Strategy Development for Beginners
Hi everyone,
I'm a newbie to day trading and I have been practicing and transferring what I've been studying onto paper trading accounts and recently into FundedNext's monthly competition. I have been swing trading stocks for a couple of years now but now I am looking to move into the prop firm day trading scene to make up for the capital I lack, I know it doesn't come easy and for that reason I am dedicating myself to become a more consistent trader, I am not afraid to put in the work. I have been primarily trading AUDUSD and XAUUSD.
Given the context, I was wondering if anybody could shed some light in terms of strategy development, I have been watching videos and reading about strategies online and trying to consolidate through writing them on paper and practicing them on FXReplay, however, many times I can't find the right environment or setups to actually execute said strategies. When you guys develop strategies, are you usually layering multiple signals or do you try to keep it simple and follow your strategy to a T? Also is it more of a statistical edge you are looking for?
Any tips given would be helpful!
Thanks