Strategy- advices

Hello,
I am a new trader and as a new trader I was doing some beginners mistakes. I don’t have a strategy, like 100% defined but I am interested in patterns and Elliot waves and combine it with Fibonacci levels. Is someone using this type of strategy? Can you use it?
I know reading from books isnt enought, I need to put it in work.
I blow out my forex account and now I have 25$, so we can say I am a little afraid:( , but I wont stop :smiley:

You’re quite right about that (but trying to trade [I]without[/I] reading any books would offer no hope at all).

I think large numbers of members here have probably been in exactly that position, so you’re certainly not alone there.

Personally, I’d strongly advise you not to try to trade with real money until [B][U]after[/U][/B] you’ve developed a method of trading with a genuine, proven edge, and collated the results of a minimum of 300 [U]consecutive[/U] trades on a demo account [I]without showing an overall loss[/I], [B][U]and[/U][/B] traded on demo for a minimum of 6 months.

So am I. Very much so. So much so, in fact, that bar-patterns underlie almost [U]all[/U] the trading methods from which I make a living. (I’m happy to recommend books in which you can read all about them, if that will help you?).

I’m sorry to hear that part, because I think both are a way of stacking even further against yourself an already very tricky deck.

My own thoughts about Elliott waves are here and here, and about Fibonacci here (toward the end of the post), but both those opinions are only my own (albeit formed after a lot of reading and research and quite a bit of experience), and I’m sure that not everyone here will agree with them.

And welcome to the forum. :slight_smile:

Thank you for your answer. :slight_smile: :slight_smile:
How long have you been in forex? I would like to read about patterns, so your books are welcomed.
Because I am new to this, I feel lost in everything. Like I am reading books and going demo, but I feel kinda lost in informations.
I was also thinking that I need a mentor, someone who is good at forex…just to tell me: do this, go there, look here… :frowning:

[QUOTE=bossv;808245]Hello,
I am a new trader and as a new trader I was doing some beginners mistakes. I don’t have a strategy, like 100% defined but I am interested in patterns and Elliot waves and combine it with Fibonacci levels. Is someone using this type of strategy? Can you use it?
I know reading from books isnt enought, I need to put it in work.
I blow out my forex account and now I have 25$, so we can say I am a little afraid:( , but I wont stop
:D[/QUOTE

Hi, I have used a demo account for 2 years now. It’s taken this long because I couldn’t trade profitably, consistently. I now don’t like indicators, personally I don’t think they work well for me. That’s only my opinion ������. I now trade profitably and I only use price action. It works for me. But above all else is risk management. If you don’t do this, don’t trade. You may as well hand the your money right over. Good luck and Use the force ������������

Thank you :slight_smile: Yes, I dont wanna work only with indicators. Its just dont make so much sense to me. I think indicators and chart is a plus. Can you tell me something more abour price action? I was going throu this forum, but I couldnt find anything about it.

Every traders looking for a best trading strategy . But practically the best trading strategy doesn’t mean that will able to lead any traders to get good result in trading. Because any trading strategy works based on knowledge level, personality and goal. And if all aspect doesn’t suits with strategy , traders won’t able to implement the strategy in a proper way through it proven to make other traders profitable.