Can some one suggest a simple trading system?
I am new to this forum and forex. Can some one suggest a trading system for me. (A simple one).
I am currently working. So I cannot do intraday trading.
So I need a swing trading system with chart periodicity should be 1 day.
I'm a newbie myself (so perhaps I shouldn't be giving advise ). When you say the periodicity is 1 day I assume you mean that the trade will be over several days. One system that I would suggest having a look at is Jonathon Fox's thread on Price Action. Its in the Free System forum. Its a relatively simple system that doesn't use any indicators - just price action.
I suggest use candle sticks or patterns on the one hour and hour charts alot of times pairs will range and you'll get exhuatsion candles at top and bottom of ranges that you can play for 50to 100 pips per trade and alot of times the pair test the range 2 to 3x per week which is enough to make nice pips per month just watching candles and support and resistance I would suggest you start with trading that way and when you build your account up then work on advance concepts but once you build your account this is still a viable option to trade just add more pairs and you'll make more pips. Also i suggest that you sit on your hands till an actually set-up occurs . and also wait for set-up to happen in direction of the trend .
Just trade an end of day trend trading system....... low maintenance and low stress.
Last edited by johnedoe; 09-12-2012 at 05:40 PM.
The easiest and most effective one you will find.
Trade with the trend on the 1hr time frame and buy the dips.
Originally Posted by ssijbabu
I'm with xanh! The price action thread (Forex Price Action) by Johnathon is a great swing traders thread & focuses on the higher time-frames and use of clean charts
Originally Posted by xanh
Simplest systems for what you want are the Channel Breakout (Donchian/Turtle/etc) or Smith's Conqueror.
They take very little time to set up and watch, and have been proven to work (channel breakout) for 60ish years.
I think every time frame is good for trading.every tick of clock is important for forex trading and the matter of luck is also most important in the field of trading and proper planning is highly recommended for this type of trading
Just keep surfing through the forums. You'll be fine.
My very successful Forex Colleague trades with the channel breakout system ( boring as watching grass grow) but good trading is not exciting trading!
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"Thought is action in rehearsal."