Hi, i finally finished my courses of school of pipsology! I must admit though that i am now overwhelmed. I’m trying to find a good mechanical system for my Daily life. I’m currently working full time so i’m thinking about swing trading. I’m trying to find a good mechanical system for this and i’m going to test it with back testing. Unfortunately i haven’t yet found a system for that. I did find the famous Cawabunga system but it just seems to have so many conditions. Besides i want to be able to trade multiple pairs. I also know that i must write a journal but i think the mechanical system must come first? Idk guys if some experienced people could point me in the right direction to fasten my learning curve and show me a clear path, i would greatly appreciate it. Right now i’ve entered a trade on GBP/USD but just with some basic technical analysis like support resistance and double EMA’S. I just went with this and my gut. No mechanical system yet.
Great you have finished the school of pipsology.
The next step is to trade on a virtual account to get the hang of placing orders, stops etc
This also means getting familiar with the system you choose.
If you are looking for a mechanical approach, that is simple, you could check out my blog, tradeneophytes - sorry not allowed to provide the link.
Also I advise taking your virtual trading seriously.
I rarely if ever advocate day-trading but if you want to speed up your learning curve then day-trade your socks off on a dummy account. This will give you a better feel for the market QUICKER , than if you were using higher timeframes.
However, I stress that day-trading with real money is HARD - so if you then decide to go live then use daily timeframe, or at least 8 hours.
Finally I really suggest manual backtesting when you have found something that suits you. Yes, its boring as hell but will also educate you in a big way.
If you cannot manual backtest your system easily, then you know its not suitable for you.
Hope this all helps.
Thanks for the tips. I’ll check out your blog too.
OPen a demo account and get practising
For me the next step is to start demo trading. Then you can go back to the school of pips every now and then as you go along.
Congratulations on finishing babypips. Personally, I recommend opening a demo account and then repeating babypips again. Most people cant/dont do it.
Anyway, there is a thread at Daily Candle “Momentum” Strategy
Someone started it recently and is testing out a daily strategy. Might suit what you’re looking for. Good luck!
definitely.
Then you can see for real how the charts move
To trade something at least on virtual or real account, what else do you propose to say for that matter ? I assume you already knew how to select this broker out there for many many reasons being done with them or not. Where to get it really ?
Welcome and congratulations in finishing the School of Pipsology! Stay focused and be patient as building and testing your system takes time. Best of luck and I hope to read your trading journal here soon! See you around!