Hi, I finished the cause 6 months ago, been doing Demos… looks so easy but when I go live it a different story please guys Any trader please help. I’m from SA but any1 can help.
Hey Mbali. Live and demo accounts are technically not different per say. The difference is more psychological than technical. The fact that you are losing risking real money on a real account is what derives the conclusion that it is different.
Advice being, stick to your trading plan no matter how hard you are tempted to temper with it in the hit of the moment.
By the way, I am from ZA. Where did you do your course?
I hear you, but also… I think Demo makes it easy because of large amount.
Ok, that’s a relief. at least you didn’t have to pay. How is the market treating you so far?
It killing me
Do not worry, it’s just a welcome party for all newbie traders. all you have to dance to whatever tune the market plays. Do not fight the trend, follow the market’s rhythm.
Briefly describe your trader’s profile and your strategy, Maybe I will be able to give you a few pointers as to what you need to do to improve.
I use Heiken-Ashi candles, scotch and moving averages. MA period 20 shift 3 simple close, scotch 30, 3,3 . Mostly on 5 and 15 chat.
If scotch is oversold and or overbought or crossed lines and The candle close above or under MA I take the trade.
I hope I make sense🤭
take profits 50 to 100 depending on the trend stop loss 30 pips away.
Hey, you took a bold step by concluding babypips course and successfully graduated from the school of pipology. Trust me not everyone can do that, congratulations!
Personally I feel you are born to be a trader because you are from SA lol. South Africans are dominated by Forex traders. Talking about the likes of Jabulani Ngcobo, Sandile Shezi, Ref Wayne, DJ Coach, Jason Noah, Lesiba of Forex chasers, Young A mo to mention but a few. So I feel the soil of SA is naturally configured to breed successful financial market traders. Those names I mention above had similar challenges you are facing right now just that they didn’t give up. Ohh, I forgot to mention Catherine Buhle AKA bosslady the richest Forex woman in SA with networth of about $5million. You guys are bless with this thing mehn!! Don’t give up, flow with the market, work on developing a solid trading strategy with at most one indicator and price action, you can go naked if you choose but I don’t buy the Idea of Multiple indicators. Work! Work!! Work!!! Backtest! Backtest!! Backtest!!! Pray! Pray!! Pray!!! You never can tell, the universe might notice your hardwork and give you an angelic trading strategy. Your brothers didn’t sleep, I don’t expect you to.
Ok, the fact that you use Heiken Ashi candles means you want to filter the noise as much as possible. It is not a bad strategy, however, bear in mind that Hieken Ashi does not give the exact price, but only averages. ( I assume you know how their anatomy is calculated). Try demo trading the same strategy using Japanese candlesticks so that you can be able to see the exact price levels.
As for the moving averages, try 50 SMA not shifted. This will at least provide crossovers in real time rather than crossing over data that is already 3 periods old.
Considering the time frames you trade, the stochastics is set a bit too long. By the time it provide an entry signal, the move will be almost over, hence it will most probably come back and stop you out. Try a mid term stochastics set at 8;3;3
Now, try combining this with major support and resistance levels plotted on the daily time frame. This will give you a directional bias for the pair in question. For example, if the pair is bouncing of a support level on a daily time frame, you only take buy trades until it reaches the nearest daily resistance. Vice versa for short trades.
Use Japanese candlesticks because they show real price levels (not averages)
Moving average 50 shift 0
Mark support and resistance on daily timeframe.
Look for a market that is moving away from a daily support level, heading up.
Go down to M15 make sure it is trading above the moving averages and wait for the market to pull back to a support level on M15
Wait for a bullish crossover on the stochastics. (whether it is oversold or not)
Market must be moving away from a resistance level on a daily TF
market must be below MA on M15 and pullback to a resistance identified on M15.
wait for a bearish crossover on the stochastics.
Please, do not trade it without back testing. It might be garbage for your trading style, but it worked for me back then until I learnt how to trade without indicators Beck and forward test it and come back to me with any questions. I will be honored to help you through it.
I think the high unemployment rate is one of (if not only) the main contributing factor. I mean, we have the qualifications for certain professions but they are merely decorating walls in (not even a house) shacks.
Thank you so much Regan64
Thank you so much will do so ngyabonga kakhulu.
Kubonga mina. Let’s beat poverty togrether
Hi Forextt, sorry to bother you. I have applied what you told me on Demo it working I’m happy with the strategy. Now I need to understand this…how did you come up with 50 MAs, why not 20 or 30 or 60 act?
Just need to have a better understanding. Otherwise I’m happy with everything.
Hey Mbali. I am honored to hear that I managed to help you. Before I answer your question, I would like you to understand that there are 3 types of trends i.e. strong, medium and weak (at least that’s how I view the market). Now, the purpose of the MA is to filter the trend direction. 20 MA might be used to filter a strong trend because it measures the averages of only the last 20 periods. A 50 MA may be used to filter a moderate trend, looking at the average of the last 50 periods. 100, or 200 MA for weak trends.
Going back to your question, I chose the 50 it is moderate. I do not like the whipsaws that comes with the faster MA such as 20 and 30 etc. They do not give the market enough room to fully pullback without being broken. As for the 50, I find it well moderate enough for the market to pullback and continue the trend , without being broken. Anything higher than the 50, I realized is too slow for my trading style because I was always caught on the wrong side of the market, when the trend direction changes.
So my best choice was the 50 SMA. Not too fast, not too slow. Just medium.
One last thing, you are not bothering me. It is my pleasure to help when I can. Ask me anything any time, I will be there to help if I can.
Thank you so much
Anytime my sister. Happy trading.