BEST TRADING STRATEGIES 

Strategies are all right, in the market you have to see which strategy works for you. Many people create price action trading strategies that depend only on the price of the stock/index. Many people make indicator based trading strategies, which includes many types of indicators like MACD , RSI, MOVING AVERAGES , SUPERTREND FIBONACCI RETRACEMENT based strategies and there are many other types of indicators but the most important indicators are these 4-5.

You can also try price action and indicator based strategies in live market and observe which strategies perform better in live market. Get started with paper trading Don’t invest your own capital, apply both the strategies in paper trading. If you have applied price action based strategies, then note down on the paper where the entry is made, what is the stop loss and what will be the target. Similarly, Indicators based strategies also apply on paper trade.

PRICE ACTION TRADING STRATEGIES :

Price action strategies are typically based on support and resistance. Support is where the price bounces off after a fall, and resistance is where the price repeatedly falls down. These are very pure price action trading strategies and many traders use only these strategies. There are other price action trading strategies such as open = high means stock will be bullish or open = low means stock may fall today. 

Pivot points are also a great price action trading strategy and are mostly used in intraday trading. Now-a-days many Pivot point calculators have come, you just have to enter the Open, High, Low of the last trading day, in the calculator you will get 3 support – 3 resistance prices and you have to apply these 3 prices on the charts. Do paper trade with these strategies and check the accuracy, what is the accuracy. If you like these trading strategies then you can write your opinion in the comment box.

There are 2 advantages of paper trading, one is that you will practice in the live market and secondly you will know what is the accuracy of your trading strategies, then you can take the decision which strategies you have to go with.

I have written an article on Fibonacci retracement tool, you can read that article and get knowledge, I will write article on all indicators in coming time.👇👇👇👇

FIBONACCI RETRACEMENT : HOW TO USE FIBONACCI RETRACEMENT

Importance of chart analysis

Along with trading strategies, you should also keep monitoring the daily chart, it is best that you keep an eye on the price, after all the indicators also work according to the price. If you look at the daily charts, practice anything can happen whether it is of stocks or index you will get an idea of ​​what the stock/index is going to do the next day.

Whatever trading strategies you use, it is the latter thing, first of all, you should check whether you can withstand the ups and downs of the market or not.All trading strategies fail when you get caught up in the volatility of the market and make the wrong decision.Fear and Greed are considered important in the market because when the market is going down then you take the exit rate that “hey man what will happen to my stock” and when your deal is in profit then you exit early or you keep sitting in greed, “Hold now and the price will go higher”. So the mental strength that a trader should have inside a trader is much more important than trading strategies. First prepare yourself for market volatility and then prepare trading strategies and work in the market with discipline.