New to trading in general

What’s up everyone, My name is Dennis and I’m kinda new to this, have been interested in trading for a few years and have decided to go all in! As of now I’m just mainly focused on the educational side for now and learning as much as possible so for the last month it’s been nothing but me searching for a clear understanding of trading in general and what to trade.I want to trade forex but have also been looking into futures as well, have set up all my accounts and have been up to my neck in resources as far as the internet goes and trying to get a handle on this, I’m prepared for a lengthy learning curve as I know this is not an easy task and that’s Ok, it’s generally expected.Any solid advice is welcomed and I’d appreciate it

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Welcome to Babypips, enjoy your stay Dennis!

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Hi Dennis,

As you have probably already learned trading is a broad spectrum, from stock, commodities and of course FX plus all the others.

A friend of who works in the industry told me neither he or his spouse are permitted to trade their own accounts - except for FX that is.

Maybe the thinking is that only inside info on fx resides with the CB’s

A good resource to get a handle on markets is from John Murphy ‘Intermaket analysis’ I think it was called. Murphy is well know for his TA but this book is not about that - there are lots of resources on TA

Anyways good fortune.

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Thanks you for that information all is appreciated

Thank you very much

What’s up, Dennis. My name’s Paul. I recently completed the School of Pipsology, but I decided not to become a forex trader. I want to be a quant instead.

Even though I didn’t become a forex trader, I still recommend that you complete The School of Pipsology. It will help you to know what kind of trader you are and to come up with a trading plan. The knowledge and wisdom from the School will also give you a solid foundation in trading that you can apply to markets other than forex.

I have a feeling you’ll go far in trading no matter what path you choose. You’re one of the few people I’ve seen that introduce themselves on the forums who is ready for a lengthy learning curve and expects it won’t be easy.

See you around the forums.

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Thank you! I appreciate you reaching out and your advice, I hope all is well on your financial journey as well and you find success!

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Welcome Dennis! How are you getting on with your trading education? Hope all is well and good luck on your trading journey!

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Hi Dennis - I hope you’re learning lots of good stuff aobut trading.

Here’s a couple of strategies for free, one short-term and one long-term, both using D1 (daily) charts. Worth your time demo trading at this stage.

Short-term: mean reversion -
If the close is in the bottom 20% of the day’s range and is below the 50EMA, buy. Exit at the first profitable close. Set a stop-loss at least 1% below entry price. Adjust position size to maximum 1% of your account capital.

Long-term: trend-following -
Look for D1 charts on which -
close is above 50EMA
20EMA is above 50EMA
price has closed at least once above last swing high, and not below last swing low
fewer than the last 5 weekly bars’ ranges overlap
Look for the next daily bar whose high is lower than the previous daily high: set a buy order just above the high: set a stop-loss at least 1% below entry price: adjust your position to not more than 1% risk.
Hold as long as you like but exit on dramatic price rise or if your entry conditions start to erode.

Keep at it.


Thank you very much :wink:

Thanks for taking the time to help me out, I really appreciate this! It helps a ton! I’m very grateful

Here’s another very simple objective chart-based strategy, totally original as far as I know.

See the D1 charts for an outside bar with the close higher or lower than the range of the previous bar.
Wait for the first close above or below the outside bar’s range.
Buy if the close is higher, sell if the close is lower.
Set a stop-loss at the furthest end of the outside bar’s range.
Exit at the first profitable close.

This strategy is new so you should maybe back-test it, definitely demo-trade it. Note that the distance from entry to stop-loss is large, so losing trades will be infrequent but they will be much larger than your wins. Make sure your position size is not more than 1% of your account capital.


@dennieraw1 Start here

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Thanks! I’ll backtest it and give it a shot, appreciate you reaching out :wink: