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Well, apparently I'm still a total newbie when it comes to trading. I've been doing this almost a year and lost quite a bit by my standards.
I've got a system that I know is, and can be profitable but can't make it become so. Honestly, I'm at my whits end and I need a mentor, somebody that will walk through my system step by step and show me where I'm going wrong and how to correct it. I know this is probably a lot to ask but if there is someone out there that is trading professionally for a living that would be able to show me the ropes I would REALLY appreciate it.
The only thing I can say is that if someone that has been successful would take me under their wing I would be eternally grateful.
How are you trading now? It would help if you would post your current methodology so some of the members can examine it and offer advice. Are you scalping, swing trading? Which pairs, are you using indicators? Which ones, what timeframe are you trading etc...
I am sure there are a lot of members here who would be happy to help given some more info.
Regards,
zipfrog
__________________ The beatings will continue until morale improves!
well, i guess its kind of a breakout system. i use two moving averages on the four hour charts. the fast one is set at 6, simple, and open. the other one is a really slow one that just tells me if its trending up or down. the fast is my signal and basically if a candle opens below the fast ma i sell, and buy if the candle opens above. the slower moving average indicator is part of the LMT software that i bought by dean saunders. i have my trading rules and all that typed up so i'll post it here.
well, i guess its kind of a breakout system. i use two moving averages on the four hour charts. the fast one is set at 6, simple, and open. the other one is a really slow one that just tells me if its trending up or down. the fast is my signal and basically if a candle opens below the fast ma i sell, and buy if the candle opens above. the slower moving average indicator is part of the LMT software that i bought by dean saunders. i have my trading rules and all that typed up so i'll post it here.
I dont know why, I cant open your pdf.
But basically as a general rule, if you are trading 4 h. TF, an exponential ma 6 is good if you support with stochastics 5,3,4 close-close.
Just open your trade if stochastics is crossing and a new 4 h. candle close above/below your ma 6. Study your charts an do statistical analisis to stablish your TP coz will be different depending the pair you trade. Also your SL.
Just remember that the one that rules 4H. TF is the daly chart. So, previos to open your trade, study the trend in daly chart and preferently, open your trades in the direction signaled by daly.
You can open against also, but your tp. has to be less than usual.
You can follow the trend with stochastics, but if you consider Support and Resistances in daly TF., will be a great tool for your trades.
And the most important rule: If you are trading longer TF. , Money Management will be the most important thing to consider in your trade.
Maybe not perfect, but I think that this tips will improve your wining rate.
hey, thank you for that suggestion about the stochastics and settings. i have heard that the next higher time frame is the one to look at but i'm not sure what that means or how to apply it.
sorry about the pdf. i have no idea why that didnt open but i have the same thing in text format so i'll post that as well. have a great weekend everybody!!
hey, thank you for that suggestion about the stochastics and settings. i have heard that the next higher time frame is the one to look at but i'm not sure what that means or how to apply it.
sorry about the pdf. i have no idea why that didnt open but i have the same thing in text format so i'll post that as well. have a great weekend everybody!!
Higer TF give you the strong trend direction. If you trade in lower TF(4H), try to catch the trades that points in the direction signaled by daly TF. If a signal comes against, dont trade it. If you do, lower your TP.
Many ways to stablish the trend in Daly. Stochastics is good. Moving averages as 20 or 50 are good also.
Regards,
[COLOR="Cyan"]PD: And remember: a weapon is as good as the soldier that use it.[/COLOR]
I have been doing trades for the past month and made some decent profits as well as lost them and am not able to find consistensy in my trading profits.
Can you please guide me to the most proven and consistent trading system/indicator? Please also guide me to the detailed description and tutorial for the suggested indicator.
My habits are that I am before the monitor watching the charts from morning till night. I have an account with about $1000 in the account as capital. I rencently learnt the strategies for using Fibonnacci, pivot points and Trend lines, chart patterns. In the past week's i analysed that my incomplete understanding of indicators such as MACD, RSI, Stoch, SAR etc led me to bad trades.
So now i am looking for a good trading system/indicator which i want to learn throughly and do some consistently profitable trades. Please guide me to one.
Well, apparently I'm still a total newbie when it comes to trading. I've been doing this almost a year and lost quite a bit by my standards.
I've got a system that I know is, and can be profitable but can't make it become so. Honestly, I'm at my whits end and I need a mentor, somebody that will walk through my system step by step and show me where I'm going wrong and how to correct it. I know this is probably a lot to ask but if there is someone out there that is trading professionally for a living that would be able to show me the ropes I would REALLY appreciate it.
The only thing I can say is that if someone that has been successful would take me under their wing I would be eternally grateful.
deadpoet79,
Success in trading is beyond systems and indicators. Not that a trader cannot be successful with them. There are hundreds and thousands of systems and indicators [both shareware and commercial], good enough to work with to achieve success YET the high failure rate among aspiring traders still exist.
You've "got a system that I [you] know is, and can be profitable but can't make it become so" which further proves the point above. I suggest you take a self assesssment. Maybe it's not your system that needs correction, maybe it's YOU! Think about it. Maybe YOU need a better understanding of the market, develope new success habits, acquire new disciplines, etc. Yes, you may and will have to do what may seem uncomfortable before you can find your comfort zone and will later bring you the confidence level and success you are looking for. It will take time, effort, and money to get there. Your success will not come overnight.
This time work on yourself first [concurrently with a proven method]. Adapt to a new way of trading. The consistent trading profitability will then become a by product of all these efforts and ingredients.
No matter how profitable a trading system are, if you can't control your emotion in making your trading decision, you are in a big trouble. Patient + Disciplined - Greed = Profits. Some people say 90% of trading is about psychology of the market. It's up to you to believe that.
And one more thing, the market is all about supply and demand. If there are more supply than demand, price will go down. If there are more demand than supply, price will go up. You might wanna take a look at this link to help you understand better.
That's right, behind price is orderflows. If there are more buy orders (demand) than sell orders (supply), the price will go up and vice versa. It's that simple.
The beatings will continue until morale improves!
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