Hi all. I am a newbie just finished school (babypips university).
I just started playing around with Oanda with the system suggested by Babypips in the school. Seems like I got some success and some against my gain.
I was wondering, should I be concentrate on one specific pair? Or should I concentrate on multiple? Also which one should I go for?
Thanks.
i think you should get a feel for all of them first
then choose one or two you like and stick with them
and also i recommend you this book, Trading For A Living by Dr. Alexander Elder
Hey Simayi, welcome to the forum.
I’m glad you did the school, from here what I would suggest is getting a demo account if you haven’t already and start your trading with that.
There is a lot of information in these forums and a lot of information on the internet about Forex so you’ll always have things to be reading.
As for system, while some suggest focusing on one pair I don’t think that you have to stick with only working with one pair at a time to be profitable, other pairs can give you other a broader perspective on the market as whole so keep that in mind, my personal opinion is trade one pair to get comfortable with trading (remember, demo demo demo) and then start looking at system that you may want to try or a custom system made by yourself, or you can blend a pre-existing system with your own rules, the possibilities are endless as is the knowledge.
Now you’re in the newbie island forum so if you have any questions feel free to ask, but here are some useful threads for systems if you want to get your feet wet (did I say use a demo account, well I’m saying it again lol)
Overnight London Breakout Strategy
Tymen’s candlestick trading system
Sunday Breakout Strategy - It’s sunday so well there you go lol
Now I’ve only scratched the surface, there are many many more systems and information on babypips so surf around and get the feeling of the forum. People are very helpful here so ask questions and read read read. I’ve been trading less than a year but my knowledge has grow exponentially since I started reading here.
Happy trading!
Thank you guys… got so many information, just don’t know where to start.
Reaper KK, I did only a demo account with Oanda, still playing around with it. I am trading around the USD/CHF. Win some but lost more. Hope I can get better soon.
I am just stick to the basic…the �So Easy It�s Ridiculous� System - Using the EMA 5/10, Stochastics, and REI indicators.
Seems like I got lots of reading to do.:):):)
Yeah it’s a little overwhelming but you have to decide what type of trader you want to be and what fits your personality as well as the hours you’ll be most active and then go for there. There are some long term systems out there or short term, and of course like I said before you can make your own and work with that.
For what it is worth, i would suggest to stick with one pair at first. This pair would be one that has your home currency in it. Relevant “Fundamental Data” has a direct impact and is easier to digest at first.
Learn: Price Action & VSA
Start right HERE
Congratulations!!
Well done!!
I was wondering, should I be concentrate on one specific pair? Or should I concentrate on multiple? Also which one should I go for?
You should concentrate on [U]one specific pair only!![/U]
That will keep you more than busy.
[B]Which pair???[/B]
There are 4 majors (most traded)…
EUR/USD
GBP/USD (the Cable)
USD/JPY
USD/CHF (the Swissy)
I recommend the first or the second.
Tymen thanks for the advice. I am working on the GBP/JPY, seems like lots of preaching and teaching are base on this pair. So I am working on it and compare it to the teaching from the other great traders.
Albertsnale,
I am still reading the tread from TRO lots of information on it.
I learned alot.
Thank you.
rtv2
I am reading the tread from TRO and also Nickb’s method. Both of them are using the same method, Price Action Analysis. Lots of reading, and I think I am getting more information from these 2 great preachers than the PipSchool.
Thanks again for the advice.
You too ReaperKK, NickB is a great reading, and very easy to understand too.
Its been a long reading period for me to read all these information…well I am still 2/3 of the way reading it. Got lots of question while reading the thread, but alot has been answered in the later post. (So Tymen1 if you don’t see me post there, that means I am still reading and searching my answer thru the thread:D)
Also while learning it I had applied some of the things on my DEMO account (Oanda - something that can run from work. Some how all the MT4 trade server was locked by our IT Department, except Oanda~~:confused:
Anyway, after 2 weeks of experimenting, with all the knowledge acquired. I have make several success…and also make many pathetic decision.
My majority trade was on the GBP/JPY cross…somehow everybody use that and I guess I got use to looking at their chart more than any others…Duh
Here are my good thing that I observed about myself:
I trade better in the early morning. Around 5am PST (End of London and Open of New York…if I calculated Correctly) ~~Average is about 20 pips 
Good at tracking the trend and catch the wave on time. I use the 3 hours (Yeah Oanda only has the 3H and 1H no 4H.) to catch the trend, 1M to see and in cycle changes and use the 15M to make my trade or decision.
Here are my enemy within that doesn’t want to be rich (yeah, he is the guy I don’t like lives inside my body)
I am too greedy. And tend to make many trades in one day. Even I told myself not to do it, I still did…lost all the profit again and again. (Average lost of 40 pips):mad:
Try to trade when it is a ranging trend and no moderate sign of trend.
Too emotional. When it is loosing badly, tends to wait. Even I wait, I don’t wait long enough…and make a market close.
Now I am going to make up my mind and set my goals (Read it from Trading for Living By Alexander Elder - I love e-books.
Yes!!! I can do it!!!
Any suggestion are all welcome!!! Cheers and Supports will be lovely too!!!