I'm brand new to the FX market. I've been learning as much as I can and demo trading for about a month now. Not alot of success so far but that doesn't worry me as it's early days yet! haha
My problem though, is it seems almost all the information out there deals with day trading on short term charts. I don't have time for that as I live in Australia for starters(so can't catch much of the "heavy" trading periods that day trading seems to work well in) and have a job.
I was wondering if anyone can point me in the right direction for a simple trading strategy that can be worked from a daily chart. I'm not looking for the holy grail or anything, just something that is easy to use and understand, gives me a slightly better than 50-50 success rate and can be used for trading positions of 1 day up to about 1 week. Is that asking too much?
About the only indicators I understand so far are moving averages, the MACD, the DMI and bollinger bands. I've read about the RSI and Stochastics but am unsure exactly how to use them and when.
Anyway, any suggestions would be greatly appreciated.
Hi PKFFW ,BT indi ,it is not a Money Making indi but you can see more from there ,it is here some where look around you will find the indi.Best set up 4 H .Good luck to you zztop
Welcome to fxfisherman, PKFFW.
I strongly recommend reading "Come Into My Trading Room: A Complete Guide to Trading" by Dr. Alexander Elder. You can get the links from my blog at https://www.mql5.com/en/forum . The book is just perfect for all beginners. It explains how many indicators work, how to use them properly, and most importantly when to use them. You'll understand many aspects of trading system such as multiple timeframes, multiple indicators, trendlines, and so on. At the end of the book, you'll be given a few profitable systems from the author.
You might want to check out MetaTrader 4 Terminal (download from MetaQuotes.net). It's free and very powerful software. You can use millions of indicators and trading systems that can be found all around the internet at no additional cost! After being fimilair with MT4, check out various indicators and systems right here at fxfisherman. You can also browse thru at Downloads section.
Ok, good luck my friend!
Thanks for the advice scorpion. I'll get that book.
As for MT4, what is it? A trading platform or a charting/analysis package? Can it be used with Australian brokers do you know?
zztop, I don't know what BT indi is!
Thanks to both of you for taking the time to reply though.
MT4 is all-in-one package. It's trading platform, auto trading and charting.
You should go with US forex broker. Unlike stock exchange, forex is over-the-counter exchange (OTC). As there's no central exchange for OTC, choosing the right broker is crucial. You'll find the bigger the broker, the better price quote, tighter spread and faster execution time you get. For MT4, you should go with InterbankFX.com, but if you're not using MT4, then go for Oanda.com
Good day Scorpion , so which broker do you recommend ?
Hi Mate, Brain trading indicator or system the indi is in........ well hang and look around befamiliar with fxfishherman community and treads you will get it , any charting pac is good you can use 1 monitor to do the trade and the 2 one for running your indi, it gona be price drift of 3 to 5 pip. You have GFT right? for MT4: ibfx, migfx, alparifx, next, wow it gone be looong list it about 30 some count or more. If you want to see $$$ try alpari, is smother .If you want to scalp ibfx is more choppy $$$ ,it's all up to you, o /go?link=https://www.kvbkunlun.com is the broker for mt in nz-auck ,aus-syd-melb that is your teritorial for mt. I Never try it before, it all up to you mate