I want to get help from expert to make my own trading system. I have read babypips school. There are illustrated how to make a mechanical trading system. But my trading system will not include any indicator. Indicators make me confused.
The following tools I want to keep in my trading system…
Support and resistance
Candlestick chart patterns
Pivot Point
Trendline
Channel
Basic chart patterns like double tops,bottoms, wedges etc.
Fibonacci
Timeframe: I like to trade with H1. Sometimes I see also H4.
Please help me to make my own trading system so that I can trade with more confidence.
what I did is to go through other peoples systems, and then after doing so I would then throw out things I dont like and add a few other things I like and then voila, I had my own system. But then again I can say that I am still tweaking my system here and there trying to optimise it. I’ve also noticed that you like to use subjective tools for your trading. Or rather shall I say tools which require experience, (e.g what one trader sees a a significant support level to another might not be so significant). Anyway, all the best with your trading in the future.
In that case if you don’t like indicators drop pivots and fibo. Start with candle patterns but it will take time for memorize. YOu have a long way to go. Record every trade in a journal. There is a lot you must do to swim with the sharks. A system cannot be created overnight, you must do it little by little.
What do you want to achieve in a system? Will you be able to be on your charts all day? Have you tqken babypips test on what kind of system suits you? Define what suits you personally and define your trading objective first. All tools works but not all will suit you. Define the things ive mentioned first, thats my advice. Good luck.
Yes and no. There is not a correct way to trade. You trade your believes abut the market, not the market itself, you really don’t know what moves the prices. Analysis is jus a small part. You must develop a system first, a strategy as a part of the system and trade later. It takes years to develop a system. It is easier if you forget about money.
You have to try it for yourself. Pick one trade setup and backtest it on historical data. That will give you a better idea of what works and what doesn’t. Remember not to skip around, keep testing one system until it is apparent that it won’t work. All the information you need is on the internet and in this forum. You just have to put in the screen time to figure out what works for your individual personality.