Five ways to get your own forex strategy

There are several ways to get your own strategy for forex market. The strategy I’m going to talk about is considered as a profitable one. In following article I’m going to explain five ways (along with its pros and cons) of how to get your own profitable strategy. To be frank with you, neither of these ways is easy one but I’m going to explain every phase.

1. Searching for free strategy on the Internet
2. Buying strategy
3. Combining and modifying more strategies
4. Learning from mentor
5. Studying the critical components of successful strategies and creating your own

Searching for free strategy on the Internet
Is one of the most common method for finding a strategy. All the beginners that have the basic knowledge of trading on demo platforms are trying to get profitable and free strategy in most simple and free way. Even the fact that this method of finding a strategy is the hardest one it’s still possible to find a few profitable strategy, but you’ll need a lot more knowledge than the beginners who search for it to actually make it profitable. While more experienced traders own strategies that are more advanced than free ones you can on various forums. Although this method is the least efficient one, I still recommend it to the beginners because they’re going to learn more than they think.

Buying strategy
Buying strategies over the Internet or by attending seminars that offer forex market trading strategies is more efficient than previous one. Today it’s possible to find rather good strategies for sale online, but the problem is that 99% of those are actually SCAM, so both caution and consulting an experienced is advised before making an online purchase. In some other article I’ll post how to recognize the scam strategy and EAs. Attending seminars is rather good solution because it pays off more than purchasing an online education if you’re a beginner although it’s more expensive. If you decide to attend one of these seminars, try to select ones with experienced traders as exhibitors and that they offer some basic strategy and live trading for explaining it.

Combining and modifying more strategies
If you’ve passed all previous phases, then you’ve probably tested a lot of free strategies, tried with online purchase and seminars, saw which elements function in specific strategy and which don’t, thus acquiring a lot of experience. So it’s time for you to sit down, use all that knowledge and experience to implement into getting positive results in everyday trading and start creating your own strategy. This is the part where you either continue or give up on forex. Be patient, persistent, continuously do the testing and never give up, because it’s going to pay of one day, believe me.

Learning from mentor
If you ask me, this is the one of the best solutions for gaining some more quality knowledge and first hand information from people that love and know their job. Anyone who makes a friend with an experienced trader who lives on active trading can be considered being truly lucky. The only problem is that those kinds of people are hard to approach. I’ve had a luck to meet two of that kind of people that helped me a lot in this job, and I’m sincerely grateful to them, although I don’t use the same strategies as them since we’re much different from each other – they’re much more patient than I am (I guess it’s because of age).

Studying the critical components of successful strategies and creating your own
This part comes in the end, when you’ve built a specific system that is successful and you want to make it even better, more advanced, and more profitable. You should research one piece of any system at a time (price action for example), study it thoroughly as you’re making a doctorate out of it. If you take an additional indicator besides price action that gives you the best results and put it on long term testing and researching, you’ll have your own advanced strategy.

At the end
I’ve past through all phases mentioned above and that ‘s what motivated me to write this article, hoping that it will help you if you’re a beginner or moderately experienced trader in terms of giving you better aspect what will you be needing to do in order to make your own profitable system. I’m currently working on my own EA that’ll be used for entering the position which I’ll be able to manually control later on. So far it’s a pretty good one, but I think I’ll be working on it for my whole life to make it better – I guess it comes with the job. There cannot be failure if you obligate yourself to it, continually try and never give up (which can be stated for anything in life).