New Trader Need Help - page 2
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Hi everyone,
New to trading - looking for some good techniques on when to enter my trades.
Can anybody here point me in a good direction?
Thanks!
I'm in my helping mode so take some notes ):
Remember it's not the strategy itself that will bring you money but the first (mind) and second thing (money management). Read that again. It's so important. Greed will result in loss: because most of the times your brain cannnot handle the loss (the brain hates being wrong) so it will react: you will trade more than you really need (overtrading) and you will do some other not so smart things like increasing your lotsize after a loss or even move your stoploss that bit more => Result: your win-loss ratio doesn't fit anymore and you actually loose more than you gain pips. IF you can catch some trades that do have 2:1 win/loss ratio then you can end up being a winner even with a moderate strategy.
Now for the indicators of a good basic system: you can find them here on the forum!
* See if there is any high impact news before trading for the pairs you are following. If there is don't trade it, also don't trade on bank holidays (see forex factory).
* Your alert goes off (see 3MA cross indicator: 3EMA crosses 21EMA) => PC, Ipad, Iphone, etc.....
* Always Draw your S&R lines first (horizontal trendlines) and if possible draw a channel (2 trendlines).
* And check the higher timeframe for confirmation on the trend e.g. 15MIN=> 30MIN => 1HR
1) Regression Channel nmc (gives you a good sight on overbought and undersold conditions)
2) 3 MA cross with alert MTF: EMA 3, EMA 21, EMA 55 (alert when 3 EMA crosses 21 EMA)
3) MACD averages tape: 12, 26, 9 (double smoothing: true, true, true VMWA).
4) CCI nma alerts mtf 1.2: 12, Heiken ashi typical, 40, 10, Make nma smoothed, filter 1
The rest I leave it up to you but that's a decent basic system.
Success.
Forexblasters.