Trading Progress

[CoinLady]

I don’t have much to contribute yet or say about what I’m going to do. I’m just going to put this here to make myself accountable (haha) in a way. I’ve been stalling so much to have any progress in my trading.

Right now I plan to do the The 3 Duck’s Trading System. Is this something that’s easy enough for a complete forex newbie?

[chesterjohn]

I take it you will be testing it on demo first? Will you be posting all of your trades on here with results? Or setting up a myfxbook tracker?

I’d be interested to see how this strategy performs. Seems simple enough to code an EA for this if it works well manually.

[flamingoproxy]

Right now I plan to do the The 3 Duck’s Trading System.

you’ve chosen well, IMO

that’s one of the few methods here that’s completely soundly based and sensible, and based on market realities

Is this something that’s easy enough for a complete forex newbie?

it’s not (i think Andy - Captain Currency - would be the first to agree) a “complete system” that you can just copy and trade out of the box

you’ll need to devise a “system” around its “method”, first, and one that suits your own purposes

but don’t let that put you off something so sensible and well worked out

you’ll be on demo for the first 6 months or so, with it, anyway, i hope and trust? that will give you plenty of learning opportunity and practice with it, and maybe even enough to trade it profitably, if you have enough discipline and patience

[CarlosRay]

3 ducks is a great system for new traders. Basically gives you a simple set up and rules for trading trends.
Exit is up to you, depending on how long you want to stay in a trade

Strongly recommend it

[CoinLady]

I’m not yet 100% sold at doing 3 Ducks. I’m still in the process of going over it. If ever, yes I’ll try it on demo first. Hopefully I find time to post everything but I will try.

[justshell]

can i use myfxbook to track my demo trades? or does it need to be a LIVE account

[chesterjohn]

you can track demo too

[CoinLady]

Thanks flamingoproxy. Based on what I’ve been reading here I got the idea that though it’s simple, it’s something that really works.

it’s not

Uh-oh! Now I’m worried.

you’ll be on demo for the first 6 months or so, with it, anyway, i hope and trust? that will give you plenty of learning opportunity and practice with it, and maybe even enough to trade it profitably, if you have enough discipline and patience

Thanks for the encouraging words. Yeah I’m really not in a hurry. My other problem is that I’m having a hard time giving this 100% of my attention. So I would probably be demo trading longer than 6 months.

[justshell]

That’s how I was in the beginning, some days I would be serious about trading and other days I wouldn’t trade at all. But, now I dedicate every day during the week to trade (as long as I see a pair I can trade), or just devote time everyday analyzing the charts or setting up possible trades for the next week on weekends. I don’t do too much on weekends at all, i’m currently a homebody right now so I do a lot of research as well, on forex, crypto, stocks, whatever LOL

[CoinLady]

Thanks @CarlosRay! Your comments are really helpful in giving me that MUCH needed push. Hope I can ask for a bit of help from you guys if I get lost.

[CoinLady]

I feel like with my situation it’s going to take time before I really learn. I think I need a bit of discipline to set some time each day for trading.

[VarSine]

Yes, it is a great pattern or system to follow but you can never rely on a single system. You have to gain as much knowledge as you can, as it is the necessary requirement of the forex trading. Beginner need to work with more care and safety. Stay blessed!

[CoinLady]

Thanks for the advice @VarSine. I just want to start with one system at first to get my feet wet so to speak. Then I’ll see where that takes me next.

[purtle]

Maybe you can put some charts up here too! I’ve seen others do it - maybe that makes it easier to absorb it if you have others talking about something you also looked at?

[CoinLady]

I’m not sure if I’m doing it correctly but here’s the 4hr chart for EUR/USD. Hope somebody can help me out.

[CoinLady]

Then here’s the 1hr chart

[CoinLady]

Then here’s the 5min chart

[CoinLady]

Looking at the 5min chart it has already crossed above the 60 sma. So the buy opportunity is just as it crosses and this is no longer a good area to enter?

[ria_rose]

Hi @CoinLady! Haha. Looking good here. Super happy that you’re sharing your progress with us. I’ve read a bit about the 3 Ducks system cause I also considered trying it out. Based on my understanding, I think there’s still an opportunity to buy, but just at a less profitable entry point? I think, as long as it’s above the 60 sma (with no sign of the market changing direction), you can still go in there and grab some pips.

[ria_rose]

HUHUHU BUT!!! I’m no expert here so I guess I’d have to revisit the system to see if I got it correctly. Still, good luck with your trading.