So here is a free strategy so simple so stupid it works. Lets get straight into it.
Step 1. Close that demo account.
Step 2. Open a micro account, put a couple of hundred in it.
Step 3. Select a pair of your choice.
Step 4. Start trading with 0.01 lot size
Step 5. Have fun.
And that’s it. Look the point and key is step 5, have fun. I don’t like tennis, don’t practice and am no good at it. Now I like golf, I practice, I got better and now I’m pretty good. The same goes for forex. If you don’t like it you will never practice and never get better. And you can’t practice in a demo account. Its the equivalent of play golf on-line. If you can’t afford to loss a couple of hundred in a live account, you have no business with forex anyway. Stick with one pair, if you can’t trade one you certainly can’t trade a basket. Just trade. Discover yourself as you trade and you will be surprised how quickly you come to terms with the beast and develop your unique trading style.
Bro, I just gave you my system. After spending 18 mths going nowhere I did excately what I stated above. Shut down the demo, opened a live account and just started trading. No rules no system just trade. I learnt from losses, celebrate wins. And you know what, I quickly discovered that I don’t like losing money. But by being in the market I quickly learnt about market opening times, news event, S/R level and how they affected the way I like to trade. You will too but you have to discover your style and how the market reacts to it. Now I trade off a 70 tick chart looking for 5 pips here 5 pips there. Get your win rate up and the rest takes care of itself.
Demo trading is just to familiarize ourselves to the platform and how to perform certain things. We must learn from the real market. Use cent account and put real money.
By using tick chart I assume you don’t use MT4 platform, can you describe your strategy or did you already mention it somewhere before ? If yes please point me to it.
Now as for strategy well I guess I’m a discretionary trader, I rely on my gut. So sharing my strategy is hard because I am weighing up so many variables. But if you follow the plan as set out above two things will happen. One you will get to know your chosen pair very very well, better than the trouble and strife. Secondly, you will learn that you don’t like losing money one little bit. Instincts will take over and you figure out why you made bad trades and then put measures in place to prevent this from happening.
If you are up for a bit of HF trading I will recommend this read by Bob Volman - Price Action Scalping. I basically employ the strategies in it on the 70 tick chart.
Best of luck bro, let me know if I can clarify things more.
G’day Don, here’s a little example on how I use it.
First my chart. You will see two charts, top is the 1 min chart and underneath is the 70 tick chart. Top right hand corner are my session times, on the 1 min chart I have a variant of the fractional indicator, it basically picks tops and bottoms but it does re-paint. On the 70-tick chart I have the 34 LWMA. The indicators mean nothing but look super-cool on the chart lol.
Ok so this is a range trading strategy used when the price is rebounding off support and resistance level. Use it only on the EURUSD. Only trade it before major data releases out of the US and after morning volatility from the European/London market. It takes advantage of the fact that the markets tend to go flat during the two to three hours before news release from the US. If there has been volatility in the European/London morning sessions investors also usually retreat from the market at this time waiting direction and a nice 15 pip range forms at the days high or low. Today is just such a day. Strong data out of European lead to strong market activity in the morning which then settled into a nice 15 pip range at days high awaiting data from the US.
We are going to take 5 pips and 5 pips only from this set-up. Divide your 15 pips into 3 blocks of 5. Enter the market long if the price crosses 5 pips above the support level, short if it crosses 5 pips below the resistance level. SL of 5 pips, TP 5 pips. This is what it look like tonight.
Now, I dont recommend it but if you like the market will also usually give up a second trade under these conditions and if your guts says go for it the take it
I essentially trade discretionary and price action. I reference market times (open n close), news and price action. Ever notice that the markets “generally” turn just before open times only to then reverse back in after opening. Knowing this you can look for very specific price patterns and take advantage of it. So i have an asernal of 6 to 8 patterns ( double doji, range, breakouts). Is a matter of using the right one at the right time. What I don’t do is try to predict where price will go. All I’m interested in is the here and now, getting in and out as quickly as possible.
1pair, 1 trade, once a day. Do that for the next 10 years.
Bro, no such thing as simple. Why, because its about context. Doesnt matter what strategy you choose. Its about applying that strategy in context with the current market.
And doing it again. And again. And again. And again. And again. And again.
Thats the point of this thread. You dont need someone-else’s strategy. Simply start trading. Document and analyze.
Bob Volmans book is a great place to start. But when reading it note he doesn’t concentrate on entry or exit strategies. He devotes page after page to context . And sometimes what is not said is more important than what is.
I tried that nonsense and I lost ****loads of money.
I think you need to add the disclaimer that just “randomly trading” is something that only works for certain people to gain experience.
I am much more comfortable with learning Price Action - Building a SPECIFIC strategy and trying that and building ON THAT STRATEGY until it fits me.
I do not advise anyone to just “trade” recklessly or otherwise. There is a thread in here titled “Forex Price Action”. It’s probably one of the most important threads on this site for people who trade Price Action.
Aside from that, yes you are correct. It’s good to get your feet wet. Just don’t be ignorant about it and trade randomly.
To clarify with my last statement - The OP’s advice can be more aptly directed towards more experienced traders… sort of.
If you’re just starting out. I would say it’s not that great of an idea to “just trade”. You would be throwing random numbers around, and this is not to assume I know how much money you’re about to do this whole thing with. While randomly picking the lots, position sizes and so forth, I don’t really see any productivity in that kind of behavior.
So yeah, that’s why I say that you must be referring to more “experienced” traders that simply are hesitant to go full-force with their trading.
If that’s the case, I agree. I didn’t see how much of a problem it was for traders to start getting serious and putting in the chart time until I started experiencing that problem. Instead - I just got frustrated and played Call of Duty or Minecraft.
