Hi guys, first off have to say I’ve been reading a lot on this forum and am impressed by all the knowledge and information here!
Before I start a little background info. I’m 23/m and live in country Australia so I don't have access to classes or personal mentors ect. Been trading equities and CFD's for only 2 years and Forex for about 6 months. I used a real account from the beginning because I believe learning under real conditions is best. As I’ve been learning and changing how I trade the currency pair AUD USD so has my approach. This has been from using daily charts right down to minute charts on 3 month to 1 day timeframes. I've used the old blackjack 'double up' method, RSI, stochastic and macd studies to set entry and exit points ect.
So far my account is still in the positive because of cfd's, although Forex has cost me no less than $11,000 through bad management, over leveraged bets and lack of confidence in my rules. Other reasons include trying many different strategies as I’ve learnt them, and losing.
As i first signed up to CMC markets when trading cfd's, that’s what I’m using now for Forex, and yes I don't trust CMC and have had issues with them so am looking to change provider. I prefer to look for an Australian based provider as it's easier to manage a local account for many different reasons.
If anyone does read on id love some advice/answers for the following questions.
I have a subscription to trading magazines and have spent hours using search features on forums but am in total confusion now.
1) Confused about chart terminology. When saying 15 minute chart for example, the time length for candles is 15 minutes each, what’s a typical timeframe to be looking at for a 15 minute chart, a week, 2 days??
2) I keep changing the charts I’m using as i read different advice, currently i have open an hourly chart on a month timeframe, and am zoomed in to the last 2 weeks, then next to that chart i have a 15 minute chart on a weekly timeframe, zoomed into about the last 3 days.
3) Averages. My software lets me have a sma, ema and wma. From what I’ve learnt I use the simple moving average on length 60, I assume that’s 60 periods, or 60 candlesticks?? I also have a 200sma for a greater trend, does it make sense to use these?
4) I’m an unsure as to the setting of oscillators and indicators, how to set them for the chart your using and why? Such as an RSI of 8 on a 1 min chart, can someone explain? When I change my chart atm my indicator completely changes with it?
5) Can anyone mentor me through email or msn or something, with screen setup, ect? I've literally changed my trading rules 50 times.
6) My plan from here was to find a reasonable beginner strategy to use trading only one currency pair, the AUD USD. For practical purposes the account will only be $1000 and my initial aim was $15 a day, to see if i could make it profitable for a month. Is this realistic?
7) I still don't understand position sizing and terminology, ect lot sizes. When i trade I do it by setting a dollar amount, minimum $10,000. E.g., I go long AUD:USD $100,000, is that 10 lots? As in $10 per pip?
Basically there is so much information, im forgetting what i've learnt the previous week, and the noise is making me sick so to speak. Thanks for reading.
Before I start a little background info. I’m 23/m and live in country Australia so I don't have access to classes or personal mentors ect. Been trading equities and CFD's for only 2 years and Forex for about 6 months. I used a real account from the beginning because I believe learning under real conditions is best. As I’ve been learning and changing how I trade the currency pair AUD USD so has my approach. This has been from using daily charts right down to minute charts on 3 month to 1 day timeframes. I've used the old blackjack 'double up' method, RSI, stochastic and macd studies to set entry and exit points ect.
So far my account is still in the positive because of cfd's, although Forex has cost me no less than $11,000 through bad management, over leveraged bets and lack of confidence in my rules. Other reasons include trying many different strategies as I’ve learnt them, and losing.
As i first signed up to CMC markets when trading cfd's, that’s what I’m using now for Forex, and yes I don't trust CMC and have had issues with them so am looking to change provider. I prefer to look for an Australian based provider as it's easier to manage a local account for many different reasons.
If anyone does read on id love some advice/answers for the following questions.
I have a subscription to trading magazines and have spent hours using search features on forums but am in total confusion now.1) Confused about chart terminology. When saying 15 minute chart for example, the time length for candles is 15 minutes each, what’s a typical timeframe to be looking at for a 15 minute chart, a week, 2 days??
2) I keep changing the charts I’m using as i read different advice, currently i have open an hourly chart on a month timeframe, and am zoomed in to the last 2 weeks, then next to that chart i have a 15 minute chart on a weekly timeframe, zoomed into about the last 3 days.
3) Averages. My software lets me have a sma, ema and wma. From what I’ve learnt I use the simple moving average on length 60, I assume that’s 60 periods, or 60 candlesticks?? I also have a 200sma for a greater trend, does it make sense to use these?
4) I’m an unsure as to the setting of oscillators and indicators, how to set them for the chart your using and why? Such as an RSI of 8 on a 1 min chart, can someone explain? When I change my chart atm my indicator completely changes with it?
5) Can anyone mentor me through email or msn or something, with screen setup, ect? I've literally changed my trading rules 50 times.
6) My plan from here was to find a reasonable beginner strategy to use trading only one currency pair, the AUD USD. For practical purposes the account will only be $1000 and my initial aim was $15 a day, to see if i could make it profitable for a month. Is this realistic?
7) I still don't understand position sizing and terminology, ect lot sizes. When i trade I do it by setting a dollar amount, minimum $10,000. E.g., I go long AUD:USD $100,000, is that 10 lots? As in $10 per pip?
Basically there is so much information, im forgetting what i've learnt the previous week, and the noise is making me sick so to speak. Thanks for reading.
