Hi
I did the school of pipsology and found it fascinating.
Downloaded a demo account, and saw the charts and played around with them, but had no idea how to start.
5 minute, hourly, intraday, weekly.
I know this might be one of the most idiotic questions posted here - but how do I start.
All those charts, choice and information caused a paralysis through overanalysis and I had no idea how to go ahead.
Would be very grateful for any advice…
depend on what how you wanna trade.
for a beginner I would suggest daytrading.
with all the over analysis, start with the daily chart, make a note of the previous day High and Low, check the trend and make a trendline, then name that trendline Long Term Trend Line, as well, have the daily Pivot levels noted.
once done, check the hourly chart, and check the trend again and find the S/R, draw your lines, also check RSI, SSD and MACD, maybe MVA’s and BB-Bands.
when you have that trend and all informations, check the 5 min chart, and draw your short term trend line. the 5 min chart is good to find an entry point.
Hey Bub,
I, too, just started demo trading a couple of weeks ago after finishing the school. I started with the Cowabunga system by PipSurfer just to get an idea of how the markets move and to learn how to use the charts, software, etc. He also has proof that his system, if properly done, seems to turn a consistent profit over time.
So You’ve Finished The School Of Pipsology…Now What? | Forex Blog: Pip My System
I started a notebook and am writing down every trade: Day - Time - Pair - Entry - Stop Loss - Take Profit. Then on another line Time - Exit - Pip Gain - Money Gain. Then maybe a few words to clarify my thoughts on the trade. This is a preliminary method as I may start doing it on Excel or something like that.
I’ve also been looking around at different trading systems here at babypips and at forexfactory.com. It looks like there are as many systems as there are personalities so I’m a little overwhelmed but hopefully as I gain an understanding of the market things will become clearer. I’m trying to lean towards the super simple plans; minimal indicators, etc. just to get a feel.
Hope it will be successful for both of us. Good luck.
Trade4life
ill be honest here. I joined last month and did the school of pipsology then. Now looks like my memory isnt as good as it used to be, so some of the terms you used confused me. (my fault). Will do school again and use your advice.
Stub
had a look at the link. thats brllliant. just what i wanted. of course, like i said. have to read the whole pipsology school again - but read it once - shouldnt take too much time again. will do exactly what youre doing and report back.
thanks a mill. seriously. was overwhelmed by all the information available and had the deer in headlights response - which was disappointing really, after all those hours put into the school.