Hello everyone. I am new to this forum but have been reading along for a while. I have been trying various strategies as posted by all of you. Thanks for all the help so far. I have been trading a demo account using interbankfx platform. I have done reasonably well for a beginner ( about 1-3000 per week.)

The thing is i am using the daily TF and stachoistc, RSI indicators. I simply sell when the stach crosses at the top in the overbought as long as RSi confirms and buy when the oppposite happens...this eems to work for longer trades such as a week and more....Is this the optimal way to trade for weekly?

Am i missing pips because this strategy is toooo basic? I appreciate any help in this regard. Any suggestions as to how to trade for the week will be appreciated. I am opening a new account with $50,000 of which i have saved and puth together for trading. Thanks for your guidance.

Welcome jamfl_1999, Personally the only guidance that I can offer you you are probably already keenly aware of but it bears repeating especially since you shared that you have $50,000 that you have saved for trading.....My advice is to NOT start to trade Live but instead use a demo until you can trade profitably on it for 3-6 months minimum. There is no rush, the market should be around for years to come so develop your patience in trading and learning to trade. Keeping your profits is what this game is about so set about learning that and you are ahead of the game. best of luck

I appreciate the response. I will take your advice and keep demoing until i am "sure" of what i am doing. I will also experiment with the various indicators posted here. Thanks again.

Don't do that!

That may sound funny, but what you have is very simple. If it seems to be working, don't break it with extra indicators. I believe a minimalist approach is best. If you realize it doesn't work, then obviously, change it. But don't break it if it ain't broke.

I would also suggest manually backtesting your system. On the daily charts, you have data going back many years. If your entries and exits are based on end of bar, then you can get a pretty accurate backtest (manually). Find a number of times when we were in a very trending market. Walk through bar-by-bar and see how you would have done. Then, go find a number of ranging times, and do the same thing. How well does your model work in both types of markets?

Keris

I have many advices for you:

1. Do NOT put all your savings into the trading account! Don't risk more than you can afford to lose. Trading should be done with expendable money. 50k seems a lot to me. Please start-up with a mini account. You will thank me later.

2. Trade at least 2-3 months on demo account. There is no rush to go live. (Trust me on this one )

3. If your strategy gives you the expected results, don't change it.

4. Don't be angry because you missed some pips. The average movement of GBPUSD is aprox 150 pips daily (H-L). Is there anyone who makes 150 pips daily on cable? No! You can't get all the pips.

5. Don't waste your time trying to find the holy grail of trading. There is no such thing. Don't try all the "exotic" indicators - you will end up in a depression state, wasting day after day, testing other and other indicators or EAs. (Trust me on this one too I felt it on my own skin)

6. Allways have a trading plan and a money management strategy! Over 90% of the beginners lose all their capital in the first 3 months of trading. The recommended position size is 1-3% of your capital. I know this sounds little, but in order to put more on each trade, you must have a great strategy.

I hope you will consider my advices. If you would like to discuss more -> PM me. I'll be happy to share my thoughts.

Best Regards.

Thanks to all for your advice. I will take it. Keep up the good work guys!!

I will stick to my strategy since it has been working.