Hi Everyone , Looking for tips on building a solid plan & strategy

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HI I’m Luke from Birmingham, England. I’m not really new to forex as I’ve been avidly reading books & Following markets for about 18 months, But haven’t really made much of an effort actually trading, Until now. Hoping to get some help creating a solid & Strategy that I can tweak till it works for me. My Goal initially is make a bit if supplementary income then further down the line leave fulltime employment so I can spend more time with my parents as they age.

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welcome to babypips. You can start your education from babypips academy. It has a whole lot of resources for forex learners.

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Thanks. I completed the babypips Education this time last year’s. I’m coming to review & put it in to action.

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What kind of strategies have you worked on so far?

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Congratulations! I’m still going through the School right now. I hope you’ll find a strategy that will work for you. Looking forward to your updates here.

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Thanks mate!

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I played around with the London open at the beginning.However I sometimes have to leave for work around 3 hours before the London session opens. Then I found Support & Resistance, Which really made sense to me right away and I’m thinking of incorporating it with some price action & Possibly something like Macd, Atr,Stochastic as a kind of 3 step confirmation for entries.

Any advice is greatly appreciated.

*Edit:Spelling.

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That is such a warm and loving motivation @Rir9501. :blush: Kudos to you for that! I’m sure that with hard work and determination, you’ll eventually find the plan and strategy that will work for you. :blush: I wish you all the best! :smiley: Good luuuuck! :slight_smile:

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welcome to Baby pips, you have chosen the right place which is very supportive to be a knowledgeable trader very rapidly.

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With which broker are you now here ? How do you really go about all that things. Have you hasd any real success and want to replicate ? Have you looked for current forum strategies and that’s really it. Please let us all know this things. Be sure.

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HI,
What ever system you decide to come up with or put together, there are considerations that should be at the back of your mind.

  1. how do I understand the direction of the market? this is possible by putting up a system that helps you identify trend/waves on the higher time frame. A combination of two or three time frames will help make quality directional decision of the market move. This is the one understanding that turned me to a consistently profitable trader, If you can go as high as using a combination of the monthly weekly charts and the daily charts then you would have minimal concern for market direction,
  2. I if decide to use an indicator to monitor the trend on higher time frames, how do I minimize the lagging impact on this moves from my indicator settings so that i can the trading on a lower time frame when the trend is still active?
  3. How do I determine my entry and exit after establishing the trend direction on my prefered trading time frame?.
    With this points in mind you should be able to build a system that can be improved on.
    good luck on your journey
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I’m with AVA Trade but in time will look at others. I’m trying to create a routine of how to look for possible trades. I try & Gauge market sentiment for the week ahead by reading financial news & ING economics articles on a sunday evening, I also try & Identify significant S&R levels on the higher time frames lije monthly & weekly. I’ve had a few wins trading around news releases, But I feel these were luck more than skill. I’m working my way through forum strategies.

Thanks for your help.