Hello, I am definitely a noob. Just finished the school and am looking to pick up a system to demo and start to get a handle on Forex. I live in the Tokyo Time zone -9 GMT and will probably be trading during the Asia late sessions or London early sessions. I am probably going to choose 1-2 Currencies to start focus on. So far Cable and EUR/USD probably highest on my list but USD/JPY could be a choice due to my time zone.
So I am looking for simple system to start to understand how to use the indicators and begin making demo trades on OANDA. Cowabunga and HLHB systems look really nice. Any experts advice on how to continue??? I would like to put in atleast 2 hours of trading every evening and 1 hour of study and news/market research.
If you like a simple system… besides that two great systems you mentioned about, maybe you also can look for Nikitafk’s Thread: Pure Price Action For Dummies.
Have you investigated the 2 systems you want to trade? With your preference for time zone and time trading, cowabunga doesn’t match. Hlhb system seems poor as a system overall also.
@WildChancer - i have looked at both Hlhb and cowabunga forums. I really have no point of reference to judge from. I figure that I will be more successful than trying to make my own system from scratch. HLHB looks like its for swing traders so I will be making 1 trade or less everyday. Cowabunga maybe 1-2 trades everyday. I have no idea how long they spend in front of their computer though to find the trades. I will take any suggestions for systems.
@forexyestrading - I will definitely take a look at that later today. Price action means you just look at candle formations and no indicators? Seems pretty difficult though.
Price action is as easy or as hard as you want it to be. I would say research forex some more before you decide on a system. A system or style of trading has to suit the trader, it’s not just a case of selecting any random strategy
Indicators and more ‘advanced’ systems are generally a waste of time. Stick to support and resistance, trade with the trend and for confirmation I use VSA.
Wow. This is the best piece of advice I have gotten. I would am going to take it as a plan of action. Study pure Price action and use a VSA to help give me a confirmation. I hope to continue this path and create solid fundamentals. Forex will definitely take a lot of study. But now i have a focus on where to go from here.
BTW definitely going to check out Nikitafx’s thread on price action. Great to have an expert being the one to tell me to stick with the fundamentals.
LOL at myself. I figured I could just look up what VSA was. I thought It would be some kind of variable average. But when i did i got lots of different answers.
So what exactly is VSA??? and how should i use it to confirm my Price action.
VSA is a very distinct approach of analysing the market. It derives from Wycoff teachings. It was made by Tom Williams. It’s basicly combination of fundamental and technical analysis, since Tom claims, that all fundamental information is already written in the chart BEFORE the news happen.
Base of VSA is of course Volume, which is the ONLY non-lagging indicator out there. It is the ONLY indicator NOT dependable on price. If you use any other indicator, it’s like holding the steering wheel with one hand. If you use price action WITH the volume, you have TWO weapons, or let’s say TWO hands on the steering wheel. What would be the safer approach to drive the market?
It’s somewhat arguable if Volume Spread Analysis can be applied to forex, but I am not here to discuss the reliability of Forex Tick Volume. I trade VSA, and so does Pete, who started this thread 301 Moved Permanently . You might be also interested in reading a book called Master the Markets by Tom Williams which would give you all the basics you need to succesfully trade using VSA.
I think this could be a good way to go after finishing BabyPips. I am still pretty sure, that any other way leads to frustrating system jumping, confussion and LOSS OF YOUR CAPITAL.
Trade with the Smart, trade with the Sharks. Don’t be part of the herd, always on the wrong side of trade because your Stochastics “said so” …
Excellent. I am really benefiting from this community. Thank you for making it so easy and welcome here to get info. I am going to start digesting as much of this information as possible. I think a lot of noobs are in my shoes and just pick up any old system and demo it for a few months then choose another and end up making a mish mash of it. All the posters here have really given me direction and I LIKE IT!!
