I’m looking for long-term trends on the dailies only. I have 3 mandatory criteria and then up to 9 optionals. To take a trade on a trend, it must have all 3 mandatories plus at least 6 optionals.
The mandatories are (for an uptrend) -
20EMA > 50EMA
50EMA sloping upwards
50 > 200EMA
The optionals will depend on the detail of your particular strategy but I look at the following and award an additional 1 or 2 or 3 points per criterion if seen -
e.g.
% of weekly closes, highs and lows above 50EMA in last 6mths
number of consecutive recent weekly closes above 50EMA
number of consecutive recent weekly bars completely above 50EMA
number of uptrends seen on other pair price charts for this base currency
number of recent consecutive weekly bars overlapped by most recent weekly bar (thinking of giving this a bit more emphasis with a “bonus point” if its very low).
The scoring idea allows me to quickly check the 20+ major pair charts plus some minors and exotics and quickly rank them so I can focus on the “best” - i.e. best for my strategy.
Initial stop would be at low of recent support zone. “Dynamic” stop kicks in if weakness shows in price against 20 and 5EMAs.
No TP.
Ignore resistance levels.
I aim to add a duplicate long when entry is exceeded by initial stop distance (pips from entry to stop). And again and raise stop by same pips each time price rises by the initial stop distance. This is aggressive, I don’t wait for a new buy signal and don’t close earlier trades when doing it.
Entries are any suitable candle formation once the set-up points are in place.
All in all, its pretty objective and simple to run.
I am a beginner as well and i did trade on money at first and then i realized it is quite hard to almost impossible to do it without good knowledge. First of all you need to understand what is going on a chart, because i can give you signals as someone else wrote here and the market can shift in another direction. There is no 100% profitable formula, it is important to understand what drawdown is, leverage and so on . What i would recommend is to download mt4 and create an account on oanda practice.
Start trading on your practice account for at least a year - take the babypips lessons and go through them at least a couple of times. I did it the old fashioned way with pen and paper and i am still in the process of learning, even though i trade on live. I have a good mentor who is teaching me how to trade which kinda gives me a better perspective. You need to understand the psychology behind all of this. You need to become immune to losses or winning trades.
It is a tough road but you can become succesful!
Be careful if you buy signals from the platform or mql5 or facebook/ig accounts.
Hi, yes nothing beats learning and education. Having a mentor sounds good and is something that would appeal to me. Who is you mentor and are you paying him or her?
No, i am not paying him. He is a very good friend of mine whos been doing this for 12 years now. I am just fortunate to know him. But before having him as my mentor i studied quite a lot until i found my trading style. But what i can tell you is that i still use my demo account so i can understand the logic behind the signal and why is taking those kind of decisions. So that is why i highly recommend to study. Even after half a year i am not that profitable on my demo account. I take high risks and usually the average hold of a trade is between 4hrs to 1 day, depending on how the market moves. Although i burned myself quite a few times , so proper risk management and money management is needed. Also now if you really want to invest for real in this and you want a signal and save the hassle, I would suggest a capital of minimum 5000$ with leverage 1:50 and remember that also signals represent high risks as you do not know the person behind it.
Hope my answer is good enough to convince you to study more!
Check the App Live Forex Signals by Massy Art for Android at Google Play Store.
But before using it blindly you have to build a trading system according to your trading style on a Demo account.
You may use/test the said App as a confirmation in addition to your preferred indicators
For example:
As you mentioned that you prefer to Swing Trade. Let suppose your main timeframe is 4H and the App is suggesting Buy signal on 4H chart.
Now before taking any Long position you must check the Daily as well as 1H time frame’s signals too. You should only take Long position if all the three time frames suggesting the same Buy signals.
Also use stop loss and trailing stop as per your R/R ratio.
It is a bad idea if you want to really learn the art of trading. Signals will make you more unstable as a trader. For trading psychology plays an important role. Subscribing to this kind of service while you are learning may harm you. Better to learn first and trade of your own. Hope it helps you.
It’s great to see you guys coming together to help out @AndrewJensen. We think that the community has offered very helpful suggestions and recommendations that we believe are made to guide him.
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Based on this comment alone, maybe you shouldn’t be trading since it is on par with gambling. Trading is simply gambling with research and speculation.
From everything I read so far is that you need to be open to loss–it’s a big part of trading and a big part of the learning process.
Like some of the other comments said – it’s cutthroat. I’m still a rookie myself but I think it’s better to get far more educated on forex and invest yourself than to invest in someone else to do the work for you, especially if you aren’t trusting to begin with.
Many misconceptions about what Forex is all about. Gambling? Only gambling if you dont have a strategy. If it were gambling then how do you explain what Central Banks do? They have to be able to predict the market to have the right Monrtary Policy etc. to keep currencies stable.
I have worked as an Economist at my Central Bank. Not gambling.
Main problem with Forex is that there are no official Forex Trading Schools that give you an exact Curriculum of what you need to become a Forex Trader. Nor a timeline. So people end up going from one course to another trying to put pieces together to come up with something profitable.
While many Forex Courses offer great info on certain aspects of the market…each of them perhaps gives us just 10% of what you need. This is why it takes so long cause we have to keep searching for the other 10% and hope we get the right fit to get to 100% .
This is why it takes so long and why most give up…
I understand your desire to be profitable in Forex business. I would advise that you read up the school of Pipsology. Avoid patronizing advertised crap, EA, robot. MT4 already has what it takes to be profitable in Forex. Focus on Pin Bar, Hammer ( with bullish body ), Bullish Engulfing that are forms during consolidation and sideways- for long positions
Opposite is the case for short positions, In the case focus on strong Shooting Star, Gravestone Doji, Bearish Engulfing.
Spend time to study your charts and see how strong trends started. Trending pairs are easy to trade, I
If you’re still having issues state it and if you want to connect with me let me know. I do not sell signal or advertised EA. Everything you need is in MT4
High quality course is not available in online Forex trading and its difficult to found practically. And the real situation is most of them are found to be scams.
Falstaff has put it right. It’s better to trade independently rather than follow someone’s recommendations. You won’t just know how reliable and effective these signals are.
