Hey guys, I’ve just shared a little about myself under the [I]Introduce Yourself[/I], it’s titled “[B]I’m from Singapore and I’m looking for trading buddies[/B]”. The purpose of this thread is to find like minded traders who like me, believe that they can benefit from having a close active group of trading buddies to motivate each other, bounce ideas off of and to learn from each other.
I trade alone and I feel that I’ve reached a point where reading and re-reading about trading (books and babypips) just doesn’t help as much. What I need now is more screen time, a small community I can bounce ideas off and to learn from, AND if I’m lucky enough, a mentor to guide me in the right direction (any takers?!).
If this sounds interesting to you, please read a little more about me in the introduction thread (sorry I can’t paste links yet due to insufficient posts).
More specifically I’m looking for people who:
[ol]
[li]Trade EUR/USD
[/li][li]Trade between 2pm to 1am (GMT+8), which is 2am-1pm (EST) I believe
[/li][li]Scalp or day trade and focus more on technicals
[/li][li]Are friendly and eager to join and share trades and ideas (as well as idle) in a chat group on whatsapp or any other form of chat groups
[/li][li]Are willing to mentor
[/li][/ol]
I am a scalp/day trader, and I trade solely based on technicals, only EUR/USD atm. I trade between the hours 2pm-10pm(GMT+8). Right now a typical trading day for me would be to open my MT4, my demo account on a browser, forexfactory website to check for daily news announcements, my trading journal, and a trading blog where I write a little every day.
At the moment I am trying to create a trading strategy that trades both bounces and breakouts. For this, I trade mainly using price action, support and resistance lines at whole numbers, and fibonacci retracements. I have MACD and Stoch on my charts as well. An example of the trade would be plotting a support line and as price approaches it and shows signs of hesitation/loss of momentum, I’d go long with a trade of 1 lot and set a stop loss AND a stop entry short order of 2 lots slightly below the Support. Rationale behind it is if the price bounces, I make a profit. If the price breaks through, I have a tight stop loss, and breakout trades usually go for longer, so my second trade of 2 lots will more than cover my initial loss. If both trades go wrong I take the loss and start at 1 lot trade size again, waiting for the next bounce. If support or resistance lines coincide with fibonacci retracements then it doubles my confidence. This doesn’t work very well in choppy markets that dance around support and resistance levels. I’m more comfortable with this method as it focuses on reacting to the market rather than predicting where the price will go. I’m still fine-tuning this trading method with demo trading but I thought I’d just share a little and see if I could garner some interest in discussing about trading strategies with me.
Please give me any advice you can and I hope to hear from many of you! Thanks!
