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  1. #1
    Specialist Member marc's Avatar

    tips for beginners (from a beginner) !!!

    After weeks of trying out nearly every system and indicator I found on the net, I was already to to give it up ...

    I did hundreds of trades on a demo account (70+ on some days) ... and when markets closed I was still sitting for hours, backtesting every weird idea I had come up during the day ... but overall my success rate was about 50/50 ... maybe around 60 percent, if I don't count the completely stupid trades

    I have not a big problem 'seeing' resistance levels and trendlines ... or finding good entry points with the help of indicators ... the biggest problem is getting the expiring time right! ... I tried every available timeframe my broker offered ... and admittedly, I had more success with longer timeframes, if I did not misinterpret the charts ... but still ...

    However, since I switched to 15 min expiry time AND (!) M15 charts my performance has greatly improved!

    I stripped everything off my charts except BB + EMA5 + MA 10 ... but actually, I just look for the price action ... on M15 I simply make 'a guess' on the next candle ... based on candlestick patterns, support/resistance, trend direction, waves and triangles, big moves in the market (rebounce) ... then I make a quick look on the 'mini-trend' on M5 ... and then I switch to M1, to find a good entry point ... that's it ... and it 'solves' the pesky 'expiring time problem' ...

    I am still 'practizing' on my demo account .. but so far, this method seems to work quite well for me ... and I thought, maybe some of you would be interested ... but if any of the seasoned pro's here have some further thoughts, critique, tips and tricks, I would be very glad to hear!

    succesful trading everyone!
    marc

    (and sorry for the long post)

  2. #2
    Specialist Member marvel's Avatar
    That’s great Marc you explained your progress in details. I am impressed by your persistence and willingness to make your trading successful. This is great that finally you have at least partially refined strategy and good results. Keep trading your demo account with that strategy and if you continue to achieve more than 60% success rate in the future you could think about starting live trading with your system!

  3. #3
    Specialist Member marc's Avatar
    Thanks Marvel for the positive feedback ...

    Yes, I am further refining ... mainly not being too risky ... watching the price slowly heading to the the expiry line just one single pip away from being out of money is rather nerve wrecking ... and with real money it surely will be worse ...

    The method seems to work even better for ranging markets where the price moves rather steadily zigzag between support and resistance ... I managed to place one trade after another in very low volatility times

    So, the last two pages of my trading journal look promising so far .. 14 ITM / 6 OTM ... and when I mix that with a few 'safer bets' (recover from big moves / longer expiry time) it will even look better ... but let's see, if I can reproduce that on a daily basis for some time

  4. #4
    Moderator Kolyo's Avatar
    Quote Originally Posted by marc View Post
    Thanks Marvel for the positive feedback ...

    Yes, I am further refining ... mainly not being too risky ... watching the price slowly heading to the the expiry line just one single pip away from being out of money is rather nerve wrecking ... and with real money it surely will be worse ...

    The method seems to work even better for ranging markets where the price moves rather steadily zigzag between support and resistance ... I managed to place one trade after another in very low volatility times

    So, the last two pages of my trading journal look promising so far .. 14 ITM / 6 OTM ... and when I mix that with a few 'safer bets' (recover from big moves / longer expiry time) it will even look better ... but let's see, if I can reproduce that on a daily basis for some time
    Hi marc! You are on the right track. If you have only six OTM trades out of 20 it shows that your system probably works very well. You are also smart enough to trade on Demo initially. The best way to prove your system in the long run is to trade in more. If the results and the percentages of the profitable trades stays the same or improve in the next few weeks, that will mean your system is ready for the real world. If you have any questions how to improve your tradings don’t hesitate to ask. All of our PRO traders will help you!

    Best regards,
    Kolyo
    BOTS Team

  5. #5
    Master Member Bogdan G's Avatar
    Quote Originally Posted by marc View Post
    After weeks of trying out nearly every system and indicator I found on the net, I was already to to give it up ...
    Well, good thing you didn't quit
    Can you further explain the use of BBs and MAs? What role do they play in the strategy and what's the exact trigger candle? Out of the 3 time frames used, on which one do you use the indicators you mentioned? If you use them on all time frames, what's the relationship between them (some MTF techniques require the indicators to give somewhat contrarian signals on different time frames)?
    At the moment I can't really understand the entry but I am sure a picture will solve this problem.
    Looking forward to future clarifications
    All the best

  6. #6
    Specialist Member marc's Avatar
    Sadly, my 'strategy' is still far from perfect ... end of last week I had trouble to stay on track ... but at least I didn't lose money, as I am still demo trading ...

    Actually I simply try to get more experienced in reading price action ... I am not very convinced about indicators at the moment (at least for short time trades) ... I think they can be of good use when you are trading 'classical' ... or use very long expiring times ... but my broker (4xp) sets the expiring time dynamically duringbthe day ... but 15 minutes are available most of the day, so I tried to set for this time frame

    I use BB to get an idea how volatile the market is ... and I pay attention to the end zones and crosses through the middle
    The EMAs I use to see the trend direction ... and I compare the multiple timeframes to look, if I am in a up-/downswing (M5/M1) of an up-/downtrend (M15) ... and on M1 I try to catch a good entry

    #1: After big market moves (especially when price drops through the bottom of the screen) I wait for consolidation ... and then I usually trade in the opposite direction with a longer expiry time (1 hour, 1,5 hours) ... not foolproof, but so far it worked more often than it failed

    #2: When the market is not overly volatile and is going in triangles, I draw S/R lines at the sides of the the triangle ... and at the point in future, where these lines cross, is my 'reference price' AND time ... so, depending on which triangle I trade (up, down, symmetric) and when I am in the early phase of the triangle, sometimes I am able to place more than one trade (with the same expiry time) ... in later phases of the triangle it's getting more risky, of course ... be it because of a sudden breakout or simply because my entry point was too close to the 'reference price' ... also not foolproof, but If you catch a long and calmly swingng triangle, you can basically trade 'every swing'

    #3: On M15 I try to read candlesticks ... I have read a lot about patterns and alike all over the net ... especially on Nison's site and on Bulkowski's pattern site ... so, when there are significant patterns, I try to make a 'guess' in which direction the market will move ... and then I switch to M5/M1 to find a good entry ... here I mostly 'target' the bouncing candles at strong S/R lines, fibonacci lines, pivot points ... basically you could probably do that on every timeframe, but of course you have 'lower noise' on higher timeframes ... and using M15 simply relieves me of the decision about having to guess about the expiry time, too! Guessing in which direction the market moves, is hard enough

    Well, I hope all that seems somewhat reasonable ... but as said above, for my taste there is still too much guessing (and lack of experience) in my doing :/

    Any tips/critique welcome!

    Have a nice evening,
    Marc

  7. #7
    Solid Member Murphy13's Avatar
    Hi Marc,

    You are advancing very much in your trading experiment. I am sure you will succeed in it if you continue to work. This will give you great advantage over all other traders, because very few of them use price patterns in their analysis.

  8. #8
    Junior Member
    Are you someone searching for an effective investment option that will return handsome profits in the least possible time? Then, it is high time that you learned about binary options trading. If you observe the current trading scenario closely, you will discover that a lot of traders have moved away from conventional trading and opted for binary trading. A lot of people are warming up to the fact that this type of trading can offer wonderful returns in a small period of time. However, this does not mean there are no risks associated with it. In fact, the risk factor involved in this trading is quite high which is exactly why beginners should be very careful with this.

  9. #9
    Rookie Member
    There are many ways to trade forex. You can of course do it the old fashioned way, strictly by hand, entering and exiting trade manually. I suppose there are some people doing that, and I suppose there are some people that are doing that successfully, but, to my mind that kinda defeats one of the advantages of forex trading.

  10. #10
    Legendry Member willyw's Avatar
    Quote Originally Posted by andraxania View Post
    There are many ways to trade forex. You can of course do it the old fashioned way, strictly by hand, entering and exiting trade manually. I suppose there are some people doing that, and I suppose there are some people that are doing that successfully, but, to my mind that kinda defeats one of the advantages of forex trading.
    I am one them that is trading manually. I do have several EAs of my own but I still trade manually after so many years of trading in the market. I personally feel its good to trade manually as the market are constantly changing and trading manually can learn many things in the market. When I was a newbie and a trainee broker i was taught to trade manually till now, just can't change.

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