How to get a good daily trading system? - page 2

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nicesurf i believe u are one of the gurus in this forum, contribute to my poser now.

 

What I practice now is trading without indicators ( nothing) and I train myself looking at my chart on 1HR, 4H and daily. And I use only support and resistance. That's all. And sometimes I play game (scalping ). Ha..ha..ha.. no reason to loose.

 

Study about trading but also study yourself. Here how:

Before making your move write down detailed reasons why you did this.

You will learn a lot about yourself and also how something that seemed perfectly logical just an hour ago sounds completely crazy now. Its like it was done by a stranger. This is exactly right - that stranger is you screwed by greed and adrenalin.

On the other hand if you have trouble writing down your logic to begin with - there is none. Study more technical analysis and if you hate math - say bye-bye to your money.

 

please attach the ea file

 

pls can anyone help me out i have lost over 8 thousan dollsin less than 4 weeks, and my demo acct grew from 10,000 u.s.d to 32,000 u.s.d.

pls help me with any method pls. All the money i lost came from a loand and i need pay back

 

i can recommend thah u study very well by taking free forex education web on internet. best luck

 

dear greate:

1- open a demo account with a broker of your choice and keep trying and searching forex e-books and forums , once you develop your own strategy test it for 1-2 months then open live account with your broker

 

WHERE TO BEGIN WITH THIS QUESTION ????

For a newb, the best trading system would fall into the realm of "swing" trader, a term from the world of equities and simply meaning one who holds a currency for a number of days (which can turn into years and then you are called an "investor") and based on the simple concept of moving average crossovers.

MA crossovers are best in a "trending" market, which is a market that is moving strongly in an upside or downside movement and are not very good in a "ranging" market, where the price is just fumbling around, showing no clear picture of moving up or down. This is often referred to as a "consolidating" market or a "congested" market and each has a different look and feel, but I do not have the time or space to go into that lesson here !

SO, for the best results, we work with a trend following system, where trend is determined by the DAILY charts (they going UP or they going DOWN -- that determines your trend. When I see the WEEKLY and DAILY chart both agree that the currency is going up, I feel secure in placing a longer term LONG trade. (yes, I know you dont yet know how to see if up is up or sideways or down or anything, but that shall come !)

Having placed our trade, you now sit back and witness a HORRIBLE situation --- your currency price is DROPPING like flies at a DDT party ! (AND THIS IS WHAT SEPERATES THE TRADERS FROM THE WANNABEES !)

Understand that each day, every day, constantly ---- the price reverses at fairly uniform times on ANY currency UNLESS there is such strong momentum that this action is prevented, at least until 5pm, est in the US !

Using a variety of methods, a trader can usually pinpoint where the currency will drop to and has prepared for the drop which we call DRAWDOWNS !

WHAT WILL KILL YOUR ACCOUNT GRAVEYARD DEAD is if the price of the currency hits your stop loss point, which will then take all the money youve lost out of your account, hand it to the daughter of the owner of the brokerage and help her buy her new Maserati !

Of course, if you have never met this princess, you just might not want to buy her a new car without her giving you something back, but i leave that to your own desires and imaginations !

But, if you desire not to buy her a new car, you could have approached this situation in a manner UNHEARD OF by you at any time in your trading life ---- DONT USE A STOP LOSS !

How often have you been stopped out of a position, only to watch that position shoot up later in the day or tomorrow, pass your purchase price and provide a very decent profit (IF ONLY you had held on !!!!!!)

This technique requires TWO important considerations ---- FIRST is that you trade with the TREND and SECOND, that you rigorously watch your money management techniques, so as not to strain your margin on the most certain drawdowns.

NOW DO NOT GO OUT AND TRY THIS AT HOME, at least not until Ive finished teaching how it is done which should begin this weekend (maybe friday)

Ive been trading for 36 years and am still alive and well and wish to simply show a bit of what I refer to as "reality trading" which is nothing more than trading the REALITIES of the forex market, not what YOU WANT, but what REALLY EXISTS !!! I'm a MANUAL trader, so ive got no new EA's for you to glomm onto, but I can show you what the banks are doing and how they do it, which should give you one step up in the contest !

enjoy and trade well

mp

 

I must be very honest with you oilfxpro, unless Im setting a trade for the end of the year, I can only be interested in whats happening NOW and tomorrow, and using just a few simple overlays (it could actually work with NO indicators at all) I can trade profitably today and tomorrow ----

to be honest, the DOW index has more to do with how much of forex moves than does the treasury rates themselves, at least towards any currency pair with USD in it.

enjoy and trade well

mp

 

greate,

Don't sweat it. Losing money in Forex is a lesson all traders will learn very early in their trading careers... I'd say that more than 90% of new traders start out by losing money. Although everyone likes to win (duh), losing in a trade can be a very valuable lesson to learn from.

The emotional and financial 'pain' you feel after a failed trade is a strong reminder that you should put in the hard work to learn how to trade properly... Forex trading isn't easy, but it's definately worth the effort.

The key is whether you've learned why your trades went bad.

Now, in response to your question, I'd first suggest that you read up on the free resources that are easily available on the internet. Do some reseach especially in the areas of technical analysis, fundamental analysis and money management (if you haven't already).

Once you have understood the basics, you might like to try out some trading systems that are available for purchase online. Always try them out on a demo account first.

BUT HERE'S A WARNING: There are many scam Forex trading systems online that are likely to lose you money. Be very careful about where you purchase your system from.

It's always best to develop your own trading system, but if you insist on purchasing someone else's system, you may want to first download a free report that can be found in my sig:

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