I live in the the GMT trade zone and holddown a full time job working nights
I love this FOREXtrading thing and I was wondering if anybody knows or
heard of a long term trading plan ie weekly or monthly that I could use for
now that has a chance of working …Look forward to to the answers
Happy New Year People and good trading
[B]This Japanese bank in England offers long term trading advice on weekly, monthly, quartly, and daily trading. I have never term trading signals, but hey give it a try and tell us the results:)[/B]
Look at Michael Dunbars 8+8 approach on the forum
I was looking for-the same thing. Check this out:
Hi,
am a newbie too, just about going live…
my suggestion is;
if you are new, start with the short term, if you can’t make money in the short term your chances of making it in the long term is bleak.
if your short term decision is wrong, the long term will also be wrong, start with the short term where you can see your mistakes and quickly correct it not leaving in hopes that it will turn your way.
Rgds,
Hello,
I’m afraid that I have to disagree with you on long term versus short term trading.
You stand a MUCH better chance of loosing money trading for the short term than you do for the long term in my opinion. The answer to the questions ‘how long is long term’ and ‘how long is short term’ make the difference i.e. if ‘short term’ is trading anything shorter than the daily timeframe you will get ‘nailed’ if you don’t know what you’re doing for the simple reason that on timeframes shorter than the daily you are ‘wide open’ for ‘surprises’ like ‘spikes’, ‘stop hunting’, ‘news data’, etc. etc. etc. and, if you are a new trader, the ‘odds’ of you having the ‘experience’ to ‘react’ quickly enough or ‘judge’ the market in the short term are very slim. Looking at ‘long term’ charts meaning ‘daily or longer’ does not take a genuis to see where the general trend is going. The drawback of ‘long term’ i.e. daily and longer: bigger stops, greater potential losses. The positive factor of course: greater potential profits. What will ‘nail’ you even quicker though is not having the patience and discipline to see the ‘long term’ (meaning daily or longer) trades through to their conclusion.
you have a point there Dale, no question about’a, but judging from a newbei’s perspective, what you want to do is make a judgement and let the market prove you wrong or right, for learning purposes, i think its better the market tells you that here and now, not in two months time.
o’cos there will be spikes and news, but, in my op’, that’s part of the learning process. As a trader, the aim is to make money, not read charts for weeks. (just like Sun Tzu said - [I]“in battles, your objective should be victory not lenghty campaigns”[/I]…thats the way i look at it 
but i think you make a point of market vibrations and the urge to second guess and over trade, yep, that’s the problem in short term trading.
anyway, going life, i will eventually watch out for that. during my demo, i developed a system that could stand the long and short term, i hope it will work out in real live scenario.
thanks.
I work fulltime (50+ hours a week). So I have absolutely no time really to sit down and watch pips move up and down. So I trade on a daily chart. I pretty much use James’ 45 pip a day system on a daily chart and I’m having very respectable results.
For me it only requires me to sit down for about 15 minutes a day and perform some routine maintenance. And being on a daily chart, I don’t have to concern myself with any immediate news. I trade 20 different pairs to keep it diversified so if one pair freaks out, the others are there to keep it all in the proper positive perspective for profitability (say that 5 times fast…hehe).
And I completely disagree with the assertion that if you lose money short term, you stand no chance at long term. It’s up to the trading system and the trader. I’m sure there are systems that could give you incredible long term profits, however would give you horrendous results short term and vice versa.
I personally started demoing short term, but lost out simply because I didn’t have time to babysit the charts. Long term was definately the way to go for me.
Well put - both of you (BlackPips and mastergunner99).
BlackPips:
You make a point i.e. trading short term certainly will ‘educate’ you in a hurry!!!
Put it this way: conversely, if you can make it ‘short term’ then ‘long term’ would be a ‘breeze’!!!
I’m going to disagree here. While this may be true for some people, it most certainly will not be true for all - or perhaps even most. Sometimes the very attributes which make for good short-term trading are completely opposed to what a longer-term trader needs.
OK - John - you KNOW I’ll NEVER disagree with you!!!
Yes - you’re right - I never thought about it that way either (as a matter of fact that’s exactly what I’ve been trying to get across with my ‘trading personality’ rhetoric of late).
Yes, horses for courses which includes different personalities, expectations, time commitment etc. Also some would be more suited to equities/CFDs and others to options, commodities etc. Always amazes me that newly beginning traders often gravitate initially to fx (aka formula 1 in my opinion) rather than cut their teeth in other markets and then want to take on the added stress of the shorter timeframes. Again neglect of personal psychological attributes (and non attributes!) is the undoing of many without them even realising this is the issue
Common Tony. You know why. Flashy advertising all over the place helps. Ease of entry into the market helps. To my mind most folks first think of stocks still when trading comes up, but forex ain’t too far behind.
I personally think stock trading is a lot easier for the new trader to get her/his head around. Forex is rather complex, both conceptually and practically.
Yes I agree. Brokers research here in Aus shows that during the most predictable and dependable bull run in the history of the ASX most short term traders have lost money. I am not surprised but should give everyone pause for thought
Ok this is what I think I’m probably going to burn for this.
If I were to have enough room for error (margin I think it is called). Why could I not take a pair like for example GBP/USD and invest in it. Now I made that my only pair becuase I wanted room for error.
I bought GBP/USD for short term because after looking at the charts (and not the news) I thought it was due for a nice spike soon in the next 20 or 30 minutes. Instead the spike never came and now for the last 24 hours it has been in the red.
Has this short term investment now turned into a long term? Since the GBP has a decent track record it should rebound sometime to give me a profit correct?
So anyway my newbi stratgy is to buy just one pair at a time keep a good bit of margin and invest in the most realiable. I can’t see losing money that way.
I’m sure I have much to learn so flame me now and I will be on my way 
And when its down 100pips, 1000pips, 5000pips. Without a plan you are a sitting target. I am certainly not going to flame you but would suggest you stop posting, start reading and learning and when you come back you will see how muddle headed your ideas are. People do of course take long term (investment type) positions in fx as they do in stochs but that is not trading. If your analysis (which would be based on fundamentals for the longer term) gave you an edge in deciding which way a currency was going in the longer term then you might well look to do that. BUT, i dont see any evidence in your posts that you possess that sort of understanding. Surely if you were looking for investments its much easier to take a directional view on stocks right now
I thought I said clearly that I did not know. Thank you for taking the time to reply. You are correct in your assumption that I do not posses that sort of understanding at the present time. Still learning in fact I am reading the preschool stuff on it right now.
Excellent and I am not meaning to be critical just hopefully pointing you in the right direction. If you survive in the business you will be truly astounded at what you come to understand about it that was hidden from you before. The school is a great starting place
Hi there, what is the [B]James’ 45 pip a day system[/B] ???
Following Parabolic and using MACD as a filter.
Works extremely well for me on a daily chart. Proper money management is an absolute must.