@dudebro thank you for sharing this forum with me. I never thought people would actually share their strategies I will see what I can take from this forum
For how long have you been trading already?
Experience is the best teacher, so forget all those (online) courses at the end they all teach you the same, trading is trading. If you finished the school of pipsology at babypips it should be quiet enough for start trading on a DEMO account. Remember, experience is the best teacher. You’ll learn much more in 1 week of demo trading than 1 year of online courses.
And please forget about those signals… the market is not only technical you should watch your fundamentels too.
Good morning…
You should be actively trading YOUR OWN system. If you’ve completed the BP School of Pipsology, you should know enough to be actively trading. All the courses and reading and signals can’t give you the feel for market behavior like seeing price action on the charts. If the system is new to you, start with demo, then once you have a feel for it and it’s consistently profitable in demo, start live trading with the SMALLEST lot size, to learn to deal with the emotions that come with real money on the line.
As “Dr. Pipslow” (and others) have repeatedly advised, it must be YOUR OWN system, If you don’t already have a system that you’re using consistently, you could look through BP’s system ideas for a starting point (someone else suggested this earlier). But you may need to adapt it to your own personality. A system that works beautifully for someone else may not work for you. I’m personally doing something like @tommor has shared (but he’s been doing it a lot longer than I have, so we’ll seer…?).
So I would ditch the signals service ASAP. It doesn’t work to try to follow signals you don’t understand (and a waste of money). I personally wouldn’t spend money on courses, just maybe read the recommended books (but that’s me, you may get some value there for system ideas?).
And as many have posted on BP, at least start by trading LONGER TIMEFRAMES. I wouldn’t look for trades on anything shorter than 4H (1D probably better). The shorter timeframes have too much “noise,” price action is more consistent on the longer charts. I look for trade setups on 1D (but then drop to 1H for entry and management).
Finally (and I don’t think I saw this yet in this thread?), keep a trading journal! Reviewing why winning trades worked, and losing trades didn’t, will help refine your strategy and make it better.
Hope all this helps (along with what everyone else has posted)…
It’s positive that you completed the course on here ,though little what you learnt will contribute to overall success.Take bits of knowledge from many different sources and come to your own conclusions through your experience s on demo, or very small account ,forget about signals most are crap
There is an active discussion about this strategy going on right now. Could be of interest.
@mlawson71 I became familiar with trading 1 year ago and from that time on I have been mostly dependent on signals from other people for my real account and once in a while trade with my own analysis on demo account
@greenscorpio thank you so much for your reply I am considering to trade on demo account consistently now while I am getting to know different ideas
@this_is_ando thank you for your reply I am considering to consistently trade on demo account for a while to see where I am and what I need to learn only I am looking for some kind of alert that helps me figure out what pair I should trade
@GrayWolfe7 thank you so much for your reply this is basically the answer to my question and thank you for mentioning @tommor I will check out his posts.
About time frames, I am not very patient and like to reach a conclusion ASAP but I will try to demo trade and journal on longer time frame as you mentioned just to get the hang of trading and then when I feel I am doing better I will go to shorter time frames.
Only thing I am still not sure of is what pair should I pick to trade during the day. I am not even sure I know how to use marketmilk efficiently which might help me pick good pairs.
I appreciate your help and support
You just could check the market milk on this site and see the performence of each currency. So you could choose tgr strongest currency and trade it against the weakest one. Yesterday it was NZD who performed best and GBP was the worst so you could had entered a long NZD/GBP trade for exemple
Good morning again…
I think the important thing about timeframes is the longer charts show a better view of the market’s direction (“the trend is your friend until…”). Even if you aspire to be a day trader or scalper, I would start by looking at 4H or even 1D to get an overall idea which way the wind is blowing.
Don’t remember if you shared how much time you’re putting into trading? Right now I’m only spending about an hour or so per day (maybe a little more when I have a trade open). Trading shorter time frames requires a lot more chart time.
From what @tommor has shared here, his trades can run for days, so his method may not work for you. My last successful trade ran for about two days. But I don’t like to leave anything open through weekends. I kinda picked up what he does from another message thread; don’t know if his strategy is in BP’s system ideas?
I get trade ideas by scanning 1D for a limited set of pairs (limited at least for now - may expand down the road?) Then I could look at MarketMilk to see whether it supports what I’m thinking.
Have fun…!
My trades are all off D1 charts but I go to and fro every year with how long I should let them run. I use two approaches and still haven’t come down definitively on one or the other.
- Buy into an uptrend on recovery from a pull-back. Use a wide trailing SL, initially set at 2 x ATR14. At each subsequent pull-back, as long as entry is higher than the last entry, add another long position with a new 2ATR14 TSL. A pull-back is a lower close on a day with a lower high. Keep adding until the trend’s TA weakens, don’t wait for it to break.
or
- As above but exit the long on the second successive higher close. Re-enter the trend on recovery from the next pull-back.
I’m favouring No.2 right now. It seems to offer lower risk and much higher win rate. It avoids getting into the same pair with multiple pyramid positions. I am finding pyramiding is only really viable when long on US indices.
Until you start trading, you can’t know whether the trainings were useful or not. Start trading and put all you have learnt into use
If that works for you, why not? I confess copy trading was never for me, so I avoid it, but every trader is different. I wish you success!
@tommor and @21firestar…
I’m as far as “Buy into an uptrend on recovery from a pull-back.” (though could also sell in a downtrend - last good trade was short EUR/JPY). I’ve been manually trailing the stop as the trade progresses. I set a TP on entry, but may adjust it later if I think it’s out-of-reach, or extend it if I think the trend could go farther.
Your welcome good luck on your journey
You have or MUST to be PATIENCE, learn to the bones… and filter the toxic every head is a world and everyone can see charts in diferent thicomprehesive look… Be disciplinated!! Is so a huge world of data that scamers are sharkscwaiting for the impatient people…
It can be a very good bussiness depends if you have that all mention… Is a maraton no … Not a 100m race!
Great thread about this actually. Have a look.