Hi there, I’m from the UK and I’m quite new to trading (under a year). I’ve done all the online research for the basics, attended free webinars, demo traded/simulator traded lots of systems I’ve found online and it’s all lead me to settle on using a fairly simple and fairly indicator free chart that just uses the Supertrend Indicator.
I insert one supertrend indicator. This is the main signal line and I take a trade on the break and candle close over each line. Then I insert a second supertrend indicator. This is used as a stop loss for trades that have been taken with the main signal so a trade is cancelled with the break and candle close of this line (except in certain circumstances when the market is moving very fast through and away from the line where I’ll just close it without waiting for the candle to close).
I find these settings good on most markets because if the price cross through the main signal line it usually continues, even just for a bit, then the stop loss line usually locks in profits quite tight or if the trade completely turns around it usually results in a more or less break even trades…or a loss that’s not too big.
I use this on Daily charts only as day trading and small time frames are just to random for my liking and I want to be more be of a long-term trader/investor. I keep my eye on about 8 markets (forex and indices) and wait for the right situations to set up to take trades or close them down etc.
I have a 10k account and I trade only small amounts, £1-£2 per pip (tick/point on indices) so that if there’s ever a time where I’m in trades on all 8 markets and they’re all losing, maybe even multiple times the drawdown isn’t going to wipe me out (at least not too fast).
Anyway, I was just wondering if any experienced traders, especially ones that like to use the supertrend indicator could give me any advice on ways to improve this way of trading as I’ve been live for a few months now and it’s been going pretty well…but it’s always nice to have advice on what to do during sideways times.