Hello to all fellow traders, my name is JJ, 22yrs old and I am from South Africa, residing in Durban. I am new to Forex trading and at the moment I am still on a demo account to put the theory into practice and at the moment I am trying to form a solid trading strategy using both economic & technical indicators along with price action… but I seek to learn more, and maybe form a good working relationship with you all.
Hope you’re all enjoying your day
Best Regards
JJ
Welcome to the forum dude, I spent a few months in SA for my holiday, its a great place to trade from!
Haha, Thanks! Its one of the reasons as to why I haven’t gotten outta the country yet, but I credit that to mostly the people I’m surrounded by… where you from?
Im from england. And yeah I dont blame you for leaving, I hope to go back one day though!
Hey. Welcome to babypips! As someone that learned in a manner similar to what you described; I highly suggested researching already established strategies that use aspects you find favorable and giving those a go. I spent a ton of time trying to find “my own” system without the full knowledge on how to accomplish what I was trying. Wasted months of time trying to do that. I eventually settled on good, old-fashioned Price Action trading. There are several good threads on the forums about it.
Good luck!
Thanks for the heads up, :22: guess you just saved me some valuable time… I’ll be sure to do just that and test them out to see which one works best for my trading style.
hahaha cool… and I hope to make a trip to England once I get over my home sickness to see some friends that have been on my case about going on a little tour. How is it up there?
Yeah. At first I thought it was a good idea to try and find my own path but then I realized that there is about a billion different ways you can trade forex with all the combinations of indicators and time frames. I personally like Price Action trading because it’s very popular- which tells me it has a good success rate. It’s simple- the less moving parts there are in a machine the less likely it is to break down. And it’s applicable on any time frame and any currency. I felt like if I wanted to explore other avenues it would still be useful knowledge to have. Not like all the other stuff I explored early on that I no longer give a second thought to.
No sense in reinventing the wheel!
EDIT: Oh, and you can find all the information you need online for free. Don’t get sucked into buying a strategy, ea, or indicators.
Truth be told, I dug a lil deeper on the net earlier today and I was intrigued by the concept of using economic events to somewhat indicate the path of the trends for me (depending on how much impact the news had) by fusing my analysis with candle stick patterns. Just outta curiosity, do you trade using the news?
Also did a bit of trading on the demo account & :34: I realized that I’m not really good trading the minute time frames (leaves me with less time on my hands & more time glued to the screen), nor do I possess the patience of being a weekly or a monthly trader - so I have found that I’m mainly good at focusing on the day charts along with using the 4hr time frame for my trades. Which time frames do you mainly use for your trades?