Which Tools do you use the most?

Im working my way through pip school and am currently on Fibonacci (where one of the pages wont load - admin can you look at this?)

So for now, what is peoples daily routine? What are the tools you use most?

Id love to hear from a fulltime trader on their daily routine, do you start by checking the economic calendar for news, then move onto the charts? Do you look at the weekly one first for your chosen pair then move to shorter timeframes?

Thanks!

Fibonacci retracement and expansions are the name of the game for me.

Gonna throw a curve ball but I find my brain n independent thought works a treat

I like to use rsi and macd also with a combination of price action and trend lines and Simple patterns like triangle and wedge patterns. To me it simplifies trading for me.

Remember, you asked for it.

I use a chart with SMA 20 40 55 100 and 200. I like to input also a fib line to check major S/R levels. I trade around 20 pairs and will perform every day a technical analysis on every one of them (M, W, D, H4). It takes me around one hour, now that I am used to it.
I will report the results as a trading plan for each pair on an excel chart, altogether -as a reminder- with red tags news to know when not to trade just by a quick glance.
I will generally trade from the H4 so I will look at the charts 15 min before candle closing and will quickly review all the pairs, comparing what is going on with what is written on my plan. I will eventually select some pairs that look like thay may be a setup and check them again on different time frames.

Then a few minutes before the candle close I usually know which position I will take, I just need to check the sl and to choose the number of lots accordingly to cope with my money management plan.

But that’s just me.

Within the candlestick chart itself, I prefer Ichimoku cloud cover, Elliot’s Wave, and Bollinger Bands, and beneath I like using Stoch RSI, MACD and CCI.

Nonetheless, I am always open to using other tools such as the Fibonacci to confirm trades. Ideally, I barely use more than three tools on the same trade.

I use moving averages, sometimes I also use Fibonacci tools. I use them mostly on daily time frame.

Well written bob! To the OP: Develop what works for you and don’t follow what others do.

No particularly well written bob. Some might say in fact rather tactless.

Maybe we should shut down the forum, no point in discussing anything is there? Thanks for all the other responses, I’m not looking to “follow” anyone else, was just interested in peoples daily routine and use of tools available.

Thanks

Ok so what are your needs bro? This is a very selfish business. What each of us do comes down to what defines our needs. What anyone-else does is completely irrelevant. No dis-respect to any of the respondents but really, is there anything new here. How they applies these tools however is, and it’s as unique as they are and defined against their needs.

Part of the fun of learning to speculate is learning about yourself.

No one gives away everything if it makes them money, skeptically hinting at how they do it is as close as I guess you will really get. But anyway, the best way is to dive in an try a few tools or techniques that you find work with your own personal strengths and interests. No need to try everything as in reality most if not all trading tools show the same underlying answer, which is to either buy or sell right. This is why many traders dont even use tools and focus purely on price its self. Price at the end of the day is what drives all trading tools, and that’s about the only fact in trading, regardless of it being FX, Commodities, Indexes etc…

Approaching it this way you are most likely to get confused, sorry to say.

This is because everyone will likely give their own tools and it could get bulky depending on how many traders reply to this thread. My advise is that, if you are not sure of how to get going, then you can get a personal coach, attend to one of the online classes where you can get clear directions depending on you needs, financial ability and lifestyle (yes, sometimes lifestyle can affect you trading strategy and hence it is crucial to know whether you are a technical guy, ( likes to stay behind a computer all day OR a fundamental/event driven trader-someone outgoing and with a long-term view of events).

Therefore, you can check courses online and also do not forget to check out reviews on various websites… BaBy Pips is one good area to ask about a certain online course, another that I know is ForexCoursesReviewd.Com among others.

The effectiveness of charting tools depends on trader personality.

Personally my HLHB Trend-Catcher Mechanical System uses SMAs and an RSI filter. For my discretionary trades I use 100 and 200 SMAs and Stochastic. Nothing works better than solid chart patterns and strong fundamental biases though! :slight_smile:

My favourite tool.A Sheffield steel bladed Potato peeler I bought in 1982.It’s handle has been repaired twice but it’s,"Sheffield Steel"blades are still as sharp as the day they were made as of today.

My trading routine.Get up.Fire up my PC,load MT4 and then go and do my ablutions.
Then…
Read the the forex news,

http://www.dailyfx.com/calendar

and don’t trade before a release or just after.Let it settle.
Start to look at my main currencies e.g low spread ones Eur/USD etc.

Make a first F**k up on purpose trade on my big Demo account but using a 0.001 lot for a few pence.I do this because I’ve learnt I’m not good enough yet to just read the charts and go in guns blazing and be right.

Best analogy I can give is this.Whenever I/We play darts in a Pub you always throw a few,“Arrows” as a warm up before you play the,“Real” game:7:

After this I start to get a feel for this days trading and that to me is the point of short term trading.Every day is different.It’s not random but it is changeable and can be volatile or sedate.If it were predictable then any idiot could make money :30:

After my little ramble I’ve been having good result with a 123 indicator system,

This is a good thread,

123PatternsV6 revisited @ Forex Factory

QuidQuoPro - possibly my favourite post Ive read. A well-spirited well-humoured post but with a nice answer at the end. Thanks.

You’re right checking the calendar before anything else, dont forget to catch up on news events.
Tools wise, carry on at pipschool, you will change your mind a dozen times before you finish. What you choose should be what you understand and feel you can put to use, dont bother with what others are using, they aren’t you.

As I wrote in my Amazon eBook Spartan Guide: Trading Basics - First Step to Become a Successful Trader, The 2 most important tools of a successful trader are Trading Plan and Trading journal.

The best trading strategies are the ones that are able to filter news related items and reduce the overall impact on the portfolio. Some traders implement this by staying out during and shortly after such events. Personally, unless I have strong bias towards certain events, I usually close my trades early enough to avoid unexpected surprises, good or bad.

I use demo trading as a beginner. it was an effective tool to know about forex . It tell me many things that how they should apply in trading. When I was step forward to real trading i try to take small risks , make low targets easy to achieve in this way I am far from emotional trading.