Hey all let me give a quick intro. I am new to forex trading and this forum. I dabble with internet marketing and I always hear people talking about forex trading thats why i decided to give it a try.
Here is my situation. I am currently using a demo FXCM platform with 50k play money. I like to trade all through the night but I dont have any strategy. I have been trading with the EUR/USD currency but find myself just trying to get in at the lows hoping to pick a winner. This IMO is just gambling and I want to be in this game for the long run. I think you would consider this day trading though I like to do it at night
Can someone show me a successful strategy for this type of trading?
P.S
I dont have money to hire a pro to work with me live and I am very familiarwith internet marketing so dont try to earn commission off this post
Quick intro? Forex is a serious business and not a quick rich scheme. I suggest you would go through the school of bp for a couple of days/weeks, take 1 or 2 years off to learn a lot, burn a little money, some accounts (most do it) and then, hmm, come back and ask, lol.
Frankly, if you look around you will find a lot of information to build on that your own strategy, but I guess nobody will give his strat in detail to anybody, except it is not working well. Would you expect that Coca Cola would give you the lemonade code to you on a golden platter?
Then even if he would, it is not just copy and paste and zoom you are rich. Trading is a profession like any other high skilled profession. It will not be learned in a couple of weeks. How long does it take to become a teacher, professor or computer expert? Just to name a few examples.
Your issue is you have asked somebody to show you a successful strategy…why would you expect somebody to do that? Anyway I’ll tell you how I trade, I use price action with relation to perceived trends. Trading wise, I would say I am doing alright.
Can I ask, why haven’t you read through the school here and done any research if you are really interested in forex?
I imagine the answer is you are hoping for somebody to show you a easily replicable ‘holy grail’…that unfortunately doesn’t exist. I’ve posted this before on other threads but here goes- the technique you use to trade is almost unimportant (I.e. Many methods can be profitable), what really separates profitable accounts is the actual person trading them.
Scroll up. Look at the tabs on top. There is one “school” tab. Oh my, how would you find a trend in between all of those candles? LOL! I am just kidding a bit, sorry. As I said, look at the tab on top.
If you want to be successful go through the school of Pipology.I stumbled across this site after researching forex for about 3 months and the school had everything all in one place, where as I had found about half of it through various webpages elsewhere. After you get through at least the middle school “grades” then start placing trades on the demo account. you can look at all kinds of strategies but the fact is, for me at least, no one strategy works all the time. i use about 4 right now and have started to turn profit after researching and starting with a micro account 6 months ago. You can look at the “cowabunga” system if your looking for just one strategy and utilize it over many different pairs, but if you don’t understand all the ins and outs, it will be for nothing but a passing fad on your wallet.
After that long winded rant, to answer your trend question, you can find a trend on any time frame, but the best ones for long term profit is from the 1hr - daily timeframe. those are trends that most people look at therefore most of the money is based on those timeframes. But thats my strategy. it might not work for you.
And oh yeah, rushing to make trades and make profit tend to not work so well. Patience isn’t just a virture in forex, it’s a MUST!
Wonderd, the name of this site is Babypips, kinda like Babysteps. The Holy Grail in this business is YOU, not some strat, or teaching. This is what makes it so hard, when you are involved in trading you are looking at a mirror of every weakness you have. In fact the way to know you have progressed as a trader is when you look at the trading mirror and you see nothing.
There are two important lines in the world of trading
TREND IS YOUR FRIEND
BUY LOW SELL HIGH
so keep in mind those.
I’ll give you a very simple strategy just watch the price on 5 min. timeframe and if the price is going up wait and wait and when it stops going up put a trade in the opposite direction which short the pair. if the price goes down watch and wait and wait and when it stops close the trade. if the price still goes up you loose money then close the trade.
This strategy is called counter trend strategy and its like going against the flow. after few weeks of practice when you realize its little bit tiring then reverse the strategy and you will get to know TREND IS YOUR FRIEND.
okay cool, but a quick question. Why would counter trend trading be more tiring then trend trading? Its the same thing but your just hoping the price goes up instead of down .
