Im am a student at the School of Pipsology and new to Forex trading.
I have two demo accounts where I use indicators taught to get some hands on training.
So far i am happy with and use: Japanese Candlesticks (with a indicator pop up) - Moving Averages - Bollinger Bands - Parabolic SAR - Stochastic. Ichimoku Kinko Hyo is something I will study more before I try it again.
After a few days playing around and losing almost half of my assets in one demo account im slowly getting an feel for a trading style that works for me atm. and lets me learn more with a positive pip count.
Member posts on the subject of being a trader, attitude, psychology and so forth have been a great help once I started figuring out the moving indicators.
Presently I am trading the 1 minute but looking to add 1h to it in a few days. (demo)
If anyone knows of a neat one button buy/sell with a stop loss and trailing stop for MT4 and MT5 preferably something with a option to configure it to disregard the shadow for a period of X ticks (one button stop loss, trailing stop would also work great), a link would be appreciated.I have been goggling around for one but figured it get a recommendation for a working one here.
After reading just your first paragraph it’s clear you are making the number one mistake which is using far to many indicators, there is no need for any more than two indicators, preferably one.
Your also trading a 1M chart, that’s not going to help as its more or less random. Haven’t ever seen a profitable 1M trader, and I don’t think anyone else here has either.
Reduce the indicators and increase the time frame to see immediate favourable changes to your trading.
Im still learning the indicators and will try more as i understand them better (not all at once).
At the moment i have 3 indicators open and when trying out a new one i use the others to help me understand what the one being tested is up to.
The one minute window gives me a fast time frame to play with the indicators, will probably stop using it in a while.
Did a nice profit in the 1h this morning after a few more of them and passing “Summer School” I will open a live micro account.
I agree with Jezzode, I recommend two indicators (three max) and make sure they are not the same. For example there are plenty of momentum indicators so don’t use two that indicate momentum. 1M charts are a waste of time, so drop them completely.
Did you pick the lucky broker for your micro account yet?
The broker deal is still open.
FinFx sounds interesting, need to sort out tax issues, account fund management, withdrawal fees etc. before i commit.
If you have a something in mind that offers good customer service, working self service, good profit management options, scalper friendly and low spread I will definitely look into it.
I am currently with PaxForex. Their customer service won me over. I have been trading with them for a while and so far never had a problem. They execute deposits/withdrawals very fast, as most brokers they use the MT4 platform which is great and you can open your micro-account with as little as $10 (although if you want to really trade I recommend at least $100 and trading only 0.01 lots). They also have this $200 No Deposit Bonus which is a nice challenge, at least for me.
+1 on the “too many indicators” and “1min is useless”
i trade with 1-2 indicators at most (UltOsc and sometimes MACD, and rarely volume just to see if it’s a dead-day), and my shortest time-frame is a 3min chart. my particular platform also gives me non-time charts, such as Renko, Trading Range, and PnF. i have a 3min chart (which i sometimes change to a 10min or 1hr just to see a ‘bigger picture’), plus a 2pip and 7pip trading range charts. in my case, the 3min chart window is large enough to show me the last 6-7 hours of trading, which for my purposes is enough (i day-trade only).
1min charts are only useful for stocks (NYSE / NASDAQ), since the trading session is only 6.5hrs long from start to finish, with a 1-2hr dead zone at lunch. on forex, a 1min will drive you bonkers. it drove ME up the wall since i couldn’t figure out WTF was happening and what was most likely to happen next. it’s just too short.
i find it good to see stuff that everyone else sees (time-based, like 3min) but also see the actual movement without any limitations to when / how long / etc, which is what the 2pip & 7pip charts show me. they’ll show me raw movement, when it happens as it happens. i trade MONEY, i don’t trade TIME. i can’t pay my bills with hours, only dollars. so i don’t care whether it takes me 5min or 5hrs to make a fair profit (or loss, for that matter).
Well im happy using the 1 minute for training, 60 seconds and i know how my prediction went, also indicator movements are fast and i can correlate them to a prediction on the fly. When i get live account il be using something else than 1 minute, pretty hard to keep ones account balance growing in the one minute market.
Happy to say I am getting to be one with the few “main” indicators I use, makes it easier to test other indicators and figure out are they for me at this stage, if i don’t like a new one i still let it hang around and read about until I am familiar with it and then toss it.
Still have not found a close order EA to my liking, Swiss Army Knife is pretty cool but does not have the possibility to only lock on to the actual closing price, found EA based on mowing average that seems to come pretty close to what i want 90 % of the times so il just use that until i can find one that actually uses the last completed tick price instead of price fluctuations during the tick to activate stop loss.
Edit:
I do listen to everything you all say as i cant afford not to.
Been reading this “Pure Price Action For Dummies.” thread and entered The AudUsd long a good hour ago with just candles and a 2 moving averages on the 1h.
do indicators wrok the same on the 1m chart as the 1h chart? hahaha that’s my noob question, i’m not even sure, i’ve only been doing daily and 4h charts, i would think that since big orders from banks can have an effect on the market then I would be super careful about the 1m chart… :X
it would be so stressful!!! I guess if you plan to trade 4h-6h a day then stick with low timeframes otherwise get outta there, go to high timeframes and just study while you wait.
Haha 1min driving you up the wall that’s funny. It’s not worth the energy trading fast time frames when trading long time frames is already profitable. You made sense there with trading money and not time. Patience is key.
of course it does. you just need to learn how to trade each timeframe. if you are doing well trading on 4h and daily, then I suggest you stick with those timeframes for a while.
