Answer 6 questions and speed up the whole process❗😊
1 What time interval will I choose❓
There are at least 9-time intervals to choose from (depending on the platform), however, remember that the lower the time interval, the more random price movements and more difficult to build profitable strategies.
2. How much can I risk in one transaction❓
You can use one of three types of capital management:
Fixed-size e.g. 0.1 lot,
fixed value e.g. you risk 10 USD in each transaction.
% of trading account.
3. What will the profit-risk ratio be❓
How much can I risk concerning the potential profit, e.g. R: R = 1: 2, risk 10 USD to earn 20 USD.
4. When will I open my positions❓
Will it use indicators? Price action❓ fundamental analysis❓
5. Where will I set up the Stop Loss❓
Will it use a pointer to calculate the level? Eg ATR ? last level or support?
Or maybe a predetermined value❓
6. How will I close my transactions❓
Take profit order❓
Based on the indicator❓
These are sample answers when you create strategies. Over time, you'll gain experience and the list of answers will get longer
In my experience, the simpler the strategy logic, the better the effect.
Start to create new profitable strategies❗🙂