Newbie -My Introduction and opinions from experts!

believeinurself · November 14, 2013, 4:10pm

Hi all,
I am a newbie to forex and this is my first thread on babypips. I am taking Day trading (only trending markets for now) as a full time venture.

Going through the forums here, i have decided to trade live with a micro account directly and not have a demo account.But i am nervous as i have not done any back testing manually.Can some one please help me with:
1.Good free resources for back testing and tell if it helps at all in live trading?(Sorry to mention but i could not follow the tutorial CodeMeister posted on 04/28/13)

2.I am planning to trade only the trending markets for now.
Is it a good idea to use (a) PA with SMA and candlestick pattern and (b)Only Hidden Divergence using Stochastic to trade the trends? Or this does not make any sense?

Thanks in advance for reading this!

cheers,

Cartographie · November 14, 2013, 7:08pm

I think you’re bold in trading a live account but correct in doing so. I understand there are many who feel demo trading is the best way to go - I thought this way too, but I quickly learned that demo trading is nothing like live trading but instilled a false sense of [I]reality?, praise?, achievement?[/I], I’m not sure which is the correct word. In demo trading I learned how to use the platform correctly (and knowing how to use your platform is critical), but it did not train my mind properly.

I read somewhere that Trade Interceptor allows you to replay the markets. I’m not sure about this but you may want to do more research on it if you’re inclined.
Price Action is more than reading patterns (engulfing bar, doji, shooting moon, etc). Price action means reading price as it prints, and in my personal trading experience I’ve recently learned that every single print is important. Your idea of SMA, Candlestick Patterns, Divergences is a great idea. Know that trading is effectively nothing more than support and resistance levels or (supply and demand… whatever), so if you’re only looking to buy mark out your support levels, so you’re able to place your stop behind some structure.

believeinurself · November 15, 2013, 9:10am

Cartographie:

I think you’re bold in trading a live account but correct in doing so. I understand there are many who feel demo trading is the best way to go - I thought this way too, but I quickly learned that demo trading is nothing like live trading but instilled a false sense of reality?, praise?, achievement?, I’m not sure which is the correct word. In demo trading I learned how to use the platform correctly (and knowing how to use your platform is critical), but it did not train my mind properly.

I read somewhere that Trade Interceptor allows you to replay the markets. I’m not sure about this but you may want to do more research on it if you’re inclined.

Price Action is more than reading patterns (engulfing bar, doji, shooting moon, etc). Price action means reading price as it prints, and in my personal trading experience I’ve recently learned that every single print is important. Your idea of SMA, Candlestick Patterns, Divergences is a great idea. Know that trading is effectively nothing more than support and resistance levels or (supply and demand… whatever), so if you’re only looking to buy mark out your support levels, so you’re able to place your stop behind some structure.

Thanks Cartographie for your words.It boosts up my confidence with confirmation coming from people with experience!!Thanks for the reference of Trade Interceptor.I have emailed them with my request and hoping for a positive reply.
Regarding Price Action, you are right about marking out the support levels.As a beginner it is taking me a lot of time to draw the major lines and i do get confused sometimes as to which lines are major ones.But again like anything else, practice and patience is the key:)

later!