Starting to get my feet wet in Forex and wanted some information.
Would like to know are there any simple [easy to understand] yet profitable [or at least more wins then loses] for a newbie/beginner??
Any feedback would be appreciate it.
easy beginner, reliable system.
hi, try nina's CatFX50.
you can find the system's thread in this forum.
all you need is in post #1, which is constantly updated.
is easy to follow and will give you easy pips every now and then on most major pairs.
i just hope you are in GMT time or close to it, if you're anywhere in america, like i am, you'd need to be around your pc very early in the morning.
also, try out the WSS thread and download the dolly or WSS system which is also easy and allow people to sleep at night
hope this helps,
Appreciate the information and reply. Will look into CatFX50
BTW, I'am in Central Time so, how early is early?
if you are on Dallas, Texas time, it is so early, it's not even worth going to bed
Let's see.... soon daylight savings will be over and the time to trade will
be like this:
start : anywhere between 7am and 8am Central Europe Time.
8am CET is GMT+1, Central Time is GMT-6, so,
8am Europe is 1am for you.
your best bet is : either setup entries using Wss or Dolly system and forget about them 'til morning (great for beginners! that way your emotions wont affect the trade, since you're sleeping) or, setup sound and/or email alerts(which could be to your cell phone, provided your cell phone company gives you this service) and wake up in the middle of the night for about 7 minutes to look at the screen, make a decision, and go back to sleep.
this little program, http://www.qlock.com ,gives you time in all major world cities....and also forex currencies prices , alarms and more.
every one of us must have"learning curve"......till you get somethibng suitable.....
for me , after 3 yrs of forex, i can say someting usefull:
1- try to trade 4H time frame....less noise.... less whispaw.....more sleeping time......
2- try to trade with less risk..... increase your risk when you feel you R understaning the market....
3-most of systems on this forum are profitable on 4H time frame , if you trade with less risk,stick with its rules...
4-i don't know your broker , but if your broker offer crosses like eur/cad, gbp/cad,gbp/aud.... try to trade it or at least mix it with majors...distribute your risk....with 4H time frame you can trade even 10 pairs....( trade only what u can control)...
since the market always trends up, down, or sideways. You can just guess.
1/3 of the time, you'd be right EVERY TIME!