I started Forex Trading without learning but one day I saw this website and started learning I am still in the “Pre-School” section. Many of my friends gave me suggestions to use EMA (Exponential Moving Averages) to trade but for me that’s a very, very complex trading style. I tried many free and paid trading systems but myself/inner core was not satisfied with those trading systems and indicators.
I purchased 3 indicators from MQL, after using it sometimes (without proper implementation of the given recommendation) I jumped into trading and lost around $30. I really want to learn and spend time but on a proven, helpful and easy to implement trading system. Basically I am a freelance admin assistant and from last 5 months I am having problem in getting new clients and have to pay off loans that’s why I started Forex Trading with limited capital. Please, please help me and guide so I can make consistent profits to meet my family financial requirements.
I know market is dynamic and I have to spend time in learning but there are million of studies out there and I can’t afford to purchase them like:
1- Candlestick Patter
2- Price Action
3- Etc…
I need a really simple strategy to make and meet financial requirements, at the moment I am not expecting to make million dollars, just want to make around $800 to $1000 that is my basic need to run my family. If you experts can help me I will definitely pay back in terms of my services.
try this simple tool, add to your charts a 200 period moving average, if price moves above it buy, if it moves below it sell but first study how it moves and learn the patterns, I would not take every trade, I do not know how you want to trade.
Disclaimer, im just a simple scalper, not a full time trader due to my occupational hazards.
Hi Tufail - I hope forex can be a good field for you, it takes a lot of discipline but it sounds like you’re a worker.
You do need to have a system that gives repeatable trade set-ups, entries and exits, and which you can rationally understand. You can’t know what the market is going to do next but you have to understand what you’re going to do about it. You then need to follow the rules of your system absolutely to the letter. As said above, EMAs are a fine indicator that help explain price action. You can use an EMA or two or three at most: eventually you will want to try to filter what the EMAs say by adding an off-chart indicator like RSI or MACD - if you must do this (many would say don’t touch them) use only one off-chart indicator. Then play your system to the absolute max, wring the money out of it. Simplest systems are best, but they still need disciplined application.
In the early days of trading, your objective is to stay in the game long enough to understand the market, trading and your won system. Profit becomes your later objective. So right now, find where to place your stops using a chart not a calcualtor, and make sure your losses while a learner are small enough to win back later when you’re an expert.
<$800 to $1000 that is my basic need to run my family>
on a side note : forex would also mean that You are betting that some economy is doing well, and will even get better or not as time goes. @ the end of the day , you are betting and thats equivalent to a gamble which will not guarantee fixed income, all the time.
First I really suggest you don’t buy anything until you understand more about trading online.
I also was buying a lot of indicator.
But now i did not even used them at all. if you learn deeply about how they make indicator and how the profesional traders do. they use indicator is to calculate the average of of price movement.
First thing about trading: Learn how to analyze, not learn about strategy. Strategy comes when you finish analyzing something.
Trading online, or trading using chart. is to find best time and movement where the price stop. after the price stop there is 2 possibility. that are reversing or correcting (retracement). this come when you will decide where you want to following the trend or counter trend. again we do trading by probability and money management and also pattern. human tend to do the same thing over and over. so this will help you to trade and the money management system make you get continously profit.
If you want to learn trading, Learn how to read demand and supply using chart. trading is always demand and supply. it is the same from now or 100 years ago.
at first time i’m also asking what thing i need to learn first, why using candlestick instead of Line? why using price action instead of other thing?
to make it short, below is what helping me with my trading:
Elliot wave theory (this is for analysis not for strategy)
Supply and demand theory including volume indicator.
Fibonacci
Trend line (you must know how to draw the correct trend line)
pattern including advanced pattern (this is strategy)
at the end i only using this indicator :stoch, volume, macd. and this is free. all other expensive indicator are in my trash bin right now. best indicator is your eyes and brain. I’m still wandering if there is any superb indicator instead human eyes and brain.
Thank you so much Jack, I already tried 3 types of moving averages 5 period, 50 period and 200 period. But that is so confusing because as market goes on the move along with it. I will try your given suggestion to practice on a demo account for some days and then I will implement it on the live account. Thank you so much.
Thank you so much Tom, for the brief reply. I am definitely going to try EMA’s again. I already tried but 4 months ago “Forex Trading” was completely new thing for me. I learned a lot from this website. I spent almost 8-10 hours in front of my computers so discipline is not a big issue for me. I started learning to pay off my home loan otherwise with what I am doing it will take at least 10-15 years to pay off my home loan.
Alex, uffffff. I am already reading three books about price action, but due to very limited time it will take sometime to complete the reading. Price action most of the people talking about it, but I am unable to find any easy to learn it.
I think will safe if only treat forex as part time business only, often I have seen so many new trader having high dream and felt excited at first time knows forex, but in fact not easy making consistent profit here, I think required long time process also to become success here
Thank you so much for the detailed help. I agreed with you that there is no better indicator as compare to human eye and brain. Can you please let me know about these:
Elliot wave theory (this is for analysis not for strategy) I don’t know about it.
Supply and demand theory including volume indicator. - I have used volume indicator but never worked with demand and supply thing.
pattern including advanced pattern (this is strategy) - Which type of pattern you are referring? Can you please explain? Thanks in advance for your help.
I completely understand that’s why I started it as a part time business. I am freelancer so spend about 8-10 hours in front of my computer and one of my laptop is always running with trading system since I started Forex Trading but lack of knowledge I failed. That’s why now I decided to learn it and I know learning never stops.
Learn everything related to support and resistance levels.
Learn Pivot Points trading strategies.
These are very simple but effective for new traders. And one advice- whatever strategy you are gonna use, please practice for at least 1-2 months before using it to real accounts.
If you are starting out on your trading journey, don’t think too much about how much you want to make. It sounds counter intuitive at first, but you shouldn’t try to trade your P/L but rather what you see on the chart. I would recommend that you first look up the basics of order execution, aka how orders are filled and which orders are used for what. With that, you could build an understanding of the market place. You should also learn what the basic candlesticks are, but for me I’d recommend taking a close look at how pinbar candles and engulfing candlesticks form. From there, look up “supply and demand” trading principles on youtube! Sam Seiden is a great mentor for this strategy and others are out there as well. In my years trading I honestly realized that nothing is as recent as the present price action, and if you could wrap your head around S/D trading it’s the best “in the moment” trading strategy out there (again, in my opinion). It’s really about finding your own personal niche and polishing the setup till you know it front ways and back ways. Anyhow, good luck and don’t forget to enjoy it -John
I am also comfortable with price action simple analysis, before when still asn newbie also I am ever trying many method and tool trading based on indicator, but eventually back to nature and using candlestick pattern combine price action still possible we can analyze the trend market
-John