i just came across this site on my google search, very interesting stuff.
However guys, I need help with getting my trading right, I am not asking to do the trading for me but i need to get on the right track.
At one point I almost lost hope, if i give up than I have wasted lots of time and money…
I got interested in trading early last year, i joined a free 2 hours seminar about getting “rich”, which was a setup to get people to sign onto a $4000 trading course. yes, (hands up) they managed to sell the course to me
and I basically didn’t learn anything apart from some basic stuff and they tried to sell me another course. I told them to F…off,
I started looking around and tried (on demo account) various strategies (provided) online on different forums, bought some books and did another course with a different company, (another mistake). Now after my bad experience with courses, I have now refused and promised myself not to do another course again or pay for any information as everything is on the internet.
I have been praticing different strategies on demo account and then I decided to go live, sofar my loses have been greater than earnings.
I see there are loads of strategies on this forum too, before I start trying them, can somebody just point out one strategy that works?
I need some spritual backing now, I feel wasted lots of time and money and not got any outputs.
And after that figure out A) if Forex is the right market for you (assuming trading is right for you in the first place), B) what timeframe of trading you will operate in, and C) your risk tolerance, primarily meaning what kind of drawdowns you can sit through and if you’re the type of person who freaks out about being “wrong”.
By reading your post I can already point out your critical trading error…your looking for something that doesn’t exist “a holy grail trading system”
The key to being successful in trading is all about education and understanding as well as confidence, patience and discipline.
You have already bought into the lie that a bunch of lagging indicators thrown up on your charts will make you profitable, most of these so called trading strategies are simply 5% market knowledge and 95% marketing and advertising
If you want to survive and succeed in this business you have to begin to understand the market, how and why it moves the way it does
Get familiar with the concept of trading, how brokers operate, how liquidity, spread, lot sizes, units and leverage work
Once you’ve done that you will better be able to analyse raw price action of the market using candlestick patterns, chart patterns, support and resistance, trendlines and channels
Good luck
If you need any further help or advice feel free to shoot me a message
Yes, I have worked with various indicators, auto systems and have also tried to scalp 1-2pips per trade, all using 1min charts, but results have been varied and I can not class this as trading.
I think candlesticks, support/resistance and analysing market movement is the way farward and I may have to start using a higher time frames.
1H and 4H are golden for finding support and resistance, then moving down to a 30M and 15M timeframe to confirm the strength of it, to see what i mean refer to my post, intraday scalp lines - strength test
A thread that I follow closely is ‘Technical Templates 2’… they use a very simple direct approach. they seem to abhor indicators… and a couple of the posters are professional traders…
There are a couple other threads in here that rely on price action and candles… My idea is that the people who swore off indicators must know something about price action and therefore have a lot to show me…
thanks lee, as advised I added support and I also added pivots onto the 1 hour chart on eurusd, and entered at 12.35pm 14.139 assuming this will bounce back and it did, exit at 14.127. i gained 10pips (my target) and I was out.
I had problems attaching the chart image with this, however i would like to get feedback on the above trade. I think by add support onto the 1 hour chart does give a clear picture of ocean.
what my concern is that i went against the main trend and could have been wrong as i does bounce back upto pivot support line and down again. I guess, this is where stop loss becomes handy.
I joined the site a little while ago and found good strategies and information about them.
This thread in particular �Fib Retracement trading… �. It has trading examples about Fib retracement trading, maybe if you see an example it will help you decide if this strategy works for you.
You did great in trying in demos! That is what every trader should do when trying out a new strategy, but if you weren�t sure about your trading� you shouldn�t have gone live just yet have you tried building an strategy of your own?
It might be the long run but you�ll feel more comfortable and in control. There is no such thing as a perfect strategy, and if you don�t understand the trading you are doing you�ll probably failed�
I suggest you chose one strategy (not automated) and sit and study it, use it as a base to build you own, change what you don�t agree with and leave what you see working.
Just remember: forex is a changing market� no strategy lasts forever
have you tried building an strategy of your own?