First trading strategy

Beginner Questions
1

I’ve been reading Naked Forex by Nikritin and The Black Book of Forex Trading by Langer, and I like the simplicity of both strategies.

To distill it down, it seems like what they recommend is to just understand the major support and resistance zones of a currency pair and then wait for a reversal or breakout pattern (engulfing candle) and then enter the trade using your risk management rules.

I’ve read a lot lately, and it’s been overwhelming, so I really appreciate the simplicity of this. I’m not looking to be glued to a monitor all day for scalping or intraday trading, but would prefer to make each day an analysis of the charts and determine if a setup opportunity is presenting itself and then make a decision to enter a trade or not (so more swing trading).

Curious if anyone else is using this approach?

2

This is a classic approach, it’s the sort of thing that doesn’t get a lot of internet or Youtube profile because it is centuies old and unlikely to get a supercar delivered to your front door within 30 days. But keep using it, because you don’t sound like the sort of new trader who rates their success by either having a super car or not having a supercar within the next 30 days.

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3

Undoubtedly. And a range of very similarly based approaches.

@tommor is exactly right, above.

I feel sure that aspiring traders doing the kind of thing that you’re doing are, collectively, doing far better than the majority who are trying to use multiple indicator combinations!

(I haven’t seen Langer’s book, but Nekritin & Peters is ideal.)

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