So after reading forums and watching videos, I decided that my strategy will be based on scalping trading, I will restrict to two trades a day since I will do it part-time, will not risk more than 1% of capital with each trade, my aim will be to stop loss at 20pips and take profit at 40pips, I will not try to recover previous day losses next day and will stick to it.
However, I am struggling with how to execute this strategy? I am struggling with indicators, I have not gone through BP training yet which I will, what are the best indicators for scalping trading? and is my strategy realistic? also, I heard about backtesting and I am not sure how to do it and where to find data? I will use a demo for a couple of months and I cannot see many indicators there ( I use AvaTrade demo )
Sorry if I sound stupid and thanks in advance
Anyone, or if my question is not clear?
It would be nice to know why you choose scalping when you are not even clear what type of strategy you would be using.
Scalping IMO is the last place you should be thinking of as a beginner.
Far too quick, too many emotional ups and downs even for more experienced traders
The idea you can just pull out money day in day out like working a night to five - while not entirely wrong is also not true for most.
I know that’s not what beginners want to hear but it’s the truth.
Thank you for answer, I know my strategy as I mentioned, just wondering how to execute, does it makensense? Which trading style I should use then? I decided scalping because i will be doing it like hour or 2 a day, and also I may not like to leave position open for so long, might not be my personality as i will be keep checking otherwise. Lol
you deserve full marks for openness and some credit for doing research before you put money in but I have to say that a 1:2 r:r and 1% risk per trade isn’t a strategy. OK, these can be some of the rules of a strategy and they might match it (or they might not).
Right now you are like the guy who wants to be a racing driver and you say you’re going to slow down a bit for the curves, drive fast as possible down the straight and try to not crash. That’s great, but you ain’t got a car yet…
Great example, that means I dont know what is car actually in forex, and how to buy car and what it will look like 
A racing car is a great analogy of scalping. I prefer a Volvo myself - I tend to get to my destination much slower but usually in one piece
Props to anyone who can make it as a scalper but I’ve absolutely no wish to go there myself.
What you suggest for me then please? a day trading? I am confused still how to form a strategy?
My suggestion is you do a bit of general reading first.
Sure you can check out the Babypips course here. But I’d advise picking up a good technical analysis book or two, read at least one of the market wizards books and just get familiar with trading a bit more.
Mess around on a demo account getting used to charting and orders
Don’t get to fixated on any one method of trading too soon
Stick around on this forum picking up bits and pieces.
And don’t be in such a rush to get started. Just soak up the domain of trading first - in time you will get ideas.
Thanks so book reading is a must, any recommendation?
There are so many I wouldn’t know where to begin.
I will leave it to others to give you book recommendations
I will say though the Market Wizards series by Jack Schwagger is a great start
It’s got interviews with the world’s top traders.
There is no one style of trader interviewed - it covers the whole range.
You will read of many recurring themes when it comes to the traits of successful traders.
Also - and this I can’t state enough - is that trading is much more than just drawing a few straight lines on charts .
There are reasons why markets move and market wizards discuss much of that. I don’t trade fundamentally but it’s really important to know what trading is really all about - not just be some support resistance robot.
It’s too easy to think all you need in trading is a system - there is more to it than that
I’m a Skoda man, I know exactly what you mean.
I knew trading is complex but it seems more then I thought, I decided after ACCA I will not study again, but I think I need to lol.
So a plan of action now is BP course, need to read a couple of books about trading analysis & wizard, then trading on Demo for a couple of months, do I need a Trading view for backtesting?
I believe I will be ready around February to start live trading.
is that sound realistic?
There are some interviews in the wizards series that talk alot about backtesting.
I think with your accounting background backtesting could be a useful discipline.
Some of us are drawn to certain aspects of trading because of our background.
If you can program an excel spreadsheet or do any vba - then you can do some simple backtests
I’m actually of the opinion that the job of a trader is not so much to trade but to constantly be testing new ideas through testing
Not everyone thinks like this though.
But yes testing in my opinion is important - on this forum there is much talk of having confidence in trading and for me a big part of that can come through backtesting.
Just got book these two books
Plenty of great advice given here that I won’t repeat. I don’t think any 2 strategies are exactly the same, everyone eventually adopts their own through trial & error. You might also like to check out the trading journals section to see what other members are doing, something there might interest you and give you some sort of direction.
But the key is practice and patience because it really is a long road to consistent profits.
Thank you,