– Establish clear trading objectives – Spell out profit targets, acceptable drawdown and risk levels to align strategies properly.
– Backtest multiple approaches – Scour the interwebs and sources like TradingView for proven concepts. Implement thorough backtests over 10+ years of data to evaluate robustness through diverse conditions.
Past performance doesn’t necessarily prove future performance although it tends to do so depending on one’s approach. Also, future performance can be good but not necessarily when you start trading right away. Losing traders tend to get attracted to losing or mediocre times of trading. You have to give a Forex system or Forex Strategy time to do its thing over a series of trades.
Winning in Forex is a numbers game Those who are looking for the “sure thing ’ always lose because it’s out of perspective with how the markets work.
– Consider strategy strength factors – Focus on strategies with simplicity, strong rationales, favorable risk:reward, favorable win rates and verified real money backtester track records.
– Evaluate strategy blending potential – See how individual setups could complement each other systematically for performance enhancement.
– Analyze parameter optimization potential – Can variables like MA periods, ATR multipliers, Fibonacci ratios etc. be tweaked to boost profitability even higher?
– Stress test drawdown scenarios – How does each handle historical crises periods? Strategies exacerbating drawdowns lack resilience and are not genius-worthy.
– Check intra-strategy correlations – Diversifying uncorrelated setups reduces volatility further for powerful portfolio effects.
– Validate on forward out-of-sample data – Real-world application provides the ultimate test proving strategy superiority in live environments.
Meditating long and hard using this algorithm, the optimal system will become apparent – one I can execute machinally for years of market supremacy! Patience and scientific discipline are my greatest weapons.
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