Popcorn time!!!
Technical analysis is one thing…
…knowing the ins and outs of cfd brokerships is quite another…
I still don’t properly understand lot sizes and pips. I place a paper trade on MT4, I still have no idea how much I am actually laying on the line etc… I prefer to work in percentages and price.
P.S. And I am not an active trader. I am still only paper trading, figuring out which strategies suit me best and bringing to light certain ‘twitches’ that I have which punch great big holes in my success rates…I am quite the contrarian it seems and love to hit reversal trades…especially in raging bull markets such as Bitcoin right now…“Wildy Overbought” I write in my trading log…can’t help but notice that had I just went long the 5-6 times I was calling a reversal, then got stopped out when the reversal trade finally came, then that would be a pretty good trading strategy.
What does OP mean? Am really getting confused with these Abbreviations.
Thanks tommor, your advice is short and precise, I only wish there Youtube clips you would recommend to cement the text advice as the last part didnt sink well for a novice
Alright. I cannot take it anymore. I have tried!!!
The OP has tried EVERYTHING suggested on this thread (that’s the way I read it) and the result is what it is i.e. not too rosy to say the least.
Honest opinion and as I have SUBTLY tried to convey here previously: what is needed a a fully fledged profitable trading SYSTEM. By SYSTEM I mean CLEARLY defined position size, risk management, entry points, exit points etc. etc. etc. Not “see where support and resistance is” or “check for supply and demand” or “gauge market sentiment”. Not going to happen for most people (myself included and I’ve been at this since 2005!!!).
So TO THIS END here are at least FOUR SYSTEMS (and here I put whatever personal issues I may have aside in the interests of profitable trading for you lot so ignore my rants and raves):
https://forums.babypips.com/t/the-10k-gamble-the-journey/214330
https://forums.babypips.com/t/trading-the-trend-with-strong-weak-analysis/77959
https://forums.babypips.com/t/newbies-stop-being-befuddled-by-charts/165273
https://forums.babypips.com/t/tps-time-price-scale-in-revisited/215204
Now if you cannot make money trading any one of the four SYSTEMS detailed above then, well, there’s something seriously wrong in the State of Denmark!!!
And let me also say this:
There are others around that are trading WELL profitably. Fine example is @GilasTrading. His methodology though, from what I gather, is more complex and a bit more difficult to quantify and present as a nice neat bundle.
Anyways. There you go. Some PRACTICAL solutions to the problem (and possibly the oddest combination of forum members being referred to in a single post that you will ever see).
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Op mean original poster. The dude who posted first in this thread. The dude who made the title and created this thread.
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@trolloc63 Sorry for all the losses incurred and the frustration you must be feeling. Forex trading is indeed a journey and it takes a while to get the hang of things. Yet even then, one might make a few losses here and there. That said, lets be clear…You are NOT stupid and are certainly NOT the first to lose money trading forex. I went through that phase as well. What helped me eventually was a trading group I joined where we shared ideas and lessons from our personal experiences.
I advise you to find out if there is a group or mentor you can get with and they guide you. Forex trading gets a little easier when there is continuous guidance. Plus utilise the demo as in when you learn a trading style from someone - anyone, test it there and see if it works for you. You also ask about a simple trading system…well I acquired a manual system recently that’s really simple and working for me but I reckon many people would like an automated one,so I cant help there. LOL
Remember trading is a tough journey but can be profitable. So hang in there.
You’re welcome.
Go ahead and post any questions.
Awesome amigo
Hey. I am new to all of this but I follow a guy who makes a lot of sense. Look him UP in nononsenseforex.com. He has a blog, a YouTube channel and a Podcast. He helps you make your own trading strategy not by giving you indicators but by telling you what your indicators should do. He’s been around since 2018 and he does not charge anything. I think it wouldn’t Hurt to try but be adviced, he has a lot of material (videos, Podcasts, blog posts).
I started a demo account testing my own strategy and I am also backtesting it. It is doing fine.
Hope it helps!
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Yea, Sam Seiden’s old videos are amazing. It’s crazy how the strategies haven’t really changed much at all.
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Google suggests No Nonsense Forex has 92 results within the babypips.com domain name.
I’m not saying NNFX isn’t helpful, but I think that’s enough recommendations. I like him. I start to dislike his cheerleaders.
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I speechless actually. I am without speech. And that takes some doing.
He said to follow the Babypips course or to do it, but if you listen closely he also said a lot of it is garbage especially when they talk about the indicators , trendlines, etc. He said to follow this to give a beginner a basic understanding of Forex, but not to take it all as the holy grail. Thank You
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I think there’s something wrong with my connection. I only can see the first 3 sentences of @dpaterso post. There must be more somewhere!!
JK!,
KC
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This just in, there is no holy grail…
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Thanks everyone for your feedback so far. I had no idea how active this thread was going to be once I posted.
I have examined multiple systems since I started this post. And while there is no ‘holy grail’ trading system, I think I have found some things that will work well for me.
When it comes to trading, i’m fairly stupid as I have already said. So anything I need will have to be simple. Many systems I have examined are overly complex. But some of the systems I have investigated are simple. And some of the simple systems seem to overlap on content. Meaning, they use similar methods for trading. I think that these strategies I have looked at are all valid in their own right.
After examining these systems. I have found these truths:
Support and Resistance are generally good for trading, although subjective at times.
The HIGHER time frame is the way to go. All I did was try to scalp for 6 months and got nowhere. Even examining the 4 hr chart was confusing at times.
Some systems I examined used Elliot Waves, which I found super confusing and a bit beyond me. Other systems examined the Monthly and then Weekly time frame for entries, which seems pretty good.
Other systems use simple Moving Average crossovers such as the 8 EMA and 20 SMA, in conjunction with S/R.
Another system I examined dealt with breakouts, S/R, and “The Last Kiss” (retest) before entries.
All in all, they all seem to be good trading methods. I think now what I need to do is pick a method that speaks to me at this point. Definitely will be trading the Daily TF, or possibly the 4 hr. Will definitely be use S/R. But the question is drawing s/r on which time frames.
Would the Currency Strength Indicator be of any use in pairing a stronger currency with a weaker one?
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So much gold in this post. Thanks again for putting this together!
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