New optimistic but realistic trader

Hello all

I’m a new member and looking forward to being a participating member of the community. From what I have seen it appears to be a good group of people who have no other agenda than to talk trading and share with and learn from each other.

I am a family person who enjoys the outdoors, friends, family and sports. Treat people right, don’t take advantage of them and try not to be taken advantage of. If you give you eventually get back more. Not political. I am a business professional who is tired of the corporate life and need a better way to provide for my family. I

I visited babypips about a year ago to begin the journey. Made it through the school and then went on to demo and then live trade. I believe I have a good grasp of the concepts, terms and mechanics of trading. However, I now seem to have hit a wall and can’t seem to get a strategy that is consistent.

To now take my knowledge to the successful trader stage I am hoping to find people who are willing to share or a source to share some simple successful strategies. The problem I have is information overload. So many strategies, so little time. A life philosophy of mine is to pass it along. Hoping to find folks in his community who think the same so that I can then pass along what I learn from them.

Good Trading

Bryno

Hi Bryno, welcome to this family. I’m a family man too. Trading is the hobby I love most beside photography. Trading not only my hobbies it also my business. May I know what kind of strategy you using? What kind of indicators n overlays? Every trader have their v own strategy, it suitable for them but may not suitable for u. U have to know yourself what kind of trader u want to b first. Than select a best strategy tat suit your trading style.

Alanlim3

Thank you for the question. My strategy is fairly simple as follows although I think I mis-spoke and my issue may be reading set ups more than my strategy.

  • 90% trade breakouts off high and low bases, and announcements. Sometimes a direction change.
  • Look for trends to choose long or short on hourly and daily charts with some support from dailys.
  • Want to see at least a 100 PIP potential trade range on hourly chart with more on daily.
  • Indicators are 20 and 50 SMA to identify trends. Also bollinger bands for occasional triggers.
  • Use bracket orders with a stop outside base range. If base spread is more than 40 PIP’s I don’t enter.
  • Don’t trade exotics, but stick to 7 main currencies to pair up.
  • Look to match pairs where one is strong and the other weak.
  • Begin my research Sunday and identify times to trade and pairs to watch. Modify as needed all week.
  • Position size is determined based on 1% of capital and a 30 PIP loss.
  • Mostly manage trade passively but will try and extend profit if going well, exit in steps if going poorly.

I believe my strategy is mostly sound, is conservative, simple and consistent. I think my issue is more identifying what pairs to trade when. I identified several trades this week and the ones I entered seem to stop their breakout or reverse back right when I enter. Yet others I identified but didn’t enter seemed to go on. This is a consistent story for me and very frustrating. My
success ratio on breakouts is about 20%. I actually am about 75% on announcements.

I have looked at many indicators but it becomes information overload and confusing so I have settled on the three I currently use.

l am looking for guidance on if my strategy is sound and how I can get better at what trades to enter when.

Thanks

Bryno

For me I feel 7 currency pairs is too much and can’t focus. Trading brackout is similar to my hunting reverse strategy. But I don’t use ema, as it not suitable for mi. I did try it many time, but fail. I’m a scalper so I use Sar for price reverse n ichimoku cloud, my candles chart is heikin, it smoother the price n reduce the noise, n less price action to remember. I do use bb also. Macd, AO n Adx. It may sound complicated but each indicator hv it own power use.
Maybe you can cut down some pairs as just focus on maybe 2 to 3 pairs? But ofcourse or depending on yourself.

AWESOME OSCILLATOR. It will turn red or green when price stay to get weak n heading for Rev.
MACD. I just see it n know it up or down trend. With the cross over to double comform the price action.
ADX. I will only place order when the adx main line is more than 23. actual one is 25. But I’m comfortable with 23.

As for Sar when price is up. Sar is below. I carefully look at Sar. When price is going all the way up n it over bb mostly there b Rev. If not it b a pull bk, but don’t forget price always goes up with bb line. So my action when price move away from bb the 2nd candle I hv to see the Sar. When price get weak. U will notice 2 Sar will b side by side. Once this happen the nx candle will b down with the Sar ontop. I won’t place any order first cos the price will aways pull back. I only place order when the price pull back. I’m not good with word hope u understand what I’m talking. Lol. I can show u a screen shoot of my trading platform for info. That my strategy. But u can stick to your own strategy if u feel it suit u best. Just maybe reducing some currency pairs. I focus is only eurusd n eurgbp


Hope it help

Sorry forget to add in. As for news, I don’t read news. I cos hate reading lol… I’m using a app which show mi all the timing n date that will hv news release. Just that remember every first Fri of the month there b heavy impact of news from US. For my news app the time is all base on singapore time not US time. I it can b set.