As the title suggests, I am a total noob. I’ve come across to the dark side after dabbling a bit in shares. I’ve got a ton of questions to ask but I’ll start with a few more general ones.
Firstly I need to know if what I want to achieve is do-able so I know if I’m on the right track.
As I have a day job, I will only have the evenings to look at charts and even then its likely to only be a few nights a week. So, the timeframe I’m thinking of will be over several days or maybe even a couple of weeks. Is this referred to as swing trading? I can see plenty of day traders here but have not seen many people hold a trade open for this long.
I live in Australia and as mentioned before, will only have time in the evenings to trade. How will this effect what currencies I can trade? If I’m not intending on intra-day trading, does that mean I could trade any currency?
I’ve read through the babypips school and most of it makes sense (takes a while get through my head). However, I’m a bit lost at knowing where to start or what the next step is. I see how people have come up with their own systems but I was wondering why they chose those indicators/signals/methods in the first place.
BTW, this forum is absolutely amazing. I’ve spent time on a few forums (not just forex) and this is definately one of the best. The people here are supportive and positive but also extremely knowledgeable. A forum with both qualities makes a world of difference.
Apologies for the long post. Apologies in advance for the following ones.
In it you’ll learn a great method for identifying quality trading opportunities on the daily time frame. This will allow you to check in on your charts once per day. Depending on how many currency pairs you want to watch, this can take as little as a few minutes each day. I believe Jonathon Fox, who started the thread, is also from Australia so he may be able to offer you advice on time to trade, as well.
Go through the babypips school, read all of the long lasting threads there is months worth of reading there, and if you have a dayjob stick to higher timeframes, 4H +. most noobs should stay above 1H anyway, but working the 4H-daily-weekly on your kind of schedule should be fine. Explore, try different methods and systems. Its really about finding your own style and seeing what works. THen you can really drill down and pick a system and refine it and work on yourself. Right now i suggest having fun in a demo account and just playing around and learning as much as you can. This forum + chatroom are great places to ask questions and learn.
If you are free during the arvo you can day trade the London open/ Asia close. This is a great time to trade as there is higher volitilaty during over lapping lessons.
Hey dude. I’m from Australia as well and been live trading since November. Evenings here are fine as we can catch the London and the NY sessions wich hold the most liquidity. It is actually my preferred time of the day to trade. I do go a bit late - to around 0130 at times which gets a bit harder as I have a full time job as well, but it will be worth it. Price action thread is quite good as well as Petefaders VSA thread, which is the method I use. That one can be found here 301 Moved Permanently
It is a lot to take in, but so worth it in my opinion
As a matter of fact, I had just started going through Jonathon Fox’s thread. Very informative indeed.
Although, what I don’t get is, if I’m looking to keep trades open for several days, does it matter what time of day I trade? Sure, there may be more happening at a particular time, but what difference does it make when a trade is open for , say, a week?
I am well and truly at the arse end of a long steep learning curve.