I originally joined this site 6 months ago and I was advised to go through the school of pipsology. 6 months later I am finally done! Now, first off I want to say I think the school is great and I am much more knowledgable about forex than I was 6 months ago. But I just feel lost now, I dont know how to channel my forex energy. I dont know how I should actually attack the markets and (hopefully) start making pips. This is on a demo account first of course.
Typically I work at my job most weekdays so I cant sit infront of the charts. So ideally Id like a nice system that I could follow and put trades in at around the start of the London session and then close them when I get home from work at around the close of the london session. I plan on implementing the London Statistical Breakout System and the Cowabunga System when I get the chance. But I feel that those alone wont give me enough fire power to make decent money. So does anyone know of any decent easy swing trade systems? or just any good advice in general about trading around a day job? (Btw Im very much for keeping things simple and not implenting lots of indicators and lines all over the place)
I think you’re the fanatics aren’t you?
Continuing to recommend newbies waste their valuable time on someone who has proven unable to trade profitably if his life depended on it really isn’t doing them any favors at all.
The technical structure is well suited to your requirements.
The trade filtering & preparation process will take you less than 5 minutes per day to successfully identify & you can set up your entries ahead of time, which is clearly & succinctly explained in his sharp, snappy video releases & regular market updates.
You can also rest assured he won’t delete his instructional material or throw his thread into total confusion by disappearing from the forum in a huff.
Give it a shot, it comes highly recommended from a variety of long standing forum participants!
Well, if you’re comfortable with longer time frames; you may want to look at trading Price Action. I normally trade on daily charts. Takes me about a half hour to do my analysis and place my trades and then I’m done until the next day. (I normally do my stuff after the NY close). Price Action strategy works pretty well on several time frames but signals get less strong the lower the time frame. But for people that have a day job to work it can fit in pretty neatly by trading either on 4 HR or Daily charts.
I’m sorry what was that I can’t hear you over my 17% if we’re gonna whip it out show some proof yours is better than mine.
(I do not believe all systems are superior to one another I just feel that there are certain market given conditions it may be valid and can fall out of validity ie. No setup. However this is not completely indicative whether its completely broken or simply does not work so I suggest you choose based on what you can gleam from either or and adapt it to your personalized standards instead of brooding around like some people who are not intelligent enough to weave what’s given to something work able)
If your an advocate of Price action don’t waste your time there head over to Nikita’s he/she has been one of my favorites for a long time its one I lurk often apart from my normal one.
I also warn you this system among all systems are not for everyone as shadow has probably proven. Choose a system based on independence and one to which you can grow from not dependency on 1 man telling you every week I’m taking this or taking this and giving you hindsight information use them as a base because the particular person teaching it may not perfect his skills and may not have time for you individually and don’t hinge on your mentor like shadow obviously does because chances are the min he hits a wall he will be talking bad about 3 ducks
Some people want them to have people hold their hands through it all and are blind sided when market regime changes.
Don’t waste your time in a demo account as you wont learn the psychology of trading. You may feel more knowledgeable about forex now than six months ago, but you have not started your journey yet. Open a real account with a broker of your choice (ignore bonuses) and fund it with $100. Then use the knowledge you think you have and only trade 0.01 lots until you can generate weekly profits for at least 12 weeks without a loss. Then you can increase your lot size gradually. Stick to your defined trading strategy and manage your money well. Good luck.
Thanks for the input guys, I dont want to be dragged into any kind of gang war and I dont plan on becoming anyones disciple any time soon. So I will keep an open mind on all things forex and check out all the systems that have been suggested.
At the moment I am just scalping the 5M abd 15M charts when I have time, literally just going on price action. Trying to steal 5 pips here and 5 pips there. But it may be worth while looking into the 4H and Daily charts to do a swing in the morning and hopefully cash in when i get back from work. Any tips on analysing the pairs for the day? And the 4H and Daily charts?
+1 to Bear’s advice to AVOID DEMO, GO LIVE ASAP. ok, use demo for a week so that you know which button does what, but then STOP and move to LIVE.
then, BEFORE you trade and analyze CHARTS, you need to analyze YOURSELF. are you the patient sort that can let a trade run for a day while you’re not watching it, or are you the type that prefers to do things quick and only when you can dedicate 100% of your focus to it? scalping and swinging are vastly different personality traits. doubt you can do both!
Joeby I would recommend ICT but unfortunately he’s taken down his extremely helpful material, and denied me permission to share it. BUT as a new trader and one who doesn’t have a lot of time would recommend this thread
And the three ducks system in the free forex systems sub forum.
My overall advice is to get comfortable with the the daily and weekly timeframes and don’t rush yourself. The money will always be there. You want to be controlling your risk. And not bleeding money while the odds aren’t in your favor (read new). Trade live but with a small account. And don’t quit.
ICT couldn’t even trade his own method… And mastergunner doesn’t even give any useful entry or exit guidelines besides “I follow price action” and “open positions on a ton of pairs and hold them till something happens” … Lol
I think the simplest and most important tool for beginner is to learn how Support and Resistance really works because this is where the prices bounce (up/down). When you get comfortable with it then add any tools you want (either indicators, Fib, etc.). Do a fundamental analysis as well. Read and be knowledgeable about what was going in the market and how the market reacts into important news.
Be an observer for a month or whenever you are comfortable with and simply watch how the market moved , reacts and what causes it. You do not need to rush into things. Take your time to learn and find out who you are as a trader (Swing Trader, Position Trader, Intraday Trader, and Scalping). It takes time to learn everything…
I don’t think you have to religiously follow everyone’s strategy/methods around here. Every person is unique so therefore find out and develop your own strategy that you are comfortable with and what works for you.
Good-luck!
P.S: Don’t you have an App on your phone where you can view your charts on (MT4)? You can watch the chart via phone while you are on “Tea” breaks. You can always find a way to learn how to trade or find a way not to… Excuses are for losers…
Like what was said above. Continue to educate yourself, except now you can focus on the styles that make more sense to you personally. Also start trading, there’s no way around that 100-1000USD account trading micros/minis. Best way to learn is to gain experience. You have now begun the journey of 10,000 hours.
That’s not how it works, and often times it’s not that easy. It would serve you well if you can read price action well before you delve with short term charts. Yes, it would really be worthwhile if you analyze from the top down.
I think you are on the right track when you said that you will keep an open mind. It is good to get as much information from different sources but make up your own mind in the end. It is your money, your portfolio and there are as many profitable strategies as there are profitable traders.
Correction MasterGunner99 share his methodology not a system, everyone trade his owns system. In my case I wait to the harmonic patter to form on the daily chart but follow MG methodology on risk management and the quantity of pair I trade now. thanks to that my account is slowly recovering from the lack risk management that I had.
