I became interested in day trading late last year, and began consuming large amounts of information to become familiar with the language and the business of day trading. Because of my schedule I decided that the FOREX market would be the best option for me. After reading for months, and opening a practice account with OANDA, I find that I am struggling to bring all of the information together into one cohesive trading stategy. As a result, I find that I am struggling, (i mean failing) to execyte any successful trades? I am wondering if anyone out there knows of any good FOREX courses that I can take that will help me pull all of this together, and come up with a succint trading strategy. Thank you all.
Given your experience level, I’d say don’t be so hard on yourself.
It’s not something which is going to “click” over-night.
The learning curve is going to be steeper for some, and easier to get up and over for others.
I’d recommend to keep doing what you’re doing, keep reading, keep interacting here and eventually a strategy will build itself out.
Be open to others strategies, and you can take bits and pieces from many to combine your own unique method.
The key thing is to just be persistent and if you’re serious about trading, treat it with a business-like mindset.
Assume that your trading career is you starting your own business. It’s failure/success is solely predicated on the decisions you make.
Take the Babypips School (if you have not already), look at the systems people post - Free Forex Trading Systems
UNDERSTAND these free systems FIRST. See what they do. They have rules.
THEN go about making your own system (a lot more reading and research required here). Make your own rules. Follow them and test on demo account.
It may take you a day to produce a working system, it may take years, but either way the above should help you to earn.
PS. The Three Ducks Method (system) and the Cowabunga system are very good to assist in your learning (and these strategies do work profitably, particularly if you include your own rules to ‘personalise’ the strategy) - Cowabunga is particularly useful as the author regularly posts blog entries where he has used his system (Cowabunga) to make/loose pips - so you can see if you are reading the signals from his system (Cowabunga) correctly. Follow 1 system on demo (even if it doesnt work, you should try to follow religiously so you learn the correct discipline and money management. MONEY MANAGEMENT IS KEY. HAVING A SUCCESSFUL SYSTEM IS USELESS IF YOU DONT WORK OUT YOUR MONEY MANAGEMENT - I.E ONLY RISKING A CERTAIN % OF EQUITY PER TRADE etc etc etc)
Thanks. I see you are from the Washington DC area? I will be travelling there next month and staying for 90 days. Are there any FOREX groups in that area? Thanks!
You’re welcome.
Nope- not to my knowledge.
This area is dominated by lobbyists and high-level military.
Not a real “financial scene” like NY, Chicago, etc.
