Hello guys!
I’m new here as you all can see on my number of posts. Firstly I’d like to introduce myself.
I’m from Brazil (btw, is there anyone here from Brazil as well?) and I’m 19. As you will notice, I’m still learning english, so I ask you guys patience with me
Since last year I started to study financial markets and the forex called my attention. I read some books, among them:
The Disciplined Trader (this one opened my mind) by Mark Douglas
Trading in the Zone by Mark Douglas
The Daily Trading Coach by Brett Steenbarger (excellent one!)
Exceptional Trading by Ruth Roosenvelt
A Trader’s Money Management System by Bennett A. McDowell
Forex Patterns & Probabilities by Ed Ponsi
and I’m finishing the book Trade with Passion and Purpose by Mark Whistler
And I have more 3 books waiting me on my desk (turtle trader, fx bootcamp and a fundamental analysis book from Ashraf La�di)
without mentioning all the stuff I read on the internet.
Well, as you all can see, i have thirst of knowlegde
But I just read them, I did nothing else. I mean, sometimes I like to demo trading and nothing more. I think I was fearful to be the 95% of people who lose money on the market, and then I thought I’d have to read a lot before start. If am I right? I don’t know, I hope so.
And now I see it’s time to begin to develop my own trading system. And it’s much harder than I thought!
And this is one of the reasons why I’m here.
Guys, I’d appreciate a lot if you could give me some insights and tips about swing trading strategies.
I want to develop a system based on breakouts, support and resistance. And of course, a simple system. I know the simple ones are the best because they tend to be very robust in the face of ever changing market conditions.
I want to trading the demo for a while and then, just then, go live. I think I’ll start with 1k in a micro account. Surely i don’t intend to become millionaire within 5 years First of all, I want to gain experience and feel the market. And then, gradually, I will add the size to take greater profits. Oh yes, with 1k, i have to start with a micro account if i want to trade swing. With the forex volatility i can’t put SL too close from my entry point, I have to give space to the market run. Am I right?
Well, about the trading system, at first I was thinking in put a simple moving average of 150 to recognize trends, and the stochastic to give me orientations of entry. But based on breakouts, support and resistance.
(guys, is stochastic a momentum indicator?)
edit: i forgot to mentioning: daily charts!
I did some backtesting but i don’t know, it didn’t go well.
Guys, humbly I ask your help.
Thank you so much and I wish you the best trades!
(ps. sorry, the post went too far)