Hello all.
Ok have been demoing for about two months- my problem I HAVE NO STRATEGY- ok ive learnt a bit about myself but the issue I am having is consistency in making profits…- I am well disciplined etc i trade when I can for a short term profit 9a quick look at the market/some signals and place a trade) - I work from home so have two or more computers in front of me- my 9-5 job is quite demanding but i can move from screen to screen and see what is going on…
How about starting with something simple like trading pullbacks in a nicely trending market on the daily chart? then hanging on to your trade for at least a couple of days! It seems to be working pretty good for me! and it means I can keep check on my trades whilst at work without the stress that scalping produces!!
practice, practice, practice…
Yeh ive been through the school- the material is awesome…still dont fully understand it all so always refer back to it
If you dont mind me asking what pairs do you trade on the daily charts?
I enjoy short trades - time frames are M30 max i suppose- i use SAR and average/expotential trends, for signals i use investing.com
no real strategy- i go for pairs that are moving in terms of greatest change then place my order eitherside with 100pips (all on a demo account- im building strategy here or testing) based on the signal information i buy or sell…this is the gamble bit now…i dont get time to do any real fundamentals and try to do two trades before 1200 GMT and two after and one before 1600GMT and a couple during the Sydney/Tokyo timeframe (is this strategy??) in an ideal world if i was making £200 profit a day id be happy (is that too high or too low)…the gamble bit here as these are short temr trades (an hour max) i either make the T/P or end up with the S/L making a loss-
Can anyone out there tell me is this a “strategy” or on the roads to a strategy…i also if I get time look at the candles…but not sure what they totally mean (still refering back to them on babypips)…im not clued up to “pullbacks” etc etc…dont know how to spot breakouts or when not to trade…(hence the demo accounts) just dont have enough meat on the bone yet…and with all this information i think i need to keep it simple…but struggling to find any consistency…
If your really struggling for a strat I’d recommend newb’s try this out in demo if they don’t mind being in a trade for an extended period? After all, its all about the pips not the time in the trade right? Try pulling up a GU daily chart and add Heikin-Ashi candles. Trade in the direction of the colour candle (after the NY close) and remain in until new colour (after NY close). Couldn’t be simpler really.
If you take a look at GU daily with HA candles you’ll notice that aside from one or two losing trades its been a very profitable six months. It doesn’t get much simpler than this. You can of course tweak it with experience but to start off ‘KISS’ is the way to go.
Wow- thanks Carter- ive added RSI into my trades also now which seems to be helping…
Il look into Heikin-Ashi candles- just opened it up on the chart- Candles is the way i want to go with RSI and some signals…
Sorry what is GU Daily?
and sorry whats KISS
(Im British so perhaps im missing something in the terminology lol )
Appreciate your input Carter
What did you think of my above strategy- please be critical…
just dont have enough meat on the bone yet…and with all this information i think i need to keep it simple…but struggling to find any consistency…
Try This.
Indicators
Use 2 simple moving averages. Set one at a 3 period and the other 7 period.
Add a Momentum or Oscillator indicator doesn’t really matter. I started with a MACD but what ever one you like and just use the default settings; like RCarter said KISS
Heiken Ashi Candles (Optional) Works with regular Candle Sticks, I found with the Heiken Ashi you don’t get as many false candles.
Rules
Works best on 5,15 and 30 minute time frames
Don’t trade any pair that has major or medium announcements 30 min before or after
If possible for you only trade when London and NY exchanges overlap
Use Support and Resistance Lines to target stop loss and profits
Only take trades from Investing.com that show strong buy or sells across all time frames
Go to what ever time frame you want with the currency pair you’ve chosen and line up your MA cross with whatever Momentum or Oscillator you’ve chosen. If the 7 period ma is above the 3 period, you would go short, if the 3 is above the 7 period, you would go long. You should get your entry confirmed with momentum or oscillator indicator and on the next lower time frame.
I would also only trade in the direction you got from investing for now.
If you want to see how it works go to utube and search Forex Jump Start Strategy. The video’s are short and he does a good job explaining. If all you’re looking for is a simple strategy you don’t need to go to the website or buy anything. Most of what they’re selling you can get for free once you understand a little more about the forex markets.
I used it when I first started with my Demo and as a matter of fact I still use the cross over now. Practice it in your demo and don’t forget to practice sound money management.; even and especially with your demo
Good Luck
Gp
One more easy strategy to start is Slow and fast moving averages. 12, 28 for M1,M5 and 100, 200 for H4,D1 When the slow goes up and the fast one touches it from above - go long. And backwards fro the situation when the slow goes down.
To develop a plan first of all it is necessary that you should stick to the plans and increase the patience level in yourself. Forex trading is risky business so you need to improve your analysis over the Forex market to get positive results from it.
Have you checked more about technical analysis? You can use the Fibonacci as a strategy. There is also the scalping trading method where you don’t have to worry too much about long term price movement.
Just a question. you said that you have no Strategy. so im guessing that you choose at random entry and exit ideas. but then you tell me that your well disciplined, to me those 2 comments are opposite. you cannot be disciplined if you are changing your approach constantly. Not trying to be critical but i want you to realise that to be disciplined you need to trade the same approach(s) consistently.
I use investing.com
However ive started to use RSI and Stoch with Trend Lines and last ten trades have gone against the investing.com signals and have actually gone in my favour!
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