I’ve just started to trade Forex on demo account and of course have some won and some lost positions. I am planning to leave my job and complete master degree which means I won’t have any income for more than a year but will need to support my family. I wonder if anybody could advise me a good trading strategy or profitable advisor to make some living for my family by trading 3-4 hours a day. I will be grateful for any responses. Thank you very muc
Just search the threads in the trading systems section. Try Kolachi and VanessaFX methods... (both methods are in the trading systems section)
Hey kramlon let me just say "enter at your own risk".
Its very tough to be profitable right off in forex let alone make a living. It is possible. but it take more disapline then most have ever exerted.
Here is a few to take a look at. There is plenty of free methods that will work if you trade them by there rules.
since your going to be working on a masters I would suggest something simple that you will not have to put a lot of effort into.
If you can be up for the UK open, then maybe use the buy or sell of the high low of the asiian session. Its a simple method.
I have wished many times I would have just stuck to that all along.
One problem you may have is the emotions of a trade going on while your trying to prepare for your masters, youll need a method that you can just set and for get it.
a good group to trade with is Hama pad H2 there is a small fee with them.
another good trade is the 9ema crossing the 100ema on a 4 hr chart of gbp/jpy.
My best suggestion is find one that you can live with, they all have losses, and follow it. Stay away from the forums after that. Forums are not bad BUT
Youll end up with a ton of ideas and not know which one to trade. so dont spend too much time looking at different methods. But do make it work on demo before going live with it.
God Bless your effort in both FX and Masters Degree
Thank you very much for your reply DROESPARKY7! I will try to use the buy or sell of the high low of the asiian session from tomorrow. Can I ask you some questions as I am new on Forex and your advice will be much appreciated? I have to set a buy order at the Asian High and a sell order at the Asian Low of the Day. Is it correct? If so, how far should I set S/L from entry line? I think about 20 pips. Do I have to be ready by 6 am? Also what are the best pairs of currency to trade this way? Can I use 2 or 3 pairs at the same time?
Sorry for asking all this questions. Please send your reply to my private email: firstname.lastname@example.org
Im sorry Im late with this reply here is some info on the asian breakout method. you can use it on any usd pair and maybe some others. the gbp/usd would need the biggest stoploss because of its volatility. This is copied off of a old thread from another forum.
At 0600H GMT, we can determine the Asian High and Asian Low of the Day by then. Today, in case of Cable was at the High of 1.9324 and Low of 1.9268. With the price action moving at a slower pace waiting for the big players to come in, set a buy order at the Asian High and a sell order at the Asian Low of the Day. Setting orders using this method will usually yield at least 10 pips for you without much sweat. As you can see from the chart on GBP/USD, my sell order was hit at the Asian Low and then rallied all the way down to 1.9220. Regarding the take-profit, depending on your lot size, you can opt to take-profit at TP1 or wait later for the hourly candle bar to materialize to take profit at TP2. This depends on your risk/money management. The key point here is to take note of your entry.
There are so many good trading strategies out there. The most important thing is your discipline on how to use the strategies and to manage your money. You don't have to buy, many are free.
I have been trading for many years now and I have tried and messed around with many methods and idea's...
I keep coming back to trading the London breakout which get's me around a average of 20 to 30 pips a night..
Over time I have collected some idea's for trading systems from various sources. To develop my own system, and I think thats the key for what works for me may not suite everyone.
Look for strong and weak points in the system's you see on the forum's dont trash a system immediately.
For me the base of a good system are the following ( others may disagree).
1) Entry rules.....2) Exit rules....3) Money Management...4) Trailing Stops...5) Stop loss...6) Filters.
Hope this helps.
I agree Glenn and a strick disipline use of each step.
yes, Developing the right attitude about your trading is most of the work. once you get your attitude( discipline) under control, your going to have a better chance.
I know its one of the main things that has let me down time and again.
Put your system together built confidence and trade the signals and not your emotion's.
I read somewhere if in doubt stick a metal rod in your back and seat on your hands.
Or switch off the computer, always remember the market will be there tomorrow if you blow out your account you will not be...
You do not go bankrupt taking profits, as I said earlier I take 20 pips a night, a little often....
Can you please explain this to me in a little more detail. Im very new.
Whenyou say the Asian high and low are you referring to The highest and lowest price that cable got to in the asian session?
Also, does this mean that if the range is small then there is a good chance that no position wuill be executed?
Thats all. I really appreciate your help!
Hi, I'm Toni .I've not posted because my English level is not good enough but I like reading your post and learn about anything tks