to apply you can do some research on a specific indicator. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most commonly are MACD, RSI, Moving averages, often in combination with trendlines, Channels which form, Support\/Resistance, Fibonacci or Elliott Waves, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s up to you what you want to use or go a completely different <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/simple-forex-trading-strategy\/\">way<\/a> in your trading. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Trends\"><\/span><b>Trends<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9115\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1.jpg\" alt=\"Forex strategy\" width=\"800\" height=\"374\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1-300x140.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1-768x359.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1-370x173.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1-760x355.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/05\/strategy-forex-4-1-424x198.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Often when patterns emerge from the charts it shows a direction to where the price is heading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you see a clear direction you could translate that to yourself as seeing a trend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we talked about previously, we would like to figure out what most other traders would do, and seeing a trend could be useful. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you build your strategy, you could make up some rules for yourself to test and see what result that gives you, one of them could be catching those trends. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The beauty of trying that out on a demo is, it will be virtual money, so even if you lose, no harm is done.\u00a0But it is very useful while creating a strategy.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Stick_to_what_works\"><\/span><b>Stick to what works<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While trying out your strategy starting from scratch, you will notice some things work, others don&#8217;t.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Try to figure out what causes losses, and eliminate those reasons by altering your strategy to where that won&#8217;t happen again. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then go test it again on your demo.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You decide when you think your strategy is working properly, then you can try to trade real money and go make a profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As soon as you notice it&#8217;s not working, stop trading and go back to demo trading, see what caused it to fail, and alter the strategy.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rules\"><\/span><b>Rules<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you look at how others trade, they often have rules. Institutions also have rules which you cannot break if you want to work there.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The big advantage we have as private traders is that there are no rules at all. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We can make up our own rules. It&#8217;s our money, our strategy, and whatever anyone else says, you can choose what to apply or not. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The broker you work with could have some rules, but other brokers might not have those rules at all. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Choosing a broker may be of importance when you want to trade your strategy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It really takes some creativity and patience to create your own style, but once you have done that, the rewards will be all yours. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mentor\"><\/span><b>Mentor<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you think to yourself, it&#8217;s hard to do all that work, can&#8217;t I just get a mentor? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, that may be harder than you think. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often when people look for a mentor they end up in a strategy that can be incredibly difficult to follow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The alternative is to just let some robot trade which is programmed by these &#8220;companies&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Real mentors will learn you how to think for yourself, and if what they have tried and tested makes sense. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_reason_why_a_mentor_is_very_valuable_to_you\"><\/span><b>The reason why a mentor is very valuable to you <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">&#8230;is that you will have to make your own decisions in the future. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can&#8217;t rely on anyone else to make all the decisions for you, because what would happen to you when that mentor decides to just quit?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or what would happen when that mentor starts to charge you $1.000 a month just to follow instructions?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If that would happen, the information may or may not be that valuable, but you would still have to make more to end up with a profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good mentor will take you by the hand and walk you through all your questions, pointing out the stones on the road so you can find your way in the dark. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I once met a man who had sold over a thousand courses for the price of $300. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So he made over $300.000 just by selling his course and in addition, he lets his students pay an additional $30 a month just to get access to &#8220;Hindsight Trading&#8221; on YouTube. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When I talked to him, he did know a lot about indicators, etc. but frankly, I thought he didn&#8217;t know what he was talking about as he was guessing just as we would too. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He&#8217;s a great salesman, but that is not a guarantee you will get value for your money. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the end, results count and you will be the judge if it is worth your money or go look for another mentor if you would need one in the first place. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Q&amp;A<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you like me to cover a specific item regarding trading, just let me know by <\/span><span style=\"font-weight: 400;\">sending me an email<\/span><span style=\"font-weight: 400;\">, and I&#8217;ll try to clear that up in the coming articles. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Best Regards,<\/span><br \/>\n<a href=\"http:\/\/www.patreon.com\/hansstam\"><span style=\"font-weight: 400;\">Hans Stam<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forex Educational Series &#8211; Part 3 by Hans Stam\u00a0&#8211;\u00a0A Forex trader Creating a strategy We left off in the previous chapter talking about creating a strategy of your own. It&#8217;s obvious you do not want to lose money, your aim is to be right on your trading as much as possible to make a profit. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":9116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[984,90],"class_list":["post-9107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-forex-education","tag-forex-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Creating strategy - Forex Educatinal Series. 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