Newbie Trader

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1

Hey all.

I’ve just started trading, I ran about 6 months of practice accounts with the Forex app on iPad/iPhone.

Any tips for research tools and trading strategies would be most welcome, I’ve been mostly trading XAU/GBP so far.

Thanks.
Chris.

2

I’ve found that generally no matter what indicator or strategy you use the longer time frames (4hr, 1D) give better signals. On time frames under an hour, there’s way too much noise and volatility. The patterns and trends are much more consistent over a longer time frame. When I started out, I was using the 5 and 15 minute charts…I was making dozens of trades per day, it was out of control! I made the switch to the daily charts and haven’t looked back. I only make a few trades per month but I’m way more accurate than I ever was on the shorter frames.

3

Welcome to babypips forums. your trading is profitable

4

Welcome! Yes, choosing to trader longer time frames is probably the best way to start. When I started many years back, I liked the “excitement” of a 10m chart, but realistically you are better off with 1h or longer.

Good luck!

5

Thanks everyone, I’ve been trading about an hour minimum so far, only a few times have I made my daily target in 30mims or less.

6

[QUOTE=“PSUdenv;610622”]I’ve found that generally no matter what indicator or strategy you use the longer time frames (4hr, 1D) give better signals. On time frames under an hour, there’s way too much noise and volatility. The patterns and trends are much more consistent over a longer time frame. When I started out, I was using the 5 and 15 minute charts…I was making dozens of trades per day, it was out of control! I made the switch to the daily charts and haven’t looked back. I only make a few trades per month but I’m way more accurate than I ever was on the shorter frames.[/QUOTE]

Hi.

Have you found this strategy works with XAU, or would you use that for other pairs?

Also, I’ve notice that the days trend seems to be increased at the end of the day, for example, if XAU/GBP is on a downward trend, around 1545, the price seems to plummet as London starts to finish for the day, and vice versa, if on an upward trend, the last few minutes of the day seem to climb rapidly. My question is, Ina’s anyone else seen that, or is it just fluke?

Thanks

7

Hey bud

This is probably due to end-of-day profit-taking or a couple of big time traders trying to manipulate the the closing price. Thanks for sharing your observations. Have you tried trading other currency pairs yet?

8

Hey PipDaddy, thanks for the advice.

I heard that the USA pension fund managers get in at that time to manipulate the price.

I’ve only traded XAU/GBP so far, but been watching how other pairs are trending compared to Gold. Sometimes it’s a good indicator.