I am new to the forex world and have recently finished the graduation speech at babypips.
According to the section on Trading systems, I am to work on a system, back test it for 2 weeks, demo for 2 months then go live it it works. OK easy enough.
I plan to follow this advice. My plan being to look at a various tried and tested systems to get an idea of what these entail and also to get a clearer picture of what and how these systems work and operate. I will then play with a few, see if I can adjust some to work for me, possibly create my own using pieces I like from various systems and so on…
I am stuck on this first part. Babypips said people share their systems, where do I go to see these systems that people are sharing? Are there some less complicated ones for us newbies to get our feet wet with?
It really depends on how much time you have to commit to trading forex - some methods require long hours on the charts, whereas some can be trading with just a few minutes a day.
It’s best that you have a browse through the forums and find a system which will suit your needs/lifestyle rather than I tell you what system to trade.
Always be aware whether there is an ulterior motive behind a system though - there are some people out there who claim to have the “holy grail” and you can get it for just a one time payment of $300 (would you believe this? haha). As you’ve already mentioned, always backtest, demo and then only trade with real money once it has proven to be a profitable system over the long term.
+1. You can also look at utube for demonstrations. Further to the holy grail. Think of it like this. There are a lot of traders before you that spent their time looking for a holy grail that some traders and non traders say they have. If there ever was one, we’d all be using it. The quicker you realize that your trading method, money management, patience and discipline has to be based on your experience, personality, living conditions, time you have to spend and start up money; the quicker you’ll be on the path of your holy grail.
Much appreciated! Those forms were exactly what I was looking for. Really need to take more time navigating this site and its forums. They are full of useful info, the key is to figure out where to look.
Thanks for the scam advice, it is crazy how many scammers are out there. I am very aware of them and would never hand over a cent without serious research research and just cause.
I must say I am very impressed with the amount of people out there willing to share, teach and help others in this industry. It really makes one want to be a part of it.